Financial Performance Highlights

Q2 FY27 Consolidated Financial Results (Amount in ₹ Mn)

  • Total Income: ₹1,536.78 Mn, increased by 2.59% QoQ (from ₹1,497.94 Mn in Q1 FY27) and 21.13% YoY (from ₹1,268.66 Mn in Q2 FY26)
  • Revenue Breakdown:
  • Principal Strategies: ₹652.06 Mn
  • Brokerage and allied: ₹351.45 Mn
  • Interest Income: ₹307.52 Mn
  • MTF and allied: ₹147.79 Mn
  • NBFC Income: ₹22.03 Mn
  • Asset Management (PMS): ₹19.28 Mn
  • Wealth Management: ₹17.35 Mn
  • Insurance Broking: ₹4.84 Mn
  • Other Income: ₹14.46 Mn
  • Expenditure:
  • Employee Cost: ₹289.93 Mn
  • Other Expenses: ₹583.18 Mn
  • Total Expenditure: ₹873.11 Mn
  • Profitability:
  • EBITDA: ₹663.66 Mn, increased by 10.60% QoQ and 14.44% YoY
  • EBITDA Margin: 43.19%
  • PBT (Profit Before Tax): ₹507.99 Mn, increased by 9.86% QoQ and 17.46% YoY
  • Tax Expense: ₹125.02 Mn (including deferred tax)
  • Net Profit: ₹382.97 Mn, increased by 10.52% QoQ and 21.94% YoY
  • Net Profit Margin: 24.92%

Half Yearly Performance (H1 FY27)

  • Net Profit growth of 24.68% YoY

Balance Sheet Position (Q2 FY27)

  • Equity: ₹8,949.57 Mn
  • Equity Share Capital: ₹123.47 Mn (unchanged from Q1 FY27 and Q2 FY26)
  • Other Equity: ₹8,808.37 Mn
  • Non-Controlling Interests: ₹17.73 Mn
  • Liabilities:
  • Trade Payables: ₹9,975.47 Mn
  • Borrowings: ₹3,835.58 Mn (increased from ₹2,318.64 Mn in Q1 FY27)
  • Other Financial Liabilities: ₹1,268.35 Mn
  • Total Financial Liabilities: ₹15,079.40 Mn
  • Provisions: ₹148.45 Mn
  • Other non-financial liabilities: ₹60.95 Mn
  • Assets:
  • Cash and Bank Balances: ₹18,548.54 Mn
  • Trade receivables: ₹2,802.25 Mn
  • Loans and Advances: ₹718.22 Mn
  • Investments: ₹336.05 Mn
  • Other financial assets: ₹1,474.36 Mn
  • Total Financial Assets: ₹23,879.41 Mn
  • Total Assets: ₹24,238.38 Mn

Operational Metrics and Business Highlights

MTF Business Performance

  • MTF book: ₹1,791.84 Mn in Q2 FY27, registering growth of 28.4% YoY and 18.9% QoQ
  • MTF clients: 1,747 in Q2 FY27, increased by 39.2% YoY (from 1,255 in Q2 FY26)
  • Per-client MTF exposure: ₹10.26 lakhs, declined by 8.0% YoY (from ₹11.12 lakhs)
  • Client mix shift: Share of clients with exposure below ₹1 lakh increased to 36.98% in Q2 FY27 from 31.47% in Q2 FY26

Distribution Business AUM

  • Mutual Funds: ₹9,079.60 Mn AUM with 10,787 investors
  • Other Products Distribution (PMS, AIF, Fixed income & Debt Solutions): ₹2,397.40 Mn AUM with 140 investors
  • PMS Business: ₹4,460.64 Mn AUM with 278 clients
  • Total Distribution AUM: ₹11,477.00 Mn

Income from Distribution Businesses (Q2 FY27)

  • Mutual Funds Income: ₹13.40 Mn
  • Other Product Distribution Income: ₹2.69 Mn
  • PMS Income: ₹19.28 Mn
  • Insurance Broking Income: ₹4.84 Mn (from ₹32.53 Mn premium collected across 545 insurance customers)

Digital Presence and Customer Metrics

  • Registered Customers: 4.40 Lakh+
  • Business Partners: 1,550+
  • Branches: 63 across 22 States & UTs
  • Digital Platform Followers (Q2 FY27):
  • LinkedIn: 18,460 followers
  • Instagram: 13,377 followers
  • Facebook: 143,377 followers

Technology Infrastructure

  • Two-site data-centre architecture with primary DC at Sify Rabale, Navi Mumbai and DR site in Noida
  • 12+ NSE co-location racks
  • ISO 27001:2022 certification
  • Trading platforms: Agnik, Masterweb, Masterswift 2.0, REST API, mtQuant, mtWealth & SinglePoint

Strategic Initiatives and Business Development

  • Derivatives Clearing Services: Launched recently to serve professional traders, foreign investors, investment funds and institutional clients
  • MTF Enhancement: Agnik trading app now offers Margin Trading Facility with up to 4X leverage on 1000+ eligible stocks
  • Digital Focus: Conscious shift of content focus towards Instagram, YouTube and LinkedIn from Facebook
  • Growth Strategy: Focus on deepening existing customer relationships rather than only acquiring new accounts

Industry Context and Market Position

  • The company targets larger, better-funded traders in response to SEBI's rules on index derivatives that reduced small, frequent traders
  • SEBI proposal of June 2026 would allow margin lending books to be funded by bonds (5.5x net worth), which aligns with company's existing NBFC funding model
  • The company has listed ₹30 crore of bonds on NSE debt segment at 11% coupon rated ICRA A- (Stable)
  • Industry margin lending reached ₹1.33 Tn in June 2026 (5x FY23 level)

Peer Comparison (FY26)

  • Market Value: ₹951 Cr
  • FY26 Income: ₹576 Cr
  • FY26 Net Profit: ₹126 Cr with 21.9% margin
  • Return on Equity: 17.3%
  • Valuation Multiples: 7.1x P/E and 1.17x P/B
  • The company trades at lower valuation multiples compared to peers like Angel One (22.9x P/E), IIFL Capital Services (17.9x P/E), and others

Historical Financial Performance (Last 3 Years)

FY26 Performance

  • Total Income: ₹5,758.44 Mn
  • Net Profit: ₹1,260.87 Mn
  • Net Worth: ₹8,169.11 Mn
  • Debt-to-Equity: 0.28x
  • Current Ratio: 1.54x

FY24-FY26 Growth

  • Total Income grew from ₹5,005.30 Mn in FY24 to ₹5,758.44 Mn in FY26
  • Net Profit grew from ₹1,080.84 Mn in FY24 to ₹1,260.87 Mn in FY26

Management and Governance

  • Company Secretary and Compliance Officer: Vikas Gupta, FCS 12192
  • Managing Director | Promoter: Mr. Harjeet Singh Arora (Chartered Accountant and Company Secretary with 40+ years experience)
  • Non-Executive Director | Promoter & Co-founder: Mr. Rajinder Kumar Singhania (Chartered Accountant with 40+ years experience)
  • Board includes multiple independent and non-executive directors