SMC Global Securities FY26 Profit Down 29% to ₹103 Crore, Recommends 60% Dividend

SMC Global Securities Ltd has reported a consolidated Profit After Tax (PAT) of ₹103.25 crore for the fiscal year 2025-26, marking a 29% decrease from ₹146.81 crore in the previous year. Standalone PAT also saw a decline to ₹81.32 crore from ₹105.26 crore.

Reader Takeaway: Revenue resilience and dividend payout offset by margin moderation and F&O segment pressures.

What just happened

SMC Global Securities announced its financial results for the fiscal year ending March 31, 2026. The company's consolidated Profit After Tax (PAT) stood at ₹103.25 crore, a significant decrease from the ₹146.81 crore reported in FY 2024-25. Standalone PAT also fell to ₹81.32 crore from ₹105.26 crore.

Consolidated revenue from operations increased by 5.70% year-on-year to ₹1,876.92 crore. However, consolidated EBITDA margins moderated from 23.6% in FY25 to 20.1% in FY26. The company attributed the decline in profitability to structural changes in the Futures & Options (F&O) segment and higher operating costs due to technology and digital investments.

Why this matters

The decline in profitability, despite revenue growth, raises concerns for investors. However, the consistent dividend payout and the company's strategic initiatives, such as its recognition as a Qualified Stock Broker (QSB) by NSE and upgrade to Composite Broker status in insurance, offer some reassurance.

The company recommended a final dividend of ₹0.60 per share, which, combined with the interim dividend of 30%, results in a total payout of 60% (₹1.20 per share) for FY 2025-26. This reflects a commitment to shareholder returns.

The backstory

SMC Global Securities has been actively involved in corporate actions, including a 1:1 bonus issue executed in November 2025. The company also successfully raised ₹133.85 crore through a public issuance of Non-Convertible Debentures (NCDs), which are now listed on the BSE. These actions indicate strategic financial management.

What changes now

Investors will be looking for the company to navigate the challenges in the F&O segment and leverage its digital investments for future growth. The leadership transition in the finance department, with Mr. Vinod Kumar Jamar retiring as President and Group CFO on June 30, 2026, and Mr. Rohit Nayyar taking over as the new Group CFO from July 1, 2026, will also be a key factor to monitor.

Risks to watch

The primary risks include the ongoing impact of regulatory changes in the F&O market, which have affected volumes and revenue. Additionally, higher operating costs from technology and digital investments could continue to pressure margins in the short term. Margin moderation, as seen in the drop in consolidated EBITDA margins, is another point of concern.

Peer comparison

While specific peer performance data for FY26 is not detailed in the filing, SMC Global Securities operates in a competitive financial services landscape. Its recognition as a QSB and Composite Broker status highlights its efforts to strengthen its market position across different segments.

Context metrics

• Consolidated Revenue (FY26): ₹1,876.92 crore (up 5.70% YoY).
• Consolidated PAT (FY26): ₹103.25 crore (down 29% YoY).
• Standalone PAT (FY26): ₹81.32 crore (down 22.7% YoY).
• Dividend Payout (FY26): 60% total.
• NCD Raised: ₹133.85 crore.
• NBFC CRAR: 43.2% (Moneywise Financial Services).

What to track next

Investors should closely monitor the company's ability to recover profitability in the F&O segment, the success of its digital transformation initiatives, and the performance of its non-broking verticals like insurance and NBFCs. The transition to a new Group CFO will also be important to observe.