SMC Global consolidated PAT ₹28.2 Cr, +34% YoY on NBFC scale-up; Q1 trading gain fades QoQ
PAT +34.41% YoY · revenue +20.94% · margins expanding
₹532.45 Cr
+20.94% YoY
₹28.23 Cr
+34.41% YoY
5.28%
+0.5pp YoY
₹1.33
SMC Global Securities' consolidated PAT for Q2 FY27 (quarter ended September 30, 2026) came in at ₹28.23 Cr, up 34.4% YoY from ₹21.00 Cr, on revenue from operations of ₹532.45 Cr, up 20.9% YoY — profit growth outpaced revenue growth, and net profit margin expanded to 5.30% from 4.75% a year ago, with operating margin (PBT/revenue) up to 7.12% from 6.32%. Sequentially, though, PAT fell 23.2% from ₹36.74 Cr in Q1 FY27 even as revenue rose a modest 3.4%, and both margins compressed from Q1's 7.13% NPM and 9.04% OPM. Standalone (parent-only) figures echo the same pattern more sharply: PAT of ₹9.48 Cr was up 49.5% YoY but down 62.3% QoQ from ₹25.12 Cr, confirming the swing sits mainly at the parent level. No exceptional items were reported in either statement, and no analyst consensus estimates for this quarter turned up in search, so the print cannot be benchmarked against street expectations.
Q2 FY-2027 vs prior quarters
The sequential decline traces to three compounding, non-exceptional factors rather than core deterioration: Q1 FY27 carried an elevated fair-value/trading gain of roughly ₹85.5 Cr within revenue from operations that normalized to about ₹24.4 Cr in Q2; fees and commission expense (the largest cost line) grew 8.1% QoQ against just 3.4% revenue growth; and the effective tax rate rose from 21.1% to 25.5%. Against this, the NBFC/financing segment kept scaling cleanly — segment PBT of ₹37.65 Cr was up 43.2% YoY and 44.1% QoQ, and segment assets of ₹1,347.9 Cr at quarter-end already sit within management's FY27 closing AUM guidance band of ₹1,250-1,300 Cr set on the Q1 FY27 call, reached half a year ahead of schedule. Insurance broking revenue of ₹193.80 Cr, up 19.3% YoY, is tracking the other leg of management's stated 20% group CAGR driver thesis. Post quarter-end, the company allotted ₹150 Cr of NCDs (October 13-14) and its board approved a further ₹106 Cr preferential warrant issue on October 14, subject to shareholder approval at the November 6 EGM — both consistent with funding the expanding financing book. No management press release accompanied this result.
The stock went into the print at ₹94.26, up 8.2% over the past month of trading.
FY27 NBFC AUM closing target ₹1,250–1,300 Cr; 5-year group CAGR target 20% with insurance and broking as primary drivers; NIM expected to grow gradually as secured product mix improves.
— This quarter: beat
W1
Whether Q3 FY27 fair-value/trading gains stabilize near Q2's ~₹24.4 Cr or rebound toward Q1's ~₹85.5 Cr level
W2
NBFC segment assets (₹1,347.9 Cr at Sep-end) vs the FY27 closing AUM guidance band of ₹1,250-1,300 Cr — already inside the band; watch for a guidance revision
W3
Completion of the ₹106 Cr preferential warrant issue at the November 6, 2026 EGM and its effect on share count/EPS
No exceptional items in either statement (row reads nil both periods); consolidated reflects 8 subsidiaries (insurance broking, NBFC/Stoxkart Fintech etc.) — 2 unreviewed by other auditors but immaterial per auditor. EPS restated for Nov 17, 2025 bonus issue (10.47 Cr shares), so prior-period EPS in our records (pre-restatement) won't match filing EPS. Standalone 'net gain on fair value changes' line fell sharply QoQ (~₹85.5 Cr in Q1 FY27 to ~₹24.4 Cr in Q2), the main driver of the sequential PAT decline at both standalone and consolidated levels.