Volatile capital markets
Geopolitical tensions, AI disruption, and macroeconomic uncertainty have led to 11% index decline and may impact trading volumes.
5PAISACAPITAL / bear-case history
Track the concerns that keep returning.
5paisa Capital · risk themes across the available quarters.
Research layer active
Bear-case history
Risks carried through the record.
high
Moderation in retail participation
Industry-wide demat account additions slowed 3% QoQ, indicating potential slowdown in retail investor activity.
Profit decline due to investments
PAT declined due to increased spending on tech, AI, and hiring, which may pressure near-term profitability.