ANGELONE / Q4-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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PositiveQ4-FY26 · 2026-04-21Back to quarter ↗

Questions audited

12

Answered directly

33%

Numeric claims

1

Consistency

contradicted

Question ledger

What was answered, and how?

Sarna Mukharji · BNK Securities

partial

Why are active clients static despite higher orders?

on the N activives like you rightly said it's a 12 month metric. So there's a lot that goes in in terms of sort of what was happening 12 months back which reflects potentially in the number that you see today.

Sarna Mukharji · BNK Securities

evasive

Will monthly active users trend with industry?

I think we have uh we we don't guide on the monthly active users uh Swarma but we are continuing to add you know what we do disclose is that we are continuing to add new users.

Sarna Mukharji · BNK Securities

partial

How to model employee cost and ESOP for FY27?

we will likely be within the same uh range of the FI 2026 number which is about 11 billion rupees including the ESOP cost. ESOP numbers are being finalized as we speak.

Swati Gupta · Hillfort Capital

evasive

Why is growth not correlating with marketing spend?

the branding one you have to take a very long-term view on that... the last year has been very interesting right I mean and we have shown growth through that year and we had guided that look we'll get to a certain OPM and and and we are there

PJ Chen · Motil Oswell Financial Services Limited

partial

Can the 19.2 cr one-time hit be recovered?

Angel encountered a technical issue originating at the MI level which le led to an abnormal training environment for our clients... We are continuing to work with the MI uh on on on this and uh and looking to resolve it.

PJ Chen · Motil Oswell Financial Services Limited

partial

Will AI investments increase opex and offset savings?

we are definitely increasing our our investments in AI but in a very measured and sustainable way... each of these efficiencies you know initially there may be a higher cost to it and over a period of time it starts giving more leverage

PJ Chen · Motil Oswell Financial Services Limited

evasive

What is the margin exit rate guidance for FY27?

Look I don't want to give you a specific number on it but what I tell you is that... you can expect margin expansion.

PJ Chen · Motil Oswell Financial Services Limited

evasive

Why did cash segment realizations drop this quarter?

I think it it uh you know uh it depends on you know what happens in terms of the uh in terms of the order ratios... March was quite uh quite a quite a difficult uh month... So I won't read too much into it.

Sankrit Koda · Eve Despa

partial

Has employee count declined meaningfully?

there is a marginal decline in the employee count uh quarter on quarter and as we go along uh we will continue to optimize on that.

Sankrit Koda · Eve Despa

direct

Why is market share stagnating across segments?

when you look at the FNO premium market share quarter over quarter we have grown by 51 pips and year-over-year we have grown by 77 bips... overall equity market share... year over year we have grown 46 bips

Vive Raakushi · DSP Mutual Fund

evasive

Is the Q4 dip in credit volumes seasonal?

I don't think there is a seasonality. Uh last year also there was a dip. This year also there was a dip. I mean it is coincidental. There were some ecosystem challenges that we faced uh this quarter

Nidesh Jen · Mist

partial

What is the EBITDA drag from new initiatives and breakeven path?

for the current year we will uh we will have a in the range bound of about 2 and a half to 3%. So that's going to be there as it was in the last year.