Key Performance Metrics (Q2 FY27)

Financial Performance:

  • Consolidated Profit After Tax: ₹3,350 Mn (58.2% YoY growth)
  • Total Income: ₹14,315 Mn (18.9% YoY growth)
  • Revenue from Operations: ₹14,270 Mn
  • Interest Income: ₹5,100 Mn
  • Fees and Commission Income: ₹9,095 Mn
  • EBDAT: Normalized at ₹4,800 Mn (stable)
  • EBDAT Margin Guidance: Maintained at 40-45% range

Operational Metrics:

  • Total Users: 40.0 Mn
  • Assets Under Custody: ₹1.7 Tn
  • Gross Client Acquisitions: 1.5 Mn
  • Retail Equity Turnover Market Share: 19.7%
  • Mutual Fund Ever Users: 3.7 Mn (#2 in incremental SIPs)
  • Wealth AUM: ₹160.0 Bn (+19% YoY)

Client Funding Business

  • Period Ending Book: ₹82.1 Bn
  • Users: 437,000+
  • Book Segmentation: 84% of users have exposure under ₹0.1 Mn
  • Book Ageing: 82% of book is less than 30 days old
  • Risk Profile: Secured by demat holdings with robust risk management

Business Segments Performance

Broking Revenue Composition (Q2 FY27):

  • Broking - F&O: 44.3%
  • Broking - Cash: 7.7%
  • Broking - Commodity: 7.3%
  • Total Broking Contribution: ~55% of total gross revenues

Revenue Diversity:

  • Distribution Revenue Share: 54.5% of total gross revenues
  • Interest Income Contribution: 35.6% to total gross revenues

Strategic Initiatives

  • Insurance JV: Announced joint venture with LivWell Holdings for tech-led, curated life insurance products
  • AI Integration: AI implementation across user and operating stack with compliance-first design
  • Security Framework: ISO/IEC 27001:2022 and ISO 22301:2019 certified with multi-layered security controls
  • Product Ecosystem: Expanded offerings across Trade, Invest, Wealth, Save, Borrow, and Protect segments

Balance Sheet Highlights (as of September 30, 2026)

  • Cash & Bank Balance: ₹130,805 Mn
  • Client Funding Book: ₹82,118 Mn
  • Investments: ₹5,607 Mn
  • Total Assets: ₹226,771 Mn
  • Borrowings: ₹75,549 Mn
  • Networth: ₹67,124 Mn
  • Book Value per Share: ₹73.4
  • TTM EPS: ₹12.7

Expenses Analysis

  • Employee Benefits Expenses: ₹2,095 Mn
  • ESOP Expense: ₹460 Mn (higher due to fresh grants issuance)
  • Finance Costs: ₹1,475 Mn
  • Fees and Commission Expense: ₹1,911 Mn
  • Other Expenses: ₹3,443 Mn

Management Commentary

  • User activity moderated due to subdued market activity, offset by improving client funding book and distribution income
  • Lower employee cost due to headcount optimization
  • Higher ESOP expense net of reversals due to fresh grants issuance
  • Higher client acquisitions during the quarter drove opex increase (excluding IPL)

Forward-looking Statements

Document contains forward-looking statements regarding market opportunity and business prospects, subject to known and unknown risks including Indian economy performance, broking industry competition, technological changes, and market risks.