Key Financial Figures - Standalone Performance (Q4 FY26)

  • Revenue: Stood at ₹383 crore, compared to ₹188 crore in Q4 FY25, showing a 103% increase year-on-year (YoY).
  • Profit After Tax (PAT): Increased significantly to ₹75 crore, as against ₹16 crore for Q4 FY25, an increase of 368% YoY.
  • Earnings Per Share (EPS): Improved to ₹17.6, compared with ₹11.7 last year.

Key Financial Figures - Standalone Performance (Full Year FY26)

  • Revenue: Increased from ₹320 crore in FY25 to ₹395 crore in FY26, a 23% increase.
  • Profit After Tax (PAT): Rose to ₹298 crore compared with ₹247 crore in FY25, an increase of 20%.

Key Financial Figures - Consolidated Performance (Q4 FY26)

  • Total Revenue: Increased to ₹416 crore compared with ₹239 crore in Q4 FY25, an increase of 74%.
  • Profit After Tax (PAT): Stood at ₹58 crore versus ₹18 crore in Q4 FY25, an increase of 220%.

Key Financial Figures - Consolidated Performance (Full Year FY26)

  • Profit After Tax (PAT): Stood at ₹324 crore compared with ₹328 crore in FY25.
  • Total Revenue: Marginally increased to ₹1,470 crore compared with ₹1,445 crore in FY25.

Management attributed the relatively subdued consolidated performance compared to standalone primarily to weak market conditions and fair value adjustments relating to investments held by group companies.

Balance Sheet Strength

  • The company reported a strong net worth of ₹2,655 crore as of March 31, 2026.

New Initiatives and Future Plans

  • Wealth Management: A new team has been hired, led by Charu Sehgal for third-party product distribution. Operations are scheduled to start in the first month of Q3 FY27.
  • Portfolio Management Services (PMS): Launched in Q4 FY26, already has Assets Under Management (AUM) of over ₹100 crore. The target for FY27 is ₹200 crore. It is led by Fund Manager Mr. Vikas Singh.
  • Alternative Investment Fund (AIF): A Category 3 AIF has been applied for with SEBI. Approval is expected by the end of Q2 FY27, with a goal to start operations within FY27.
  • Debt Market (Share India Cred): A new company, Share India Cred, has started operations in Q1 FY27. It has already closed six issues. The target for FY27 is to facilitate ₹500 crore worth of issues.
  • uTrade Algo Platform: Crossed 5,231 clients in FY26. Plans to go multi-broker are facing challenges due to a recent SEBI circular requiring vendors to set up separately for every broker.
  • Margin Trading Funding (MTF): The MTF book grew from ₹239 crore in FY25 to ₹424 crore in FY26. The target for FY27 is ₹650 crore.
  • Branch Expansion: Seven new company-owned branches have been opened in Tier-3 cities: Hyderabad, Indore, Bhopal, Varanasi, Agra, Raipur, and Nagpur. Six more branches are targeted by the end of FY27. The long-term plan is to open 30+ branches.
  • Institutional Business: Total empanelment of institutions grew 35% from 137 to 186.
  • Commodities Business: Noted as a significant growth driver due to recent volatility in gold, silver, and crude.
  • Silverleaf Merger: The merger with Silverleaf is in the final stages of approval at the NCLT and is expected to be completed in a maximum of two quarters.
  • International Expansion: The company is exploring overseas opportunities to diversify revenue streams.

Key Challenges

  • High transaction costs and compliance costs impacting margins.
  • Frequent regulatory changes requiring continuous operational and system adoption.
  • RBI restrictions and tighter norms impacting funding availability for proprietary trading activities. Management is in discussions with RBI and SEBI, seeking relief under a 'liquidity provider' category. The current RBI circular disallows banks from providing intraday limits for prop trading but allows bank guarantees for client-based business.

Impact of RBI Regulations

  • Management anticipates a ~20% impact on overall limits used due to the disallowance of intraday facilities for prop trading.
  • The company is converting some intraday limits into bank guarantees to minimize the impact.
  • Management believes the bottom-line impact will not be material, as the withdrawal of an estimated ₹40,000-₹50,000 crore of capital from the market is expected to improve per-trade margins industry-wide.
  • Existing bank guarantees are permitted to continue until their expiry dates.

Revenue and Profitability Mix

  • Revenue Contribution: Proprietary trading contributes ~70% of revenue.
  • Profitability Contribution: On a consolidated basis, proprietary trading contributed 49% to profitability in FY26, while client-based business contributed 51%. This is the first year client-based profitability exceeded prop-based. The goal is to achieve a 70% client / 30% prop profitability mix within three years.
  • Average Daily Turnover (ADTO): For Q4 FY26, ADTO was ~₹109 million. Options contributed ~18% to this turnover. A significant YoY jump was driven by commodities trading.

Investment in Metropolitan Stock Exchange (MSEI)

  • The company has a sizable investment in MSEI.
  • MSEI has launched its cash market, consistently doing ₹300-400 crore in daily volumes.
  • MSEI plans to launch an IPO platform (parallel listings), an SME segment, and its derivatives segment in FY27.

Management Commentary and Outlook

Management remains optimistic about the long-term opportunities in the Indian capital markets, citing India's position as one of the fastest-growing major economies, increasing financialization of savings, and expanding retail participation. The focus remains on disciplined growth, technological advancement, strong governance, and client-centric execution.