It augurs well that ICICI Securities is investing in technology and digital areas, which could aid its market share. However, "Continued investment in technology and franchise will keep operating expense ratios elevated in FY24, thereby keeping earnings growth in check," said an Axis Securities report dated 20 April. In this backdrop, ICICI Securities' focus on diversifying revenue would hold it in good stead. In the Q4 earnings call, the company's management said the diversification efforts have helped reduce dependence on cyclical components, which is cash equity broking. Note that the contribution from this segment dropped to 20% in Q4 from 31% in Q4FY22. Among other things, the company is also adding personal loans to existing loan disbursements, helping the diversifying efforts.