Market share stagnation in cash segment
Cash equity market share declined 117 bps QoQ, partly due to March volatility; management expects a bounce-back but trend bears watching.
ANGELONE / Q4-FY26 / risks
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Material risks this quarter
medium
Regulatory tightening on bank capital market exposures
Recent RBI directions may tighten intraday credit availability, though management expects limited impact due to diversified funding.
One-time goodwill reimbursement of ₹192 million
A technical issue at a market infrastructure intermediary led to a one-time client reimbursement; recovery from the intermediary is uncertain.
Elevated borrowings on balance sheet
Borrowings increased due to client funding book growth and temporary liquidity arrangements; though manageable, it adds financial leverage risk.