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SMC Global Securities Ltd

| Quarterly Financial Results Q3 FY 2025-26

NEUTRAL SENTIMENT

Report Source

⬤2nd Feb 26

Summary : SMC Global Securities reported mixed Q3/9M FY26 results. Declared dividend, issued bonus shares, raised NCD funds.

Quarterly Report Analysis & Insights

Financial Disclosures

  1. Standalone Q3 FY26 Total Expenses: ₹22,722.88 lakhs.
  2. Consolidated Q3 FY26 Total Expenses: ₹45,649.78 lakhs.
  3. Standalone Q3 FY26 Total Revenue from Operations: ₹25,554.28 lakhs.
  4. Consolidated Q3 FY26 Total Revenue from Operations: ₹49,477.99 lakhs.
  5. Consolidated Q3 FY26 Segment Revenue: Broking, distribution and trading: ₹28,657.89 lakhs; Insurance broking services: ₹18,106.42 lakhs; Financing activities: ₹4,837.46 lakhs.
  6. Standalone Net Worth (9 months ended Dec 31, 2025): ₹1,00,961.91 lakhs.
  7. Consolidated Net Worth (9 months ended Dec 31, 2025): ₹1,28,948.17 lakhs.
  8. Standalone Debt-Equity Ratio (9 months ended Dec 31, 2025): 1.30 times.
  9. Consolidated Debt-Equity Ratio (9 months ended Dec 31, 2025): 1.57 times.
  10. Both standalone and consolidated financial results are presented.

Corporate Overview

  1. Operates from offices in New Delhi, Mumbai, and Kolkata.
  2. Assessing potential financial impact of new Labour Codes.
  3. Broking, distribution and trading services.
  4. Insurance broking services.
  5. Financing activities, including providing loans.
  6. Factual and compliance-oriented, focusing on regulatory disclosures.
  7. Interest income (Standalone Q3 FY26: ₹7,603.05 lakhs; Consolidated Q3 FY26: ₹11,517.23 lakhs).
  8. Fee and commission income (Standalone Q3 FY26: ₹11,011.86 lakhs; Consolidated Q3 FY26: ₹30,218.42 lakhs).
  9. Net gain on proprietary trading (Standalone Q3 FY26: ₹5,716.14 lakhs; Consolidated Q3 FY26: ₹5,799.93 lakhs).
  10. Other income (Standalone Q3 FY26: ₹1,009.15 lakhs; Consolidated Q3 FY26: ₹74.65 lakhs).
  11. Invested ₹20.00 crores in wholly-owned subsidiary, Moneywise Finvest Limited.

Risk Factors

  1. New Labour Codes' financial impact.
  2. Regulatory compliance for NCDs.
  3. Market volatility affecting trading.
  4. Competition in financial services.

Key Drivers

  1. Interim dividend declared for FY26.
  2. Bonus shares issued in 1:1 ratio.
  3. Successful NCD public issuance.
  4. Investment in subsidiary for growth.

Auditor’s Report

  1. Limited review conclusion, not an audit opinion.
  2. No material misstatement found in standalone financial results.
  3. No material misstatement found in consolidated financial results.
  4. No belief that book values of assets are not in agreement with books of account.
  5. No belief that the Company is not in compliance with all covenants in Debenture Trust Deeds.

Board Commentary

  1. Interim Dividend of Rs. 0.60 per equity share (30% of paid-up equity share capital) for FY 2025-26.
  2. Potential financial impact from new Labour Codes.
  3. Compliance with SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
  4. Compliance with SEBI Master Circular for Debenture Trustees.
  5. Assessment of potential impact from new Labour Codes.
  6. Public issuance of Non-Convertible Debentures (NCDs) for ₹13,385.86 lakhs.
  7. Investment of ₹20.00 crores in wholly-owned subsidiary, Moneywise Finvest Limited.
  8. Issuance of bonus shares in 1:1 ratio.

Corporate Governance

  1. Audit Committee reviewed and recommended financial results.

Management Discussion & Analysis

Operational Focus Areas

  1. Monitoring finalization of Central/State Rules and clarifications regarding Labour Codes.
  2. Maintaining security cover of 110% or higher for secured NCDs.

Performance Drivers

  1. Successful public issuance of Non-Convertible Debentures (NCDs) for ₹13,385.86 lakhs.
  2. Declaration of interim dividend for FY 2025-26 @30%.
  3. Issuance of bonus shares in the ratio of 1:1.

Risk Control Measures

  1. Company is assessing potential impact of Labour Codes.
  2. Company monitors finalization of Central/State Rules and clarifications.

Critical Risks

  1. Potential financial impact from new Labour Codes.