SMC Global Securities NCD October 2026 Review – Well-informed/Risk Savvy Investors Looking for Steady Income May Park Moderate Funds for the Medium to Long Term
Issue Details / Capital History
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.
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Limited are valid as on the date of this Prospectus and will continue to be valid for the life of the instrument unless withdrawn or reviewed.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The rating provided by ICRA Limited may be suspended, withdrawn or revised at any time by the assigning rating agency and should be evaluated independently of any other rating.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.
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.
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.
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.
Dilip Davda is a veteran financial journalist associated with the Indian stock market since 1978. He has been contributing to print and electronic media on capital markets, insurance, and finance since 1985.
He is widely recognized for reviewing public issues and non-convertible debentures (NCDs) in the primary market. Drawing on over three decades of market experience and close interaction with merchant bankers, his reviews focus on detailed fundamental and financial analysis of companies, with a special emphasis on SME public issues.
Disclaimer: The information provided herein is solely for educational and informational purposes and does not constitute an offer, solicitation, or recommendation to buy or sell any securities. Readers are advised to consult a qualified financial advisor before making any investment decisions. Investments in the securities market are subject to market risks. The author does not intend to invest in the securities discussed.
