5paisa Q1: revenue +14% YoY, consolidated PAT flat at ₹11.6 Cr as margins compress

5paisa Capital's consolidated Q1 FY27 (quarter ended June 30, 2026) print was a growth-without-operating-leverage quarter: revenue from operations rose 13.7% YoY to ₹88.33 Cr, but net profit was essentially flat at ₹11.57 Cr versus ₹11.55 Cr a year ago (+0.2%). The topline was carried by interest income, up 26.5% YoY to ₹42.17 Cr as the company began deploying rights-issue capital into its MTF/funding book; fees and commission income grew a softer 4.1% to ₹46.16 Cr, pointing to muted brokerage momentum. The disconnect between double-digit revenue growth and flat profit sits in costs — other expenses jumped ~25% YoY to ₹40.17 Cr — dragging net margin down to 13.1% from 14.85% a year earlier (though up sequentially from 12.7% in Q4). Management's own annexure pegs operating margin at 17% and NPM at 13%.

The standout for shareholders is EPS: basic EPS fell to ₹2.60 from ₹3.70 YoY despite flat PAT, purely a dilution effect from the ₹468.82 Cr rights issue that lifted the share count ~50% (paid-up capital ₹31.25 Cr → ₹46.88 Cr). This is the first full quarter reflecting that expanded base. On QoQ terms revenue rose 3.4% and PAT 6.6% off the March quarter, but the year-on-year comparison — flat profit on 14% higher revenue — is the honest read.

The stock went into the print at ₹384, up 17.1% over the past month of trading.

For context: this is the second-highest quarterly PAT of the last 6 quarters; revenue is at a 6-quarter high.

Standalone near-identical — PAT ₹11.50 Cr on revenue ₹88.33 Cr, EPS ₹2.58 — subsidiaries immaterial

Against prior guidance, management gave no quantitative targets on the Q4 concall, only a qualitative plan to deploy the ₹468 Cr raise into higher trading volumes, a larger MTF book, and tech/AI investment; this quarter's 26.5% jump in interest income is directionally consistent with that, but the promised growth has not yet reached the bottom line. No street consensus is available for this small-cap. Two regulatory overhangs bracket the print: the ₹33.02 Cr income-tax demand (under CIT(A) appeal, not provisioned) and a June-2026 SEBI show-cause notice on Investment Adviser registration. There is no management press release on record for this result.