5paisa Capital Ltd – Q4 FY26 Results

key financial highlights

• Revenue from Operations:
  • Revenue (Q4 FY26): ₹8,548.05 Cr
    • QoQ Change: +7.7%
    • YoY Change: +19.7%
  • Previous Quarter (Q3 FY26): ₹7,933.66 Cr
  • Previous Year (Q4 FY25): ₹7,140.66 Cr
• Profit After Tax (PAT):
  • PAT (Q4 FY26): ₹1,085.52 Cr
    • QoQ Change: -11.7%
    • YoY Change: +7.8%
  • Previous Quarter (Q3 FY26): ₹1,229.96 Cr
  • Previous Year (Q4 FY25): ₹1,006.66 Cr
• QoQ Performance:
  • Revenue Trend: Growth
  • Profit Trend: Decline

Margin Analysis

Key Drivers:

• Rising finance costs (₹906 Cr vs ₹821 Cr QoQ)
• Increase in employee expenses
• Elevated operating expenses

Key Signal: Margins are under pressure, as cost growth is outpacing revenue growth

Earning quality check

Drivers:

• Core revenue driven by brokerage + financial services
• No major exceptional gains
• Profit decline largely cost-driven

Interpretation:

• Earnings quality is moderate, but profit compression is a concern

balance sheet Analysis

• Total Assets: ₹1,90,712 Cr
• Total Liabilities: ₹1,25,053 Cr

Insight:

• Strong asset growth driven by financial assets
• Increase in borrowings indicates leverage expansion

Cash flow analysis

• Operating Cash Flow: -₹10,370 Cr
• Investing Cash Flow: -₹666 Cr
• Financing Cash Flow: +₹12,731 Cr
• Net Cash Change: +₹1,694 Cr

Interpretation:

• Negative operating cash flow driven by increase in loans & financial assets
• Company relying on financing inflows (borrowings/CP/OD)
• Indicates growth phase but with liquidity dependency

key risks

• Rising finance cost impacting profitability
• Margin compression
• Dependence on market activity (brokerage business)
• High working capital and financial asset exposure

management strategy signals

Focus Area:

• Expanding financial services ecosystem
• Scaling retail participation
• Improving operating efficiency

Financial metrics table

Quarterly Performance Context