SMC Global Securities Ltd. (India) (SMCGLOBAL) AI Stock Analysis

• Market Cap: ₹16.13B
• Dividend Yield: 0.7%
• Average Volume (3M): 5.64K
• Price to Earnings (P/E): 16.5
• Beta (1Y): 0.94
• Revenue Growth: -5.03%
• EPS Growth: -54.73%
• Country: IN
• Employees: 2,767
• Sector: Financial
• Sector Strength: 70
• Industry: Financial - Capital Markets
• EPS (TTM): N/A
• Shares Outstanding: 209,400,000
• 10 Day Avg. Volume: 4,652
• 30 Day Avg. Volume: 5,641
• PEG Ratio: -0.35
• Price to Book (P/B): 0.92
• Price to Sales (P/S): 0.75
• P/FCF Ratio: -2.51
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 70 Outperform
• Price Target: ₹83.00 ▼(-9.41% Downside)

SMC Global Securities Ltd. has a solid financial foundation with strong revenue growth and profitability. However, cash flow management issues and overbought technical indicators present risks. The valuation is reasonable, but the modest dividend yield offers limited income potential.

Positive Factors

Business model resilience

A fee-and-commission brokerage model serving retail and other clients creates recurring revenue streams tied to trading and distribution. This multi-service setup (brokerage, distribution, financing, ancillary fees) supports durable cash generation and client stickiness over several months.

Operational margin strength

Healthy gross margins and solid EBIT/EBITDA margins indicate an efficient cost structure and operating leverage. Sustained operational profitability improves ability to fund investments, absorb cyclical volume swings, and maintain competitive pricing over the medium term.

Balance sheet stability

Rising assets and shareholders' equity with moderate leverage provide financial flexibility. A decent equity base and balanced debt profile support capital allocation, risk absorption, and potential strategic investments without immediate liquidity stress over the next few months.

Negative Factors

Cash flow weakness

Persistent negative free cash flow and operating cash deficits erode liquidity and constrain internal funding for growth or returns. If these trends continue, the firm may need external financing or cutbacks, increasing execution risk and pressure on medium-term strategic initiatives.

Recent top-line and EPS deterioration

Negative recent revenue and steep EPS decline signal weakening near-term earnings power and possible margin compression. Continued declines reduce internal cash generation and limit flexibility for investment or shareholder distributions over a multi-month horizon unless trends reverse.

Net profit margin volatility

Volatile net margins and recent declines from rising expenses make future earnings less predictable. Margin instability undermines earnings quality and complicates planning for cost control, capital allocation, and competitive responses across the next several months unless expense discipline improves.

SMC Global Securities Ltd. (India) Business Overview & Revenue Model

Company Description

SMC Global Securities Limited, together with its subsidiaries, provides various financial services in India and internationally. The company operates through three segments: Broking, Distribution, and Trading; Insurance Broking Services; and Financing Services. The Broking, Distribution, and Trading segment engages in the brokerage on dealing in shares, commodities, currencies, derivatives, and other securities; provision of clearing and depositary services; portfolio and wealth management; and mortgage and loan advisory, real estate broking, and investment banking services, as well as distribution of third party financial products. The Insurance Broking Services segment provides life and non-life insurance products. The Financing Services segment offers loans. The company also offers online trading and real estate advisory services. SMC Global Securities Limited was founded in 1990 and is based in New Delhi, India.

How the Company Makes Money

SMC Global Securities Ltd. generates revenue through multiple streams. Primarily, the company earns brokerage fees on trades executed by its clients in equity, commodities, and currency markets. Additionally, it offers advisory services and portfolio management, charging clients for personalized investment strategies and management fees based on assets under management. The company also generates income from its online trading platform through subscription fees and other value-added services. Significant partnerships with financial institutions and technology providers enhance its offerings and client reach, further contributing to its revenue. Furthermore, SMCGLOBAL may engage in proprietary trading activities, which can also serve as a source of income.

SMC Global Securities Ltd. (India) Financial Statement Overview

Summary

SMC Global Securities Ltd. demonstrates strong revenue growth and profitability metrics, with a stable balance sheet. However, challenges in cash flow management, including negative free cash flow and operational cash flow deficits, pose risks to long-term liquidity.

Income Statement

The income statement shows strong revenue growth, with a consistent increase in total revenue from 2020 to 2025. The gross profit margin has been healthy, indicating efficient cost management. However, net profit margin has seen fluctuations, with a recent decline due to increased expenses impacting net income. The EBIT and EBITDA margins are solid, showcasing good operational efficiency.

Balance Sheet

The balance sheet reflects a stable financial position with increasing total assets and stockholders' equity over the years. The debt-to-equity ratio remains moderate, suggesting balanced leverage. However, there is a concern with the relatively high total liabilities. The equity ratio is decent, indicating a solid equity base.

Cash Flow

Cash flow analysis reveals challenges, with negative free cash flow in recent periods largely due to high capital expenditures and operating cash flow deficits. The operating cash flow to net income ratio is negative, highlighting potential liquidity management issues. While there have been periods of cash flow growth, sustainability remains a concern.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	14.84B	14.95B	14.26B	10.73B	9.91B	8.23B
Gross Profit	2.80B	2.89B	3.52B	2.48B	2.62B	2.08B
EBITDA	3.93B	4.19B	4.22B	2.65B	2.93B	1.98B
Net Income	1.22B	1.46B	1.87B	1.20B	1.74B	1.05B
Balance Sheet
Total Assets	0.00	49.21B	47.48B	33.07B	29.42B	23.87B
Cash, Cash Equivalents and Short-Term Investments	0.00	24.02B	25.36B	9.96B	8.05B	10.97B
Total Debt	0.00	16.95B	14.67B	9.44B	4.97B	4.92B
Total Liabilities	-12.20B	37.01B	36.50B	23.72B	20.15B	16.13B
Stockholders Equity	12.20B	12.17B	10.96B	9.33B	9.26B	7.73B
Cash Flow
Free Cash Flow	0.00	-4.47B	-2.23B	447.81M	1.30B	-4.02B
Operating Cash Flow	0.00	235.37M	-1.93B	771.48M	1.94B	-3.90B
Investing Cash Flow	0.00	-1.99B	-286.65M	-310.07M	-625.01M	-115.96M
Financing Cash Flow	0.00	1.86B	3.16B	2.31B	-292.16M	2.11B

SMC Global Securities Ltd. (India) Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 91.62
• 50DMA: Negative
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:SMCGLOBAL, the sentiment is Positive. The current price of 91.62 is above the 20-day moving average (MA) of 81.07, above the 50-day MA of 78.24, and above the 200-day MA of 69.63, indicating a neutral trend. The MACD of -2.03 indicates Positive momentum. The RSI at 45.63 is Neutral, neither overbought nor oversold. The STOCH value of 49.40 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for IN:SMCGLOBAL.

SMC Global Securities Ltd. (India) Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
SUNDARMHLD	71 Outperform	₹10.74B	―	―	―	61.59%	-17.60%
SMCGLOBAL	70 Outperform	₹16.13B	16.50	―	0.70%	-5.03%	-54.73%
Sector *	68 Neutral	$18.00B	11.42	9.92%	3.81%	9.73%	1.22%
CSLFINANCE	66 Neutral	₹6.29B	7.61	―	0.93%	17.32%	13.66%
BIRLAMONEY	63 Neutral	₹7.06B	14.39	―	―	-6.37%	-24.10%
SURYODAY	57 Neutral	₹14.73B	21.51	―	―	―	―
ESAFSFB	52 Neutral	₹14.43B	-3.87	―	2.64%	-8.71%	-2192.08%

SMC Global Securities Ltd. (India) Corporate Events

SMC Global Securities Publishes Q2 2025 Financial Results

SMC Global Securities Ltd. announced the publication of its un-audited financial results for the quarter and half-year ending September 30, 2025. The results were published in prominent newspapers, Financial Express and Jansatta, and are also available on the company’s website. This announcement is part of the company’s regulatory compliance with the Securities and Exchange Board of India’s listing obligations. The release of these financial results is crucial for stakeholders as it provides insights into the company’s financial health and operational performance for the specified period.

SMC Global Securities Allots Over 1.3 Million Non-Convertible Debentures

SMC Global Securities Ltd. announced the successful allotment of 13,38,586 secured, rated, listed, redeemable, non-convertible debentures, each with a face value of Rs. 1,000, amounting to a significant financial move within the industry. This issuance, which includes a green shoe option, underscores the company’s strategic efforts to strengthen its financial position and expand its market reach, potentially impacting stakeholders positively by enhancing liquidity and investment opportunities.

SMC Global Securities Allots Over 1.3 Million Non-Convertible Debentures

SMC Global Securities Ltd. has announced the successful allotment of 1,338,586 secured, rated, listed, redeemable, non-convertible debentures, each with a face value of Rs. 1,000. This allotment is part of a public issue aimed at raising Rs. 15,000 lakh, including a green shoe option. The move is expected to enhance the company’s financial stability and strengthen its market position, offering stakeholders a secure investment opportunity.