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Elevated GNPA in NBFC
View Risks →SMC Global Securities Limited — Q4 FY26
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.
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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.
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Broking Client Base
30.39 lakh
+23% YoY
Total broking accounts including StockTrade as of March 2026.
DP AUA
₹1,42,73 crore
+96% YoY
Demat assets under administration grew significantly.
Mutual Fund AUM
₹4,294 crore
+22% YoY
Cumulative mutual fund AUM supported by 94,392 active SIPs.
NBFC Secured AUM %
76.71%
+8pp YoY
Secured assets as a percentage of total NBFC AUM improved.
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Guidance and risk preview
Management expects NBFC AUM to grow 15-20% in FY27, driven by increased disbursements in secured products like microlap and gold loans.
GNPA remains at 3% due to large secured accounts under recovery; legal processes may delay resolution.
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