– By Dilip Davda
- This is the 4th debt offer from SGSL since July 2024.
- Last NCD Issue was in the month of October 2025.
- This NCD issue is rated ICRA A/stable, and coupon rates lowered by 25 bps across.
- It marked steady growth in its top and bottom lines for FY24, and FAY25, but marked pressure on margins for FY26.
- Well-informed/risk savvy investors looking for steady income may park moderate funds for the medium to long term.
ABOUT COMPANY:
SMC Global Securities Ltd. (SGSL) was established in the year 1994, it has a diversified financial services business model with presence in brokerage services, portfolio management services, investment banking, wealth management, distribution of financial products, financing (NBFC), insurance broking, real estate brokerage, arbitrage & HFT proprietary trading, clearing and depository services, fixed income securities, financial, mortgage and loan advisory services.
As of June 30, 2026, it provided services to clients through a network of 198 branches including one international branch in Dubai and 1,935 registered Authorized Persons spread over 383 cities across India. As of the said date, it had 4013 employees including its subsidiaries. As on March 31, 2025, it had 1.97 Lakh active clients, which slightly increased to 2.28 Lakh as on March 31, 2026, and further increased to 2.41 Lakh as on June 30, 2026. The company marked growth in its corporate and retail clients.
ISSUE DETAILS:
The company is coming out with its 4th debt offer of Secured, Rated, Listed, Redeemable Non-Convertible Debentures (NCDs) of face value of Rs. 1000 each. The base size of the issue is Rs. 75 cr. land it has a green shoe option for retaining oversubscription to the tune of Rs. 75 cr., thus making the overall issue size of Rs. 150 cr. for 1500000 NCDs.
The company is spending Rs. 3.41 cr. for this debt offer and from the net proceeds, it will utilize at least 75% for working capital requirements and maximum up to 25% for general corporate purposes.
The issue opens for subscription on October 05, 2026, and will close on or before October 16, 2026. The minimum application to be made is for 10 NCDs (i.e., Rs. 10000) and in multiple of 1 NCD (i.e., Rs. 1000) thereon, thereafter. Post allotment, NCDs will be listed on BSE.
The company is offering a coupon rates ranging from 9.50% to 10.00% with tenors of 24 months, 36 months and 60 months with interest payment frequency of Monthly, Annual or cumulative based on the series opted by the investors. There is no PUT and CALL option applicable. The company has lowered the coupon rates by 25 bps for this debt offer across the board.
The company has allocated 10% for Institutional portion, 25% for non-Institutional portion, 25% for HNIs and 40% for Retail investors.
The debt offer is solely lead managed by Corporate Professionals Capital Pvt. Ltd., and MUFG Intime India Pvt. Ltd. is the registrar to the issue. IDBI Trusteeship Services Ltd. is the debenture trustee.
CREDIT RATING:
This debt issue is rated ICRA A/Stable by ICRA Ltd. Ratings issued by ICRA Limited are valid as on the date of this Prospectus and will continue to be valid for the life of the instrument unless withdrawn or reviewed. Instruments with this rating are considered to have an adequate degree of safety regarding timely servicing of financial obligations. Such instruments carry low credit risk.
The rating provided by ICRA Limited may be suspended, withdrawn or revised at any time by the assigning rating agency and should be evaluated independently of any other rating. These ratings are not a recommendation to buy, sell or hold securities and investors should take their own decisions.
FINANCIAL PERFORMANCE:
On financial performance front, for the last four fiscals, the company has (on a consolidated basis) posted a total income/net profit of Rs. 1120.82 cr. / Rs. 174.57 cr. (FY22), Rs. 1215.65 cr. / Rs. 120.40 cr. (FY23), and Rs. 1644.58 cr. / Rs. 188.28 cr. (FY24), Rs. 1785.72 cr. / Rs. 146.81 cr. (FY25), and Rs. 1884.49 cr. / Rs. 103.25 cr. (FAY26). For Q1 of FY27 ended on June 30, 2026, it earned a net profit of Rs. 36.74 cr. on a total income of Rs. 515.60 cr. The company witnessed pressure on margins for FY26.
Its debt/equity ratio of 1.52 as of June 30, 2026, will stand enhanced to 1.68 post this issue (on a consolidated basis).
Its paid-up equity capital of Rs. 41.88 cr.as of June 30, 2026, was supported by free reserves of Rs. 1262.10 cr. As of the said date, its secured debt stood at Rs. 1012.02 cr. as of Jung 30, 2026.
CONCLUSION:
This is the 4th debt offer from SGSL since July 2024. Last NCD Issue was in the month of October 2025. This NCD issue is rated ICRA A/stable, and coupon rates lowered by 25 bps across. It marked steady growth in its top and bottom lines for FY24, and FAY25, but marked pressure on margins for FY26. Current downtrend for the stock markets may cast its shadow on this company’s working. Well-informed/risk savvy investors looking for steady income may park moderate funds for the medium to long term.
Review By Dilip Davda on August, 2026
Review Author
DISCLAIMER: No financial information whatsoever published anywhere here should be construed as an offer to buy or sell securities, or as advice to do so in any way whatsoever. All matter published here is purely for educational and information purposes only and under no circumstances should be used for making investment decisions. My reviews do not cover GMP market and operators game plans. Readers must consult a qualified financial advisor before making any actual investment decisions, based the on information published here. With entry barriers, SEBI wants only well-informed investors to participate in such offers. With crazy listings in the recent past, SME IPOs drew the attention of investors across the board and lead to seer madness. However, as SME issues have entry barriers and continued low preference from the broking community, any reader taking decisions based on any information published here does so entirely at their own risk. The above information is based on information available as of date coupled with market perceptions. The Author has no plans to invest in this offer.
About Dilip Davda
Dilip Davda is veteran journalist associated with stock market since 1978. He is contributing to print and electronic media on stock markets/insurance/finance since 1985.
Dilip Davda is a leading reviewer of public issues and NCDs in the primary stock market in India. The knowledge he gained over 3 decades while working in the stock market and a strong relationship with popular lead managers makes his reviews unique. His detailed fundamental and financial analysis of companies coming up with IPOs helps investors in the primary stock market. Dilip Davda has a special interest in analyzing the SME companies and writing reviews about their public issues. His reviews are regularly published online and in news papers.
(Dilip Davda -SEBI registered Research Analyst-Mumbai,
Registration no. INH000003127 (Perpetual)
Email id: dilip_davda@rediffmail.com ).
