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5paisa Capital Q2FY26 Concall Decoded: – 5 Million Users, 1 Crore Excuses, and Still ₹9 Cr PAT

1. Opening Hook

Just when traders were crying over falling volumes, 5paisa decided to throw a Diwali party for themselves — five million customers strong. 🎉 The CEO called it “resilient investor appetite”; we call it trading with hope and margin.
Even as FIIs took the next flight out of India, 5paisa bragged about reduced CAC and fancy “real-time PAN fetch.” Bro, we just want smoother app logins, not a sci-fi KYC.
Stick around — because between SEO turnarounds and algo dreams, this call went from “steady income” to “steady heartbreak.”


2. At a Glance

  • Revenue – ₹77.3 Cr – Flat as a dosa left overnight.
  • PAT – ₹9.48 Cr – Down 18% QoQ; profits clearly took a trading break.
  • Customer Base – 5 Million+ – Finally hit half a crore accounts; half of them asleep though.
  • MTF Income – Up 22% QoQ – Traders borrowing money to lose it faster.
  • AUM (MF) – ₹1,647 Cr, up 4.7% – SIP warriors still showing up.
  • CAC – ₹715 – CFO proudly claims this as “best in class.” Spreadsheet magic confirmed.
  • Stock Reaction – TBD – Depends on whether anyone read the fine print.

3. Management’s Key Commentary

“Despite a volatile quarter, we delivered best-in-class acquisition and engagement.”
(Translation: Market was burning, but hey, we ran Google Ads.)

“Customer acquisition cost dropped 15%, first-year revenue up 25%.”
(Because we finally stopped buying leads from Instagram traders.)

“We crossed

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