This article first appeared on GuruFocus .
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Total Revenue:INR88.4 crore, a 14% year-on-year increase.
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Profit After Tax (PAT):INR11.6 crore.
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Customer Base:52.6 lakh customers.
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Average Client Funding Book:INR422 crore, a 10% quarter-on-quarter increase.
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Mutual Fund Assets Under Management:INR2,073 crore, an 18% quarter-on-quarter increase.
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Capital Raised:INR468 crore through a rights issue in April.
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Release Date: July 17, 2026
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
Positive Points
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Total revenue grew 14% year-on-year to INR88.4 crore, indicating strong financial performance.
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Customer base expanded to 52.6 lakh, reflecting successful user acquisition strategies.
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Mutual fund assets under management increased by 18% quarter-on-quarter, showcasing growth in portfolio building.
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Introduction of AI insights and NCP integration on the app enhances user experience and engagement.
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Successful capital raise of INR468 crore strengthens the balance sheet for future investments in product and technology.
Negative Points
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Slight moderation in Q1 revenue growth due to market volatility, impacting overall financial performance.
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ADC growth experienced a slight dip, indicating challenges in maintaining consistent growth across all segments.
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Focus on quality over quantity in customer acquisition may slow down rapid expansion.
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No immediate plans for third-party distribution in mutual funds or fixed income, potentially limiting revenue diversification.
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Increased competition in the market may affect market share and growth prospects.
Q & A Highlights
Q: Can you explain the moderation in Q1 results and the outlook for future growth? A: Gaurav Seth, CEO, explained that the moderation in Q1 was somewhat a one-off due to market volatility. However, he expects growth to accelerate from Q2 onwards as the company focuses on product improvements and growth marketing.
Q: What steps are being taken to improve customer acquisition and retention? A: Gaurav Seth emphasized a shift from quantitative to qualitative customer acquisition, focusing on high-quality customers who provide better retention and higher revenue per customer (RPC). This strategy is reflected in the improved metrics for RPC and customer retention.
Q: How is the capital raised being deployed? A: Gaurav Seth stated that the INR468 crore raised is being used for exchange margin, repayment of loans, and general corporate purposes, including investment in product, technology, and marketing.
Q: What are the plans for revenue growth given the current flat performance? A: The CEO mentioned a complete product revamp and increased marketing spend as key strategies for driving revenue growth. He also hinted at new revenue-generating initiatives in the pipeline.
Q: Are there plans to engage in third-party distribution of mutual funds or fixed income products? A: Currently, there are no immediate plans for third-party distribution. The focus remains on enhancing the core platform, but the company may consider such opportunities in the medium to long term.
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
