Potential regulatory changes to F&O expiry structure
Analyst raised concern about SEBI potentially reducing weekly expiries, which could impact F&O broking revenues. Management declined to provide sensitivity analysis.
high · analyst_questionAngel 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
Financial stats pending filing verification
Risk Intelligence
Material risks this quarter
Concise cards keep the risk register scannable while preserving evidence-level context in the underlying quarter data.
Risks
Elevated customer acquisition costs
Customer acquisition costs have remained elevated for several quarters, pressuring near-term margins. Management expects stable to slightly declining costs but no specific timeline.
medium · analyst_questionRevenue decline on a year-over-year basis
Gross revenues declined YoY due to the removal of turnover charge arbitrage and lower market activity. Management termed it a one-year aberration.
medium · data_observationNew business incubation costs
Wealth and AMC businesses are burning ~₹100Cr annually and will take years to turn profitable, weighing on consolidated margins.
medium · management_commentary