SMC Global Securities Limited (SMCGLOBAL.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+189.8%

₹265.29

vs ₹91.55 price

Levered DCF

₹84.88

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

0.75

Distress zone

Rating

B-

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	11.41×	3.85×	3.57×	3.19×	2.54×	3.71×	22.82×	7.22×
P/B	0.89×	0.46×	0.61×	0.41×	0.48×	0.5×	0.79×	0.79×
P/S	0.62×	0.38×	0.47×	0.36×	0.45×	0.47×	0.75×	0.77×
EV / EBITDA	18.74×	5.02×	4.76×	4.89×	2.89×	2.19×	4.48×	46.17×
Gross margin	33.9%	19.3%	24.7%	23.1%	26.4%	25.2%	22.3%	100.0%
Operating margin	8.1%	8.1%	14.2%	10.7%	18.1%	16.0%	7.1%	70.4%
Net margin	5.4%	9.7%	13.1%	11.2%	17.6%	12.7%	3.3%	10.7%
Current ratio	1.06×	1.37×	1.23×	1.19×	1.28×	4.1×	42.11×	2.56×
Debt / equity	1.56×	1.39×	1.34×	1.01×	0.54×	0.12×	0.32×	0.03×
Interest coverage	0.73×	0.62×	1.39×	1.43×	3.47×	3.49×	0.95×	0×
Dividend yield	2.3%	4.6%	3.7%	6.8%	5.1%	4.2%	3.1%	2.4%
Payout ratio	26.4%	17.8%	13.4%	21.6%	12.9%	15.6%	71.6%	17.4%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	7.8%	12.0%	17.1%	12.9%	18.8%	13.6%	3.5%	11.0%
Return on invested capital	3.2%	3.1%	6.0%	3.9%	7.6%	5.2%	1.3%	17.4%
Return on assets	1.8%	3.0%	3.9%	3.6%	5.9%	4.4%	1.3%	3.2%
Free cash flow yield	40.5%	-1.0%	-33.4%	11.7%	29.3%	-103.1%	139.0%	-31.0%
Earnings yield	8.8%	26.0%	28.0%	31.3%	39.4%	26.9%	4.4%	13.9%
Enterprise value	₹30.5B	₹21.1B	₹20.1B	₹12.9B	₹8.5B	₹4.3B	₹5.3B	₹4.9B
Net debt / EBITDA	11.58×	3.68×	3.17×	3.44×	1.38×	0.23×	-0.1×	-4.93×
Cash conversion cycle (days)	97	109	40	146	-24	116	47	0