5paisa Capital Limited (NSE: 5PAISA) Q3 2026 Earnings Call dated Jan. 14, 2026
Corporate Participants:
Gaurav Seth — Chief Executive Officer & Managing Director
Presentation:
Operator
Good afternoon, ladies and gentlemen. I’m Madhavi, moderator for the conference call. Welcome to 5paisa Capital Limited Q3 FY ’26 Earnings Conference Call.
We have with us today Mr. Gaurav Seth, MD and CEO; and Mr. Gourav Munjal, Whole-time Director and CFO; and Mr. Ameya Agnihotri, Whole-time Director and CTO from 5paisa Capital Limited.
[Operator Instructions] Please note this conference is recorded.
I would now like to hand over the floor to the management. Thank you, and over to you, sir.
Gaurav Seth — Chief Executive Officer & Managing Director
Thank you. Hi. Hello, everyone. Good afternoon. Welcome to our earnings call.
So I will — I’ll get straight to it. We started with the commentary for the last quarter. Q3 FY ’26 for us is a constructive quarter for investors with the Nifty and Sensex touching all-time highs, leading to improved sentiment across the broader market. And at the same time, domestic institutional investors continue to invest steadily, acting as strong counterbalancing force in the market. During this quarter, we witnessed strong traction in retail participation, the retail exchange premium for F&O ADTO improved by 15% quarter-on-quarter as compared to Q2 and to INR63,900 crores while retail cash ADTO remained stable at INR39.8 crores or close to INR40,000 crores. Additionally, industry-wide MTF book continued to scale crossed INR1.1 lakh crores during the quarter, reflecting increased adoption of this product.
In Q3 FY ’26, we acquired 78,000 new customers, taking our total customer base to 5.08 million. We remain focused on improving the liquidity of — improving the quality of customer acquisition with emphasis on higher first year revenue, after payback periods and improve lifetime value. Operationally, our notional ADTO grew to INR3.31 trillion, registering a robust growth of 24% quarter-on-quarter. Our average client funding book stood at INR379 crores, which is up 4% quarter-on-quarter, while mutual fund AUM reached INR1,868 crores, reflecting a healthy growth of 13% quarter-on-quarter. Speaking of our financial performance for Q3 FY ’26, broking revenue grew to INR37.1 crores, which is a 7% Q-on-Q or quarter-on-quarter increase.
Allied income stood at INR19.8 crores, which is up 2% quarter-on-quarter. Overall, total revenue for the quarter was INR79.4 crores, again, representing a 3% quarter-on-quarter growth. Employee benefit expenses rose by 9% over the last quarter, driven mainly by new talent additions and a onetime P&L hit of INR62.2 lakh resulting from implementation of new labor laws effective 21 November 2025. Supported by optimization across other expense lines, our PAT for Q3 FY ’26 came in at INR12.3 crores, reflecting a robust 30% quarter-on-quarter growth and a PAT margin of 16%. Our net worth stood at INR639 crores as of December 31, 2025. On product and technology front, we continue to focus on improving investing and trading efficiency, user experience and platform depth.
Several key enhancements rolled out during the quarter. We strengthened derivatives trading by enabling position grouping by underlying an expiry, allowing users to view and manage live positions directly from the option chain and introduced advanced candle stick pattern indicators on TradingView.5paisa. These enhancements have made multi-legged strategy management, risk assessment and technical analysis faster and more intuitive. Further, features such as instant margin credit on stock selling and an expanded Pay Later MTF now covering over 1,500 stocks with higher limits up to INR3 crores and lower interest rates have significantly improved MTF adoption.
On the onboarding side, we enabled MTF activation from day 0 and reduced friction through OCR-based data capture, penny-drop verification, intelligent bank refill and a more reliable e-sign flow. These improvements have resulted in lower drop-offs, higher success rates and faster account activation. Collectively, these initiatives have further strengthened platform stability and scalability, monetization potential and appeal to serious traders and investors.
From a tech perspective, we enhanced trading performance by cashing static data, thereby reducing API calls across both web and app platforms. Market feed APIs were optimized, reduced payload size by up to 50%. We also improved the charting experience through faster load times, optimized data loading and improving rendering performance. We remain committed to continuous innovation and to strengthening our product and technology stack with increasingly leveraging AI to enhance customer experience and management.
With that, I conclude my opening remarks, and I’d like to open the floor for any questions. Thank you.
Questions and Answers:
Operator
Thank you sir. [Operator Instructions]
Gaurav Seth
Moderator just to be sure, I mean, everyone is able to participate or ask question. There is no problem in connecting to you, right?
Operator
No, sir, there is no issue sir, 44 participants are connected.
Gaurav Seth
Okay.
Operator
[Operator Instructions]
Gaurav Seth
Moderator, we will wait for another 2 to 3 minutes, and then if there is no question, we can conclude.
Operator
Okay sir. [Operator Instructions]
Gaurav Seth
So I guess there’s no question, moderator, we can conclude.
Operator
[Operator Closing Remarks]