Record quarter, stable margins, capital deployed for scaled growth

Revenue ₹372.9Cr, +35.9% YoY (CFO stated ₹379Cr, rounding difference)

PAT ₹69.5Cr, +23.0% YoY, NPM 18.3% (minor rounding variance)

Broking ₹178Cr (47% of ₹379), advisory ₹145Cr (38%), NBFC ₹46Cr (12%)

Added 1.73 lakh accounts YoY; active ratio 1 in 6 (16.7%), down from prior

Government advisory ₹100 crore baseline stable; new projects add ₹200+ crore

Prior: ₹6,766Cr pipeline. New: ₹6,210Cr (24 IPO mandates). Reduction ~₹556Cr, but tone remains bullish on momentum (4-5 more in H2).

Advisory ₹145Cr this quarter (up from ~₹100Cr baseline gov advisory), driven by 5 IPOs. Management expects to maintain at IPO-lifted levels.

MTF book ₹463Cr. ₹900Cr capital partly earmarked for MTF growth; management confident funds deployed this quarter.

Wealth AUM ₹6,000Cr (vs ₹2,000Cr year-ago, 3x growth). Product distribution ₹1,636Cr in H1 FY27 vs ₹512Cr full FY26.

Management cited microfinance industry cycles impacting margins. Expects recovery soon but no new growth target quantified.

Continuous process, NSE active UCC list 12-month tenure. Team dedicates analysis, sends personalized research via app. Expecting right level now; activation efforts ongoing.

Letter of confirmation from credit committee received. NCLT case next hearing planned. Acquisition subject to NCLT approval. Expect higher project margins due to credentials.

Untapped market potential, financial inclusion focus. Target 30–40% growth in tier 3+ customer base. MTF capital expansion supporting this. Customer segment growth ~10% of overall rate.

Fees 3–8%, 9% by sector/size. No major margin pressure expected; pipeline adequate and companies well-placed for capital markets.

Government consultancy ₹100Cr stable baseline. IPO revenue incremental. As IPO approvals continue, will maintain. Expected 4–5 more IPOs in H2.

NBFC impacted by microfinance industry cycles. Margins slightly compressed. Microfinance recovery expected soon; impact will also ease in micro-loan portfolio.

StrikeX for sophisticated traders (unique offering), digital product launches, MTF portfolio acceleration, NCD/fixed income distribution, active AMC schemes launch.

Targeting ~20% ROE. Capital is mixed use: MTF, settlement funding, capex, working capital. No segregation; flexible allocation.

Dependent on regulatory approval timelines. Advisory revenue expected to maintain IPO-lifted levels (~₹145Cr).

Driven by IPO activity (cyclical), MTF scaling, wealth growth. Normalized post-IPO spike may moderate.

NBFC drag expected to ease as microfinance cycles recover. Insurance regulatory framework pending impact.

Shift toward IB to de-risk from IPO cyclicality. Assumes sustained IB pipeline.

Broking/advisory slightly off target. No explicit timeline to reach target; repositioning ongoing.

Funds received post-27 Oct; expected deployed this quarter. Flexible allocation, no segregation.

Demat account active ratio 16.7% (1 in 6 clients), flat YoY. Limits transaction volume, trading margin expansion. Dedicated team and digital solutions in place but no specific acceleration target set.

NBFC segment (₹46Cr revenue, ₹935Cr loan book) impacted by microfinance industry cycles. Margins compressed over last 2–3 quarters. Recovery expected 'soon' but timing and magnitude uncertain.

Insurance segment (₹81Cr premiums, ~75,000 policies) faces proposed changes to commission framework and distribution expenses. Potential pressure on commission income and margins.

Advisory revenue surged to ₹145Cr (Q2) from ₹100Cr baseline on 5 IPO closures. ₹6,210Cr pipeline (24 mandates) is dependent on market conditions and regulatory approval timelines. IPO slowdown could halve advisory revenue.

Feedback Infra acquisition (₹200+ Cr order book add expected) is pending NCLT court approval and creditors' sign-off. Execution risk remains; next hearing will plan acquisition process.