1. Opening Hook
The market hit all-time highs, retail traders went full “YOLO”, and analysts… went completely silent.
Yes, 5paisa’s Q3FY26 concall was one of those rare events where management turned up fully prepared—and the Street forgot to ask questions.
While Nifty flexed muscles and F&O volumes ballooned, 5paisa quietly stacked customers, improved margins, and shipped tech upgrades like a startup on caffeine. PAT jumped 30% QoQ, but nobody asked how sustainable. MTF books swelled, but nobody probed risk. Even AI got a mention, because of course it did.
This wasn’t a bad quarter. It was a comfortable one.
And as history tells us, comfort in capital markets is exactly when things get interesting.
Stick around—because the real story is hiding between the numbers and the awkward silence.
2. At a Glance
- Revenue ₹79.4 Cr (+3% QoQ) – Slow and steady, like a broker sipping chai in a bull market.
- Broking income ₹37.1 Cr (+7% QoQ) – Traders were active; wallets weren’t shy.
- PAT ₹12.3 Cr (+30% QoQ) – Costs behaved, profits finally listened.
- PAT margin 16% – Respectable, not party-worthy.
- Customers +78k QoQ – Growth, but with “quality over quantity” seasoning.
- Notional ADTO ₹3.31 trillion (+24% QoQ) – Volume merchants had a good quarter.
3. Management’s Key Commentary
“Q3 FY26 was a constructive quarter for investors with Nifty and Sensex touching all-time
highs.”
(Translation: Market did the heavy lifting, we followed responsibly.) 😏
“Retail exchange premium for F&O ADTO improved by 15% QoQ.”
(Retail traders returned. Risk managers mildly nervous.)
“We acquired ~78,000 new customers, taking total to 5.08 million.”
(Growth is alive, but we’re done chasing freeloaders.)
“We remain focused on higher first-year revenue and faster payback.”
(CAC trauma from past cycles still fresh.)
“Notional ADTO grew 24% QoQ to ₹3.31 trillion.”
(Volumes are great, monetisation still needs cardio.)
“PAT grew 30% QoQ despite employee cost increase.”
(Translation: Ops team saved the day while HR went shopping.) 😌
“We are increasingly leveraging AI to enhance customer experience.”
(No demo, no metrics—but AI was invited to the party.) 🤖
4. Numbers Decoded
Metric | Q3 FY26 | QoQ Read
---------------------------|---------------|----------------------------
Total Revenue | ₹79.4 Cr | Mild growth, no fireworks
Broking Revenue | ₹37.1 Cr | Traders showed up
Allied Income |