Market share stagnation in cash segment
Cash equity market share declined 117 bps QoQ, partly due to March volatility; management expects a bounce-back but trend bears watching.
medium · analyst_question
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
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Risk Intelligence
Material risks this quarter
Concise cards keep the risk register scannable while preserving evidence-level context in the underlying quarter data.
Risks
Regulatory tightening on bank capital market exposures
Recent RBI directions may tighten intraday credit availability, though management expects limited impact due to diversified funding.
medium · management_commentaryOne-time goodwill reimbursement of ₹192 million
A technical issue at a market infrastructure intermediary led to a one-time client reimbursement; recovery from the intermediary is uncertain.
low · management_commentaryElevated borrowings on balance sheet
Borrowings increased due to client funding book growth and temporary liquidity arrangements; though manageable, it adds financial leverage risk.
low · data_observation