SMC Global Securities Limited (NSE: SMCGLOBAL) Q4 2026 Earnings Call dated May. 04, 2026
Corporate Participants:
Subhash C. Aggarwal — Chairman & Managing Director
Vinod Kumar Jamar — President and Group Financial Officer
Ajay Garg — Director and Chief Executive Officer
Himanshu Gupta — Director and Chief Executive Officer
Sakshi Mehta — Chief Financial Officer
Pranay Aggarwal — Chief Executive Officer and Director
Ajay Garg — Director and Chief Executive Officer
DK Aggarwal — Chairman and Managing Director
Anurag Bansal — Whole Time Director
Mahesh C. Gupta — Vice Chairman and Managing Director
Analysts:
Gautam Kothari — Analyst
Manohar Rajput — Analyst
Tejpal Singh — Analyst
Mahesh Kumar — Analyst
Aman Singh — Analyst
Presentation:
Operator
Ladies and gentlemen, good day and welcome to Q4FY 2026 earnings conference call of SMC Global Securities Limited hosted by XB4 Advisory. As a reminder, all participant lines will be in the listen-only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference call, please signal an operator pressing Stardom zero on your touchdown phone. Please note that this conference is being recorded. I now hand the conference for Mr.
Gautam Kothari from Executive for Advisory. Thank you and over to Mr. Kothari.
Gautam Kothari — Analyst
Good evening everyone and thank you for joining us on the Q4 and FY26 earnings conference call. Joining us today on the call are Mr. Subhash Chand Agarwal, Chairman and Managing Director of SMC Group. Mr. Maheshi Gupta, Vice Chairman and Managing Director of SMC Group Dr. D.K. Agarwal, Chairman and Director, SMC Capitals Limited Mr. Ajay Garg, Director and CEO, SMC Global Securities Limited Mr. Anurag Banchal, Full Time Director, SMC Global Security Mr. Himanshu Gupta, Director and CEO, Moneywise Financial Services Riot Limited Ms.
Shruti Agarwal, Whole Time Director of SMC Global Securities Limited Mr. Pranayagarwal, Director and CEO of Stocks Card and Mr. Vinod Kumar Jahamar, President and Group CFO. Before we begin, please note that today’s discussion may include forward looking statements which reflect the company’s current views and expectations. These statements are subject to risk and uncertainty and actual results may differ materially. A detailed safe harbor statement is provided on the second last page of our earnings presentation which is available on the Stock Exchange and the company website as well.
With that, I now invite Subh sir to share his opening remarks. Over to you sir.
Subhash C. Aggarwal — Chairman & Managing Director
Good evening everyone and a warm welcome to all participants on this call. We hope you have had the opportunity to Review Our Quarter 4 and Full Year Financial Year 26 financial results and the accompanying earning presentation both of which are available on the Stock Exchange and on our website. Before we move into our financial performance, let me first outline the prevailing industry dynamics and the key developments that shape the operating environment during the period starting with the broking industry.
Financial year 26 was a year of transition. The cumulative impact of regulatory measures introduced over the last several quarters. The higher STT on fndo, the phased implementation of true to label charges and the F and O participation framework continue to play through industry derivative volumes during the year. This period has required a strategic recalibration to our cash delivery, distribution and advisory led businesses which we believe is a healthy structure ship for the industry. The fourth quarter in particular saw heightened market volatility.
Equity market witnessed a sharp correction in my in March. Those are submit against the backdrop of global trade related uncertainty and geopolitical events. The industry also experienced a technical disruption at the market infrastructure level during the quarter which temporarily affected trading activity. Despite these headwinds, retail participation, SIP flows and the broader investor base in India continue to expand successively reinforcing the long term opportunity in our markets. On the regulatory front, the operating environment is moving in a constructive direction.
During the quarter, SAB issued two notable circulars aimed at is of doing business for store brokers, a revised technical glitch framework which rationalizes reporting requirements and exempt smaller size brokers and other circular simplifying bank and demand account reporting obligations. Effective from April 17, 2026 together with RBI recent directions on bank exposure to capital market intermediaries are reshaping the funding and compliance landscape of the industry. We believe diversified well capitalized intermediaries with strong performance and strong compliance framework are best placed in this evolving environment.
The Insurance broking industry the sector continued to demonstrate strong growth based momentum during FY26. Industry growth was supported by improving insurance penetration, rising customer awareness, sustained demand for retail products, protection and health products and a continued shift towards advisory led digitally enabled distribution. The Idaho ongoing push towards composite intermediation has further widened and the addressable opportunity for establishing the with respect to the financing and NBFC segment, the operating environment during FY26 was the most challenging of the three the sector navigated moderate credit growth, tighter understand underwriting standards and heightened focus on asset quality, funding cost, state elevated through much of the year and unscrewed personal lending and micro finance segments in particular industry wide portion and elevated delinquencies with normalization only beginning to emerge in the fourth quarter.
As a result, most participants ourselves included deliberately calibrated disbursements and prioritized SECO lending segments while policy and liquidity measures during the latter part of financial year 26 aim to these conditions that benefits will translate gradually into balance sheet expenses. On the broader regulatory side, the Labor Code that came into effect during FY26 created a more uniform compliance framework across industries with an associated impact on employee related line items. During the implementation phase, we had operationalized the necessary changes in advance and the transition has been smooth across our group entities with post normalization now complete.
Let me now walk you through the key highlights of our performance for the quarter and the full year. In Q4 Financial 26 our consultant operational income stood at rupees 516.9 crore representing a yoy growth of 22.6% and a sequential growth of 4.5%. EBITDA for the quarter was rupees 89.7 crore of 42.6 yoy within a beta margin of 17.4% and extension of 250 basis points on a yoy basis. PAC stood at rupees 21.5 crore compared to rupees 4.1 crore in Q4 FY25 sequential moderation in EBITDA reflects the impact of market volatility in March and the typical seasonality in our businesses, but the strong YoY recovery in quarter four replaced the operating leverage in our booking and insurance businesses alongside meaningful improvement at the same time segment EBIT level across all the three operating segments for the full year FY26 consolidated operational income grew 5.7% to Rupees 1 18.
76.9 crores for the year was Rupees 376.4 crores with a margin of 20.1% while PAT stood at Rupees 103.2 crores. We want to be transparent with our investors at FY26amargin compression at the consolidated level on a full year basis. This was driven primarily by two factors. First, sustained funding cost at the consolidated level with finance cost rising and second the deliberate calibration on our financing business which I will speak into in more detail in a moment. Our feast base businesses broking distribution insurance continue to provide stability and growth and help offset a meaningful part of this pressure within our broking distribution trading businesses.
FY26 for the year of continued expansion in client engagement, geographic reach and digital adoption even against the backdrop of a moderated derivative volume environment, Segment revenue grew 4.3% on y basis 1089.2 crore while Q4FY26 revenue rose 19.3% yoy to rupees 286.8 crores with segment EBIT improving sharply by 66.6% yoy to 60.9 crore in the quarter. Our booking client base including stoke car grew to 30.39 lakh accounts as of FY26 while our broking DPAUA extended 23.96 to rupees 1 lakh 42703 crores.
Our distribution business continued to scale with cumulative mutual fund AVM reaching to rupees 4294 crore supported by 94.3.92 online penetration. Owner broken clients base reached 72% in FY26 up from 61% a year ago reflecting the success of our continued investment in digital platforms in house trading applications and AI lab customer engagement tools like like the broader industry, we have continued to deepen our presence in cash delivery distribution advisory areas that we believe are the sector growth drivers of this business going forward.
Our financing business operated through 30 branches across seven states with a continual focus on asset quality, portfolio diversification and calibrated approach to growth in a challenging macro environment. Let me address the key data points directly NBFC AUM stood at rupees 11.19crore as of March 2026 down from 1291 crore a year ago and disbursements during FY26 720.05 crore materially lower than financial year 25 reflecting our deliberate decision to slow origination in segments where we observe early stage stress that has been broadly consistent across the industry particularly in the store and micro finance linked segment.
This was a conscious choice, not a constraint. The outcomes of this discipline are visible in the portfolio quality score AUM at 76.71%, GNPA at 3%, NSP at 2% collect an efficiency of 98.63% and a healthy capital adequacy ratio of 43.2%, the strongest in four years. Net worth stood at rupees four hundred and eighty eight point three crore with a ROA of 2.08%. The lending portfolio remains well diversified across SME, WCTL, SME Lab onward lending, SME assets, Microlab Gold loans, capital market funding and supply chain financing.
With sector level normalizations now beaming to emerge in stress segments, we expect to return to a more major growth posture in this business as macro and credit transitions stabilize. In our insurance booking business, growth momentum was particularly strong during the year and tracked the broader industry tailwind. Segment revenue grew 17.1% year on year to rupees 67.5 crore in FY26 while quarter four FY26 revenue growth 29.8% YoY to rupees 208.1 crore. Gross premium for the year stood at rupees 3,145 crores with the business issuing 0.39 lakhs policies supported by a workforce of 503 employees 16,600 forge agents against 393 motor insurance service providers.
A key strategic development during the year was the upgrade of our category from direct broker to Composite broker which now allow us to expand into the reinsurance segment as well, opening up a meaningful new growth revenue going forward. We do want to flag that segment ebit growth of 4.8% trade revenue growth reflecting investment in distribution capacity and technology that will support the composite broker expenses. Overall WiFi FY26 presents a more measured operating environment than FY25 particularly in our financing business and through periods of market volatility in the second half of the year.
Our diversified business model, strong national distribution network of 203 branches across 396 cities and continued investment in technology and risk management have allowed us to deliver healthy operating outcomes in our free weight businesses while protecting balances quality in our financing business. We believe this position the group well for sustainable long term value creation as the operating environment now rises. With that, I now hand over to Mr. Anod Mazamath, our President and Group CFO to take you through a more detailed overview of our financial performance.
Over to you Vinodji.
Vinod Kumar Jamar — President and Group Financial Officer
Thank you Subhasha and good evening to everyone on the call. I will now take you through financial and operational performance for Q4, FY26 and the full year FY26 on a consolidated basis. For the quarter ended March 26th our consolidated operational income stood at rupees 516.9 crores representing yoy growth of 22.6% and sequential growth of 4.5%. EBITDA for the quarter was rupees 89.7 crores up 42.4%. Yoy with an EBITDA margin of 17.4%. An expansion of two hundred and fifty basis points on a yoy basis.
Profit after tax came at rupees 21.5 crores as against 4.1 crores in Q4 FY25 with pet margin improving by three hundred and twenty basis points to 4.2%. Sequentially EBITDA and pet moderated primarily reflecting the sharp market correction in March, normalization in booking activity after strong Q3 and timing of certain expenses. For the full year FY26 consolidated operational income grew 5.7% to rupees 18 76.9 crores av. 376.4 crores with a margin of 20.1% while profit after tax was rupees 103.2 crores.
As Subhas S mentioned, EBITDA was lower by 10.3% and PET lower by 29. 29.9% on a full year facility to principal. This NAZIN compression were higher consolidated finance cost of rupees 221.3 crores and the calibrated approach in our financing segment and reduction in net gain on fair value changes increase on the EPS line. I want to note that basic and diluted EPS for FY26 was 4.87 versus rupees 13.92 reported in FY25. This comparison is not strictly like for like as our bed of share Capital increased from 20.9 crore to 41.9 crores during the year on account of protection on Equity and the FY26 EPS is calculated on the enlarged capital base.
On a standalone basis Q4 FY26 operational income stood at R 249.9 crores up by 25.6% year on year with EBITDA of rupees 65.8 crores at a margin of 26.3%, an expansion of 890 basis points year on year basis. Standalone PAT for the quarter was rupees 20.7 crore up 141.1% IOI for the full year FY26 standalone operational income grew 4.7% to rupees 968.1 crores with EBITDA of rupees 251.4 crores at a margin of 26.0% and PAT of rupees 81.3 crores. Turning to segment wise performance in the broking distribution and trading segment Q4FY26 revenue grew 19.3% YoY to Rupees 286.8 crores with segment EBIT rising sharply by 66.6% YUI to Rupees 60.9 crores for the full year segment revenue grew 4.3% to Rs 1089.2 crores while segment EBITDA 239.4 crores marginally lower by 3% YoY basis.
The relatively modest revenue growth at the full year level reflects the moderated industry derivatives volume backdrop and the heightened market volatility in the fourth quarter while the strong Q4 EBITDA improvement reflects operating leverage and improved cost efficiency as we exited the year in the Insurance booking segment Q4FY26 revenue grew 29.8% YUI to Rs 208.1 crores with segment EBIT of rupees 4.5 crores up 6.7% year on year. For the full year, Segment revenue grew 17.1% to Rupees 6, 667.5 crores with segment EBIT of Rupees 14.3 crores up 4.8% year on year.
The robust top line growth reflects the strength of our distribution platform, our expanding PAUSE and MISP network, the structural industry tailwinds. The slower EBIT growth versus revenue reflects investment in distribution capacity and technology infrastructure to support the upcoming reinsurance opportunity. Following our composite broker upgrade in the financing NBFC segment Q4FY26 stood at rupees 43.3 crores up 6% yoy with segment EBIT of rupees 21.2 crores up 18.6% year on year, a healthy quarterly outcome.
However, on a full year basis Segment revenue declined 15.1% to rupees 188.9 crore segment EBIT declined to 26.2% to rupees 102.2 crores and FAT moderated to rupees 24.6 crores from rupees 46.3 crores in FY25. As Subhash sir explained, this performance is the direct outcome of a deliberate decision to calibrate disbursement in challenging macro environment where we prioritize our asset quality protection over AUM Group. The supporting metrics validate that it’s in secured AUM at 76.71%, CRAR at 43.2% up from 37% in FY25, collection efficiency at 98.63%, NLP at 1.99% and credit cost at 1.3% of average net receivables.
NIM moderated to 7.3% from 8.2% in FY25 reflecting the elevated funding cost environment that affected the wider NBFC sector during the year. On the borrowing side, our NBFC continues to maintain a well diversified borrowing mix with bank borrowings forming 85% of the mix in FY26 up from 79% in FY25. Our borrowing program is supported by ICRA a stable rating on the long term bank loans and KRA minus stable and IVRA stable rating on our MCD program. While the recent RBI directions on bank exposure to capital market intermediaries have led parts of the industry to diversify funding sources further, our existing diversified mix and conservative leverage of 1.52x at the NBFC level position us well to navigate the evolving framework.
At the consolidated level, our debt to equity ratio stood at 1.53x with consolidated net worth of Rupees 1304 crore. Overall, our performance for Q4 and FY26 reflects three things. First, strong recovery in Q4 across all operating segments despite a volatile market backdrop. Second, healthy full year growth on our fee based businesses supported by structural industry, relevance in distribution and insurance. And third, a deliberate transparent moderation in our financing business that has preserved balance sheet quality and positions us well for the next leg of growth.
We remain focused on financial discipline, cost optimization, scaling our digital and technology platforms and progressively rebuilding return metrics as we move into FY27. With this, we conclude our remarks and the floor is open for questions and answers. Thank you.
Questions and Answers:
Operator
Thank you very much. We’ll now begin with the question and answer session. Anyone who wishes to ask a question may press star and one on their touchdown telephone. If you wish to remove yourself from the question queue, you may press star and two participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles participants. You may press star N1 to ask the question. The first question is from the line of Manohar Rajput from Lexus Financial Service.
Please go ahead.
Manohar Rajput
Hello sir, I am audible.
Subhash C. Aggarwal
Yes, you are audible.
Manohar Rajput
I wanted to know in our broking business can you give up a breakup of our cash segment and commodity and option segments. And also I wanted to there is before this quarter or for the whole FY26 have we seen a spike in our commodity segment of broken.
Ajay Garg
Yeah. Hi Manoj, this is Ajay Garbage director and CEO. So like the last year equity cash market the broker share was around 50%. Future option was around 40% and commodity was 10%. So we have seen like earlier the poverty ratio was around 4 to 5%. Now it has grown up to 10%. And even in future we foresee a good growth growth into community business.
Manohar Rajput
Okay sir. Any anything any number you are expecting going forward that this will be 20% or 30%
Ajay Garg
Should gradually. Because worldwide commodity business is much larger even as compared to equity business. And even our regulator is very proactively wants that commodity segment should should grow. And we have seen even in budget there is no change in CTT as compared to STD and new new products are continuously being launched. Like electricity contract has recently been launched. And we are foreseeing even the weather contract might also be launched. So. And retail participation is also increasing day by day.
So we are seeing good traction and gradually this percentage should keep on increasing.
Manohar Rajput
Okay. And so on the other on the NBFC side this year I think our disbursement was very compared to other years. So what I have seen in the presentation is that our onward lending is constant and SME products are lower. So are you focusing more on lower D secured products or it will be the similar as over the past past years or this year was an exception?
Himanshu Gupta
Yes. Hi, I am Himanshu Gupta, Director and CEO of Finance. So you rightly observed that the on lending products disbursement have been constant over the year. However you know there is a recalibration in within our other product as Subaji and Jamar Ji briefly highlighted over their speech. So let me go deep down further into that SME lending breakup. So within the SME lending we have increased our focus on certain product while you know reducing consciously reducing exposures on others. For example the lab product which is a larger ticket size product.
Therein we have discontinued pest disbursement. So FY25 the disbursement was 70 crores as against you know very marginal disbursement during this year. And similarly for the unsecured business loans FY25 disbursement was 281crore and this is 93crores during this completed financial year. So these two products we have consciously reduced our exposures while you know our focus remains on other small ticket size secured products like Microlab and you know Gold Loan and asset finance. Therein we have been increasing our disbursement.
So if you know compare the disbursement after excluding lap and unsecured business loans. Actually the disbursement numbers have grown from 452 crores to 614 crores. Which shows you know the growth coming from our focused product lines. And you know the AUM got offset due to you know reduction in the couple of these products. But going forward we expect you know the disbursements from these new product lines, the focus product line would be much higher and there would be increase in the eu.
Manohar Rajput
Okay, any specific number of you are expecting that this will be increased for the next year keeping a third loan.
Himanshu Gupta
You are asking about which number?
Manohar Rajput
For our AUM AUM disbursement for the next year. Anything you add
Himanshu Gupta
AUM we expect to grow at around 15 to 20% during the year.
Manohar Rajput
Okay, got it. And there I have last question on the insurance side. So what initiatives are underway to deepen insurance cross sell? As we have seen our insurance business is continuously growing and what is the upside opportunity in terms of policies for customer over the medium term?
Sakshi Mehta
Hi Manoha, this is Sakshi, CFO at SMC Insurance. Thank you for your question. So as far as insurance cross sell is concerned. Yes, we are looking forward for opportunities for cross sell to include the group financials leverage to expand our insurance. So we. Yeah
Manohar Rajput
And ma’, am, what will be the upside opportunities in terms over the medium. Over the medium term.
Sakshi Mehta
So upside. So we, so basically we, we would be looking at our reinsurance segment as well for to basically use the group corporate clients as well.
Manohar Rajput
Okay. Okay, got it. Thank you. That’s it from.
Sakshi Mehta
Thank you
Operator
Thank you participants. You may press star N1 to ask a question. Next question is from the line of page pulsing from Spark Caval Advisors. Please go ahead.
Tejpal Singh
Hello, I’m audible sir. Hello.
Subhash C. Aggarwal
You are audible.
Tejpal Singh
Okay so my first question on the stock cards performance FY26 performance. So could you provide comprehensive update on StockX current cards FY26 performance including active client, gross client addition and revenue and current blended apu.
Pranay Aggarwal
Yes, hi, this is Pranay Grwal, CEO of stock cards. So I’m very happy to inform that this year we managed to you know go acquire the market share in a big way. We have, we opened 100,000 clients during the year and even when you see the NSE data we are placed on fourth number in terms of contribution to NSE in terms of active clients. So we are in the rank. We are fourth in the year 2025-26. And also as you asked about the growth in terms of revenue and all we we have grown 150% in terms of revenue alone.
So the currently this year has been really good for us. And going forward also we expect it to be, we expect it to contribute to the growth in a big level.
Tejpal Singh
Okay. Okay, great to hear. So answer second question. My second question on the NBFC side. So what is the strategic intent behind diversifying toward ncd? Sir? So we are moving towards the nz. So how do you see expect further NCD insurance in the next financial year?
Ajay Garg
I think you were talking about the the borrowing source of borrowing and diversification. You know just to clarify both NBFC as well as broking entity have raised cash for it to NCDs. Okay so. Fresh NCD while broking entity raise about 150. 150 Crores of ash NCDs.
Tejpal Singh
Okay. Okay.
Ajay Garg
Diversification of borrowing And you know reduce Reliance on the Bank borrowing. And this is also in line with you know the RBI’s intent wherein they want corporates to be reduce their dependency on bank loring.
Tejpal Singh
Okay. Okay. And so one last question is that how well we are able to cross sell our insurance product to our existing demand account holders. So we have a large distributor and active NBFC world. So just wanted to know.
Ajay Garg
Actually like broken we do have a large client base so ROC Cell is always on the top of the mind the insurance and mutual capability into our mobile app as well. And we are doing process. We are generating lot of point of sale cost through of insurance as well through a broking network. So last I think more than 8 crore of premium we have done from broking as far as insurance is concerned. But this has been completely offline. So now we are focusing on even online cross sell penetration. So we are integrating more deeply into our mobile app and would start digitally promoting it as well.
So in time to come the focus in cross in cross sell would keep on increasing and we foresee a good numbers into this.
Tejpal Singh
Okay. Okay. Great to you sir and all the best for your future performance.
Operator
Thank you. Ask the question. Next question Is from the line of Mahesh Kumar from MU Investments. Please go ahead.
Mahesh Kumar
Hello. Am I audible?
Operator
Yes sir, go ahead.
Subhash C. Aggarwal
You are audible.
Mahesh Kumar
Yeah, so thanks for the opportunity. I just want to, I just had a couple of questions so I just wanted to ask about NBFC. Business in FY26 has moderated with AUM revenue and EBIT, you know, declining. So could you outline the key drivers whether it is cautious underwriting, sectoral stress, portfolio rundown or demand slowdown. Also, what’s your roadmap for lending business over the next few years in terms of AUM growth and target product mix?
Himanshu Gupta
Okay, so Himanshu Gupta, Director and CEO of SMC Finance. So I’ll reiterate our you know, business strategy has been to increase the secured move. So as you will see over the years our secured AUM has been increasing and as we ended March, March 26, secured AUM stood at about 75%. And that has been a conscious, you know, decision wherein we tightened the underwriting for unsecured loans. And under the unsecured loans apart from tightening, you know we have discontinued surrogate programs wherein we observed there was a higher delinquency.
And within the secured product lines also we have consciously been focusing more on these smaller ticket size loans wherein there is a, you know, larger diversification and also we get higher yields. So with this approach we have been working since about last couple of years. So the net effect has been that there is a rub off on the AUM wherein the unsecured product, export Exposures have been reducing and large ticket exposures have also been reducing and we have been building secured retail book.
So over the last couple of years you won’t see any growth in the aum but when you see the product mix there has been you know achievement in line with our you know target segments. And going forward I think there would be another year where we would have certain amount of rub off and slight growth in EUM. This year as I said we are targeting 15 to 20% growth in EM and I think from the next year FY28 29 once the older products reduce to a larger extent then we will see good growth from the new product lines.
Mahesh Kumar
Okay. Okay. So answer in the insurance broking business, so as revenue largely sees like seen towards skewed towards the general insurance product so do you see this continuing as a main growth driver in which segment, like, are you seeing the most driving the growth?
Sakshi Mehta
Hi, this is Sakshi, CFO of S&P Insurance. So yes it’s true in so basically so 90% of our revenue is from the general insurance and we and that will continue to remain a major contributor to our revenue, though we foresee a growth in life insurance revenue as well in the coming years.
Mahesh Kumar
And lastly, I just wanted to if I could just squeeze in on one question with the recent RBI you know circular restricting leverage for you know NBSC and group entities in propriety trading. What impact do you expect in SNC Global’s you know proprietary trading P L given its historical strong contribution from arbitrage and you know, HFT type of trading.
DK Aggarwal
This is Dr. D.K. Agrawal CMD SLC Capital. Just to clarify that arbitrage operations, the proprietary arbitrage operations are kind of treasury operations. So whatever surplus funds are there in the company at any point of time we deploy that fund into arbitrage. So we have checked and we are sure that whatever funds are required for current level of arbitrage, those funds are available with us as we are sufficiently capitalized.
Mahesh Kumar
Okay.
DK Aggarwal
Minimal Impact or rather very negligible impact or maybe no impact on our operations.
Mahesh Kumar
Okay, thank you so much. That’s it from my side and best of luck.
DK Aggarwal
Thank you.
Operator
Thank you participants Gmail Press Star and want to ask the question. Next question is from one of Vikrant Sahu from RK Advisory. Please go ahead. Vikrant, may I request you to unmute your line and proceed with your question please. Due to no response we move on to the next participant. Next question is from the line of Amant Singh and the visual investor Please go ahead.
Aman Singh
Yeah, hello. So can you hear me?
Subhash C. Aggarwal
Yeah, we can hear you. Please.
Aman Singh
Yeah, I had a couple of questions. So first one was share the current monthly SIP flow being sourced, the size also besides the live SIP book and how it has trended over the recent quarter.
Subhash C. Aggarwal
You are talking about sip?
Aman Singh
Yeah,
Subhash C. Aggarwal
Our voice was not clear. Can you repeat it again?
Aman Singh
Could you share your current monthly XIP flow being sourced through SMC and the size of the trend
Subhash C. Aggarwal
You can take?
Anurag Bansal
Yeah, hi, Anurag here. So on a monthly basis we are, you know, sourcing around 1900 to 2000 SIPs. Current SIP live SIPs are 94,392 with an average of Rupees 2722 per SIP contributing around 25.69 crores per month.
Aman Singh
Okay, so my second question was that with GNPA having versus the prior year and it is still elevated compared to FY24 where that specific operational or regulatory constraints in the SME segment or is the company deliberately rotating capital, you know, towards Micro Lab or Gold loans?
Himanshu Gupta
Yeah, so regarding the gnpa, as you rightly observed, this is, you know, almost at same level as compared to last year. Slightly better in fact. But if you compare with FY24, it is slightly higher. So basically there are certain large secured accounts which are classified as GNPA and we have sufficient security available with us for the recoveries. However, you know, the, the legal process or the settlement process is taking some time. We are, you know, actively pursuing the matters and taken adequate legal measures as well as are in touch with the customer for the recoveries.
So we expect the good amount of recoveries from these large secured exposures and we have made adequate provisions also.
Aman Singh
Okay. And so additionally on the annual disbursement side which have collapsed versus the previous two years. So what quarterly disbursement run rate should we assume going forward and what will be the key trigger or return to growth?
Himanshu Gupta
Overall, you will find that the disbursement numbers have gone slightly down over last year and couple of years. However, if you know, go one level deeper into the product wise disbursement. So as I told you that we have tightened the unit underwriting of secured product. So one it is coming from that tightening disbursement of unsecured product has been consciously reduced which was 281crore last year. Now it is 93crores. So this was our conscious decision and discontinuing large ticket lap. It was, you know, 225 in FY24 versus no.
70 crores in FY25 and almost negligible in current year. So these two are the product wherein there has been steady decline in the disbursement figure. However if you look at you know, all other product apart from these 2. So in FY24 it was 315 crores and compared to that FY25 450 crore and FY26 615 crores. And this year, you know we expect growth in the disbursement. So from this 614 crores we expect it to go above 800 crores.
Aman Singh
Okay sir, last question. So what can the segment insurance broking segment sustain a strong double digit growth trajectory over the next year given the competitive intensity from large digital aggregators.
Sakshi Mehta
Hi, this is Sakshi. Yes, so given the current scenario, so we expect so basically a 15 growth over the next financial year as well. Given our reinsurance segment, that will also be a contributor to our revenue. And because we are focusing on both physical and digital selling. So we, so we. So we shall try to achieve the targeted numbers.
Aman Singh
Okay, thank you so much for taking my questions and good luck.
Operator
Thank you very much. Ladies and gentlemen. That was the last question. I’ll now hand the conference. What is Mahesh C. Gupta for closing comments,
Mahesh C. Gupta
Myself Meh Sri Gupta. Thank you for joining us today. We trust this session has helped address your questions and provide clarity on our performance for the quarter and the full year. For any additional information or follow ups, please feel free to reach out to our investors relations partners at XV4 Advisory. We appreciate your continued engagement and look forward to connecting with you again in the next quarter. So thank you very much.
Operator
Thank you very much on behalf of XV4 Advisory. That concludes this conference. Thank you for joining us and you may now disconnect your line. Thank you.