Key Financial Performance Metrics

  • Total Revenue: ₹88.4 crores (14% YoY growth)
  • PAT: ₹11.6 crores
  • Customer Base: 52.6 lakh customers
  • Average Client Funding Book (MTF + T+5): ₹422 crore (3% QoQ growth)
  • Mutual Fund AUM: ₹2,073 crore (18% QoQ growth)

Capital Raise and Deployment

The company raised ₹468 crores through a rights issue in April 2026. The proceeds were deployed as follows:

  • Exchange Margin Requirements: ₹227 crore (due to RBI restriction on bank intraday facilities effective July 1)
  • Debt Repayment: ₹150 crore (to various banks and commercial papers)
  • General Corporate Purposes: ₹88 crore (for product, tech, marketing, and potential inorganic opportunities)

Product and Technology Initiatives

  • Expanded T+5 offering to 2,500 eligible scrips with interest rates starting at 0.045% per day
  • Extended MTF to 1,500 scrips with funding limits increased up to ₹25 crores
  • Launched OI profile on Charts, OneClick execution, and AlgoSpace algo trading platform
  • Implemented AI insights on app for portfolio and stock analysis
  • Early MCP integration with major LLM provider for conversational interface trading
  • Complete platform revamp in beta-stage testing with encouraging results

Strategic Focus Areas

  • Quality customer acquisition over quantity, focusing on improving RPC (Revenue Per Customer) and LTV (Lifetime Value)
  • AI ecosystem partnerships for internal productivity and customer investment tools
  • Evaluation of inorganic opportunities for accelerated growth
  • Expansion into adjacent areas through organic product development
  • Stepping up user engagement, adoption, and monetization of new features

Market Commentary

Management acknowledged Q1 moderation due to market volatility but expects growth acceleration going forward. The long-term Indian capital markets opportunity remains robust with ongoing financialization of the economy. The company is positioning for retail adoption of algo trading and AI-powered investment tools.

Q&A Highlights

  • Management addressed questions about growth trajectory, confirming Q1 was slightly one-off due to market conditions
  • Discussed focus on quality customer acquisition rather than headline numbers
  • Explained ADTO performance with F&O dip but cash segment growth
  • Confirmed no immediate plans for third-party distribution beyond core products
  • Detailed customer acquisition channel strategy focusing on organic and quality paid channels