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Revenue
₹517 Cr
verified against source
Revenue YoY
22.6%
reported change
EBITDA
₹89.7 Cr
latest reported figure
Source
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record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
SMC Global reported a strong Q4 FY26 with consolidated operational income of ₹516.9 crore (+22.6% YoY) and EBITDA of ₹89.7 crore (+42.4% YoY), driven by robust performance in broking and insurance segments. PAT surged to ₹21.5 crore from ₹4.1 crore a year ago. For the full year, revenue grew 5.7% to ₹1,876.9 crore, but EBITDA margin compressed to 20.1% due to higher finance costs and deliberate moderation in the NBFC business. The broking client base expanded to 30.39 lakh accounts, and insurance revenue grew 17.1% YoY. Management guided for 15-20% AUM growth in NBFC and 15% growth in insurance broking in FY27. Key risk: elevated GNPA of 3% in NBFC and potential impact from RBI's circular on proprietary trading leverage.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects NBFC AUM to grow 15-20% in FY27, driven by increased disbursements in secured products like microlap and gold loans.
- Insurance broking segment targets 15% revenue growth in FY27, supported by the new reinsurance segment.
- Disbursements from focus product lines (excluding LAP and unsecured business loans) expected to rise from ₹614 crore to over ₹800 crore in FY27.
Risks flagged
- GNPA remains at 3% due to large secured accounts under recovery; legal processes may delay resolution.
- New RBI restrictions on leverage for proprietary trading could impact arbitrage profits, though management claims minimal impact.
- Equity market correction in March and regulatory measures on derivatives continue to pressure broking volumes.
Key quotes
- We have continued to deepen our presence in cash delivery distribution advisory areas that we believe are the structural growth drivers of this business going forward.
- We have opened 100,000 clients during the year and we are placed fourth in terms of contribution to NSE in terms of active clients.
- We have sufficient security available with us for the recoveries. However, the legal process or the settlement process is taking some time.
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