• Operating Growth Guidance: Full-year operating profit grew 16% to around ₹2,340–2,360 crore on net revenue of ₹6,000 crore, with quarterly operating profit up 25%. Management expects operating top line and bottom line to maintain a 25% growth rate over the next 12 months.
• Retail Broking Performance: Retail broking rebounded by 35–40% in the recent quarter after enduring five quarters of regulatory headwinds, with future growth projected at 25–30%. The impact of the STT hike on trading volumes was lower than feared due to an April market recovery and delayed margin trading facility (MTF) tightening.
• Treasury Portfolio Recovery: Around 70–80% of the full-year mark-to-market treasury losses were recovered in April, yielding an estimated ₹400–500 crore gain on a ₹9,000 crore equity portfolio. Management views the treasury portfolio as strategic capital that ensures liquidity during severe margin calls and builds institutional client confidence.
• Market Opportunity Strategy: With the domestic capital market expanding by approximately 3 million retail customers monthly, the company sees substantial headroom across all business verticals. Management is prioritizing aggressive talent retention and ESOP incentives to drive execution and capture market share.