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    5Paisa Capital Limited

    5PAISA
    Financial Services·14 Jan 2026
    Management Summary

    5Paisa Capital Limited reported a constructive Q3 FY26, driven by strong retail participation and market sentiment. The company achieved a 3% QoQ growth in total revenue to INR 79.4 crores and a robust 30% QoQ increase in PAT to INR 12.3 crores. Operational metrics like Notional ADTO and Mutual Fund AUM also showed healthy growth, supported by continuous product and technology enhancements aimed at improving user experience and customer acquisition quality.

    Highlights

    5

    • Total Revenue grew 3% QoQ to INR 79.4 crores.

    • PAT increased robustly by 30% QoQ to INR 12.3 crores, with a PAT margin of 16%.

    • Notional ADTO saw strong growth of 24% QoQ, reaching 3.31 trillion.

    • Mutual Fund AUM grew 13% QoQ to INR 1,868 crores.

    • Acquired 78,000 new customers, expanding total customer base to 5.08 million.

    Concerns

    1

    • Employee benefit expenses rose 9% QoQ, including a one-time P&L hit of INR 62.20 lakh due to new labor laws.

    Key financials

    Single quarter

    14 metrics
    1. 01Broking Revenue₹37.1 Cr+7.0%QoQ
    2. 02Allied Income₹19.8 Cr+2%QoQ
    3. 03Total Revenue₹79.4 Cr+3%QoQ
    4. 04PAT₹12.3 Cr+30%QoQ
    5. 05PAT Margin16%

    What to watch in Q4 FY26

    5

    Customer Acquisition Quality

    next quarter
    CurrentFocused on improving first year revenue, faster payback periods, and improved lifetime value.
    TargetDemonstrable improvement in customer acquisition metrics (first year revenue, payback period, LTV).

    Why it matters

    Directly impacts profitability and sustainable growth by optimizing customer acquisition costs and value.

    We remain focused on improving the quality of customer acquisition with emphasis on higher first year revenue, faster payback periods and improved lifetime value.

    0
    2 min read5 chapters

    Detailed Narrative

    01

    Market Overview & Retail Participation

    Q3 FY26 was characterized by a constructive market environment, with Nifty and Sensex reaching all-time highs, boosting broader market sentiment. Domestic institutional investors provided a strong counterbalancing force. Retail participation showed robust traction, with F&O ADTO improving by 15% QoQ to INR 63,900 crores, while retail cash ADTO remained stable at INR 39,810 crores. The industry-wide MTF book also scaled, crossing INR 1.1 lakh crores, indicating increased product adoption.

    02

    Operational Performance Highlights

    Operationally, 5Paisa Capital Limited saw its notional ADTO grow to 3.31 trillion, a robust 24% QoQ increase. The average client funding book stood at INR 379 crores, up 4% QoQ. Mutual Fund AUM reached INR 1,868 crores, reflecting a healthy growth of 13% QoQ. The company acquired approximately 78,000 new customers during the quarter, bringing the total customer base to 5.08 million, with a continued focus on improving customer acquisition quality.

    03

    Financial Performance Overview

    For Q3 FY26, broking revenue grew 7% QoQ to INR 37.1 crores, and allied income increased 2% QoQ to INR 19.8 crores. This resulted in an overall total revenue of INR 79.4 crores, representing a 3% QoQ growth. Despite a 9% QoQ rise in employee benefit expenses, which included a one-time📎 P&L hit of INR 62.20 lakh due to new labor laws, the company achieved a PAT of INR 12.3 crores, a robust 30% QoQ growth, and a PAT margin of 16%. Net worth stood at INR 639 crore as of December 31, 2025.

    04

    Product & Technology Enhancements

    The company continued to focus on improving investing and trading efficiency, user experience, and platform depth. Key enhancements included strengthening derivatives trading with position grouping and advanced candlestick indicators. From a tech perspective, trading performance was enhanced by caching static data, optimizing market feed APIs, and improving charting experience, reducing payload size by up to 50%. These initiatives aim to leverage AI for improved customer experience and management.

    05

    Customer Acquisition & Onboarding Improvements

    Significant improvements were made to the customer onboarding process, enabling MTF activation from day zero and reducing friction through OCR-based data capture, intelligent bank prefill, and a more reliable e-sign flow. Features like instant margin credit on stock selling and an expanded Pay Later MTF, covering over 1,500 stocks with higher limits up to INR 3 crores and lower interest rates, also significantly improved MTF adoption. These enhancements have led to lower drop-offs, higher success rates, and faster account activation, strengthening platform stability and monetization potential.

    This is an AI-generated summary of a publicly available earnings call transcript. It is for informational purposes only and does not constitute investment advice, a recommendation, or an endorsement. inve.money is not a SEBI-registered investment advisor. Please consult a qualified financial advisor before making any investment decisions.