SMC Global Q1 profit edges up, board approves ₹75 cr NCD issue
Standalone net profit rose to ₹25.12 crore from ₹22.83 crore a year ago. The board also cleared a debenture issue that could double to ₹150 crore with oversubscription.
— 3 earlier stories on SMC Global Securities Ltd. →What's new
- Standalone net profit ₹25.12 cr vs ₹22.83 cr YoY.
- Board approved NCD issue of up to ₹75 cr, with greenshoe to ₹150 cr.
- Company is a serial NCD issuer; this is incremental funding.
Why this matters
The 10% profit growth is steady but unremarkable for a brokerage with trailing revenue growth of 22.6%. The NCD issue, while larger with greenshoe, fits a pattern of regular debt raising. No strategic shift.
What we're watching
- Whether the NCD issue gets fully subscribed; terms decided by committee.
- Any update on brokerage volumes or margin income in coming quarters.
- Debt/equity ratio of 1.53; further issuance could increase debt levels.
The full read
SMC Global's Q1 standalone profit of ₹25.12 crore is up from ₹22.83 crore a year earlier. Steady growth for a brokerage with trailing revenue expansion of 22.6%. The board also cleared a public NCD issue of up to ₹75 crore, with a greenshoe that could double the size to ₹150 crore. The company is a serial issuer of similar debentures, so this is business-as-usual funding, not a strategic pivot. At a P/E of 14.8 and debt/equity of 1.53, the stock trades at a discount to some peers. The next test is whether the NCD terms attract sufficient demand. The market cap of ₹1,513 crore means the issue, even at its upper limit, represents just 10% of equity value. Modest in scale.
Questions answered
- How much did SMC Global's Q1 standalone profit grow?
- It grew to ₹25.12 crore from ₹22.83 crore in the same quarter last year, a 10% increase.
- Why is the company issuing debentures?
- The company regularly raises debt via NCDs to fund its operations. This ₹75 crore issue (₹150 crore with greenshoe) is a routine funding activity.
- What is the greenshoe option?
- It allows the company to retain oversubscription, increasing the total issue size from ₹75 crore to up to ₹150 crore if demand is strong.
- How does this compare to previous NCD issues?
- SMC Global is a serial issuer of comparable-sized debentures. This announcement is incremental rather than transformative.
- What is the company's current debt level?
- The trailing debt/equity ratio is 1.53, indicating moderate leverage. The new NCD issue could raise that ratio.
- What is SMC Global's market cap?
- The company has a market capitalisation of approximately ₹1,513 crore, making the ₹75 crore issue about 5% of that.
Story so far
All notes on SMCGLOBAL →- 26 Jul 2026 · 9:41 PM IST SMC Global Q1 profit edges up, board approves ₹75 cr NCD issue
- today SMC Global Q1 profit up 23%, board clears ₹150 cr NCD issue
- today SMC Global board approves ₹150 cr NCD issue, Q1 profit jumps 23%
- today SMC Global Securities to raise up to ₹150 cr via NCD public issue