• Financial performance: Revenue surged 220% to ₹2,676 crore from ₹1,190 crore, while operating profit rose 25% to an all-time high of ₹660 crore despite EBITDA margins dropping from 23% to 8%.
• Segment drivers: Reported margins were weighed down by losses in the liquid treasury portfolio and flat broking profits, though growth was strong across asset management, private wealth, and distribution businesses.
• Regulatory changes: Higher STT rates and tightened margin regulations may impact short-term trading volumes, but management views the curbing of speculative activity as a positive move for long-term investor wealth creation.
• Long-term growth guidance: The company targets 20% to 25% compounded annual profit growth over the next 5 to 10 years, underpinned by ongoing investments in research, technology, talent, and brand building.