Below is a structured extraction and summary of the relevant and actionable financial information from the 5paisa Capital Limited results filing dated October 9, 2025:
1. Auditor’s Note
- Type of report: Limited Review Report on both Consolidated and Standalone unaudited financial results for Q2 and H1 FY26 (quarter and half year ended Sept 30, 2025).
- Opinion: Unmodified/unqualified review report.
- Emphasis of Matter:
- Income Tax Department conducted a search in January 2025.
- Notice received under Section 158BC of Income Tax Act on Oct 6, 2025, to file revised returns for April 1, 2018 to Feb 3, 2025.
- Company cooperating; impact on financials cannot be determined at this stage.
- Other Matters:
- SEBI issued a Show Cause Notice regarding expired Research Analyst License; company responded; impact unknown.
- One subsidiary’s results reviewed by other auditors; no modification to opinion.
No qualifications or adverse remarks.
2. Financial Performance
Periods Covered:
- Latest quarter: Q2 FY26 (July-Sept 2025) — Quarter ended Sept 30, 2025
- Immediately preceding quarter: Q1 FY26 (April-June 2025) — Quarter ended June 30, 2025
- Same quarter previous year: Q2 FY25 (July-Sept 2024) — Quarter ended Sept 30, 2024
- Half year ended Sept 30, 2025 (H1 FY26) and Sept 30, 2024 (H1 FY25)
- Full financial year ended March 31, 2025 (FY25)
2.1 Consolidated Financials (₹ in lakhs)
| Particulars | Q2 FY26 (Sep 30, 2025) | Q1 FY26 (Jun 30, 2025) | Q2 FY25 (Sep 30, 2024) | H1 FY26 (Apr-Sep 2025) | H1 FY25 (Apr-Sep 2024) | FY25 (Apr 24-Mar 25) |
|---|---|---|---|---|---|---|
| Revenue from operations | ||||||
| - Interest income | 3,459.18 | 3,333.53 | 3,510.86 | 6,792.71 | 7,060.55 | 13,041.36 |
| - Fees and commission income | 4,257.81 | 4,435.36 | 6,568.56 | 8,693.17 | 13,242.77 | 22,915.65 |
| Total revenue from operations | 7,716.99 | 7,768.89 | 10,079.42 | 15,485.88 | 20,303.32 | 35,957.01 |
| Other income | 13.21 | 8.38 | 5.20 | 21.59 | 9.64 | 27.60 |
| Total income (I+II) | 7,730.20 | 7,777.27 | 10,084.62 | 15,507.47 | 20,312.96 | 35,984.61 |
| Expenses: | ||||||
| - Finance cost | 797.30 | 727.99 | 602.96 | 1,525.29 | 1,319.32 | 2,380.10 |
| - Employee benefits expense | 2,050.76 | 2,042.51 | 2,031.03 | 4,093.27 | 3,389.83 | 7,403.00 |
| - Depreciation & amortisation | 238.46 | 249.81 | 318.52 | 488.27 | 648.09 | 1,222.39 |
| - Other expenses | 3,369.48 | 3,207.28 | 4,200.88 | 6,576.76 | 9,335.51 | 15,857.23 |
| Total expenses | 6,456.00 | 6,227.59 | 7,153.39 | 12,683.59 | 14,692.75 | 26,862.72 |
| Profit before tax | 1,274.20 | 1,549.68 | 2,931.23 | 2,823.88 | 5,620.21 | 9,121.89 |
| Tax expense (Current + Deferred) | 326.03 | 394.83 | 741.12 | 720.86 | 1,421.30 | 2,298.58 |
| Net profit | 948.17 | 1,154.85 | 2,190.11 | 2,103.02 | 4,198.91 | 6,823.31 |
| Other Comprehensive Income (net) | 4.62 | 4.63 | 5.08 | 9.25 | 15.74 | 18.26 |
| Total Comprehensive Income | 952.79 | 1,159.48 | 2,195.19 | 2,112.27 | 4,214.65 | 6,841.57 |
| Paid-up Equity Share Capital (₹) | 3,123.69 | 3,123.63 | 3,122.11 | 3,123.69 | 3,122.11 | 3,123.63 |
| EPS (Basic, ₹) | 3.04 | 3.70 | 7.02 | 6.73 | 13.46 | 21.86 |
| EPS (Diluted, ₹) | 3.03 | 3.68 | 6.96 | 6.72 | 13.35 | 21.79 |
| Operating Margin (%) (Announced) | - | - | - | 20% | - | - |
| Net Profit Margin (%) (Announced) | - | - | - | 14% | - | - |
2.2 Standalone Financials (₹ in lakhs)
| Particulars | Q2 FY26 (Sep 30, 2025) | Q1 FY26 (Jun 30, 2025) | Q2 FY25 (Sep 30, 2024) | H1 FY26 (Apr-Sep 2025) | H1 FY25 (Apr-Sep 2024) | FY25 (Apr 24-Mar 25) |
|---|---|---|---|---|---|---|
| Revenue from operations | ||||||
| - Interest income | 3,459.18 | 3,333.53 | 3,510.86 | 6,792.71 | 7,060.55 | 13,041.36 |
| - Fees and commission income | 4,257.81 | 4,435.36 | 6,568.56 | 8,693.17 | 13,242.77 | 22,915.65 |
| Total revenue from operations | 7,716.99 | 7,768.89 | 10,079.42 | 15,485.88 | 20,303.32 | 35,957.01 |
| Other income | 9.39 | 3.06 | 1.06 | 12.45 | 1.35 | 9.78 |
| Total income (I+II) | 7,726.38 | 7,771.95 | 10,080.48 | 15,498.33 | 20,304.67 | 35,966.79 |
| Expenses: | ||||||
| - Finance cost | 797.30 | 727.99 | 602.96 | 1,525.29 | 1,319.32 | 2,380.10 |
| - Employee benefits expense | 2,050.76 | 2,042.51 | 2,031.03 | 4,093.27 | 3,389.83 | 7,403.00 |
| - Depreciation & amortisation | 238.46 | 249.81 | 318.52 | 488.27 | 648.09 | 1,222.39 |
| - Other expenses | 3,370.92 | 3,204.74 | 4,198.63 | 6,575.66 | 9,331.04 | 15,847.21 |
| Total expenses | 6,457.44 | 6,225.05 | 7,151.14 | 12,682.49 | 14,688.28 | 26,852.70 |
| Profit before tax | 1,268.94 | 1,546.90 | 2,929.34 | 2,815.84 | 5,616.39 | 9,114.09 |
| Tax expense (Current + Deferred) | 325.38 | 394.45 | 740.65 | 719.83 | 1,420.28 | 2,302.32 |
| Net profit | 943.56 | 1,152.45 | 2,188.69 | 2,096.01 | 4,196.11 | 6,811.77 |
| Other Comprehensive Income (net) | 4.62 | 4.63 | 5.08 | 9.25 | 15.74 | 18.26 |
| Total Comprehensive Income | 948.18 | 1,157.08 | 2,193.77 | 2,105.26 | 4,211.85 | 6,830.03 |
| Paid-up Equity Share Capital (₹) | 3,123.69 | 3,123.63 | 3,122.11 | 3,123.69 | 3,122.11 | 3,123.63 |
| EPS (Basic, ₹) | 3.02 | 3.69 | 7.03 | 6.71 | 13.45 | 21.82 |
| EPS (Diluted, ₹) | 3.01 | 3.67 | 6.98 | 6.69 | 13.34 | 21.76 |
3. Detailed Notes / Management Commentary
-
Business:
- Engaged solely in stock broking and distribution of financial products primarily via internet and mobile apps.
- No separate reportable segments as per Ind AS 108.
-
Accounting:
- Results prepared as per Ind AS 34 (Interim Financial Reporting).
- No changes in accounting policies or material adjustments reported.
-
Material Events:
- Income Tax search operation in Jan 2025; notice to file revised returns for 2018-2025 period received Oct 6, 2025. Impact unknown.
- SEBI Show Cause Notice on expired Research Analyst License; company responded; impact unknown.
- 6,000 equity shares allotted under ESOP scheme in Aug 2025.
-
Subsidiaries:
- Four wholly owned subsidiaries: 5paisa P2P Limited (RBI registered NBFC), 5paisa Trading Limited, 5paisa Corporate Services Limited, 5paisa International Securities (IFSC) Limited.
-
No segment-wise revenue or profitability breakdown due to single business segment.
4. Segment Information
- No separate reportable segments; company operates in a single business segment (stock broking and financial product distribution).
5. Capex, Projects, Corporate Activity
-
Capital Expenditure:
- Purchase of PPE & Intangible Assets: ₹202.83 lakhs in H1 FY26 (down from ₹679.13 lakhs in H1 FY25).
-
Investments:
- No new investments in H1 FY26 (compared to net purchases in H1 FY25).
-
Financing:
- Commercial Paper issued: ₹11,120.27 lakhs in H1 FY26.
- Bank overdraft reduced by ₹3,806.70 lakhs in H1 FY26.
-
No reported write-downs, impairments, or restructuring activities.
-
Corporate appointments:
- New Company Secretary appointed effective Oct 10, 2025.
- New Independent Director appointed Oct 9, 2025 (subject to shareholder approval).
- IT and Cyber Security Committees merged.
6. Standalone vs Consolidated
-
Both Standalone and Consolidated financial results provided and reviewed.
-
Financial figures for standalone and consolidated are very close, indicating limited impact of subsidiaries on overall financials.
7. Additional Financial Ratios and Metrics (Annexure A)
| Metric | Value |
|---|---|
| Debt-Equity Ratio | 0.46 times |
| Debt Service Coverage Ratio | 2.81 times |
| Interest Service Coverage Ratio | 2.81 times |
| Net Worth | ₹62,633.80 lakhs |
| Net Profit After Tax (PAT) | ₹2,103.02 lakhs (H1 FY26) |
| EPS (Basic) | ₹6.73 (H1 FY26) |
| EPS (Diluted) | ₹6.72 (H1 FY26) |
| Current Ratio | 1.53 times |
| Bad Debts to Accounts Receivable Ratio | 0.01 times |
| Current Liability Ratio | 0.64 times |
| Total Debt to Total Assets | 0.17 times |
| Operating Margin | 20% |
| Net Profit Margin | 14% |
8. Balance Sheet Highlights (Consolidated and Standalone as of Sept 30, 2025)
| Particulars | Consolidated (₹ lakhs) | Standalone (₹ lakhs) |
|---|---|---|
| Total Assets | 1,75,304.81 | 1,75,239.70 |
| Cash & Cash Equivalents | 1,264.00 | 1,236.46 |
| Bank Balances (other than cash) | 1,26,928.01 | 1,26,887.01 |
| Loans | 34,355.88 | 34,355.88 |
| Borrowings (Other than debt sec.) | 17,934.94 | 17,934.94 |
| Debt Securities (Commercial Paper) | 11,120.32 | 11,120.32 |
| Equity Share Capital | 3,123.69 | 3,123.69 |
| Other Equity | 59,510.11 | 59,583.58 |
| Total Liabilities & Equity | 1,75,304.81 | 1,75,239.70 |
9. Cash Flow Summary (Consolidated and Standalone H1 FY26)
| Particulars | Consolidated (₹ lakhs) | Standalone (₹ lakhs) |
|---|---|---|
| Net cash from operating activities | (6,386.61) | (6,385.55) |
| Net cash from investing activities | (188.68) | (191.18) |
| Net cash from financing activities | 5,806.89 | 5,806.89 |
| Net change in cash & cash equivalents | (768.40) | (769.84) |
| Cash & cash equivalents at end | 1,264.00 | 1,236.46 |
Summary for Investment Analysis Team
-
Financial Performance:
- Revenue and profit declined QoQ and YoY in Q2 FY26 compared to Q1 FY26 and Q2 FY25, reflecting lower fees and commission income.
- H1 FY26 PAT at ₹2,103 lakhs, down from ₹4,199 lakhs in H1 FY25.
- Operating margin steady at 20%, net profit margin at 14% for H1 FY26.
- EPS for Q2 FY26 at ₹3.04 (basic), H1 FY26 at ₹6.73 (basic).
-
Balance Sheet & Liquidity:
- Strong net worth of ₹62,634 lakhs.
- Moderate leverage with debt-equity ratio of 0.46.
- Healthy current ratio of 1.53.
- Cash and bank balances remain