Summary
5paisa Capital Limited - Q3 FY26 Earnings Call Summary Wednesday, January 14, 2026, 02:00 PM IST
Event Participants
Executives 3 Ameya Agnihotri (Whole-Time Director & CTO), Gaurav Seth (MD & CEO), Gourav Munjal (Whole-Time Director & CFO)
Analysts 0 No questions were asked during the session.
Financials & KPIs
| Metric | Reported | Commentary |
|---|---|---|
| Total Revenue | ₹79.4 crores | +3% QoQ; driven by growth in broking and allied income segments. |
| Profit After Tax (PAT) | ₹12.3 crores | +30% QoQ; supported by expense optimization and operational efficiency. |
| PAT Margin | 16% | Up significantly from previous quarters; reflects improved monetization. |
| Broking Revenue | ₹37.1 crores | +7% QoQ; driven by increased trading activity and platform enhancements. |
| Allied Income | ₹19.8 crores | +2% QoQ; stable growth across non-core offerings. |
| Total Customer Base | 5.08 million | Includes ~78,000 new customers acquired during Q3 FY26. |
| Notional ADTO | ₹3.31 trillion | +24% QoQ; reflecting robust market participation in derivatives. |
| MTF Average Book | ₹379 crores | +4% QoQ; expansion of stock coverage and lower rates aided adoption. |
| Mutual Fund AUM | ₹1,868 crores | +13% QoQ; healthy growth in long-term retail individual assets. |
| Net Worth | ₹639 crores | As of December 31, 2025; provides strong capital base for scaling. |
Geographic & Segment Commentary
- Retail Broking: The retail exchange premium for F&O ADTO improved by 15% QoQ to ₹63,900 crores, while retail cash ADTO remained stable at approximately ₹40,000 crores. The company is pivoting acquisition strategy toward higher first-year revenue and faster payback periods rather than raw volume.
- Margin Trade Funding (MTF): The company expanded its “Pay Later” MTF product to cover over 1,500 stocks with limits up to ₹3 crores. Enhanced onboarding features like day-zero activation and OCR-based data capture have improved product penetration.
Company-Specific & Strategic Commentary
- Technology & UI/UX: Implementation of position grouping by underlying/expiry and advanced TradingView indicators aimed at attracting “serious” traders. Technical optimizations reduced API payload sizes by 50% and improved charting load times.
- Regulatory Compliance: Absorbed a one-time P&L hit of ₹62.20 lakh due to the implementation of new labor laws effective November 21, 2025.
- Operational Efficiency: Realized a 30% QoQ growth in PAT despite a 9% rise in employee benefit expenses through optimization across other administrative expense lines.
Guidance & Outlook
| Metric | Guidance / Outlook | Commentary |
|---|---|---|
| Customer Acquisition | High-Quality Focus | Management will prioritize lifetime value (LTV) and revenue-generating users over mass acquisition. |
| Technology Roadmap | AI Integration | Future focus remains on leveraging AI for enhanced customer experience and management. |
Risks & Constraints
| Risk | Context |
|---|---|
| Regulatory Impact | New labor laws implemented in Nov 2025 have already impacted employee costs; further structural changes could affect margins. |
| Operating Expenses | Employee benefit expenses rose 9% this quarter due to talent additions, requiring continued revenue growth to offset. |
Q&A Highlights
The management opened the floor for questions; however, there were no participants in the Q&A queue. The session was concluded by the MD & CEO after a brief waiting period.
Key Takeaway
5paisa Capital Limited delivered a robust bottom-line performance in Q3 FY26, with PAT growing 30% QoQ to ₹12.3 crores and margins reaching 16%. While customer acquisition volumes were moderate at 78,000 new additions, the company successfully scaled its Notional ADTO by 24% to ₹3.31 trillion and expanded its Mutual Fund AUM by 13%. Strategically, the firm is transitioning from mass-market acquisition to a “quality-first” model, supported by deep technical enhancements in derivatives trading and an expanded MTF book covering 1,500+ stocks. Management remains focused on platform stability and AI-led customer management to drive monetization from its 5.08 million-strong user base. Despite a one-time regulatory impact on employee costs, the firm maintained a healthy net worth of ₹639 crores. Looking ahead, 5paisa intends to leverage its optimized tech stack to capture higher market shares among professional traders.
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