Welcome to 5paisa Capital Ltd Q1 FY 2026 earnings conference call. Please stay connected. Your conference will begin shortly. Your conference is being recorded. Good morning, ladies and gentlemen. I am Kalsha, moderator for the conference call. Welcome to 5paisa Capital Ltd Q1 FY 2026 earnings conference call. We have with us today Mr. Gaurav Seth, MD and CEO, and Mr. Gourav Munjal, Whole-Time Director and CFO, and Mr. Ameya Agnihotri, Whole-Time Director and CTO from 5paisa Capital Ltd. As a reminder, all participants can view the meeting list and follow more, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star and then zero on your touchstone telephone. Please note that this conference is being recorded. I would now like to hand over the floor to Mr. Gaurav Seth. Thank you and over to you, sir. Thank you. All right. Good morning, everyone. Welcome to the Q1 FY 2026 earnings call. I'll just say a few words in a note on how this quarter has been going. Q1 FY 2026 for us began on a strong note, and in general, for the brokering industry as well. Easing global uncertainties and strengthening domestic economic indicators led to a notable improvement in the Western continent. During this quarter, both and Sensex indices recorded a significant recovery, rising about 16% from their recent lows. An additional turnover in the retail FNO segment and the exchange levels improved by 10% as well, quarter-on-quarter. The industry added 66.9 new customers in this quarter, taking the total number of demat accounts in the country to over INR 19.85 crore. Now, specifically for 5paisa, we continue to invest in product and tech. We enhance our customer experience, focusing on delivering best-in-class solutions while acquiring high-quality customers to ensure a healthy lifetime value and a sustainable payback period. In Q1 FY 2026, we acquired 80,000 new customers with a 12% quarter-on-quarter decline, reflecting the broader industry trend. Our total customer base now stands at 48.1 lakh. Our ADTO, or average daily turnover, grew to INR 2.25 trillion, marking a robust 17% quarter-on-quarter growth. Our average client funding book reached INR 312 crore, which is a 20% increase over the last quarter. Our mutual fund AUM surged to INR 1,573 crore, which is, again, a 13% growth quarter-on-quarter. Driven by positive market conditions and our focused execution, our total income grew to INR 77.8 crore, which is 9% quarter-on-quarter growth. The rising expenses during the quarter were variable in nature and aligned with revenue growth. Our profit after tax for Q1 FY 2026 stood at INR 11.5 crore, which is a 15% quarter-on-quarter increase. As of June 30, 2025, our net worth stood at INR 616 crore. Now, specifically on the product and tech side, in Q1 FY 2026, we were heavily focused on product-led innovation to enhance trading experiences and deepen customer experience. This quarter was marked by several initiatives, which have enabled empowering traders and enabling smarter investment decisions. Key highlights included the launch of an Option Strategy Builder, which equips F&O traders with ready-made customizable strategies with advanced analytics, enabling smarter and faster trading. We introduced a reimagined version of MTF, which is a margin trading facility called Pay Later, which allows investors to purchase stocks by paying only part of the total value, with the broker funding the remainder. The mutual fund web journey was also enhanced with a more modern UI/UX experience, enhancing discoverability and making investing simpler and more intuitive. Additionally, the launch of IPO Get Journey allows non-5paisa users to apply for IPOs using their existing demat accounts, expanding our acquisition funnel and boosting lead conversions, enhancing brand visibility during our IPO cycle. Specifically on tech and infrastructure, we reduced our order placement latency, significantly boosting execution speed and platform reliability. In line with our vision of adopting AI for the benefit of investors, we introduced a couple of AI-powered features like live news, extreme API assistance to support real-time decision-making, and streamlined developer onboarding. A major milestone was the launch of 5paisa MCP, which is based on the model context portfolio using Claude AI Assistant, which is essentially an AI trading companion. You could connect it to your broking account and execute trades, do whatever you can by using an app that's basically an assistant. You can think of it as an AI assistant connected to your broking account. It gives you all that execution capability, as well as deeper analysis on your portfolio, and as well as all the other aspects of an AI assistant, like figuring out how my portfolio is doing with respect to the market, and so on and so forth. We were also very excited about launching TradeVector because it's a community-driven platform, specifically aimed at both our investor and trader community to come and interact with our product managers and 5paisa employees in general to ask questions about anything related to our product and the market in general. We remain committed to delivering new innovations and continue to strengthen both our product and tech staff, as well as sharply use AI to enhance customer experience. With that, I conclude my opening remarks and open the floor for any questions. Thank you, sir. Ladies and gentlemen, we will now begin the question and answer session. If you have a question, please press star and one on your telephone's keypad and wait for your turn to ask the question. If you would like to withdraw your request, you may do so by pressing star and one again. Ladies and gentlemen, if you have any questions, please press star and one on your telephone's keypad. The first question comes from Meet Mehta from SGSITS. Please go ahead. Our question comes from Mr. Meet Mehta. Please go ahead. Basically, what marketing initiatives are you taking for newer client acquisitions? How do you sort of acquire new clients in the near future? Marketing for us is an ongoing activity as an investment. Typically, we follow the entire stack. There is marketing through digital means, which is performance marketing, as well as we continue to build our brand using organic initiatives, right? Brand name and brand-related marketing as well. We also do content-led marketing, etc., which provides information to a lot of prospects out there about markets, etc. That's also an acquisition channel. In general, going forward and present, there's no specific plan as such to change track. I think what we do is calibrate the marketing strategy, as well as how much investment we do in it from time to time, based on what our strategic goals are, right? When is it that you want to actually grow the market? Whether the macros and fundamentals are in place, where it is supportive of customer acquisition, and so on and so forth. I hope I answered your question. We acquire through performance marketing. We acquire through organic initiatives, etc., etc. It's a usual marketing type. Yes. Are we seeing any moderation in investing activities due to these macroeconomic events and the geopolitical tensions? Are we seeing the growth coming back? How do you sort of also cross-sell other means by increasing the revenue by cross-selling the insurance and other things which your peers are doing? Do you want to stick to only trading and investing in the kind of activity? Okay. So, part one of your question, are you saying a moderation? I think it reflects to where the market was last year versus where it is today, not specifically about this quarter or the earlier quarter. There is some, we've seen some moderation because there's a, you know, market correct activity last year. Compared to that, there is moderation. There is still a healthy addition of clients who are opening demat accounts. There's still a lot of people very, very interested in investing in trading. Obviously, the macro environment is, you know, because of geopolitical uncertainties and what has happened earlier this year across the world, has come sort of an impact, right? Temporary impact. If you see the markets overall, I think they've come back in a very positive way. Going forward, obviously, I can't comment and nor do I know the answer, right, how the markets will be. Yes, compared to last year, there was some moderation in the activity. Now, the second part of your question was, do you want to cross-sell insurance? The answer is no. At least in the short term, we don't have any plans to do first-party products. I think there is a lot to focus on in this segment itself and to be the best player in investing in trading. That's what our strategic focus is. Coming back to the GMC and the news came up, and also news came up about the [SEBI] F&O by linking your positions, cash positions to F&O. Do we see that impact coming in the coming years or kind of an impact that will be there on your F&O turnover and so on? Sure. All of this really started where, I think, the regulator knows best and did the right thing. This all started last year with the publishing of the report, as well as all the measures that were taken. They did have a material impact across the industry. The volume fell earlier this year for not just us, but for all of our peers and the broking industry in general. You also see the volume trend coming back again. What the regulator will do in the next couple of weeks or months or whenever they come up with maybe some additional measures, I don't know. I can't comment on it. What we have seen typically is that retail investors provide, not just the big ones, but the retail investors of today, there is a different breed. They want to build wealth. They want to learn. They are a critical part of capital markets and broadening and deepening of our capital markets in terms of providing liquidity. Yes, there could be a short-term impact, which I can't speculate on. Usually, as the season dries, I think these things come back to normal over a period of time. It will just. The last question about your AI assistant platform. Basically, it is an algorithmic trading platform that you only have to kind of write your code and select your strategy, and it will execute on your behalf? Is it that it will handle your portfolio, or it will guide you on what you are doing wrong on the basis of your performance with the indices? What kind of platform is it? Yeah. The 5paisa MCP is specifically an AI assistant. It is not an algorithmic trading platform. What it does is that there is a setup that you can do. Once you have done, there are a few steps you have to do. Once you have done that setup, it uses the MCP protocol, which is model context portfolio, connects to Claude AI. is one of the AI system providers. I think everybody knows it, like as well as ChatGPT. It connects it to your, so let's say you have a broking account with 5paisa, and you do the initial setup, and it connects to your broking account. Whatever you can do in your broking account today, you can do via chat, right? Via the AI system. You could say, buy two shares of 5paisa, right? It will go and execute that, analyze my portfolio, and give you analysis of your existing positions. It would also suggest you strategies. It really depends on the prompts that it gives you. It's an AI assistant, as well as it has the capability to integrate with your trading account. You can basically use that to do whatever you want to do with your trading account. It is not an algorithmic platform. It will connect with your broking account, and it will give you the answer based on your prompts. Are you willing to use your mode, I think, is that you provide the best solution for traders? Are you willing to go into the algorithmic trading, also building kind of algorithmic trading platform? How do you help us, traders, who are coming newer to the market? Is that a plan in the future, or will it only remain the AI assistant that you are talking about? Yeah. There are two different things. The AI assistant itself is a channel for people who are excited about AI and understand the power of AI to be able to use AI assistants for their benefit. That's something that we have given to our customers, and we will continue to build on functionality and features on top of it. On the algorithmic side, we've seen a lot of interest. We are in the midst of actually building something, which we will launch in the next couple of months on the algorithmic side. That is, to your point, something where customers can use algorithms and do not necessarily write algorithms. They will be different. will be different. If we cater to a different spectrum of customers, people who can write their own algorithms, we will simplify it for them. People who want to use out-of-the-box algorithms and people who want to use algorithms from trusted providers. This is the strategy that we are working on. To understand what is the mix of customers, basically, more customers are using your trading part, or they are also investing? That is the first. The second one, are you doing something on the fundamental research, or you are empowering the customers with the fundamentally strong companies, or kind of such a research, or what sort of customer mix you are seeing in your platform? I think Gaurav can answer the question of like the first place asking you for Gaurav, why do you take this? Sir, actually, to be honest, we can't share this kind of data because it is internal technical data. I mean, how many are using for algorithmic data and all? Is there any second question you can take? Yeah. The second question, I think it was like, how are you empowering your users, right? Yeah, on the basis of fundamentals of the company. You see a market has so much dynamics and retailers publicly do not know much about fundamentals and all. How are you kind of empowering them from going from your trading journey to kind of build a long-term wealth through investing? By selecting strong fundamentally rich companies so that they can build a long-term wealth. Yeah. I think on the first part, like also the data that you asked for, in general, this is all linked, like a lot. It's not that people only trade. There are people who, there is a percentage of people who only trade, but a lot of people are actually trading. They have mutual funds, they have equity investments, and they also do F&O trading, right? There is a mix and match of the people. We have direct mutual funds on our platform, and almost the entire universe of it, and we have seen that AUM grow year- on- year. That is one thing which is sure robust, that people are not just trading, they're also investing. That is one. On the second part, we do have analysts who we have as part of 5paisa, and then they provide calls both intraday, which is obviously not fundamental calls, but also certain stocks which might result in, you know, which could be good buys in the near term. However, we do not have, which is not in our strategy so far, to have, you know, a large research team, because we are more tech-first and we want to focus on that, and you know, doing analysis on fundamental aspects of stocks and recommending things for the long run. Yes, I mean, we do consider from time to time partnering with the right analysts in the market and start giving, providing that research. Currently, we don't do that. Thank you so much. That's from my side. Sure. Thank you. Thank you. The next question comes from Jaip rakash Kumhar from Korman Capital. Please go ahead. Hi. I'm a bit new to the company, so pardon if I ask some basic questions. The first question is on cash and growth, right? Can you hear me? Yes, yes. Please go on. Yeah. Yeah. Cash and growth, I think I spoke last time. I think it was like [INR 200 crore]. I just want to understand how much is it available for investors and how much it is encumbered to the clients or anything which you and me can go from that on. Yeah, Gaurav, you should take that. Yeah. Our approximately cash and FD balance, you can see approximately INR 1,400 crore, which consists of INR 500 crore is ours, and the rest INR 800 to INR 900 crore is of the client fund. Thank you. Before our next question, which is a little bit midterm, I just want to understand how do you view yourself in the next two to three years because a lot of brokers are right there trying to become wealth managers and maybe become distributors of the wealth management products. What is your strategy and where are your market investors? I think the overall strategy is to build, continue to build trust in the market. I think this is the financial services market, especially if you've been in the business for some time, and then with the pedigree that you have, we've been one of the first earliest discount brokers in the industry before everyone else. If you want to continue to build on that, like if you want to be tech-first, you are, but there's a lot of work and a lot of investment which is needed on an ongoing basis to remain competitive. Our investments will be on products, and our investments will be on user experience, and our investments will be on continuously updating our tech stack, specifically to provide the best experience to F&O traders, investors, and obviously, you know, equity investors, both on the mutual fund side, as well as people who are buying and selling stocks as well, right? We believe that there is a lot to do, and there is a lot of growth in the market. I think we are very early stages in our Indian capital market journey. To answer your question, yes. I mean, at this point in time, we are not looking to get into wealth or any such related trajectory. We think there's a lot to do in this space as well and being the best top three, top five players in the next two years. Okay. Let's still give a few minutes to talk to your existing clients, like where they are from tier 1, tier 2, tier 3, and what is the new client addition which you're doing. Like incrementally, where is it coming from? Yeah. Gaurav, you have between split between tier one and beyond 30 cities in general, some kind of a split or? Approximately, on the address side, more than 75% to 80% is from the tier 2, tier 3 city. In India, there are many questions coming up that people have addresses from their hometown, but they're staying in Bangalore or some in metro cities. On the basis of a track, I can say that the split is 75% and 25%. 75% is from tier 2, tier 3, and from tier 1, it is 25%. Okay. Thank you. Ladies and gentlemen, if you have any questions, please press star and one on your telephone keypad. The next question comes from Kajal Gandhi from ICIC Securities. Please go ahead. Hello, hello. Hi, hi. Sure. I'm Gaurav. Hello. I have one question. One question on, we show 49 lakh users as customers, and our downloads are like 22 million. Are we just, these are just registering for looking at the ads, or are we doing some cross-selling to them? How are we approaching this segment? One was that, and second was, if we can discuss on how will we assess on expiry date volume and non-expiry date for [ADTO] that we are giving, if it has to be split in that, because if the total of it, what exactly one expiry has to happen, what can be quantified in that? These are my two questions. Thank you. Okay. First question, I think, was that you have INR 49 lakh clients, and what are you doing with them? What are you selling to them? Is that right? With app downloads, that's as few as 22 million. It is higher. That's a segment of customer how we are dealing. Are we having any details about that? I guess, Kajal, many people download their app to check some information, to check some news, not necessarily they have to open the account. Some people have two or three phones also. They have downloaded with a single PAN number. These kinds of cases happen, but it's not like that we are specifically looking for a cross-sell to them. Okay. I think the number that we are focused on should focus on is who's opening account, because we can't cross-sell to anybody unless they open an account with us. We focus on people who have downloaded apps or they would have browsed or they would have known about us, which is great because it broadens our funnel. Finally, the moment of truth for us is that who opens an account and then how do they use the platform, how do they transact and so on and so forth. That number is INR 49 lakh. Obviously, beyond that is NSE active and etcetera, etcetera. What was the second question? Kajal, what was the second question? Like ADTO on expiry? Expiry days and non-expiry days. Broadly, what will be a ratio like 1x? Maybe if you want to share the number, it's good. If it is not, on a normal day, it's 1, but on expiry days, 10x, 20x. If the expiry number is 1, the normal day would be the 0.65 - 0.7. Expiry, you know, 30 to 40% more ADTO, even in exchange ADTO, and then last ADTO also. Okay. Sure. Do you think this recent news flow, I did hear somebody asking this question at start, but fortnightly expiry, if you are being talked about, is a possibility and there will be some impact there? I can take that. First of all, yes, there has been talk about fortnightly expiry, but till the ruling or the order actually comes, no one can say anything. I will not like to speculate. Second is if something like this does come, if you look at an example from last year where a lot of major changes were done, right, in terms of increasing the lot size, etc., and changing the expiry as well, it did have some impact, but it reverted to normal this year. We can't, again, hard to estimate impact. Yes, there could be some short-term impact, possibly, if something like this comes, but in the long run, we estimate that it should normalize. That's our response, Gaurav Seth. Thank you. Ladies and gentlemen, if you have any questions, please press star and one on your telephone keypad. I repeat, ladies and gentlemen, if you have any questions, please press star and one on your telephone keypad. We have a follow-up question from Meet Mehta from SGS ITS. Please go ahead. Technically, we are not seeing the client acquisition data. Despite the rebound in the markets, we are not seeing any kind of client acquisition anywhere. We intend the growth terms. What kind of, are we not pushing aggressively to acquire newer clients? What kind of, are we seeing the same kind of data similar in the industry? What is the issue that we are not able to acquire newer clients? It's not that we are not able to acquire new clients. I think the metrics that we go by are not just the number of clients or what is the ARPU for us, right? ARPU and RPT is heavily per customer and the quality of the customer. We are interested in quality acquisition. We are doing calculated acquisition. Even though if you look at last two quarters, the acquisition of the quarter that is concluded is lower than the acquisition of the previous quarter, the market share has increased. It is the quality of the customer. In some cases, if you go very aggressive on performance marketing and digital acquisition, you can acquire higher numbers. What we also end up seeing is that some of those higher numbers do not necessarily translate into revenue and then as an extension of that margin and profit, right? That is it. It's not that we are not acquiring. It is our own calibrated approach to acquire higher quality customers. We continue to see the quality and the performance of the platform, of how we acquire customers, what kind of customers we want to acquire, and so on and so forth. To be back on this, I mean, sometimes intent is also important. Overall, industry we're acquiring INR 1.31 crorer customers per quarter. Right now, the number is INR 66 lakh, flat to a 50%. Intent is also meta because of many other factors that is also the reason. Yeah. Yeah. Thank you. The next question comes from Mayank Khadiwala from Millennium Money Finance. Please go ahead. Hi, thank you for taking my question. I'm relatively new here, so my question might be basic, but there's been talk about pricing levers in this industry. Just wanted to get your thoughts on the same. Pricing levers, I mean, you mean raising the prices, lowering the prices? What do you mean by that? Raising the prices, that's usually what we have heard, that there's potential to raise prices given volumes have gone lower and that the assumption is that the demand is fairly insensitive to pricing. Just ballpark, wanted to understand your thoughts around all of this. Yeah. Everyone has a, there is no consensus in the market, right? There cannot be a consensus in a competitive market. Players are free to figure out their own independent strategies and go with it. As far as we are concerned, you know, we don't have free stuff. I mean, generally, our equity delivery is also chargeable. We have reasonable pricing because we think we provide value. Some of the other players in the market might have, let's say, certain aspects of this, specifically equity delivery free. There has been speculation. There has been, you know, some background social media, some of the larger players saying that, "Look, we might consider raising the pricing." Again, as with anything, like what SEBI will do, we don't know what the larger industry will come around and do. Specifically, our belief is that if you provide the best-in-class experience and a lot of reliability, at least on a platform where people know that, "Look, we are getting what we want," such as this whole brokerage issue on brokerage pricing becomes, I will not say immaterial, but it's not a very big lever. We continue to charge. Don't know how others will think about it, but it might also come around and start charging for stuff if they are not charging. If I can follow up, what is our current pricing on the options, futures trades, and all of that? It is INR 20, which is standard with most of the other brokers. Yes. Yes. Okay. Yes. Specifically to this, do you think that if you know the market, if some of the other brokers were to raise this, could it have any regulatory implications? Could it have any demand implications or competitive implications? Do you think the pricing would largely be insensitive if this 20 is increased to 25 or 30 at any point in time? Yeah, you mean demand in the elasticity of demand with respect to pricing, right? Yes, specifically in this industry. Yeah. I don't think there is any regulatory, I mean, regulators are not asking anyone to do anything on the pricing front. As I said, that's just a competitive open market. People can charge INR 100 off everything they value, and they provide enough value, so to say, right? Some of the bank-based brokers, you know, they charge higher, right, because they provide a bouquet of services that others may not be. Elasticity of demand with respect to pricing, my personal view is, as you know. What if the scenario, as in if one person raises from 20 to 30, another one keeps it at 20, does it make any difference? Hard to say, I think keeping it at. Would you win or lose by keeping it at either 20 or 30 from a competitive standpoint? Okay. I think the way that I would address your question is that, as far as the serious people on the planning platform are concerned, unless the pricing drastically changes on the upside, it typically does not matter, because they value other things like stability and reliability, and nobody leaves for INR 5. There could be a bunch of customers who would believe that, "Look, there is more value to be had in another platform which is lower." Yes, they might leave. Finally, you can't estimate whether someone raising the price would be good for us or not. Maybe they even raise the price and people still stick with that. You follow what I'm saying? If there is enough. Yeah. The same methodology even applies to us. For people who believe there is 5paisa that was adding value, we maybe raise the price a little bit with us, or newer customers will continue to come. Got it. If I could just ask one more question, just a very basic one because I'm not practicing technical. Of your brokerage income, what percentage comes from cash trades versus derivative trades? Gaurav, can you take that? Yeah. It's an 80% and 20%. 80% is for the derivatives and 20% is in the cash segment. It is in line with most of the other discount brokers. Most of the other discount brokers. Okay. Got it. Are there still any revenue streams that some of the other discount brokers might be pulling in that we still don't have, like MTF or something? I'm just trying to understand, are there any revenue gaps that we can still plug? In terms of broking, we don't have, we also provide MTF facility. We also, I mean, have DP and everything. If the other one is doing cross-selling, I mean, outside the broking income, then we are not going into that as earlier as mentioned. In terms of broking segment, we are doing everything. Got it. Perfect. Thank you so much. Thank you so much, Gaurav. Thank you. Thank you. The next question comes from Arashan M., an individual investor. Please go ahead. Hello. Am I moderate? Yes. Yes, please go ahead. Yes, sir. I just want to understand regarding your strategic direction and the focus that you are giving for the business because as you would also realize, for the past five years, capital market participation has been at an all-time high, but our client acquisition has comparatively gone down as much as, I mean, from what it used to be before. The general question is, why is it that we are not focusing more on the client acquisition part? Yes, you are saying that you want quality clients, but while I understand you have a technologically superior platform, right? I mean, you are providing AI integration and a lot of other things, but how will customers even come to know about that platform if they're not marketing aggressively? Should the focus not be to increase the number of people who come in so that there's more stickiness and more people who stay with the platform rather than just getting quality clients? Yeah. No, that's a great question. I think we have to do both. I think I was answering a related question earlier, right? I said as far as focus is concerned, it is purely on tech for investors and traders or traders and investors. I think we are, from our company perspective, in a sort of a massive product plus tech upgrade cycle. We would like that to be concluded, although it is never concluded in this industry because we have to continually invest and then start to go more aggressive on client acquisition. That's, you know, I'm telling you as is. Right now, we are doing more calibrated acquisition. We are being mindful of our costs as well. Obviously, we are here, and we all realize that we are a committed research company. We are being mindful of both revenue as well as costs and the profit that we make, right? I think we get the best ROI when this product and tech upgrade cycle is complete. That's where we need, depending on macro factors, to pretty significantly accelerate acquisition. Got it, sir. Is there any estimated timeline, maybe two years, three years, or like when do you expect a major part of this tech upgrade to conclude so that you focus more on the marketing part? Yeah, no, it's not that far out. It's, I would say, the next few quarters. Okay. Got it. Thank you very much. All the best. Thank you. Thank you. We have a follow-up question from Jaiprakash Kumhar from Korman Capital. Please go ahead. Thank you. Such a question. Just, cash, we have about INR 1,400 crore, right? Even if we are turning the interest income on that, maybe we will have to say, let's say 6%, maybe then INR 70 crore of the interest income. Last year, profit was INR 60 crore. It means that all the profit is coming from the cash we have now, and nothing is coming from the broking. Yeah, Gaurav. When we see this consolidated figure, we should not, I mean, we should not do a one-on-one because the cash component on which, I mean, a broker enjoys the float, it's also part of the broking income. If hypothetically tomorrow's earnings say that you can't enjoy the float income, it would be difficult for every discount broker to go for a trade of INR 20 per order. The order may go for INR 40 or INR 50 per order. My point is, mathematically, you are saying yes, if you remove that income, it will come, there will be no profit. Interest income, the name is interest income, but it is allied to a gain broking figure. We should see all this together. Yeah, but maybe your own INR 500 crore, right? It should become part of the other income, right? Because if you said INR 500 crore is there, that should at least show in other income, right? So, other than allied. INR 500 crore, if you do, typically, you get a 5% interest rate. INR 500 or INR 500 could be INR 25 crore. Yes, yes, you are right. INR 25 crore is our own interest income. Again, you need the funds, but there are costs associated to that also. You need to go for the bank guarantee. You need to do the OD/FD for the, you know, regular paying payout. No, I didn't understand the last part, sir. Sorry. What I'm saying is there are income associated to that. I mean, if you're paying the INR 500 crore and you're getting interest on that, but there are also costs. There are some costs also associated to that because you don't keep all funds in exchange, just in the FD. You take a bank guarantee for the margin purpose. There are some costs associated to that also. Okay. Thank you. That's it. Thank you. Thank you. Ladies and gentlemen, if you have any questions, please press star and one on your telephone keypad. I repeat, ladies and gentlemen, if you have any questions, please press star and one on your telephone keypad. That would be the last question for the day. Now, I hand over the floor to the management for closing comments. Okay. Unless there are any follow-up questions, I think there is an email which is ir@5paisa.com. If you have any follow-up questions, please, you can use that email to ask. Thank you very much for your participation. Have a good day. Have a good day. Thanks, everyone. Thank you, sir. Ladies and gentlemen, this concludes your conference call for today. Thank you for your participation and for using RootSabar's conference call service. You may disconnect your lines now. Thank you and have a good day.