SMC Global Securities Ltd — Q1 FY27 earnings call
Summary generated by AI from the official transcript SMC Global Securities Ltd filed with BSE on 31 Jul 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
SMC Global Securities reported Q1 FY27 consolidated operational income of Rs 515.1 crore, up 21.2% year-on-year, with EBITDA of Rs 107 crore and PAT of Rs 36.7 crore. Broking, distribution and trading revenue grew 15.1% YoY while insurance broking revenue grew 44.4% YoY, and NBFC AUM stood at Rs 1,025 crore, below the prior guidance level. Management discussed segment performance, AI initiatives, Stoxkart growth, and the outlook for the broking, insurance, and financing businesses during the call.
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Numbers mentioned
Consolidated operational income: ₹515.1 crores (Q1 FY27)
p. 4
“In Q1 FY27, our consolidated operational income stood at ₹515.1 crores, representing a year-on-year growth of 21.2%.”
Subhash Chand Aggarwal, page 4 of the filed PDF · View the filing
EBITDA: ₹107 crores (Q1 FY27)
p. 4
“EBITDA for the quarter was ₹107 crores, up 6.9% Y-o-Yand up 19.3% Q-o-Q.”
Subhash Chand Aggarwal, page 4 of the filed PDF · View the filing
Profit after tax: ₹36.7 crores (Q1 FY27)
p. 4
“Profit after tax stood at ₹36.7 crores, compared to ₹30 crores in Q1 FY26, representing a growth of 22.3% year-on-year.”
Subhash Chand Aggarwal, page 4 of the filed PDF · View the filing
Broking, distribution and trading segment revenue: ₹316.3 crores (Q1 FY27)
p. 4
“Within our broking, distribution and trading business, Q1 FY27 revenue rose 15.1% year-on-year to ₹316.3 crores, with segment EBIT improving by 17.6% year-on-year to ₹74.3 crores in the quarter.”
Subhash Chand Aggarwal, page 4 of the filed PDF · View the filing
Broking client base: 13.8 lakh accounts (Q1 FY27)
p. 4
“Our broking client base, including StoxKart, grew to 13.8 lakh accounts as of Q1 FY27, while our broking DP AUA expanded to ₹1,64,962 crores.”
Subhash Chand Aggarwal, page 4 of the filed PDF · View the filing
NBFC AUM: ₹1,025 crores (June 2026)
p. 4
“Let me address the key data points directly: NBFC AUM stood at ₹1,025 crores as of June 2026.”
Subhash Chand Aggarwal, page 4 of the filed PDF · View the filing
Insurance broking segment revenue: ₹167.3 crore (Q1 FY27)
p. 4
“In our insurance broking business, segment revenue stood at ₹167.3 crore, and segment EBIT stood at 1.6 crore in Q1 FY27.”
Subhash Chand Aggarwal, page 4 of the filed PDF · View the filing
Gross premium: ₹759 crore (Q1 FY27)
p. 4
“Gross premium for the quarter stood at ₹759 crore, with the business issuing 2.7 lakh policies, supported by a workforce of 492 employees, 16,747 POS agents and 385 Motor Insurance Service Providers.”
Subhash Chand Aggarwal, page 4 of the filed PDF · View the filing
Standalone operational income: Rs. 273.4 crores (Q1 FY27)
p. 5
“On a standalone basis, Q1 FY27 operational income stood at Rs. 273.4 crores, up 11.1% YoY, with an EBITDA of Rs. 71.5 crores, at a margin of 26.2%, an expansion of 100 basis points YoY.”
Rohit Nayyar, page 5 of the filed PDF · View the filing
Mutual fund AUM: Rs. 4,787 crores (as on 30th June)
p. 8
“Our mutual fund AUM grew from 4,294 crores as on March ‘26 to Rs. 4,787 crores as on 30th June, representing a growth of approximately 11.5%.”
Anurag Bansal, page 8 of the filed PDF · View the filing
NBFC weighted cost of fund reduction: 25 basis points (Q1 FY27)
p. 12
“So basically in the current quarter, we had a reduction in our weighted cost of fund by around 25 basis points.”
Himanshu Gupta, page 12 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
NBFC AUM — Rs. 1,250-1,300 crores · FY27
stated conditionally by Himanshu Gupta
p. 7
“However, for the full year, we still expect to close the closing year at about Rs. 1,250-1,300 crores.”
Himanshu Gupta, page 7 of the filed PDF · View the filing
NBFC AUM CAGR — 20-25% · medium term
stated as an aspiration by Himanshu Gupta
p. 7
“So, our aim is to increase at an CAGR of about 20-25%.”
Himanshu Gupta, page 7 of the filed PDF · View the filing
Revenue — Rs. 6,000 to Rs. 8,000 crores · next 5 years
stated as an aspiration by Subhash Chand Aggarwal
p. 10
“So, if we grow 20%, we will have revenue in five years' time around Rs. 6,000 to Rs. 8,000 crores.”
Subhash Chand Aggarwal, page 10 of the filed PDF · View the filing
PAT — Rs. 170 crores
stated as an aspiration by Subhash Chand Aggarwal
p. 10
“And our PAT is around, last year it is Rs. 103 crores. We are expecting Rs. 170 crores.”
Subhash Chand Aggarwal, page 10 of the filed PDF · View the filing
NBFC net interest margin — coming years
stated as an aspiration by Himanshu Gupta
p. 12
“So, overall, we expect the NIM to grow gradually over the coming years.”
Himanshu Gupta, page 12 of the filed PDF · View the filing
Broking revenue outlook — Q2 FY27 and coming year
stated as an aspiration by Ajay Garg
p. 8
“Q2 might be much better. And the coming year should be much better as compared to the last year.”
Ajay Garg, page 8 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management said AUM declined slightly due to discontinuing LAP and tightening unsecured business loans, but expects a rebound over the year.
Answered by Himanshu Gupta
Asked by Manish Bhandari: Why did NBFC AUM growth vary from the earlier ~25% guidance and when will it materialize?
p. 6
“So, there is a slight difference in the AUM. However, we are working on the product mix strategy that I had informed earlier.”
Himanshu Gupta, page 6 of the filed PDF · View the filing
Management said the aim is a 20-25% CAGR but with a lag effect from discontinued products.
Answered by Himanshu Gupta
Asked by Manish Bhandari: What is the 5-year AUM growth target?
p. 7
“But initially, this year, there would be still a rub-off effect from the old products that we had discontinued.”
Himanshu Gupta, page 7 of the filed PDF · View the filing
Management said the secured book share increased and now constitutes 75% of AUM.
Answered by Himanshu Gupta
Asked by Manish Bhandari: Which loan category is performing well within AUM?
p. 7
“So, as you will see, even at the end of quarter-end the secured book constitutes 75% of the AUM, which is slightly higher than the last quarter-ended and even year-on-year, the secured book has grown by 5%.”
Himanshu Gupta, page 7 of the filed PDF · View the filing
Management attributed growth mainly to non-life insurance.
Answered by Sakshi Mehta
Asked by Manish Bhandari: What drove the strong growth in insurance broking?
p. 7
“So, non-life insurance is the major factor for the strong growth in SMC Insurance.”
Sakshi Mehta, page 7 of the filed PDF · View the filing
Management cited market gains, DII buying outpacing FPI selling, and a shift from derivatives to cash market activity.
Answered by Ajay Garg
Asked by Aditya Dhar: What drove growth in broking revenue this quarter despite a moderated derivatives environment?
p. 8
“So, delivery-based business & our MTF book has increased from 760 crores to more than 900 crores, MTF and T+5 book.”
Ajay Garg, page 8 of the filed PDF · View the filing
Management cited renewed strategic focus, training, investor awareness, and the Easy Invest digital platform.
Answered by Anurag Bansal
Asked by Aditya Dhar: What drove mutual fund AUM growth and distribution expansion?
p. 8
“Key initiatives undertaken include enhanced product training for employees and distributors, investor awareness initiatives and extensive adoption of our digital distribution platform that is Easy Invest.”
Anurag Bansal, page 8 of the filed PDF · View the filing
Management said manpower investment is increasing costs, with leverage expected in future quarters.
Answered by Sakshi Mehta
Asked by Aditya Dhar: Why did insurance EBIT moderate despite revenue growth, and when will operating leverage improve?
p. 9
“So, basically, we are primarily investing in manpower, wherein corporate and life insurance manpower cost is increasing.”
Sakshi Mehta, page 9 of the filed PDF · View the filing
Management said non-life insurance contributes the majority of premium.
Answered by Sakshi Mehta
Asked by Aditya Dhar: Which segments drove gross premium growth?
p. 9
“The major segment is our non-life insurance, which contributes approximately 90% of the total premium.”
Sakshi Mehta, page 9 of the filed PDF · View the filing
Management described AI chatbot, algo platform, and upcoming AI-based research insight features.
Answered by Shruti Aggarwal
Asked by Manish Bhandari: Does the company have AI-enabled automation plans similar to peers?
p. 10
“And there are few AI-based initiatives that we have already launched within the app, first is Chatbot.”
Shruti Aggarwal, page 10 of the filed PDF · View the filing
Management said Stoxkart revenue quadrupled year-on-year with strong client additions via a subscription model.
Answered by Pranay Aggarwal
Asked by Aditya Dhar: How has Stoxkart performed and contributed to broking revenue?
p. 11
“In terms of revenue, we managed to quadruple our revenue year on year.”
Pranay Aggarwal, page 11 of the filed PDF · View the filing
Risks flagged
Derivatives segment continued to be impacted by regulatory measures
p. 3
“While the derivatives segment continued to reflect the impact of regulatory measures implemented over the past year, the industry remained focused on building more balanced and diversified business models through wealth management, distribution, advisory and other fee-based businesses.”
Subhash Chand Aggarwal, page 3 of the filed PDF · View the filing
NBFC AUM decline from discontinued LAP and tightened unsecured business loan products
p. 7
“So, these are the products which are pulling down the AUM growth.”
Himanshu Gupta, page 7 of the filed PDF · View the filing
Geopolitical and crude price volatility affecting the market environment
p. 8
“And because of geopolitical crisis and crude crisis, some hindrances are there.”
Ajay Garg, page 8 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.