Angel One Limited — Q3 FY26
Angel One delivered a strong Q3 FY26 with PAT of ₹2.7 billion, up 26.9% QoQ, driven by revenue diversification and cost discipline.
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.
42%Questions answered5Evaded / deflected12Questions audited
Partial answer
High priority
Why is the gap between standalone and consolidated financials increasing?
Asked by Pesh Chan, Modila Losal Financial Services Limited
Management gave a qualitative reason but did not quantify the revenue gap or provide a detailed breakdown.
no revenue breakdownattributed to lag in revenue realization
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Question
the gap between the two financials that you've reported revenue profile is not changed materially but the cost or the AITA loss of the gap is increasing every quarter and even on the pat it's increasing so what explains that
Vinit (CFO)
there is a burn of incubating the newer businesses the asset management and the wealth management businesses which is in the range of about 3 three and a half% of the operating margin and that's the gap
Evasive
High priority
How is AMC AUM scaling vs targets and client profile?
Asked by Pesh Chan, Modila Losal Financial Services Limited
Management avoided giving specific performance against targets and provided only vague optimism.
no specific targetsdeferred to long-termno numbers given
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Question
when you would have started the AMC you would have certain targets in your mind with respect to scale up of the AUM and everything. how are we performing against it and you know where do you see this scaling up
Amarish (CEO) and another executive
these are long gestation businesses. So we don't think we should start viewing them in one or two years. Overall very pleased with how the folios and the aum has been growing
Partial answer
Medium priority
What is the AP channel productivity and size in distribution businesses?
Asked by Pesh Chan, Modila Losal Financial Services Limited
Management gave a rough estimate but refused to provide a detailed split, leaving the question partially answered.
no split givenprovided only a rough ballpark
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Question
any color on the AP channels productivity on the distribution side whether it's mutual fund insurance credit what is the kind of AP channel size in terms of these businesses
Vinit (CFO)
We don't right now give any split of the distribution income between the direct and the assisted business. But overall it will be in that same ballpark of the broking business which is roughly 75 is to 25.
Answered
Medium priority
Is the increased pricing per order the new normal?
Asked by Nadesh, Invest
Management clearly stated no further pricing changes are planned, directly answering the question.
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Question
pricing per order has increased in this quarter on a Q on Q basis. last quarter we have taken a price hike. So it is now a new normal or you see further increase in pricing per order going forward
Amarish (CEO)
we are operating at a fairly healthy margin. we focused on building a great product and serving our customers. So there's no thought on more pricing changes.
Partial answer
High priority
What is the opex growth trajectory over 2-3 years?
Asked by Nadesh, Invest
Management did not give a specific opex growth trajectory but reiterated margin guidance, partially addressing the question.
no specific opex growth ratereframed to margin guidance
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Question
on the OPEX how should we build trajectory from a 2 to three year perspective? we have seen pretty good growth in OPEX over last 3 to four years but how are you planning from a next let's say three year perspective
Amarish (CEO)
a large part of our opex is driven by the customer acquisitions that we do. we continue to guide our stakeholders about operating margin of about 45% 40 to 45% for the broking business which we will continue to endeavor to obtain.
Evasive
Medium priority
How many HNI clients and operating model for wealth management?
Asked by Nadesh, Invest
Management provided no specific numbers or model details, deferring to a future date.
no numbers givendeferred to later
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Question
on the wealth management how many clients that angel one has which will qualify in the HNI category and what will be the operating model in that segment
Vinit (CFO)
the wealth businesses is just beginning to scale and ensuring that more and more products are provided on the platform. Only this year we are now looking to integrate a wealth platform into our super app and as more numbers emerge we will come back to you with more information at a later time.
Evasive
High priority
Why is AP contribution stagnant despite client additions?
Asked by San Ga, Aventes Park
Management did not address the stagnation or provide any data, simply stating both channels are vibrant.
no breakdown givenrefused to provide specifics
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Question
the authorized person contribution remains in that range of 4142 percentage despite adding so many number of clients. So just wanted to understand is our reliance on authorized person to deliver the growth has increased off late or there is a slowdown in the traction in the direct guys
Amarish (CEO)
overall both the businesses direct as well as AP businesses are fairly vibrant both of them we are investing in. So we continue to be excited about both the businesses but we don't break out these specifics.
Answered
High priority
Why did finance cost increase and will it persist?
Asked by San Ga, Aventes Park
Management clearly explained the regulatory reason and stated it is transient, directly answering the question.
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Question
the finance cost went up in the current quarter I just wanted to understand it's largely because of the regulatory reasons because of the upstreaming or there was something else
Vinit (CFO)
a majority of it is due to the regulation which came into effect from 1st of October for the industry wherein the upstream of client funds is required but as I mentioned this is something which is transient it's not a permanent feature so hopefully by sometime during the quarter we'll have a solution in place
Partial answer
Medium priority
Has the revenue per order fully factored in the price hike?
Asked by Gotham Jed, GCJ Financial
Management did not confirm whether the full impact is in, citing multiple factors and variability.
no clear yes/noattributed to multiple factors
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Question
we have seen that the revenue per order in this quarter has gone up. So has it fully factor in or we can see further rise in revenue per order going forward
Amarish (CEO)
the pricing change that we had made actually went into effect middle of the quarter. So some impact you saw of that also but there are multiple factors going on this and a lot of it depends on the mix of orders as well. So it can change some quarter to quarter.
Evasive
High priority
Why did commodity turnover market share drop from 65% to 53%?
Asked by Dvanchan, Finch Finvest
Management did not explain the decline but instead highlighted growth and healthy share, avoiding the question.
reframed as market expansionno explanation for decline
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Question
the commodity turnover market share in the recent business update that you have shared it has reduced from 65% in Q2 to 53%. So what led to this decline in the market share
Amarish (CEO)
there is a tremendous growth in the commodity market and the market is expanding. So what you're seeing is that the PI is expanding quite rapidly and even above 50% that's a very very healthy market share.
Evasive
High priority
Is there a gap in strategy vs a faster-growing competitor?
Asked by Watsel Nagalier, Astra Mind Capital
Management dismissed the competitor's success and did not address any potential gaps, providing no substantive answer.
dismissed competitorno specific comparisonno acknowledgment
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Question
one of our competitor which was recently listed they have a similar pace and are gaining market share at a much faster pace and also spending less on marketing. So do you see any gaps in our strategy that we can address
Amarish (CEO)
we've been a player who's been around for more than 30 years. we really stay focused on what we are doing. There isn't any gap in the strategy or anything. I think we are slightly different businesses.
Answered
Medium priority
Will you consider lowering MTF pricing due to competition?
Asked by Deepan Go, City Group
Management clearly stated they do not plan to change pricing, directly answering the question.
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Question
a lot of players with deep pockets are offering the MTF facility at far lower rates. would you kind of consider differential MTF pricing based on ticket size or even maybe lower your pricing if competitive intensity were to kind of sustain
Amarish (CEO)
we've kept the pricing fairly simple and we think we are at the right pricing point in it and don't need to actually look at it much. We've been growing the book quite well.