SMC Global Securities Ltd (SMCGLOBAL) Q2FY27 Concall Summary - Sep-2026 Qtr
Key Takeaways
- Management revised full-year NBFC AUM guidance down to INR 1,125-1,150 crores due to a faster-than-expected rundown of its legacy loan book.
- The recent 25 bps repo rate hike is expected to have a negligible impact on NIMs as rising portfolio yields will offset higher funding costs.
- Stoxkart will receive an additional INR 50 crores for growth, with management prioritizing scale over achieving breakeven in FY27.
Performance Overview
- SMC Global Securities delivered consolidated revenue growth of 20.9% YoY, driven by healthy performance across broking, insurance, and financing segments.
- The NBFC arm continued its strategic pivot towards granular, secured retail lending, resulting in improved yields despite a temporary reduction in overall AUM.
- Client base, including Stoxkart, expanded to 14.2 lakh, with broking and DP AUA rising 17% since March 2026 to INR 1,66,737 crores.
- Company successfully raised INR 150 crores via a public issue of NCDs, strengthening its liquidity and diversifying its borrowing mix.
- Stoxkart, the digital-first platform, continues to focus on growth and user acquisition, with management prioritizing investment over near-term profitability.
Financial Metrics
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Operating Performance / Business Segments
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Key Discussions & Insights
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Outlook and Guidance
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Challenges / Concerns
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Industry / Competitive Landscape
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Overall Summary
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Tone & Disclosure
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