Angel One Limited — Q2 FY26
Angel One reported a healthy Q2 FY26 with gross revenues of ₹12B, up 5.3% QoQ, and PAT of ₹2.1B, up 85% QoQ (normalized PAT up 10.1% QoQ).
bullish
high
✓ Verified against BSE filing
Claim Ledger
Did management answer the analysts?
Every material analyst question, graded on whether management actually answered it — with the verbatim exchange and quantitative claims checked against filed numbers.
50%Questions answered3Evaded / deflected10Questions audited
Partial answer
High priority
Cash segment realization dip and pricing action outlook.
Asked by P Shell, Motal
Explained pricing change but did not quantify impact on realizations or future trajectory.
no quantification of impactattributed to mix
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Question
first question is on the uh cash segment where you know we saw the realizations dip and also I assume that you have uh taken a pricing action uh on the cash side. So you know how do we see this uh panning out from now
Dinesh Thakkar (Chairman & MD)
the pricing change really is to bring things uh you know make things simpler. uh what we've done is that across both delivery as well as intraday we have uh made it uh 0.1% with max of 20 and min of five
Declined
Medium priority
Breakup of distribution income into credit, wealth, etc.
Asked by P Shell, Motal
Management explicitly said they do not break out distribution income.
refused to break outredirected to AUM/disbursements
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Question
second would be on the breakup of uh distribution income wherein you know if you could split that up into credit uh uh wealth management and the in some form uh that will help us understand the uh you know the color of the color of the revenues.
Dinesh Thakkar (Chairman & MD)
today the way we don't break out that income the way you should look at those businesses is look at aum as well as dispersers that's the best way to follow those businesses.
Answered
Low priority
MTF book realization vs cash delivery.
Asked by P Shell, Motal
Directly answered that the commission is the same as cash delivery.
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Question
third question is uh uh is on the uh margin trade funding book. uh do we have a separate uh realization for margin trade orders placed through margin trade funding book or it is same as the order that you charge on the cash delivery.
Vinnie (CFO)
So right now we are charging uh the same uh uh price broking commission that we charge for cash delivery where there is no MTF that people avail. It's the same.
Answered
High priority
Burn rate of new businesses.
Asked by P Shell, Motal
Provided specific annual burn rate of ~100 crores for the two new businesses.
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Question
lastly on the burn of the new businesses what is the burn on the new businesses?
Dinesh Thakkar (Chairman & MD)
the burn remains in that uh range of about 100 crores annual um for the uh two uh new businesses that we are incubating the asset management and the wealth management business.
Answered
High priority
OPM guidance of 40%+ by Q4 FY26 still valid?
Asked by Nesh, Invest
Confirmed OPM guidance of 40-45% by Q4 FY26 without hedging.
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Question
first question is on uh uh operating profit margin guidance uh that we have initially talked about of around 40% plus as we reach for Q4. So do we retrade that guidance or do we see some changes to that guidance of uh as we end this year?
Dinesh Thakkar (Chairman & MD)
yes we continue to have the same guidance at exit uh we we want to be at 40 to 45% OPM and uh we are well on our way uh to that path
Partial answer
Medium priority
Wealth management overlap with existing Angel One clients.
Asked by Nesh, Invest
Acknowledged work on harmonization but did not quantify current overlap or give clear timeline.
no specific timelinevague on overlap
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Question
second question is on wealth management business. uh uh so as of now it seems like wealth management is completely built separately from the existing uh angel one clients. uh is there any overlap with existing angel one clients and what is the path to uh offer wealth management uh uh uh products to the to the clients
Shri Krant (Wealth Management Head)
the current ecosystem of individual one also uh we are actually uh going to offer web solutions through both uh fractionalized products and also through uh platform services that we provide. So there is a lot of work happening in terms of harmonizing the throughput
Evasive
Medium priority
Comparison with peer's lower cost structure.
Asked by Nesh, Invest
Did not address the cost structure difference; dismissed comparison as inappropriate.
refused to comparedeflected to long-term approach
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Question
third question is on uh on a comparison with your peer one of your peer has filed for an IPO. uh their cost their revenue structure and uh their uh client base is better higher uh than angel but their cost ratios are far far lower. So if you have compared where do you see what are the reasons
Dinesh Thakkar (Chairman & MD)
different companies are built very differently and we take a very long-term approach to it. We are built in a different way and so it won't be appropriate to compare uh different metrics.
Answered
High priority
Divergence between MTF book growth and interest income growth.
Asked by Sankit Kora, Aendis Park
Explained the divergence due to lower FD yields and client margin moderation; gave specific numbers.
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Question
our margin rate funding book on sequential basis has grown by 24 percentage. But if I look at look at our mean number uh interest income it has grown just 5% QQ uh just wanted to understand this uh divergence
Vinnie (CFO)
while the MTF book has grown by almost 26% there has been a uh growth of just about uh uh 6 and a half% for the uh interest income and that's primarily because uh almost 45% of the total income that we earn comprises of uh the interest that we earn from fixed deposits
Partial answer
High priority
Orders per day trajectory to reach 6.8-6.9 million by Q4.
Asked by Sankit Kora, Aendis Park
Highlighted growth to 5.8 million but did not directly confirm the 6.8-6.9 million target or timeline.
no explicit confirmation of 6.8-6.9 targetvague on timing
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Question
the number of orders per day uh in one queue was around 5.6 million orders and even in 2Q it is at the same level... how confident you are uh will will go to that kind of a number uh around 6.8 6.9 to deliver the 40 45
Dinesh Thakkar (Chairman & MD)
if you look at that in September that has gone to 58 lakhs 5.8 um uh million orders a day. So that has been a very healthy growth... we think it'll uh you know we we'll continue to get the kind of revenue growth we are thinking
Declined
High priority
Sensitivity analysis if weekly expiries are reduced.
Asked by Sankit Kora, Aendis Park
Explicitly declined to provide any analysis or comment on potential regulatory changes.
refused to discussdismissed as speculation
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Question
have you done any sensitivity analysis at your end uh to see a likely impact on the profitability if if if say eight number of expireies in a month get reduced to either two or one
Dinesh Thakkar (Chairman & MD)
I think there's a lot of speculation uh in this area. So it's best for us to not add to that and talk about it because we don't know you know uh what is going to happen
Declined
Low priority
Breakup of MTF book by acquisition channel.
Asked by Moit Surana, HDSCMC
Management refused to provide the breakup, stating it doesn't matter.
refused to providedismissed as irrelevant
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Question
If you can break up the MTF book between customers that mean that have been acquired from the uh direct channel and the AP channel.
Vinnie (CFO)
Mo, we don't give out that number. uh um and u I mean honestly it doesn't matter because uh for us both the clients give us similar uh uh um interest so it doesn't really matter
Partial answer
Medium priority
Customer acquisition cost trends and strategy.
Asked by So Sharma, HDFC Securities
Gave directional trend (flat to slightly down) but no specific numbers or forward guidance.
vague quantificationno specific numbers
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Question
Can you give us some trends around how the customer acquisition cost has been trending and how do you expect that to play around in the second half of the year
Dinesh Thakkar (Chairman & MD)
on CAC uh you know it's mostly flat to slightly down perhaps but you know these these things just think of it as as really flat.