Financial Performance Overview

Consolidated Results (Q1 FY27)

  • Operational Income: ₹515.1 crores (21.2% YoY growth)
  • EBITDA: ₹107 crores (6.9% YoY growth, 19.3% QoQ growth)
  • EBITDA Margin: 20.9%
  • Profit After Tax: ₹36.7 crores (22.3% YoY growth from ₹30 crores in Q1 FY26)

Standalone Results (Q1 FY27)

  • Operational Income: ₹273.4 crores (11.1% YoY growth)
  • EBITDA: ₹71.5 crores
  • EBITDA Margin: 26.2% (100 basis points YoY expansion)
  • PAT: ₹25.1 crores (9.6% YoY growth)

Segment-wise Performance

Broking, Distribution and Trading Segment

  • Revenue: ₹316.3 crores (15.1% YoY growth)
  • Segment EBIT: ₹74.3 crores (17.6% YoY growth)
  • Key Metrics:
  • Broking client base: 13.8 lakh accounts (including StoxKart)
  • Broking DP AUA: ₹1,64,962 crores
  • Mutual Fund AUM: ₹4,787 crores
  • Active SIPs: 92,129

Insurance Broking Segment

  • Revenue: ₹167.3 crores (44.4% YoY growth)
  • Segment EBIT: ₹1.6 crores
  • Gross Premium: ₹759 crores
  • Policies Issued: 2.7 lakh policies
  • Distribution Network: 492 employees, 16,747 POS agents, 385 Motor Insurance Service Providers
  • Primary Growth Driver: Non-life insurance contributing approximately 90% of total premium

Financing NBFC Segment

  • Revenue: ₹46.5 crores
  • Segment EBIT: ₹26.1 crores
  • AUM: ₹1,025 crores (down from ₹1,118 crores in Q4 FY26)
  • Portfolio Composition: 75% secured book (SME WCTL, SME LAP, onward lending, SME Assets, micro-LAP, gold loans, capital market funding)
  • Strategic Shift: Focus on secured retail products (Micro LAP and Gold Loans) while discontinuing certain LAP products (₹50 crore decline) and tightening unsecured business loans (₹40 crore decline)

Operational Highlights and Business Updates

Market Environment

  • Q1 FY27 witnessed stable operating environment with resilient domestic investor participation
  • Derivatives segment impacted by regulatory measures, shift toward cash market business
  • Cash market brokerage percentage increased from 45% to 55%
  • MTF and T+5 book increased from ₹760 crores to over ₹900 crores

Technology Initiatives

  • AI-enabled automation development including:
  • AI-based Chatbot using proprietary low-language model
  • AI-based Algo platform
  • AI-generated insights for script analysis and trend analysis in mobile app (testing mode)

StoxKart Performance

  • Revenue: ₹20 crores in Q1 FY26 (quadrupled YoY)
  • Client Acquisition: 26,000 subscription clients added in quarter
  • Business Model: Smart Trader Plan with upfront subscription for trading software

Growth Strategy and Outlook

  • Management expects 20% CAGR growth over next 5 years
  • FY27 NBFC AUM target: ₹1,250-1,300 crores
  • Focus on technology investments, AI automation, and infrastructure
  • Gift City business expansion identified as growth opportunity
  • Cross-selling initiatives across broking, wealth management, and insurance products

Funding and Margins

  • NBFC weighted cost of funds reduced by 25 basis points in current quarter
  • Expectation of gradual NIM growth through focus on high-yielding retail products

Management Participants

  • Mr. Subhash Chand Aggarwal - Chairman and Managing Director, SMC Group
  • Mr. Mahesh C. Gupta - Vice-Chairman and Managing Director, SMC Group
  • Dr. D. K. Aggarwal - Chairman and Managing Director, SMC Capitals Limited
  • Mr. Ajay Garg - Director and CEO, SMC Global Securities Limited
  • Mr. Anurag Bansal – Whole Time Director, SMC Global Securities
  • Mr. Himanshu Gupta – Director & CEO, Moneywise Financial Services Private Limited
  • Ms. Shruti Aggarwal – Whole Time Director, SMC Global Securities Limited
  • Mr. Pranay Aggarwal - Director and CEO, Stoxkart
  • Mr. Rohit Nayyar – Group CFO
  • Ms. Sakshi Mehta – CFO, SMC Insurance