Broking Client Base
30.39 lakh
+23% YoY
Total broking accounts including StockTrade as of March 2026.
SMCGLOBALSECURITIES
Other
15 May 2026
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.
✓ Verified against BSE filing
2-Min Summary
✦ AI-Generated from Full Transcript
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.
Key Numbers
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.
Management Guidance
NBFC AUM growth of 15-20% in FY27
Management expects NBFC AUM to grow 15-20% in FY27, driven by increased disbursements in secured products like microlap and gold loans.
Management guidance growthInsurance broking revenue growth of 15% in FY27
Insurance broking segment targets 15% revenue growth in FY27, supported by the new reinsurance segment.
Management guidance revenueNBFC disbursements from focus products to exceed ₹800 crore in FY27
Disbursements from focus product lines (excluding LAP and unsecured business loans) expected to rise from ₹614 crore to over ₹800 crore in FY27.
Management guidance growthKey Risks
Elevated GNPA in NBFC
GNPA remains at 3% due to large secured accounts under recovery; legal processes may delay resolution.
medium · analyst_questionRBI circular on proprietary trading leverage
New RBI restrictions on leverage for proprietary trading could impact arbitrage profits, though management claims minimal impact.
medium · analyst_questionMarket volatility and regulatory headwinds
Equity market correction in March and regulatory measures on derivatives continue to pressure broking volumes.
medium · management_commentaryNotable 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.
Frequently Asked Questions
What was SMC Global Securities's revenue in Q4 FY26?
SMC Global Securities reported revenue of ₹517 Cr in Q4 FY26, representing a +22.6% change compared to the same quarter last year.
What guidance did SMC Global Securities management give for FY27?
NBFC AUM growth of 15-20% in FY27: Management expects NBFC AUM to grow 15-20% in FY27, driven by increased disbursements in secured products like microlap and gold loans. Insurance broking revenue growth of 15% in FY27: Insurance broking segment targets 15% revenue growth in FY27, supported by the new reinsurance segment. NBFC disbursements from focus products to exceed ₹800 crore in FY27: Disbursements from focus product lines (excluding LAP and unsecured business loans) expected to rise from ₹614 crore to over ₹800 crore in FY27.
What are the key risks for SMC Global Securities in FY27?
Key risks include Elevated GNPA in NBFC — GNPA remains at 3% due to large secured accounts under recovery; legal processes may delay resolution.; RBI circular on proprietary trading leverage — New RBI restrictions on leverage for proprietary trading could impact arbitrage profits, though management claims minimal impact.; Market volatility and regulatory headwinds — Equity market correction in March and regulatory measures on derivatives continue to pressure broking volumes..
Did SMC Global Securities meet its previous quarter's guidance?
Scorecard data is being built as historical quarters are processed.
Where can I read the full SMC Global Securities Q4 FY26 concall transcript?
The full earnings conference call transcript or source release is available on the linked source material. This page provides an AI-generated summary verified against official BSE/NSE filings.