5paisa Capital Q2 FY27 results: net profit down 25.5% to ₹7.06 crore, revenue up 11.8%

How did 5paisa Capital perform in Q2 FY27?

Consolidated revenue for Q2 FY27 was ₹86.42 crore, up ₹9.12 crore or 11.8% from ₹77.30 crore in Q2 FY26. Against Q1 FY27, revenue fell ₹1.91 crore or 2.2% from ₹88.33 crore. On the standalone basis, revenue was ₹86.42 crore and profit after tax was ₹7.02 crore.

EBITDA was ₹21.78 crore, down ₹1.32 crore or 5.7% from ₹23.10 crore in Q2 FY26 and ₹4.28 crore or 16.4% from ₹26.06 crore in Q1 FY27. The EBITDA margin was 25.2%, compared with 29.9% a year earlier and 29.5% in the previous quarter.

Profit before tax fell to ₹9.46 crore from ₹12.74 crore in Q2 FY26 and ₹15.45 crore in Q1 FY27. Profit after tax was ₹7.06 crore, down ₹2.42 crore or 25.5% year on year and ₹4.51 crore or 39.0% sequentially. Basic EPS declined to ₹1.55 from ₹3.04 a year earlier and ₹2.60 in Q1 FY27.

What changed in 5paisa Capital's costs and profit?

Total expenses rose to ₹77 crore in Q2 FY27 from ₹64.56 crore in Q2 FY26, an increase of ₹12.44 crore or 19.3%. Other expenses increased by ₹8.91 crore or 26.4% to ₹42.60 crore, employee cost by ₹1.54 crore or 7.5% to ₹22.05 crore, finance costs by ₹1.48 crore or 18.6% to ₹9.45 crore, and depreciation by ₹0.53 crore or 22.3% to ₹2.91 crore.

Other income was ₹0.04 crore, against no exceptional item in either comparison period. Tax expense fell by ₹0.86 crore or 26.4% to ₹2.40 crore from ₹3.26 crore in Q2 FY26. Against Q1 FY27, total expenses rose by ₹4.07 crore or 5.6%, including a ₹2.43 crore increase in other expenses and a ₹1 crore rise in finance costs, while tax fell by ₹1.48 crore.

Management said Q2 was a soft quarter for the overall market and that the company chose to keep investing in technology, product and brands even though trading activity was slower across the board. Management also said derivatives volume dropped after the cash rollout, and the company capitalised ₹62 million of costs for the rebuilt trading app, which it expects to amortise over the next several years.

How did the first half of FY27 go?

For H1 FY27, consolidated revenue was ₹174.75 crore, up ₹19.68 crore or 12.7% from ₹155.07 crore in H1 FY26. Total income was ₹174.84 crore, compared with ₹155.07 crore, while profit before tax fell ₹3.33 crore or 11.8% to ₹24.91 crore.

Profit after tax for the first half was ₹18.63 crore, down ₹2.4 crore or 11.4% from ₹21.03 crore in H1 FY26. Basic EPS declined by ₹2.65 or 39.4% to ₹4.08 from ₹6.73.

What do the balance sheet and cash flow show?

Total assets increased to ₹2,174.24 crore at 30 September 2026 from ₹1,907.13 crore at 31 March 2026. Total equity rose to ₹1,136.22 crore from ₹649.22 crore, while cash declined to ₹9.37 crore from ₹37.27 crore. Borrowings were not reported in the figures provided.

H1 FY27 operating cash flow was an outflow of ₹359.22 crore, compared with an outflow of ₹63.87 crore in H1 FY26. Investing cash flow was an outflow of ₹61.76 crore against ₹1.89 crore, while financing cash flow was an inflow of ₹393.08 crore against ₹58.07 crore. Capital expenditure was ₹20.85 crore, compared with ₹2.03 crore.

How has 5paisa Capital done over the last 8 quarters?

Revenue reached its highest level of ₹88.33 crore in Q1 FY27 before falling to ₹86.42 crore in Q2 FY27. It had earlier bottomed at ₹71.27 crore in Q4 FY25, and revenue has risen year on year in each of the last three quarters.

Profit after tax peaked at ₹16.18 crore in Q3 FY25 and bottomed at ₹7.06 crore in Q2 FY27. The EBITDA margin peaked at 35.2% in Q3 FY25 and fell to 25.2% in Q2 FY27, after standing at 29.5% in Q1 FY27.

What else did the company announce?

The board approved the unaudited consolidated and standalone financial results for the quarter and half year ended 30 September 2026. It also approved establishing 5paisa Capital Limited (IFSC Branch) as a Strategic Business Unit at IFSC, GIFT City, for permitted broker-dealer activities, subject to necessary regulatory approvals and registrations.

The company also filed its Q2 FY27 investor presentation. A monitoring-agency report stated that the rights issue had raised ₹468.82 crore in gross proceeds, that proceeds had been fully utilised according to the objects stated in the Letter of Offer dated 12 March 2026, and that there had been no deviation in their utilisation. CARE Ratings Limited reported the deviation from the objects as NIL.

What did the auditors point out?

V. Sankar Aiyar & Co. drew attention to Note 4, which described an Income-Tax Department search at the holding company and its subsidiaries. The holding company received a demand order of ₹33.02 crore, filed an appeal and expressed confidence in obtaining a favourable order; the auditors stated that their opinion was not modified in respect of this matter.

The auditors also stated that they had not reviewed the interim financial results of one subsidiary included in the unaudited consolidated results. Their conclusion on those amounts and disclosures was based solely on the other auditors’ report and the procedures performed by them, and their conclusion on the financial statements was not modified in respect of this matter.

What did 5paisa Capital's management say?

Management said the rebuilt trading and investing app included new OMS and RMS systems, a low-latency interface and the AI assistant Ask 5paisa. It said about 95% of customers who joined during the quarter opened their accounts themselves, while the customer base increased to 53.4 lakh with close to 81,600 new customers.

Management said the rights issue strengthened the balance sheet, with net worth of ₹1,136 crore compared with ₹650 crore at the end of March 2026, and stated that this provided room to grow the client funding business carefully. The average funding book was around ₹480 crore, spread across a large number of clients rather than concentrated in a few clients, management said.

Management said the Trendlyne acquisition had been approved by the board in late July but still needed to close formally. It said a decision on legal integration or operating the business as a fully owned subsidiary would follow, while some Trendlyne products could be surfaced on the 5paisa app. Management also identified slower trading activity, continued technology investment and the pending acquisition close as risks.

How did 5paisa Capital shares react?

The filing appeared after market hours from a previous close of ₹344.00. The stock was up 4.8% after five minutes, 4.3% after 15 minutes and 4.3% after 30 minutes. It closed the first session that could trade on the news up 0.6%, against a 0.3% median move for the Stockbroking & Allied industry.

By the next day’s close, the stock was down 1.0% from its pre-results close, compared with a 1.4% fall for the industry. By the fifth session, it was down 9.3%, versus a 7.4% fall for the industry and a 6.4% fall for the Nifty Microcap 250. The five-day move was 1.9 percentage points below the industry median.

Earlier reaction-day moves were mixed. The stock fell 4.4% on 16 July 2026, rose 0.5% on 30 April 2026, rose 6.4% on 13 January 2026 and fell 6.1% on 9 October 2025; the other listed past reactions were also negative.

How did other Stockbroking & Allied companies do?

Twenty-seven Stockbroking & Allied companies had filed for the quarter, and their median revenue growth was 16.8%, compared with 5paisa Capital’s consolidated revenue growth of 11.8% in Q2 FY27. Thirteen peers grew revenue more slowly than 5paisa Capital, while 14 grew faster.

Of the 26 peers for which profit was compared, 16 reported higher profit. The peer comparison was recorded as of 4 November 2026.