5Paisa Capital Limited (5PAISA)
₹346.55 +0.27% last close, 16 Oct
Q2 FY27 results
5Paisa Capital Limited reported Q2 FY27 results on 15 Oct 2026: revenue ₹86.4 Cr (+12.2% year on year, -2.2% on the previous quarter), and net profit ₹7.1 Cr (-21.6% year on year); the operating margin was 25.2%.
| Q2 FY27 (₹ Cr) | Value | YoY vs Q2 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹86.4 | +12.2% | -2.2% |
| Operating profit | ₹21.8 | -5.3% | -16.4% |
| Net profit | ₹7.1 | -21.6% | -39.0% |
| EPS (₹) | 1.55 | -23.3% | -40.4% |
| Operating margin | 25.2% | — | — |
- Operating margin contracted 467 bps YoY
- Operating cash flow was negative in FY26 despite a profit
- H1 FY27 operating cash flow was negative despite a profit
Quality of profit: of pre-tax profit of ₹9.5 Cr, ₹9.4 Cr (100%) came from the core business and the rest from other income and one-off items. Core profit (operating profit less interest and depreciation) moved -27.6% year on year.
Against its own trend: net profit of ₹7.1 Cr was -8.5% against the ₹7.7 Cr its recent growth pointed to (in line). This is a statistical baseline, not an analyst estimate.
Share price since the results: +0.3% (close before the filing to the latest close).
5PAISA delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 35.91% of the 5PAISA shares traded on NSE were taken to delivery, against the stock's own 20-session average of 47.89%. That is close to its usual level. Volume was 0.5 times its average, well below normal. It closed at a price band (circuit) on 1 session in about the last 20.
Delivery in the last 5 sessions: 49.1% · 45.2% · 60.5% · 11.7% · 35.9%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
5paisa Capital reported consolidated income of ₹86.5 crore for Q2FY27, up 12% YoY but down 2% QoQ. Consolidated Net Profit dropped 26% YoY and 39% QoQ to ₹7.1 crore due to margin contraction. For H1FY27, income rose 13% YoY to ₹174.9 crore while PAT declined 11% YoY to ₹18.7 crore. Operationally, the company added 0.82 lakh clients to reach 53.4 lakh total users, and announced the proposed acquisition of Giskard Datatech (Trendlyne) alongside OpenAI collaboration.
- Q2FY27 consolidated income grew 12% YoY to ₹86.5 crore (-2% QoQ)
- Q2FY27 PAT dropped 26% YoY and 39% QoQ to ₹7.1 crore
- H1FY27 PAT declined 11% YoY to ₹18.7 crore despite a 13% rise in total income to ₹174.9 crore
- Onboarded 0.82 lakh new clients during Q2, reaching 53.4 lakh registered customers
- Proposed acquisition of Giskard Datatech (Trendlyne) announced, subject to regulatory approvals
5Paisa Capital released its Q2 FY27 investor presentation, reporting a revenue of ₹86.5 Cr (down 2% QoQ) and broking income of ₹34.9 Cr (down 11% QoQ). Profit after tax contracted significantly by 39% QoQ to ₹7.1 Cr (₹71 Mn). Average daily turnover (notional) stood at ₹2.59 Tn (down 15% QoQ), while client base grew 2% QoQ to 53.4 lakh. The company also highlighted its recent ₹469 Cr capital raise via Rights Issue and the strategic acquisition of Trendlyne.
- Q2 FY27 PAT declined 39% QoQ to ₹71 Mn (₹7.1 Cr)
- Quarterly revenue stood at ₹865 Mn (₹86.5 Cr), down 2% QoQ
- Broking income dropped 11% QoQ to ₹349 Mn
- Average Daily Turnover (Notional) fell 15% QoQ to ₹2.59 Tn
- Total customer base expanded 2% QoQ to 53.4 Lakh with 81.6K new additions
5paisa Capital Limited has revised its list of authorized Key Managerial Personnel (KMPs) responsible for determining materiality of events and making stock exchange disclosures under Regulation 30 of SEBI LODR. The authorized personnel include the Managing Director & CEO, Whole Time Director & CFO, and Company Secretary & Chief Compliance Officer. The updated details take effect from October 15, 2026. This is a standard statutory compliance disclosure with no financial or operational impact.
- Board approved revised list of authorized KMPs on October 15, 2026
- Effective date for updated contact details is October 15, 2026
- Authorizations cover 3 roles: MD & CEO, WTD & CFO, and CS & Compliance Officer
5paisa Capital reported consolidated total revenue from operations of ₹86.42 crore for Q2 FY27 (quarter ended Sep 30, 2026), down slightly from ₹88.33 crore in Q1. The Board approved the establishment of '5paisa Capital Limited (IFSC Branch)' at GIFT City to expand into international broker-dealer activities, subject to IFSCA approvals. Additionally, auditors highlighted an ongoing Income Tax demand of ₹33.02 crore under Section 158BC(1)(c), for which an appeal is filed. The company also progressed on acquiring 100% of Giskard Datatech, completing a 19.76% stake acquisition for ₹0.95 crore alongside a planned share swap.
- Consolidated revenue from operations stood at ₹86.42 crore in Q2 (vs ₹88.33 crore in Q1)
- Board approved establishing a Strategic Business Unit (SBU) IFSC Branch at GIFT City for broker-dealer operations
- Auditor noted an Income Tax demand of ₹33.02 crore (~75% of FY26 PAT of ₹44 Cr), against which an appeal is pending
- Acquired 19.76% stake in Giskard Datatech for ₹0.95 crore, with full acquisition pending regulatory approvals and a 20,50,588 share swap
- Earlier Rights Issue of 1.56 crore shares at ₹300 per share increased paid-up capital from ₹31.25 crore to ₹46.88 crore
5paisa Capital Limited has released updated disclosures regarding its proposed preferential issue of equity shares for consideration other than cash via a share swap. The company will issue 20,50,588 equity shares to acquire a stake in GDPL, with 11,82,588 shares going to Amber Pabreja (2.39% post-dilution) and 8,68,000 shares to Devi Yeshodharan (1.75% post-dilution). Promoters' aggregate holding will decline from 36.50% to 34.53% on a fully diluted basis, representing a 1.97% reduction. The swap ratio has been fixed at 1:31 (actual calculation 1:31.0368, with fractional entitlements settled in cash), and management confirmed there will be no change in control.
- Preferential allotment of 20,50,588 equity shares via share swap with GDPL shareholders
- Swap ratio set at 1:31, with balance fractional entitlement paid in cash
- Promoter holding to dilute by 1.97% from 36.50% to 34.53% post-issue on a fully diluted basis
- Proposed allottees Amber Pabreja and Devi Yeshodharan to hold 2.39% and 1.75% post-issue equity respectively
- Total fully diluted share base increases from 4,68,82,257 to 4,95,57,795 equity shares
5Paisa Capital Limited submitted its compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026. The certificate from Registrar and Share Transfer Agent MUFG Intime India Private Limited confirms the processing of dematerialisation requests. All received certificates were duly verified, mutilated, cancelled, and substituted in the register of members within mandated timelines. This is a standard quarterly administrative filing with no operational or financial impact.
- Compliance certificate filed for the quarter ended September 30, 2026
- Issued under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018
- Confirmation provided by RTA MUFG Intime India Private Limited dated October 3, 2026
- All security certificates for dematerialisation verified and cancelled within prescribed timelines
5paisa Capital has received a Show Cause cum Demand Notice from the Principal Commissioner of CGST & C. Excise, Mumbai East, proposing recovery of ₹15.31 crore in GST plus interest and penalties. The demand pertains to FY 2022-23 and alleges excess and ineligible Input Tax Credit (ITC) availment. The total claim of ₹15.31 crore represents approximately 34.8% of the company's TTM PAT of ₹44 crore and 4.7% of TTM revenue. The company stated that the notice lacks merit and intends to contest it within prescribed timelines.
- Received Show Cause cum Demand Notice under Section 73(1) of the CGST Act for FY 2022-23
- Total GST demand proposed is ₹15.31 crore along with applicable interest and penalty
- Notice claims excess ITC of ₹2.04 crore, ineligible ITC of ₹0.07 crore, and excess ITC liable to reversal of ₹13.20 crore
- Total demand represents ~34.8% of TTM PAT (₹44 crore)
- Company stated it possesses supporting records and plans to contest the notice
5Paisa Capital announced that Mr. Ameya Agnihotri has resigned from his position as Whole-Time Director and Chief Technology Officer (CTO), effective close of business hours on September 30, 2026. He also steps down from board committees and subsidiary boards to pursue other career opportunities. For a discount broker with a market cap of ₹1,391 crore whose business model is heavily tech-driven, the departure of the CTO is a notable leadership transition. No replacement has been announced in this filing.
- Mr. Ameya Agnihotri resigned as Whole-Time Director and Chief Technology Officer (CTO).
- Resignation is effective from close of business hours on September 30, 2026.
- Cessation includes positions as Director across all subsidiary companies and board committees.
- Reason cited is to pursue career opportunities outside the organization, with no other material reasons noted.
5Paisa Capital announced that Mr. Ameya Agnihotri has resigned from his position as Whole-Time Director and Chief Technology Officer (CTO), effective close of business hours on September 30, 2026. He also steps down from board committees and subsidiary boards to pursue other career opportunities. For a discount broker with a market cap of ₹1,391 crore whose business model is heavily tech-driven, the departure of the CTO is a notable leadership transition. No replacement has been announced in this filing.
- Mr. Ameya Agnihotri resigned as Whole-Time Director and Chief Technology Officer (CTO).
- Resignation is effective from close of business hours on September 30, 2026.
- Cessation includes positions as Director across all subsidiary companies and board committees.
- Reason cited is to pursue career opportunities outside the organization, with no other material reasons noted.
5paisa Capital Limited has announced the resignation of Mr. Ameya Agnihotri from his dual role as Whole-Time Director and Chief Technology Officer (CTO), effective from the close of business on September 30, 2026. Mr. Agnihotri is stepping down to pursue outside career opportunities and will also vacate all directorships across subsidiary boards and board committees. For a digital discount broking firm whose core competitive advantage relies on DIY technology infrastructure, senior technology leadership turnover is a notable development. The company has not yet announced a successor for the CTO position.
- Cessation of Mr. Ameya Agnihotri as Whole-Time Director and CTO effective September 30, 2026
- Resignation extends to all board committees and subsidiary company directorships
- Stated reason for departure is pursuing career opportunities outside the organization
- Confirmation that there are no other material reasons for the resignation
5paisa Capital Limited has announced the resignation of Mr. Ameya Agnihotri from his dual role as Whole-Time Director and Chief Technology Officer (CTO), effective from the close of business on September 30, 2026. Mr. Agnihotri is stepping down to pursue outside career opportunities and will also vacate all directorships across subsidiary boards and board committees. For a digital discount broking firm whose core competitive advantage relies on DIY technology infrastructure, senior technology leadership turnover is a notable development. The company has not yet announced a successor for the CTO position.
- Cessation of Mr. Ameya Agnihotri as Whole-Time Director and CTO effective September 30, 2026
- Resignation extends to all board committees and subsidiary company directorships
- Stated reason for departure is pursuing career opportunities outside the organization
- Confirmation that there are no other material reasons for the resignation
5paisa Capital Limited announced that Mr. Abhinav Agarwal has resigned from his role as Head - Investing Product (Senior Management Personnel), effective close of business hours on September 18, 2026. The stated reason for his departure is to pursue better career opportunities outside the organization. This operational management exit comes as the discount broker navigates competitive pressures and product diversification into P2P lending and IFSC operations against a TTM revenue base of Rs 329 Cr.
- Mr. Abhinav Agarwal resigned from the position of Head - Investing Product
- Resignation takes effect from the close of business hours on September 18, 2026
- Reason cited is to pursue better career opportunities outside the organization
- Filing made in compliance with Regulation 30 of SEBI Listing Regulations
5paisa Capital Limited has announced the resignation of Mr. Abhinav Agarwal from his position as Head - Investing Product, effective close of business hours on September 18, 2026. The resignation was tendered to pursue career opportunities outside the organization. This marks a routine change within the product leadership layer of the discount broking firm, which generated ₹329 Cr in TTM revenue.
- Mr. Abhinav Agarwal resigned as Head - Investing Product effective September 18, 2026
- Reason cited for departure is pursuing better career opportunities outside the organization
- Filing made under SEBI Listing Regulation 30 and circular dated January 30, 2026
- No disruption noted to core operations in the ₹329 Cr TTM revenue broking platform
5paisa Capital Limited announced the voting results of its 19th Annual General Meeting held on September 1, 2026. Shareholders approved all 16 resolutions with near 100% majority, including the adoption of FY26 financial statements and director appointments. Key special resolutions passed include enabling approval for the issuance of Non-Convertible Debentures (NCDs) via private placement and material related-party transactions with various IIFL entities. Total voter turnout stood at 71.77% across 48,667 registered shareholders as of the August 25, 2026 record date.
- All 16 resolutions passed with requisite majority (~100% votes in favor across resolutions)
- Total voter turnout was 71.77% (3,36,45,091 votes polled out of 4,68,82,257 total shares)
- Total registered shareholders stood at 48,667 on the record date of August 25, 2026
- Special resolutions approved include private placement of Non-Convertible Debentures and director commissions up to 1% of net profits
- Approved multiple material related-party transactions with IIFL Group entities with interested promoters abstaining as per regulations
5paisa Capital Limited conducted its 19th Annual General Meeting (AGM) on September 1, 2026, with 71 members attending via video conferencing. Key items tabled included the adoption of FY26 financial statements, authorization for the issuance of Non-Convertible Securities on a private placement basis, and approvals for material related-party transactions across IIFL group entities. Out of 10 registered speaker shareholders, 9 actively participated and raised queries that were addressed by the management. Voting results from remote e-voting and AGM e-voting will be declared within two working days.
- 19th AGM concluded with 71 shareholders attending via video conferencing.
- A total of 16 resolutions were tabled, including special resolutions for Non-Convertible Securities issuance and Non-Executive Director commissions.
- 12 resolutions pertained to approvals for material related party transactions with various IIFL group entities.
- 9 registered speaker shareholders raised operational queries during the meeting.
- Remote e-voting was open from August 27 to August 31, 2026, with voting results to be announced within 2 working days.
Financial Performance
Revenue Growth by Segment
Total income for FY25 was INR 360 Cr, representing an 8.86% decline from INR 395 Cr in FY24. Broking & Allied income, the primary segment, fell 11.6% from INR 259 Cr in FY24 to INR 229 Cr in FY25. Q1FY26 total income stood at INR 78 Cr.
Profitability Margins
Net Profit Margin improved from 13.67% in FY24 to 18.89% in FY25. The cost-to-income ratio improved from 80% in FY24 to 73% in FY25, though it rose slightly to 78% in Q1FY26. Adjusted RoE for FY24 was 15.3% after accounting for one-off expenses.
EBITDA Margin
Core profitability as measured by the cost-to-income ratio improved by 700 basis points YoY to 73% in FY25. PAT grew 25.9% YoY from INR 54 Cr in FY24 to INR 68 Cr in FY25 despite the revenue decline, driven by lower one-off expenses and improved operational efficiency.
Capital Expenditure
The company utilized internal accretion to increase its networth to INR 553 Cr as of June 30, 2024. These funds are being deployed to upgrade technology infrastructure to improve service quality and handle higher transaction volumes.
Credit Rating & Borrowing
The company maintains a 'Stable' outlook from CRISIL Ratings. It has a board-approved Inter-Corporate Deposit (ICD) line of INR 600 Cr from IIFL Group companies to support liquidity. Gearing remained low at 0.4 times in FY25 compared to 0.6 times in FY24.
Operational Drivers
Raw Materials
Not applicable for brokerage services; however, primary operational costs include Technology Infrastructure (upgraded via INR 553 Cr networth) and Employee Costs (INR 8.66 Cr ESOP cost reversed in FY25).
Key Suppliers
IIFL Finance Ltd, IIFL Securities Ltd, and 360 One WAM provide critical financial support and liquidity via a collective INR 600 Cr ICD line.
Capacity Expansion
Current operations are supported by a digital platform targeting retail investors. Expansion is focused on the IFSC unit (5paisa International Securities) and the P2P lending platform (5paisa P2P Limited) following receipt of RBI registration.
Raw Material Costs
Not applicable. Operating expenses are driven by technology and compliance; one-off expenses in FY24 included INR 9 Cr for consultant fees and INR 2.5 Cr for exchange margin penalties.
Manufacturing Efficiency
Not applicable. Operational efficiency is tracked via the cost-to-income ratio, which improved to 73% in FY25 from 80% in FY24.
Logistics & Distribution
Not applicable. Services are distributed via a mobile application and online technology platform.
Strategic Growth
Growth Strategy
Growth will be achieved by upgrading technology infrastructure to improve DIY (do-it-yourself) service quality, scaling the newly registered NBFC P2P lending business, and operationalizing the IFSC unit in GIFT City to capture international securities trading.
Products & Services
Online equity broking, derivatives trading, margin trading facility (MTF), P2P lending, insurance brokerage, and international financial services (IFSC).
Brand Portfolio
5paisa
New Products/Services
5paisa P2P Limited (NBFC P2P) and 5paisa International Securities (IFSC) are expected to diversify the income profile beyond traditional domestic broking.
Market Expansion
Targeting high-volume retail traders across India and international investors through the IFSC unit in GIFT City.
Market Share & Ranking
The company monitors a market share threshold of 0.75%; falling below this level is considered a downward rating sensitivity factor.
Strategic Alliances
Linkage with IIFL Finance, IIFL Securities, and 360 One WAM for strategic oversight and financial backing.
External Factors
Industry Trends
The industry is shifting toward lower leverage (reduced from 10-15x to 4-5x) due to upfront margin regulations. There is an increasing trend of digital transformation and regulatory tightening to protect retail investors.
Competitive Landscape
Intense competition from large digital-first brokers (e.g., Zerodha, Groww) and established bank-based brokers who have advanced IT infrastructure.
Competitive Moat
The moat is built on a low-cost DIY technology platform and strong promoter backing from IIFL veterans Nirmal Jain and R Venkataraman, providing a board-approved INR 600 Cr liquidity line.
Macro Economic Sensitivity
Highly sensitive to capital market volatility and retail investor participation rates, which directly impact transaction volumes and broking income.
Consumer Behavior
Shift toward DIY (do-it-yourself) investing and high-frequency trading among retail participants using mobile applications.
Regulatory & Governance
Industry Regulations
The company must comply with the Companies Act 2013 and Secretarial Standards. It operates under RBI registration for its P2P subsidiary and requires Registrar of Companies (RoC) clearances for name changes and business commencement.
Legal Contingencies
The company reported a reversal of margin penalty to clients of INR 7 Cr in FY23 and an exchange margin penalty of INR 2.5 Cr in FY24. No other non-capital market legal disputes were disclosed.
Risk Analysis
Key Uncertainties
Regulatory changes in the derivatives framework and transaction charges could impact profitability by over 10-15% if volumes drop significantly.
Geographic Concentration Risk
Operations are primarily centralized in India, with a new focus on the IFSC unit in GIFT City.
Third Party Dependencies
High dependency on the promoter group (IIFL) for strategic guidance and emergency funding support.
Technology Obsolescence Risk
High risk if the company fails to keep pace with advanced IT infrastructure and risk management systems required by new SEBI norms.
Credit & Counterparty Risk
Exposure to client defaults in the margin trading facility (MTF) book, mitigated by short-term (15-90 day) instrument matching.
