ANGELONE / Q2-FY26 / 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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PositiveQ2-FY26 · 2025-10-23Back to quarter ↗

Questions audited

Answered directly

50%

Numeric claims

Consistency

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Question ledger

What was answered, and how?

P Shell · Motal

partial

Cash segment realization dip and pricing action outlook.

the pricing change really is to bring things uh you know make things simpler. uh what we've done is that across both delivery as well as intraday we have uh made it uh 0.1% with max of 20 and min of five

P Shell · Motal

declined

Breakup of distribution income into credit, wealth, etc.

today the way we don't break out that income the way you should look at those businesses is look at aum as well as dispersers that's the best way to follow those businesses.

P Shell · Motal

direct

MTF book realization vs cash delivery.

So right now we are charging uh the same uh uh price broking commission that we charge for cash delivery where there is no MTF that people avail. It's the same.

P Shell · Motal

direct

Burn rate of new businesses.

the burn remains in that uh range of about 100 crores annual um for the uh two uh new businesses that we are incubating the asset management and the wealth management business.

Nesh · Invest

direct

OPM guidance of 40%+ by Q4 FY26 still valid?

yes we continue to have the same guidance at exit uh we we want to be at 40 to 45% OPM and uh we are well on our way uh to that path

Nesh · Invest

partial

Wealth management overlap with existing Angel One clients.

the current ecosystem of individual one also uh we are actually uh going to offer web solutions through both uh fractionalized products and also through uh platform services that we provide. So there is a lot of work happening in terms of harmonizing the throughput

Nesh · Invest

evasive

Comparison with peer's lower cost structure.

different companies are built very differently and we take a very long-term approach to it. We are built in a different way and so it won't be appropriate to compare uh different metrics.

Sankit Kora · Aendis Park

direct

Divergence between MTF book growth and interest income growth.

while the MTF book has grown by almost 26% there has been a uh growth of just about uh uh 6 and a half% for the uh interest income and that's primarily because uh almost 45% of the total income that we earn comprises of uh the interest that we earn from fixed deposits

Sankit Kora · Aendis Park

partial

Orders per day trajectory to reach 6.8-6.9 million by Q4.

if you look at that in September that has gone to 58 lakhs 5.8 um uh million orders a day. So that has been a very healthy growth... we think it'll uh you know we we'll continue to get the kind of revenue growth we are thinking

Sankit Kora · Aendis Park

declined

Sensitivity analysis if weekly expiries are reduced.

I think there's a lot of speculation uh in this area. So it's best for us to not add to that and talk about it because we don't know you know uh what is going to happen

Moit Surana · HDSCMC

declined

Breakup of MTF book by acquisition channel.

Mo, we don't give out that number. uh um and u I mean honestly it doesn't matter because uh for us both the clients give us similar uh uh um interest so it doesn't really matter

So Sharma · HDFC Securities

partial

Customer acquisition cost trends and strategy.

on CAC uh you know it's mostly flat to slightly down perhaps but you know these these things just think of it as as really flat.