SMC Global Securities Limited is coming up with a public issue of secured, rated, listed and redeemable Non-Convertible Debentures (NCDs). The SMC Global Securities NCD September 2026 issue offers interest rates of up to 10% per annum, depending on the series selected by investors.
The NCDs come with tenures of 24 months, 36 months and 60 months. The issue carries an ICRA A/Stable rating and is secured by specified assets, subject to the security-cover terms mentioned in the prospectus.
In this article, let us look at the SMC Global Securities NCD September 2026 issue details, interest rates, credit rating, rating history, company financials, risks and other important details before taking an investment decision.
About SMC Global Securities Limited
SMC Global Securities Limited was incorporated in New Delhi in 1994 and is the flagship company of the SMC Group.
The group has businesses across securities broking, insurance broking, distribution of financial products, lending, wealth management, investment banking, clearing and depository services, among others.
As of June 30, 2026, the SMC Group had a presence across 383 cities with 198 branches and 1,935 franchisees. Its active NSE client base was around 1.6 lakh, representing around 0.35% market share.
The group also operates discount broking through Moneywise Finvest Limited under the Stoxkart platform.
SMC Global Securities NCD September 2026 – Issue Details
The SMC Global Securities NCD issue opens on October 5, 2026 and closes on October 16, 2026.
The base issue size is ₹75 Crores, with a green shoe option of another ₹75 Crores. Therefore, the total issue size can go up to ₹150 Crores. Each NCD has a face value of ₹1,000 and the minimum application is ₹10,000, or 10 NCDs.
| Particulars | Details |
|---|---|
| Issuer | SMC Global Securities Limited |
| Issue Opening Date | October 5, 2026 |
| Issue Closing Date | October 16, 2026 |
| Base Issue Size | ₹75 Crores |
| Green Shoe Option | ₹75 Crores |
| Total Issue Size | ₹150 Crores |
| Face Value | ₹1,000 per NCD |
| Minimum Application | ₹10,000 |
| Tenure | 24, 36 and 60 months |
| Security | Secured NCD |
| Listing | BSE |
| Credit Rating | ICRA A/Stable |
| Market Lot | 1 NCD |
| Minimum Security Cover | 110% |
The prospectus states that the NCDs will have a minimum security cover of 110% of outstanding principal and interest amounts.
SMC Global Securities NCD Interest Rates
There are six series under this NCD issue. Investors can choose between annual interest, cumulative and monthly interest options.
| Series | Tenure | Interest Payment | Coupon Rate | Effective Yield |
|---|---|---|---|---|
| Series I | 24 Months | Annual | 9.50% | 9.50% |
| Series II | 24 Months | Cumulative | NA | 9.50% |
| Series III | 36 Months | Annual | 9.75% | 9.75% |
| Series IV | 36 Months | Cumulative | NA | 9.75% |
| Series V | 60 Months | Monthly | 9.57% | 10.00% |
| Series VI | 60 Months | Annual | 10.00% | 10.00% |
For example, under Series II, an assumed ₹1,000 investment would mature at approximately ₹1,199.03 after 24 months. Under Series IV, ₹1,000 would grow to approximately ₹1,321.95 at the end of 36 months, based on the issue terms.
Series V provides monthly interest, while Series VI provides annual interest at a 10% coupon.
Credit Rating of SMC Global Securities NCD
The NCDs proposed under this issue have been assigned an ICRA A/Stable rating by ICRA Limited.
According to ICRA, an A rating indicates an adequate degree of safety regarding timely servicing of financial obligations, with instruments carrying low credit risk within its rating framework.
However, a credit rating is an opinion on credit risk and is not a recommendation to buy, sell or hold the NCDs. Ratings can also be reviewed, revised, suspended or withdrawn.
Credit Rating Trend in the Last 3–5 Years
The rating history disclosed in the prospectus shows that SMC Global Securities has maintained an ICRA A/Stable rating for its NCDs across the reported period.
The September 2026 rating action reaffirmed ICRA A/Stable on existing NCDs aggregating ₹462.79 Crores and assigned the same rating to fresh NCDs of up to ₹50 Crores.
| Period | NCD Rating |
|---|---|
| FY2024 | ICRA A/Stable |
| FY2025 | ICRA A/Stable |
| FY2026 | ICRA A/Stable |
| FY2027 / Sep-2026 | ICRA A/Stable |
Thus, there has been no rating upgrade or downgrade in the rating history disclosed for this period.
Objects of the Issue
The company proposes to use at least 75% of the net proceeds for meeting its working capital requirements.
Up to 25% can be used for general corporate purposes.
| Object | Proposed Utilisation |
|---|---|
| Working capital requirements | At least 75% |
| General corporate purposes | Up to 25% |
| Total | 100% |
The company states that its business is working-capital intensive. The projected funding requirements are based on management estimates and have not been independently appraised by a bank, financial institution or other independent agency.
SMC Global Securities Company Financials
The consolidated financial performance reported by ICRA is as follows:
| Particulars | FY2025 | FY2026 | Q1 FY2027 |
|---|---|---|---|
| Net Operating Income | ₹608 Cr | ₹628 Cr | ₹169 Cr |
| Proprietary Trading Income | ₹117 Cr | ₹138 Cr | ₹51 Cr |
| Profit After Tax | ₹147 Cr | ₹103 Cr | ₹37 Cr |
| Net Worth | ₹1,220 Cr | ₹1,306 Cr | ₹1,341 Cr |
| Total Assets | ₹4,921 Cr | ₹5,744 Cr | NA |
| Gearing | 1.4x | 1.6x | 1.5x |
While net operating income increased in FY2026, profit after tax declined from ₹147 Crores in FY2025 to ₹103 Crores. ICRA attributed the moderation partly to higher operating expenses and lower gains on investments.
ICRA also noted that the group reported a recovery in Q1 FY2027, with PAT of ₹37 Crores and return on net worth of around 11%.
Why to Consider SMC Global Securities NCD?
There are several aspects investors may evaluate positively.
First, the NCDs offer effective yields of up to 10%, which is higher than many traditional fixed-income products.
Second, these are secured NCDs with a stipulated minimum security cover of 110%.
Third, SMC has been operating in capital-market and allied financial services for more than three decades.
The company also has a diversified business presence across broking, insurance distribution, lending and other financial services.
Finally, the ICRA A/Stable rating has remained unchanged across the rating history disclosed in the prospectus.
Why Not to Invest in SMC Global Securities NCD?
The NCD also comes with risks that investors should understand.
SMC’s business is exposed to capital-market cycles. A prolonged downturn in equity markets can affect trading activity, broking revenues and profitability.
Profit after tax declined in FY2026 despite an increase in net operating income.
There are also risks from the lending business. ICRA reported gross NPA of 2.99% (for MFSPL its subsidiary) as of June 30, 2026, compared with 3.55% as of March 31, 2025. ICRA has also highlighted the inherent volatility of capital markets, competition, lending-related credit and market risks and proprietary trading risks.
Investors should also remember that security cover does not automatically mean that the entire investment will be recovered in every adverse scenario. The prospectus specifically states that recovery would depend on the market conditions prevailing when the security is enforced.
How to Apply for SMC Global Securities NCD?
Investors can apply through the application mechanisms permitted under the issue, including ASBA and the UPI mechanism where applicable.
A demat account is required because the NCDs are proposed to be issued and listed in dematerialised form. The minimum application is ₹10,000, representing 10 NCDs.
Investors should check the final application form and issue-related instructions before submitting an application.
SMC Global Securities NCD Sep-2026 – Conclusion
SMC Global Securities NCD September 2026 offers yields of up to 10% with an ICRA A/Stable credit rating and a secured structure. The company has an established presence in capital-market and allied financial services and has maintained its ICRA A/Stable rating across the rating history disclosed in the prospectus.
At the same time, this is not a risk-free fixed-income investment. The company is exposed to capital-market volatility, lending risks and changes in profitability. FY2026 also witnessed a decline in consolidated PAT compared with FY2025.
Investors evaluating this NCD should therefore consider the 24-month, 36-month and 60-month options based on their own investment horizon, income requirements and tolerance for credit and liquidity risks.
This article is intended for educational and informational purposes only. It is not investment advice or a recommendation to buy or avoid the SMC Global Securities NCD. Investors should read the complete prospectus, understand the risks and take an independent investment decision.
Frequently Asked Questions
1. What is the SMC Global Securities NCD September 2026 issue size?
The base issue size is ₹75 Crores and the company can retain oversubscription of another ₹75 Crores. The total issue size can therefore reach ₹150 Crores.
2. What is the highest interest rate offered?
The highest coupon rate is 10% per annum under Series VI. Series V has a 9.57% coupon but an effective yield of 10% because interest is paid monthly.
3. What is the credit rating of SMC Global Securities NCD?
The NCDs are rated ICRA A/Stable by ICRA Limited.
4. Are SMC Global Securities NCDs secured?
Yes. The NCDs are secured, with a minimum security cover of 110% of outstanding principal and interest, subject to the terms specified in the prospectus.
5. What is the minimum investment?
The minimum application is ₹10,000, equivalent to 10 NCDs.
6. What is the tenure of the SMC NCD?
The NCDs have three tenure options: 24 months, 36 months and 60 months.
7. Where will SMC Global Securities NCDs be listed?
The NCDs are proposed to be listed on BSE.
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