Angel one ltd — Q4 FY26
Angel One delivered a strong Q4 FY26 with 431 million orders (a six-quarter high) and EBITDA margin expanding 227 bps sequentially to 41.7% (normalized 44.4%).
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.
33%Questions answered5Evaded / deflected12Questions auditedContradictedNumbers vs filing
Partial answer
High priority
Why are active clients static despite higher orders?
Asked by Sarna Mukharji, BNK Securities
Explained metric lag but did not quantify activation rates or provide forward guidance.
attributed to 12-month lagno specific numbers given
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Question
in terms of numbers for example the exit clients number that we are seeing of course this is a 12 month kind of a number but uh uh I mean that number has been remaining static despite our orders run etc going up
Amish (CEO)
on the N activives like you rightly said it's a 12 month metric. So there's a lot that goes in in terms of sort of what was happening 12 months back which reflects potentially in the number that you see today.
Evasive
Medium priority
Will monthly active users trend with industry?
Asked by Sarna Mukharji, BNK Securities
Declined to provide any comparative trend or delta on MAUs.
refused to guideno comparison given
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Question
if I were to look at the monthly active users uh for the industry would we be kind of our delta be mimicking that or would we be better off or maybe slightly faster?
Amish (CEO)
I think we have uh we we don't guide on the monthly active users uh Swarma but we are continuing to add you know what we do disclose is that we are continuing to add new users.
Partial answer
High priority
How to model employee cost and ESOP for FY27?
Asked by Sarna Mukharji, BNK Securities
Gave total employee cost range but deferred ESOP specifics to next quarter.
ESOP not finalizeddeferred to next call
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Question
how should we think about in terms of the employee costs and the ESOP grant you know what how should we build in the ESOP grant esophage for the next year and the year after that
Vinit (CFO)
we will likely be within the same uh range of the FI 2026 number which is about 11 billion rupees including the ESOP cost. ESOP numbers are being finalized as we speak.
Evasive
High priority
Why is growth not correlating with marketing spend?
Asked by Swati Gupta, Hillfort Capital
Did not address the specific correlation question; cited long-term view and external factors.
attributed to long-term brandingblamed regulation and macrono specific ROI data
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Question
if we look at the growth in the number of users or the turnover or the asset sizes especially on the FNO and the equity derivative side I am not seeing a growth which is as high as I would have hoped correlating it to the market in spend.
Amish (CEO)
the branding one you have to take a very long-term view on that... the last year has been very interesting right I mean and we have shown growth through that year and we had guided that look we'll get to a certain OPM and and and we are there
Partial answer
Medium priority
Can the 19.2 cr one-time hit be recovered?
Asked by PJ Chen, Motil Oswell Financial Services Limited
Explained the nature but did not confirm whether recovery is likely or quantified.
no commitment on recoveryvague 'working with MI'
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Question
the 19.2 cr oneet one time hit. Uh could you explain that a bit more as to why was that and do we have any recourse to that that that number?
Vinit (CFO)
Angel encountered a technical issue originating at the MI level which le led to an abnormal training environment for our clients... We are continuing to work with the MI uh on on on this and uh and looking to resolve it.
Partial answer
Medium priority
Will AI investments increase opex and offset savings?
Asked by PJ Chen, Motil Oswell Financial Services Limited
Acknowledged higher costs but gave no numbers or timeframe for net benefit.
no quantification of AI spendno timeline for payback
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Question
does that mean your investment or OPEX will kind of increase for these AI investments and uh so you know the savings that you would see on the employee cost front will be offset by some higher cost on the OPEX front
Amish (CEO)
we are definitely increasing our our investments in AI but in a very measured and sustainable way... each of these efficiencies you know initially there may be a higher cost to it and over a period of time it starts giving more leverage
Evasive
High priority
What is the margin exit rate guidance for FY27?
Asked by PJ Chen, Motil Oswell Financial Services Limited
Declined to provide a specific margin guidance despite direct ask.
refused to give numbervague 'margin expansion'
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Question
you had kind of guided for a 40% uh margin and exit rate on the broking business which you very well achieved. Uh now what would you guide for a exit rate for FI27?
Amish (CEO)
Look I don't want to give you a specific number on it but what I tell you is that... you can expect margin expansion.
Evasive
Medium priority
Why did cash segment realizations drop this quarter?
Asked by PJ Chen, Motil Oswell Financial Services Limited
Did not explain the drop; dismissed it as temporary without data.
attributed to March volatilityno specific reason given
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Question
Why did the cash segment realizations drop in this quarter? So we were expecting it to increase right.
Amish (CEO)
I think it it uh you know uh it depends on you know what happens in terms of the uh in terms of the order ratios... March was quite uh quite a quite a difficult uh month... So I won't read too much into it.
Partial answer
Medium priority
Has employee count declined meaningfully?
Asked by Sankrit Koda, Eve Despa
Confirmed decline but did not quantify the headcount change.
no absolute number givenvague 'marginal'
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Question
anything to read that that there has been a meaningful drop in the employee count uh with with the tech thing in what you're trying to say
Vinit (CFO)
there is a marginal decline in the employee count uh quarter on quarter and as we go along uh we will continue to optimize on that.
Answered
High priority
Why is market share stagnating across segments?
Asked by Sankrit Koda, Eve Despa
Provided specific market share changes in FNO and equity, addressing the question directly.
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Question
we we broadly seems to have stagnated with respect to the market share... how do you see it can improve what measures you have taken
Amish (CEO)
when you look at the FNO premium market share quarter over quarter we have grown by 51 pips and year-over-year we have grown by 77 bips... overall equity market share... year over year we have grown 46 bips
Evasive
Medium priority
Is the Q4 dip in credit volumes seasonal?
Asked by Vive Raakushi, DSP Mutual Fund
Denied seasonality but gave no concrete reason for the dip.
attributed to 'ecosystem challenges'no specifics
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Question
in Q4 we've seen a drop in volumes and in fact last year also Q4 there was a drop in volumes is it seasonal
S (likely Shriant)
I don't think there is a seasonality. Uh last year also there was a dip. This year also there was a dip. I mean it is coincidental. There were some ecosystem challenges that we faced uh this quarter
Partial answer
High priority
What is the EBITDA drag from new initiatives and breakeven path?
Asked by Nidesh Jen, Mist
Gave drag percentage but did not provide a clear breakeven timeline for each business.
breakeven timeline not given for all businessesdeferred to future
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Question
AITA drag from the new initiatives for the full year and the path to break even on that drag.
Vinit (CFO)
for the current year we will uh we will have a in the range bound of about 2 and a half to 3%. So that's going to be there as it was in the last year.
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| EBITDA drag from new businesses 2.5% to 3% | 2.5% | 41.7% | Understated vs filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.