Angel one Management Guidance Tracker
11 forward-looking guidance items tracked across 3 quarters.
Margins
Management reiterated guidance to exit FY26 with operating profit margin between 40% and 45%, driven by revenue growth and stable costs.
Q2 FY26Long-term operating margin target of 45-50%TrackedOver the long term, Angel One aims to achieve 45-50% operating margins as new businesses scale and efficiencies improve.
Q3 FY26Standalone operating margin target of 40-45%TrackedManagement reiterated guidance for broking and distribution business operating margin of 40-45% on an annual basis, with quarterly fluctuations due to events like IPL.
Q4 FY26Employee cost to remain flat in FY27 vs FY26 at ~₹11 billionTrackedManagement expects employee costs including ESOP to be in line with FY26 spend, driven by efficiency gains from technology and AI.
Q4 FY26Further EBITDA margin expansion expected in FY27TrackedManagement guided for margin expansion from the H2 FY26 base of ~42-43%, though they may reinvest in growth opportunities.
Growth
Distribution, wealth, and asset management businesses are expected to contribute double-digit percentage to total revenue within 3-5 years.
Q3 FY26Continued investment in emerging businessesTrackedManagement plans to continue investing in wealth, AMC, and credit, with burn impacting consolidated margins by ~3-3.5%.
Other
The wealth management business is expected to turn incrementally profitable in about 2.5-3 years, while the AMC business will take 7-8 years.
Q3 FY26Finance cost normalization from regulatory upstreamingActiveElevated borrowings due to client margin upstreaming are temporary; software update expected by end of Q4 to reduce finance costs.
Q4 FY26IPL spend for FY27 season to be ~₹1.5 billionActiveTotal IPL-related costs for the season will be similar to prior years, with Q4 booking only a portion due to late start.