SMC Global Securities Ltd(SMCGLOBAL)

NSE: SMCGLOBALBSE: 543263

₹ 95.5-6.35%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 2,000 crNext results: 26 Oct 2026Website: WWW.SMCINDIAONLINE.COMUpdated: 24 Oct 2026

About

SMC Global Securities Ltd is a diversified Indian financial services group. Its businesses include broking, distribution, discount broking, insurance broking, NBFC financing, wealth management, investment banking, clearing and depository services. In FY26 it reported consolidated revenue of ₹1,876.92 crores across three segments. Its discount broking brand Stoxkart says it is the 4th largest broker by active clients added to NSE.^[1][2]

Business segments

Broking, Distribution and Trading: 56.0% of FY26 revenue (₹1,089.22 Cr), covering equity, commodity and derivatives broking, mutual fund distribution and proprietary trading.^[3]
Insurance Broking: 34.3% of FY26 revenue (₹667.53 Cr), arranging life and general insurance policies; upgraded from direct to composite broker in FY26, enabling reinsurance.^[3]
Financing activities (NBFC): 9.7% of FY26 revenue (₹188.94 Cr), providing secured and unsecured loans; EBIT margin of 54.1% in FY26.^[3]
The business is run through nine subsidiaries, including one foreign subsidiary, as of FY26. Insurance broking sits in SMC Insurance Brokers Private Limited, in which the company holds a 90% stake.^[2]

Key operating numbers

Broking client base: 13.8 lakh accounts as of Q1 FY27. DP assets under administration were ₹1,64,962 Cr as of Q1 FY27, up from ₹1,42,703 crore in FY26 and ₹1,15,048 crore in FY25.^[4][2]
Mutual fund AUM grew 11.5% QoQ to ₹4,787 Cr as of June 2026 (from ₹4,294 Cr in March 2026); active SIPs at 92,129.^[4]
Online penetration of broking client base reached 72% in FY26, up from 61% in FY25.^[5]
Mobile app installations rose from 15,74,346 to 25,63,906 in FY26, and website traffic rose from 6.33 million to 9.03 million visits.^[2]
Commodity broking share within broking revenue grew from ~4 - 5% historically to ~10% in FY26.^[5]
Insurance gross premium: ₹759 Cr in Q1 FY27; FY26 gross premium ₹3,145 Cr (vs ₹2,892 crore in FY25) with non-life at ~90% of premium mix.^[4][2]
NBFC AUM: ₹1,025 Cr in Q1 FY27, down from ₹1,118 Cr in March 2026; secured book at 75% of AUM in Q1 FY27, up from 65.32% in Q2 FY26.^[4]
NBFC NIM: 9.9% in Q1 FY27; GNPA 3.6% in FY26 (up from 3.0% in FY25); CRAR 35.0% in Q1 FY27.^[4]

Broking and distribution platform

Full-service broking under the SMC brand offers equity, F&O, commodity and currency; cash market brokerage share of total broking mix rose from 45% to 55% in Q1 FY27 as retail investors shifted toward delivery-based trading.^[4]
Stoxkart had 3,67,579 clients as of March 31, 2026 (prior year 2,62,951); revenue grew 150% YoY in FY26 and ~4x YoY to ~₹20 Cr in Q1 FY27.^[2][5]
Stoxkart's SmartTrader plan offers unlimited trading for ₹99 per month; it crossed 1 lakh active subscriptions in FY26, and ~26,000 subscription clients were opened in Q1 FY27.^[2][5]
MTF and T+5 book grew from ₹760 Cr to over ₹900 Cr in Q1 FY27.^[4]
Mutual fund distribution uses the Easy Invest digital platform; 80% of AUM is equity and ~21% of net inflows come from SIPs as of 9M FY26.^[6]
SMC Private Wealth served 12,342 clients in FY26, with assets under management and advisory of ₹1,173 crore vs ₹948 crore in FY25.^[2]
SMC Capitals Limited is a Category I merchant banker and, since July 2023, the India partner of Translink Corporate Finance, which is present in 35+ countries.^[2]

Distribution reach and customers

Authorised persons and sub brokers: about 2,003 in FY26 (prior year 2,147).^[2]
Network of 6,453 independent financial distributors across India as of FY26.^[2]
Alliances with eight public and private sector banks for integrated online trading, including Punjab National Bank and Union Bank of India, as of FY26.^[2]
Provides clearing services to 335 clearing trading members as of FY26.^[2]
In GIFT City, SMC is a member of NSE International Exchange, India International Exchange and India International Bullion Exchange.^[2]
Group employees: 4,017 as of March 31, 2026, vs 4,083 a year earlier. Primary data centre in Delhi with a disaster recovery site in Mumbai.^[2]

Insurance broking operations

Insurance broking segment revenue grew 44.4% YoY to ₹167.3 Cr in Q1 FY27, with segment EBIT of ₹1.6 Cr; FY26 full-year revenue was ₹667.5 Cr (+17.1% YoY).^[4]
Policies sold rose to 11,39,218 in FY26 from 10,19,884 in FY25.^[2]
POS network grew from 16,022 to 16,610 in FY26, and Motor Insurance Service Providers grew from 348 to 393.^[2]
Composite broker licence upgrade (from direct broker) enables SMC to enter reinsurance, positioning it for a new revenue stream.^[5]

NBFC financing operations

NBFC deliberately contracted AUM to ₹1,025 Cr in Q1 FY27 by discontinuing prime LAP (₹50 Cr decline) and tightening unsecured business loans (₹40 Cr decline) during the quarter.^[4]
SME working capital term loans were the largest NBFC segment in FY26 at 26% of the portfolio (₹290.8 crore).^[2]
Focus products are Micro LAP, gold loans and asset finance; disbursements on these focused products grew from ₹452 Cr to ₹614 Cr YoY in FY26.^[5]
The NBFC operated with 85 channel partners, 38 branches, 531 employees and 30 lender relationships in FY26.^[2]
NBFC weighted cost of funds reduced ~25 bps in Q1 FY27 on rate resets and lower new borrowing costs; FY26 cost of borrowing was 10.59%.^[4]
NBFC leverage at 1.52x and collection efficiency at 98.63% in FY26; PCR at 35.02% in FY26.^[5]

Technology and product initiatives

SMC launched a proprietary AI-based chatbot using an in-house language model and a new AI-based algo trading platform in Q1 FY27.^[4]
AI-generated insights feature for the mobile app was in testing as of Q1 FY27, with launch expected shortly.^[4]
Cross-selling of insurance products through the broking mobile app is planned, integrating distribution across segments digitally.^[5]

Recent developments

FY26: the company executed a 1:1 bonus issue and raised ₹133.85 crores via NCDs.^[2]
In FY26, the NBFC raised ₹25 Cr and the broking entity raised ₹150 Cr in fresh NCDs to diversify away from bank borrowings.^[5]
Group CFO Vinod Jamar's tenure ended on 30 June 2026; Rohit Nayyar was appointed from 1 July 2026.^[2]
SMC Real Estate Advisors moved from real estate broking to trading in unlisted securities and was renamed SMC Investech Private Limited.^[2]
On 28 Sep 2026, the NCD Committee approved a public issue of secured, rated NCDs up to ₹7,500 lakh with a green-shoe option of up to ₹7,500 lakh (total limit ₹15,000 lakh); face value ₹1,000 per NCD; rated ICRA A Stable; to list on BSE.^[7]
SEBI imposed a penalty of ₹1,00,000 on SMC Global Securities Limited on 3 Oct 2026 for non-compliance with stock broker regulations and circulars identified during a thematic inspection.^[8]

Market Cap

₹2,000 Cr

High / Low

₹124 / 54

Stock P/E

19.8

Price / Book

1.6

Book Value

₹62

EPS

₹4.9

No. of Shares

20.94 Cr

ROE

8.1%

Sales

₹1,877 Cr

Net Profit

₹103 Cr

Promoter holding

66.6%

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SMC Global Securities Ltd(SMCGLOBAL)

About

Business segments

Key operating numbers

Broking and distribution platform

Distribution reach and customers

Insurance broking operations

NBFC financing operations

Technology and product initiatives

Recent developments

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