1. At a Glance
SMC Global Securities Ltd is that one financial-services conglomerate which refuses to be just a broker. It wants to be everything, everywhere, all at once—broking, NBFC lending, insurance broking, wealth management, merchant banking, IFSC operations, real estate advisory, and even a discount broking app flexing TradingView charts.
As of early February 2026, the stock trades around ₹74.7, giving it a market cap of ~₹1,564 Cr. Over the last three months, the stock is up ~11%, but the party mood is clearly dented by Q3 FY26 profit falling ~30% YoY, even as revenue grew ~9% YoY.
Valuations look deceptively reasonable: P/E ~18.5, P/B ~1.24, EV/EBITDA ~3.5. Dividend yield sits at ~1.6%, which management clearly uses like haldi on a fracture—makes you feel better but doesn’t fix the bone.
Return ratios are middle-of-the-road (ROE ~12.6%, ROCE ~14.6%), while leverage is very real with Debt ~₹1,997 Cr and interest coverage hovering around 1.5x.
In short: scale is there, diversification is massive, but earnings volatility and debt keep the stock permanently under suspicion. Curious yet? Good. Let’s dig.
2. Introduction – The “Full Thali” Financial Services House
SMC Global Securities Ltd was incorporated in 1994, back when broking meant shouting on phones and fax machines ruled the world. Since then, the company has evolved into a full-thali financial services setup—a little broking, a little lending, a little insurance, a little wealth, and a little “haan bhai GIFT City bhi kar lete hain.”
The group caters to retail, HNI, institutional, SME, and even bullion traders at IFSC exchanges. On paper, this diversification reduces risk. In reality, it often creates earnings lumpiness, because every vertical dances to a different market tune.
FY25 consolidated revenue stood at ₹1,778 Cr, while TTM revenue is ₹1,782 Cr, meaning growth has basically paused. Even more dramatic—TTM profit is down ~59%, which explains why despite all the business lines, the stock still trades like a cautious uncle at a wedding buffet.
Management is simultaneously expanding (IFSC funds, insurance tech, discount broking scale-up) and borrowing aggressively through NCDs, while also throwing in interim dividends to
keep shareholders calm.
So the big question: is SMC a smartly diversified financial supermarket—or just an overextended kirana store running on leverage?
3. Business Model – WTF Do They Even Do?
Let’s simplify this monster.
a) Broking, Distribution & Trading
This is the backbone. Equity, derivatives, commodities, currencies—the usual suspects. Retail and institutional clients form the base revenue engine. Brokerage margins aren’t fancy, but volume keeps the lights on.
b) Discount Broking (Stoxkart)
Moneywise Finvest Limited runs Stoxkart, SMC’s answer to the Zerodhas of the world. It offers advanced charting via TradingView and ChartIQ, option chain analytics, and stock insights powered by Markets Mojo. Client base touched 1.17 million in FY25, which sounds impressive—until you remember how brutally competitive discount broking is.
c) Financing (NBFC Arm)
Moneywise Financial Services Pvt. Ltd provides SME loans, supply chain finance, and gold loans. This vertical explains both interest income (~25% of revenue) and high debt. It boosts topline but drags interest coverage.
d) Insurance Broking
SMC Insurance Brokers Pvt. Ltd sells insurance using a digital-first, AI-driven distribution model across B2B and B2C. Scalable, yes—but margins take time.
e) Merchant Banking
SMC Capitals Ltd is a Category I merchant banker, also partnered with Translink Corporate Finance for cross-border mid-market M&A. This is lumpy income—great in bull markets, invisible in dull ones.
f) Wealth Management
Through SMC Investments & Advisors, the company manages ₹948 Cr AUM for 11,763 clients as of FY25. Not huge, but sticky.
g) IFSC
