Good afternoon, ladies and gentlemen. I am Mohana, moderator for the conference call. Welcome to
5paisa Capital Limited Q2 FY27 Earnings Conference Call. As a reminder, all participants will be in listenonly mode, and there will be an opportunity for you to ask questions after the presentation concludes.
Should you need assistance during the conference call, please signal an operator by pressing * then 0 on
your touch-tone telephone. Please note, this conference is recorded.
I would now like to hand over the floor to Mr. Gaurav Seth. Thank you, and over to you, sir.
Gaurav Seth
Hello. Hi. Can you all hear me?
Moderator
Yes, sir.
Gaurav Seth
Thank you. Hi. Good afternoon, everyone, and welcome to 5paisa Capital’s Q2 FY 2026-27 Earnings Call.
Before I get into the numbers, I wanted to say a few words about the purpose and the objective by which
5paisa was formed many years back, as one of the earliest discount brokerages in the Country. When we
started 5paisa, we wanted any Indian with the phone to be able to invest in the market at a fair cost in a
completely digital manner, with support as good as a traditional broker. So, that was our original vision.
That is what still drives us to this day, and we keep fixing things that slow our customers down. And we
keep adding products as they need to grow. To give you an example, more than 95% of customers who
joined us this quarter opened their accounts completely on their own, which is in a DIY fashion.
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A lot of our work in this quarter went into preparing for the year ahead. We want our growth to come
from customers who enjoy using the product. The new 5paisa trading and investing app is the biggest step
in that direction. We have rebuilt the grounds up with robust back-end APIs, a completely new OMS and
RMS system, powering up fast, low-latency front end.
Orders now go through in a single swipe. Traders can build option positions directly from the option chain
and also use the AI assistant known as Ask 5paisa for research, portfolio analysis, trading and investing
insights. And we are also going to launch something related to IPO in the near future. Collateral from
shares, mutual funds, and ETFs is now managed in one place and withdrawals up to INR 2 lakh each
customer's account almost instantly.
During this quarter, we capitalized about INR 62 million of costs on this build, and we expect to pay it off
over the next several years.
Coming to our performance, we serve 53.4 lakh customers today, added close to 81,600 new Customer
during the quarter, and have more than 24 million app users. Revenue for the quarter was INR 865 million
or INR 86.5 crores. For the first half, revenue grew 13% to about INR 1,750 million. Allied broking income
grew 25% YoY, and other operating income grew 18%. Net Profit was INR 7.1 crore, lower than Q1,
because we choose to keep investing in technology, product, and brands even though trading activity was
slower across the board. It was a soft quarter for the overall market.
Derivatives volume dropped after the cash rollout, and active NSE clients stayed at about 46 million
overall. Our average daily turnover was INR 2.59 trillion, reflected the same trend. That said, the longterm picture is still very encouraging. India added roughly 16 million demat accounts in the first half, and
domestic funds and households continue to own the largest share of listed companies.
We see it as a phase in the cycle, and we're using this time to build a stronger business. The rights issue
has significantly strengthened our Balance Sheet. Our net worth now is INR 11,360 million, or INR 1,136
crores, compared with INR 650 crores at the end of March 2026. This gives us room to grow our client
funding business, and we are doing it carefully. Average funding book is around INR 480 crores, spread
across a large number of clients rather than concentrated in a few clients. Mutual fund assets on our
platform now are at INR 2,095 crores.
We've also contributed to add to our product range with the AlgoSpace, which is our algo trading platform.
Everyday traders can run readymade automated strategies across cash, futures and options, which earlier
required coding knowledge. For our most active traders, we offer Xstreme APIs, co-location, and the F&O
360 platform. Trendlyne is a company that we acquired. We'll bring research, theme baskets, and portfolio
analysis directly to the 5paisa app.
A few words on Artificial Intelligence. We believe we have changed what customers expect from an
investing app and how quickly we can build what they need. Our customers are already using it to research
stocks, read open interest, spot chart patterns, check the health of the portfolios, and build option
strategies.
Within the Company, that's changed the way our engineering, design, and services team work. You will
see it in every product, we launch from here on. To sum up, our purpose remains the same. We are
investing for the long term, and we believe our best years are still ahead of us. Thank you for your
continued support.
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Now, happy to take any questions. Thank you.
Moderator
Thank you, sir. Ladies and gentlemen, we will now begin the question-and-answer session. If you have a
question, please press * and 1 on your telephone keypad, and wait for your turn to ask the question. If
you'd like to withdraw your request, you may do so by pressing * and 1 again. Ladies and gentlemen, if
you have any question, please press * and 1 on your telephone keypad.
The first question comes from Mahesh Tolani from Goquarter. Please go ahead. Mahesh, sir, please go
ahead with your question, sir. There is no response, sir. We move on to the next question. The next
question comes from Daksh Prashar from Desvelado. Please go ahead, sir.
Daksh Prashar
Hi, sir. Am I audible?
Moderator
Yes, sir.
Gaurav Seth
Yes.
Daksh Prashar
Sir, my question was on the acquisition of Trendlyne. Could you shed some light on how you plan to
position the platform going forward? Integrating into the 5paisa app, or will it continue to operate
separately? How do you see the acquisition creating synergies with the 5paisa app?
Gaurav Seth
Yeah. I mean, right now, our Board has approved the acquisition end of July. But the formal acquisition
still needs to close. Like, it needs to formally close, then we will take a decision whether, from a legal
perspective, do we completely merge it or have it as a fully owned subsidiary, as an example, or
completely merge the operations.
Obviously, we definitely would get -- the idea is to get some of their products surface on the 5paisa app,
either directly or as a migration strategy, like some of the things we best of Trendlyne and bring best of
5paisa for our customers. They are strong in a couple of areas, like they have very good baskets, a lot of
better screeners, also the AI stack.
We're bringing that together. We will do that anyway, whether it is Trendlyne continues to be a separate
company or fully merged. So, that we'll decide once the acquisition closes. But from a product perspective,
our plan is to bring all the good features of Trendlyne to the 5paisa platform.
Daksh Prashar
Right, sir. That's very helpful. And, sir, I just have another question. What level of user engagement or
trade conversion are we seeing from our AI tools? Are customers using these tools are demonstrating
higher retention, or what are we seeing?
Gaurav Seth
So, right now, it is a little early day. Most of these good products have been in the market, at least from
our perspective, only for a few weeks to few months. We will see how it pans out, but usually, what we
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have seen is that, like, if you give a mature product, which is not, like, gimmicky but gives real value, the
engagement rate tends to go up, whether it is for existing customers or for new customers.
So, we have tried this now for, in the mutual fund area like in the mutual fund product, where you can
come to 5paisa and say, “Ask 5paisa”, it'll give you a recommendation of funds or where to invest, etc.
Obviously, we cannot give advice, but it will give you all the different information, and you can drill down
as much as you like.
Whether it is large-cap, mid-cap, small-cap in that category, whether it is by expense ratios, whether it is
by fund management and all. All of that manual work of actually having to find that information is now
solved in a very insightful way by us, 5paisa. Why we would want this to drive higher engagement, we
don't know at this point in time. It's too early.
Daksh Prashar
It's very helpful. That's the reason we get set of numbers. Thank you, sir.
Moderator
Thank you, sir.
Gaurav Seth
Thank you.
Moderator
Ladies and gentlemen, if you have any question, please press * and 1 on your telephone keypad. Ladies
and gentlemen, if you have any question, please press * and 1 on your telephone keypad. Ladies and
gentlemen, if you have any question, please press * and 1 on your telephone keypad.
Gaurav Munjal
Moderator, if there is no question, we can close that.
Moderator
Okay, sir. Now, we hand over the floor to Mr. Gaurav Seth for closing comments.
Gaurav Seth
Sure, thank you very much for joining. If you have any further questions, you can email us at
ir@5paisa.com. Thank you, again.
Moderator
Thank you, sir. Ladies and gentlemen, this concludes your conference for today. Thank you for your
participation and for using Door Sabha's conference call service. You may disconnect your lines now.
Thank you. Have a pleasant day.
Note:
- This document has been edited to improve readability
- Blanks in this transcript represent inaudible or incomprehensible words.
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