ANGELONE / Q1-FY27 / claim-ledger

Audit the questions that mattered.

Angel One · Analyst questions, management answers, and the quality of the response where the ledger is available.

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PositiveQ1-FY27 · 2026-07-18Back to quarter ↗

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contradicted

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Prain · Motil Os Financial Services Limited

partial

Why has credit disbursal been declining from Rs 710 cr to Rs 530 cr despite strong industry growth, and what are brokerage volume expectations?

Credit: Year over year there's 130% increase. Dispersals driven by customer sentiment, lender pricing, and customer experience. We continue to work with lending partners to improve conversion. Long-term thesis remains unchanged. Brokerage: We've seen 15 days of July, too early to think about anything. Nothing fundamental has changed about India.

Swarm Mukharji · 361 Capital

partial

What are July broking volumes, RBI circular impact on margin funding, employee count trends, and is CAC per-customer or total cost?

First 15 days - we don't comment on them in the middle of the quarter. Not seeing any liquidity issue on funding. Employee cost: for last financial year we were at about 11 billion rupees for the entire year including stock options; my sense is we will be in that similar range this year. CAC: it was at a total acquisition cost level, not unit cost.

Nirjnal · UPS

direct

Will the 45-50% margin guidance and distribution momentum outlook change given current market conditions?

No change in that guidance. You can see quarter over quarter we've been actually doing that. We always talk about standalone margin but overall consolidated margins have been fairly healthy. The 45 to 50% margin guidance remains intact. On distribution, there's definite seasonality especially in insurance. On lending, we are at a very small base so you will see it rise from there.

Mid chain · Investor

partial

What is the wealth management revenue and cost contribution, and what is the AP channel count?

Revenue right now we are not disclosing any revenue for the wealth management or the AMC business separately. Cost is in line with our plans for this year. As far as operating margin decrement is concerned, it's about 4% for both the AMC and the wealth businesses put together. Count of AP should be around 9,800 at this point.

Pavan Kumar · Edel's Public Meetings

partial

What caused the cash realization increase to Rs 19, employee reduction from 4139 to 3300, and loan distribution partner updates?

On employee count we don't break out specifically in different functions but we continue to become more efficient. Cash realization: two major factors - change in ticket sizes (>20k vs <20k orders) giving different mix, and on assisted side we have a value-added plan that gets better cash realization doing extremely well. On PL: we work with seven lenders right now across banks and large NBFCs with a couple of fintechs added over last 2-3 quarters.

Deepak Lalwani · Unifi Capital

partial

Is the client acquisition slowdown deliberate or market-driven, and what is the absolute cost burn quantum for new ventures?

Client acquisition moderation is not deliberate - during IPL time activity is high, client acquisition cost tends to creep up but comes back down. IPL costs are branding costs, not acquisition costs. On wealth cost: it's about 4% for both AMC and wealth businesses for this quarter. Overall we will be in the range of about 3-3.5% for the financial year. Break-even in about 3-4 years.

Subhash · Customer/Investor

evasive

Why does Angel One have a restricted basket for stocks that other brokers don't have, causing customers to leave?

We have our own risk policies based on which we decide. I can speak more to you offline. We are continuously reviewing all the securities and rules. Please write to me at ceo@angel1.in and I'll personally look into it.