• Earnings growth: Revenue grew 20% year-on-year, while PAT was approximately ₹42 crore versus ₹28 crore last financial year. Management attributed the profit growth to operating leverage and available capital, and plans to sustain momentum through business diversification.
• MTF guidance: The MTF book reached ₹1,500 crore, up almost 38% year-on-year. Management will retain its FY27 guidance of ₹1,750 crore to ₹1,800 crore, while aiming to do better if possible.
• Distribution AUM: Despite the market being down around 8% over the last year, net collections supported AUM growth; collections exceeded ₹600 crore last quarter. Management maintained its 40% full-year growth guidance, noting market movements are outside its control.
• Margin outlook: EBITDA margin fell from 39.5% in Q1 to 36.5% in Q2, as new RBI norms led some clients to replace FD margin money with G-Secs and other assets, reducing related interest income and cost. Management called this a one-time correction and expects to maintain or improve margins.
• Revenue mix and taxes: Management expects the 50:50 broking/non-broking revenue mix to take about 2.5 years, with non-broking revenue growing faster. It also said the government should reconsider having both LTCG and STT, noting derivative STT and other levies increase losses for some investors.