# 1. Financial Performance ## A. Key Figures * **Total Revenue:** **₹79.4 Cr** Q3FY26 (+3% QoQ) * **Profit After Tax (PAT):** **₹12.3 Cr** Q3FY26 (+30% QoQ) * **PAT Margin:** **16%** * **Broking Revenue:** **₹37.1 Cr** (+7% QoQ) * **Allied Income:** **₹19.8 Cr** (+2% QoQ) ## B. Revenue & Profitability * **Significant Bottom-Line Outperformance:** PAT growth substantially outpaced revenue gains on a sequential basis, resulting in a healthy double-digit margin profile. * **Core Broking Momentum:** Top-line growth was primarily anchored by a solid sequential increase in broking revenue, complemented by steady gains in allied income streams. ## C. Capital Position * **Robust Balance Sheet:** The company maintains a strong capital foundation with a net worth of **INR 639 crore** as of December 31, 2025, providing a stable base for operations. --- # 2. Customer & Trading Metrics ## A. Key Figures * **New Customer Acquisitions:** **78,000** * **Total Customer Base:** **5.08 million** * **Notional ADTO:** **₹3.31 Trillion** (+24% QoQ) * **Client Funding Book:** **₹379 Crore** (+4% QoQ) * **Mutual Fund AUM:** **₹1,868 Crore** (+13% QoQ) ## B. Client Acquisition & Trading Activity * **Strategic Pivot:** Customer acquisition strategy has shifted toward quality over quantity, prioritizing higher first-year revenue and enhanced lifetime value. * **Robust Operational Momentum:** Significant double-digit expansion in daily turnover and steady growth in the funding book reflect high platform engagement. * **Wealth Management Traction:** Strong sequential growth in Mutual Fund AUM indicates successful cross-selling and deepening wallet share. ## C. Onboarding Efficiency * **Tech-Driven Optimization:** Account activation speed and success rates improved via **OCR-based data capture**, **intelligent bank prefill**, and **penny drop verification**. * **Monetization Velocity:** Implementation of **day-zero MTF activation** allows for immediate margin trade funding, accelerating the time-to-revenue for new cohorts. --- # 3. Product & Platform Innovation ## A. Key Figures * **MTF Stock Coverage:** **1,500+** tickers * **MTF Funding Limit:** **INR 3 Cr** ## B. Margin Trading Facility (MTF) Enhancements * **Competitive Value Proposition:** Significant expansion of stock universe and funding caps paired with lower interest rates to capture high-value traders. * **Liquidity Velocity:** Introduction of **instant margin credit** on stock sales improves capital recycling and user trading frequency. ## C. Trading Interface & UX Upgrades * **Advanced Derivatives Tooling:** Platform now supports sophisticated risk assessment via position grouping by underlying/expiry and live management through option chains. * **Technical Analysis Depth:** Integration of **advanced candlestick pattern indicators** targets the professional trader segment. * **Friction Reduction:** Optimized e-sign flows and faster charting load times specifically engineered to minimize customer drop-offs and improve retention. ## D. API & AI Infrastructure * **System Performance:** Drastic reduction in latency achieved through static data caching and substantial payload compression, enhancing mobile and web stability. * **Future Roadmap:** Strategic commitment to integrating **Artificial Intelligence** across the product stack to refine customer management and feature delivery. --- # 4. Market & Industry Trends ## A. Key Figures * **F&O ADTO Exchange Premium:** **₹63,900 Cr** Market-wide retail participation (+15% QoQ) * **MTF Book:** **>₹1.1 Lakh Cr** Industry-wide ## B. F&O Premium Trends * **Retail Participation Momentum:** Significant sequential improvement in exchange premiums driven by heightened retail activity in the F&O segment. * **Leverage Product Adoption:** Industry-wide Margin Trading Facility (MTF) exposure has reached record levels, indicating strong investor appetite for leveraged positions. --- # 5. Regulatory & Market Risks ## A. Key Figures * **Employee Benefit Expenses:** **9%** QoQ Increase * **Labor Law Impact:** **₹62.20 Lakh** One-time P&L charge ## B. Labor Law Impact * **Regulatory Headwinds:** Profitability was impacted by a one-time charge following the implementation of new labor laws effective **November 21, 2025**. * **Opex Drivers:** Sequential rise in personnel costs driven by both regulatory compliance and strategic talent acquisition.