SMC Global Q1FY27: consolidated PAT +23% YoY to ₹36.7 Cr, margins flat

SMC Global Securities' consolidated PAT rose 22.7% YoY to ₹36.74 Cr on revenue of ₹515.08 Cr (+21.2% YoY), with net profit margin essentially flat at 7.13% versus 7.03% a year ago and operating margin (PBT/revenue) at 9.04% versus 9.03%. Sequentially, revenue was flat (-0.4% QoQ) while PAT jumped 71% QoQ off a seasonally weaker March-2026 quarter — that QoQ swing is a base-effect recovery, not the story of the quarter; the YoY print is the one that matters. No consensus estimates for this quarter could be located for this small-cap broking name, so the print cannot be graded against Street numbers this time. The headline PAT growth outpaces the underlying operating trend: pre-interest segment profit rose only 8.4% YoY (₹102.09 Cr vs ₹94.20 Cr), while finance cost was flat to down (₹55.50 Cr vs ₹55.84 Cr, -0.6% YoY) — that flat cost base is what amplified an 8.4% operating gain into a 21.4% PBT gain and 22.7% PAT gain. By segment, broking, distribution & trading — 73% of segment profit — grew profit 17.6% YoY (₹74.31 Cr) on 15.0% revenue growth and was the main driver. Insurance broking revenue surged 44.3% YoY to ₹167.27 Cr, well ahead of management's guided 15% growth for the segment, but segment profit nearly halved to ₹1.64 Cr from ₹2.42 Cr — a beat on volume, a miss on margin, likely tied to reinsurance-license-related setup costs management flagged last call. Financing (NBFC) segment revenue fell 8.6% YoY to ₹46.46 Cr and segment profit fell 8.5% YoY to ₹26.13 Cr, running counter to the 15-20% FY27 AUM growth and >₹800 Cr disbursement guidance given on the Q4 FY26 call — one quarter of an annual target, but a segment to track. Standalone (parent-only) PAT grew a slower 10.0% YoY to ₹25.12 Cr versus the Group's 22.7%, on standalone revenue growth of 11.1% versus the Group's 21.2%, confirming that subsidiaries — particularly insurance broking — are growing faster than the parent entity itself. Alongside the results, the Board approved a public NCD issue of up to ₹150 Cr (₹75 Cr base plus green-shoe), continuing the company's reliance on debt-market funding for its lending book; this followed a 30% final FY26 dividend approved in late June. No standalone management press release or commentary beyond the regulatory filing and auditor's reports was available for this quarter, so management's own framing of the print is not yet on record; that context should surface on the July 27 earnings call.