ANGELONE / Q3-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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PositiveQ3-FY26 · 2026-01-15Back to quarter ↗

Questions audited

12

Answered directly

42%

Numeric claims

0

Consistency

Question ledger

What was answered, and how?

Pesh Chan · Modila Losal Financial Services Limited

partial

Why is the gap between standalone and consolidated financials increasing?

there is a burn of incubating the newer businesses the asset management and the wealth management businesses which is in the range of about 3 three and a half% of the operating margin and that's the gap

Pesh Chan · Modila Losal Financial Services Limited

evasive

How is AMC AUM scaling vs targets and client profile?

these are long gestation businesses. So we don't think we should start viewing them in one or two years. Overall very pleased with how the folios and the aum has been growing

Pesh Chan · Modila Losal Financial Services Limited

partial

What is the AP channel productivity and size in distribution businesses?

We don't right now give any split of the distribution income between the direct and the assisted business. But overall it will be in that same ballpark of the broking business which is roughly 75 is to 25.

Nadesh · Invest

direct

Is the increased pricing per order the new normal?

we are operating at a fairly healthy margin. we focused on building a great product and serving our customers. So there's no thought on more pricing changes.

Nadesh · Invest

partial

What is the opex growth trajectory over 2-3 years?

a large part of our opex is driven by the customer acquisitions that we do. we continue to guide our stakeholders about operating margin of about 45% 40 to 45% for the broking business which we will continue to endeavor to obtain.

Nadesh · Invest

evasive

How many HNI clients and operating model for wealth management?

the wealth businesses is just beginning to scale and ensuring that more and more products are provided on the platform. Only this year we are now looking to integrate a wealth platform into our super app and as more numbers emerge we will come back to you with more information at a later time.

San Ga · Aventes Park

evasive

Why is AP contribution stagnant despite client additions?

overall both the businesses direct as well as AP businesses are fairly vibrant both of them we are investing in. So we continue to be excited about both the businesses but we don't break out these specifics.

San Ga · Aventes Park

direct

Why did finance cost increase and will it persist?

a majority of it is due to the regulation which came into effect from 1st of October for the industry wherein the upstream of client funds is required but as I mentioned this is something which is transient it's not a permanent feature so hopefully by sometime during the quarter we'll have a solution in place

Gotham Jed · GCJ Financial

partial

Has the revenue per order fully factored in the price hike?

the pricing change that we had made actually went into effect middle of the quarter. So some impact you saw of that also but there are multiple factors going on this and a lot of it depends on the mix of orders as well. So it can change some quarter to quarter.

Dvanchan · Finch Finvest

evasive

Why did commodity turnover market share drop from 65% to 53%?

there is a tremendous growth in the commodity market and the market is expanding. So what you're seeing is that the PI is expanding quite rapidly and even above 50% that's a very very healthy market share.

Watsel Nagalier · Astra Mind Capital

evasive

Is there a gap in strategy vs a faster-growing competitor?

we've been a player who's been around for more than 30 years. we really stay focused on what we are doing. There isn't any gap in the strategy or anything. I think we are slightly different businesses.

Deepan Go · City Group

direct

Will you consider lowering MTF pricing due to competition?

we've kept the pricing fairly simple and we think we are at the right pricing point in it and don't need to actually look at it much. We've been growing the book quite well.