Potential regulatory changes to F&O expiry structure
Analyst raised concern about SEBI potentially reducing weekly expiries, which could impact F&O broking revenues. Management declined to provide sensitivity analysis.
ANGELONE / Q2-FY26 / risks
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Angel one · Material risks, their source context, and severity in the latest available quarter.
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Risk intelligence
Material risks this quarter
high
Elevated customer acquisition costs
Customer acquisition costs have remained elevated for several quarters, pressuring near-term margins. Management expects stable to slightly declining costs but no specific timeline.
Revenue decline on a year-over-year basis
Gross revenues declined YoY due to the removal of turnover charge arbitrage and lower market activity. Management termed it a one-year aberration.
New business incubation costs
Wealth and AMC businesses are burning ~₹100Cr annually and will take years to turn profitable, weighing on consolidated margins.