5paisa Capital Q1 FY27 Results (NSE: 5PAISA)
Signal: Margin expansion
The read
Q1FY27 shows a mixed picture: revenue growth of 14% YoY and EBITDA margin expansion to 20% (from 14.8%) are positive, but client acquisition (-28% QoQ), ADTO decline (-12% QoQ), and heavy EPS dilution (-30% YoY) from the ₹469 Cr rights issue temper the outlook. The company is investing in product and AI, but cost control remains a watch item.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹8.84 Cr | 14% | 3% |
| EBIT | ₹0 Cr | ||
| Net profit | ₹1.16 Cr | 1% | |
| EPS | ₹2.6 | -30% | |
| EBIT margin | 20.0% |
P&L walk
Revenue grew 14% YoY led by allied broking (+20%) and other operating income (+13%), while brokerage income lagged (+11%). Operating expenses grew 17% YoY, outpacing revenue, but EBITDA margin expanded sharply to 20% (from 14.8% YoY) due to higher other income and controlled employee costs. PAT grew only 1% as finance costs and other expenses rose. EPS plunged 30% due to 1.56 Cr new shares from rights issue.
Key positives
- Revenue grew 14% YoY to ₹88.4 Cr, driven by allied broking (+20%) and other income (+13%).
- EBITDA margin expanded to ~20% from 14.8% a year ago, a gain of 520 bps.
- Raised ₹468.8 Cr via rights issue, strengthening net worth to ₹1,131 Cr.
- Client base crossed 52.6 lakh, with 96.8% DIY acquisition.
Key concerns
- EPS crashed 30% YoY due to rights issue dilution (1.56 Cr new shares).
- Client acquisition dropped 28% QoQ to 0.74 lakh.
- Average daily turnover (notional) fell 12% QoQ to ₹3.04 Tn.
- Operating expenses grew 17% YoY, outpacing revenue growth of 14%.
- Cost-to-income ratio remained high at 83%.
Research and educational content only. Not investment advice.