{"id":181675,"date":"2026-04-21T13:23:35","date_gmt":"2026-04-21T17:23:35","guid":{"rendered":"https:\/\/alphastreet.com\/india\/angel-one-ltd-angelone-q3-2026-earnings-call-transcript\/"},"modified":"2026-04-21T13:33:41","modified_gmt":"2026-04-21T17:33:41","slug":"angel-one-ltd-angelone-q3-2026-earnings-call-transcript","status":"publish","type":"post","link":"https:\/\/alphastreet.com\/india\/angel-one-ltd-angelone-q3-2026-earnings-call-transcript\/","title":{"rendered":"Angel one ltd (ANGELONE) Q3 2026 Earnings Call Transcript"},"content":{"rendered":"

Note:<\/strong> This is a preliminary transcript and may contain inaccuracies. It will be updated with a final, fully-reviewed version soon.<\/em><\/p>\n

Angel one ltd (NSE: ANGELONE) Q3 2026 Earnings Call dated Jan. 16, 2026<\/span><\/strong><\/p>\n

Corporate Participants:<\/h2>\n

Hitul Gutka<\/strong> \u2014 Head of Investor Relations<\/em><\/p>\n

Dinesh Thakkar<\/strong> \u2014 Chairman and Managing Director<\/em><\/p>\n

Ambarish Kenghe<\/strong> \u2014 Group CEO & Whole Time Director<\/em><\/p>\n

Unidentified Speaker<\/strong><\/p>\n

Srikanth Subramanian<\/strong> \u2014 Chief Executive Officer<\/em><\/p>\n

Hemen Bhatia<\/strong> \u2014 Chief Executive Officer of Angel One Asset Management Company Limited<\/em><\/p>\n

Vineet Agrawal<\/strong> \u2014 Chief Financial Officer<\/em><\/p>\n

Nishant Jain<\/strong> \u2014 Chief Business Officer, Assisted Business<\/em><\/p>\n

Saurabh Agarwal<\/strong> \u2014 Chief Business Officer- New Business<\/em><\/p>\n

Analysts:<\/h2>\n

Prayesh Jain<\/strong> \u2014 Analyst<\/em><\/p>\n

Nitish Bhanushali<\/strong> \u2014 Analyst<\/em><\/p>\n

Sanketh Godha<\/strong> \u2014 Analyst<\/em><\/p>\n

Unidentified Participant<\/strong><\/p>\n

Raman KV<\/strong> \u2014 Analyst<\/em><\/p>\n

Unidentified Participant<\/strong><\/p>\n

Unidentified Participant<\/strong><\/p>\n

Unidentified Participant<\/strong><\/p>\n

Unidentified Participant<\/strong><\/p>\n

Unidentified Participant<\/strong><\/p>\n

Unidentified Participant<\/strong><\/p>\n

Presentation:<\/h2>\n

Operator<\/strong><\/p>\n

Ladies and gentlemen, good morning and welcome to the Q3FY26 earnings conference call hosted by Angel One Limited. This conference call may contain forward looking statements about the company which are based on the beliefs, opinions and expectations of the company as on date of this call. These statements are not the guarantees of future performance and involve risks and uncertainties that are difficult to predict. As a reminder, all participant lines will remain in the listen only mode and there will be an opportunity for you to ask questions after the presentation concludes.<\/p>\n

Should you need assistance during the conference call, please signal the operator by pressing Star then zero on your touch tone phone. I now hand the conference over to Mr. Hitul Gutka from Angel One Limited. Thank you. And over to you sir.<\/p>\n

Hitul Gutka<\/strong> \u2014 Head of Investor Relations<\/em><\/p>\n

Good morning and welcome everyone. Thank you for joining us Today to discuss Angel One’s Q3 FY26 financial and business performance. The recording of today’s earnings call and the transcript will be uploaded on our website under the Investor Relations section. The financial results, investor presentation and the press release are also available on the website for today’s call. Angel 1 is represented by the entire management of the company. We also have the senior leadership along with Dineshwai, Amrish, Vineet, Sourabh, Srikanth and Heman along with sga, our IR consultants.<\/p>\n

The leadership team will give us a brief overview of the operational and the financial performance of the quarter gone by which will be followed by a Q and A session. Please note that there may be certain forward looking statements during the course of call which must be viewed in aggregate with the risks that the company faces. With this brief introduction I now invite Mr. Dinesh Thakra for his opening remarks.<\/p>\n

Dinesh Thakkar<\/strong> \u2014 Chairman and Managing Director<\/em><\/p>\n

Thank you Etul. Good morning everyone and a very happy new Year to you all. Thank you for joining us today. As we look back on the quarter and step into 2026, India’s financialization journey continues to benefit from strong structural tailwinds, a young digital native population, exhilarating formalization and stable policy environment. These forces continue to reinforce our conviction in long term opportunity across investing, credit, wealth and protection. Our strategy is simple and deliberate.<\/p>\n

We are building a technology led financial service platform that that supports clients across every stage of their financial journey. This approach helps us to deepen, trust, enable scalable platform led monetization steadily expands clients lifetime value. We have entered new business lines at the right inflection points where digital platforms can meaningfully improve access, discovery and transparency, scale effectively and do so in a way that promotes fairness and and reduces bias. What further strengthens our long term outlook is the convergence of broader product suite and maturing client base.<\/p>\n

As clients progress through their financial life cycle, we see higher engagement, greater wallet share and monetization across multiple products. This creates a compounding growth engine while steadily improving unit economies. With this conviction, we continue to invest in expanding both our client base and our product offerings while also driving operational efficiency through disciplined execution and responsible use of AI. We are extremely mindful of the importance of cybersecurity and continue to invest in best in class processes, controls and governance frameworks.<\/p>\n

Trust is foundational to our client relationship and cyber resilience remains central to preserving the trust on regulation. We have always viewed a robust framework as an enabler of sustainable growth. As we shared earlier, activity levels are normalizing and margins are reverting back to historical trends. Our standalone operating margin is already at a hefty 43% reflecting the strength of our core business model. We expect further operating leverage as we continue to acquire new customers and deepen engagement by offering more products to our existing customer base.<\/p>\n

As we scale into broader financial ecosystem, we are also strengthening our leadership governance capabilities. In this context, I am pleased to welcome Ajit Sinha as our General Counsel. With over 24 years of experience including his tenure at national of Stock Exchange, this will further strengthen our legal, regulatory and compliance framework. The board has also approved our first interim dividend of rupees 23 per share and a stock split of 1 to 10. We remain focused on disciplined execution, responsible adoption of technology and keeping client outcome at center of everything we do.<\/p>\n

I will now hand it over to Amrish. Thank you.<\/p>\n

Ambarish Kenghe<\/strong> \u2014 Group CEO & Whole Time Director<\/em><\/p>\n

Thank you DT Good morning everyone. At Angel One, we believe enduring value is created by investing at the right time in technology, talent and new business lines. Over the last few years we have made deliberate investments across wealth, asset management and current the outcomes are clearly visible in our business metrics, yet we are just getting started. We operate with a beginner’s mindset. We are always at the beginning of something, focused on building what comes next and putting new opportunities in motion.<\/p>\n

As our existing vertical scale, we will continue to build new capabilities, sustaining a disciplined cycle of investment, monetization and earnings resilience. The mindset remains constant even as the environment around us evolves and we help shape it. Technology and AI are central to how we drive growth and efficiency. Previously we have talked about our support chatbot, AI generated email responses, etc. Beyond these use cases, a major focus area for us is institutionalizing AI across the organization.<\/p>\n

There are many things brewing internally on this front. This quarter we launched the beta of our In House Data Analyst Agent, an AI powered conversational analytics tool that enables teams to derive insights from complex data sets using natural language. For instance, queries like show me the monthly trend of revenues for top 10 cities from September to November which can then be followed up with more queries in a conversational style. In parallel, we are adopting agentic AI across our software development life cycle to accelerate engineering velocity.<\/p>\n

For example, we have been using top of the line tools to generate source code. Together these initiatives reduce decision and execution latency, improve productivity and enhance operating efficiency<\/p>\n

Unidentified Speaker<\/strong><\/p>\n

Allowing<\/p>\n

Ambarish Kenghe<\/strong> \u2014 Group CEO & Whole Time Director<\/em><\/p>\n

Us to stay ahead of the curve. But this is not just about efficiencies and velocity.<\/p>\n

Unidentified Speaker<\/strong><\/p>\n

We<\/p>\n

Ambarish Kenghe<\/strong> \u2014 Group CEO & Whole Time Director<\/em><\/p>\n

Believe AI will help us build fundamentally better products. Turning to broking, we are seeing early signs of recovery in line with what we had guided. Our average daily orders have been improving consistently from a low of 4.9 million orders in February to post the FNO regulatory changes to an average of 6.2 million in Q3 FY26. We have always maintained that regulatory changes strengthen market structures and support long term participation. We continue to welcome the regulators proactive, progressive and consultative approach.<\/p>\n

Our franchise across direct and assisted channels remains resilient. Our tech enabled assisted business provides a strategic advantage through a Pan India network of over 10,000 APs and over 11,000 MFDs offering deeper connect. We sustained a 20.4% overall retail equity turnover market share and strengthened our demat market share to 16.5%. In commodities, Q3 marked our highest ever orders and ADTU at 35 million and rupees 1.7 trillion respectively higher by 21% and 43% quarter over quarter year over year it is a gain of 53% and 169% respectively.<\/p>\n

Our client funding book grew 10.4% sequentially to 58.6 billion billion rupees reflecting rising client confidence and deeper wallet share. Our emerging businesses continue to show promising traction. Strong mutual fundship registrations and robust credit growth highlight improving engagement across the platform. Credit disbursements reached rupees 7.1 billion during the quarter, growing 56% quarter over quarter translating into an annual run rate of rupees 28 billion. These businesses are designed to mature over time, solving client needs and driving sustainable monetization.<\/p>\n

Despite a year of regulatory changes and softer market conditions. Our standalone EBITDA margin comprising broking and distribution improved to 43% this quarter, underscoring the strength of our operating model. Wealth management continues to gain momentum with Ioniq’s AUM crossing rupees 82 billion while our asset management business scales steadily with AUM at Rupees 4.7 billion. As we expand into a broader financial ecosystem, we are continuing to strengthen our leadership and governance. I am delighted to welcome Ajit Sinha as our General Counsel, bringing over 24 years of experience, including most recently at the National Stock Exchange.<\/p>\n

To conclude, we are building angel one as a full stack Omnichannel AI native financial services platform. Compounding through technology, trust and disciplined execution. The foundations are strong, our engines are scaling and the opportunity ahead remains compelling. With that, I will now hand it over to Sourabh to walk you through the emerging growth verticals.<\/p>\n

Hitul Gutka<\/strong> \u2014 Head of Investor Relations<\/em><\/p>\n

Good morning everyone and thank you for joining us. Our emerging businesses continue to make steady and meaningful progress with credit evolving into a key strategic growth engine. During the quarter we scaled disbursements to 7.1 billion rupees supported by stronger demand, deeper partner engagement and improving execution across the platform. What’s compelling is how early we still are. Only a small fraction of our client base currently accesses credit through us, despite the fact that our base already takes over one trillion rupees of personal loans annually from the broader market.<\/p>\n

The embedded opportunity within our ecosystem alone, therefore, even before considering secured categories is quite substantial. The strength of our customer base combined with more disciplined industry environment and clearer regulatory framework has increased partner confidence and capital deployment on our platform. We are deliberately building this business as a long term platform play and not just a short term distribution play. Our investments are focused on deeper data loops, stable, stronger intelligence and more robust operating frameworks that help partners underwrite more precisely, operate more efficiently and manage outcomes more predictably.<\/p>\n

This creates durable partner value and positions us to capture attractive economics. Over time. We will continue to scale with discipline, but our strategic intent is clear to build one of the most trusted high performance credit platforms in the country. With strong unit economics and defensible differentiation on mutual funds, we remain well positioned as a mutual fund friendly platform maintaining our presence and share in the SIP market. With 2.3 million unique SIPs registered during the quarter, overall AUM has grown to Rupees 171 billion.<\/p>\n

Adoption continues to expand meaningfully beyond Metros as well, reinforcing the long term structural growth of the category of the 3 million clients who have invested in mutual funds on our platform more than 38% began their overall investment journey with mutual funds only demonstrating that MF is not just an engagement driver but also a powerful customer activation engine. A significant portion of these clients subsequently deepened their relationship with us through broking, reinforcing MF as a strong monetization lever also.<\/p>\n

Our focus hence is clear expand reach, deepen engagement and build these businesses into durable franchisees that compound long term value. While we remain excited about the opportunity, we’ll continue to scale with discipline rather than optimize for short term growth. With that, I’ll hand it over to Srikanth to walk you through the wealth business. Thank you.<\/p>\n

Srikanth Subramanian<\/strong> \u2014 Chief Executive Officer<\/em><\/p>\n

Thank you Saurabh Good morning everyone and thank you for joining us. Let me begin with the broader context. 2025 was one of the most challenging years for investors, not because markets moved in any one direction, but because every asset class behaved differently. We saw significant global volatility with returns being driven by focusing on asset allocation and not from betting on a single market or theme. In that sense, 2025 truly stood out as the year of asset allocation. Adding to that, wealth management in India emerged as one of the most active sectors.<\/p>\n

It drew strong interest from established and new age companies, attracting significant fresh capital and demand for talent pool across domain and technology. Coming specifically to Ioniq. Excited to share that Today we manage 8217 crores in AUM, which is a 34% Q1Q growth. We service the needs of 1600 plus clients across densities. This scale reflects how we have doubled down on our omnichannel proposition, combining technology with deep domain expertise to make sophisticated strategies accessible to emerging HNIs, HNIs and ultra HNIs.<\/p>\n

Throughout this year, research and domain expertise held us in good stead through market volatility. Several of our research led views across commodities, global markets and new emerging areas played out well. This consistency translated into higher client confidence. We saw deepening of wallet share within existing relationships alongside the acquisition of new clients. Building a wealth practice requires managing significant assets under management and at sustainable margins and that remains our core philosophy.<\/p>\n

Our investments in technology have demonstrated improving productivity while bringing down operating costs. For example, today 37% of our code base is AI generated, allowing faster build cycles and iterations. With digital quotient as a key strategic pillar, we actively experiment with new use cases, especially in artificial intelligence. Our recent initiatives include an AI avatar, automated portfolio, weekly wrap, AI generated mutual fund summaries and automated meeting notes that enhance client engagement for RMs while providing portfolio and market insights to our clients.<\/p>\n

One of the outcomes of this approach is our portfolio assessment feature on the Ionic app, which gives investors deep analysis and a holistic view of their portfolio. Over 10,000 crores of portfolio value have been analyzed by investors via a digital platform. Our focus in the coming year will be to double down on our early omnichannel successes while we actively engage to activate Angel One’s HNI investor base with portfolio management being digitally facilitated through Ionic. Finally, on the investment side, asset allocation remains the core theme for 2026 as well as with a positive outlook on precious metal, select emerging markets and commodities supported by global liquidity and a potentially supportive central bank, disciplined diversification and execution remain key to capital appreciation.<\/p>\n

With this, I’ll pass it on to Heming.<\/p>\n

Hemen Bhatia<\/strong> \u2014 Chief Executive Officer of Angel One Asset Management Company Limited<\/em><\/p>\n

Thank you Srikanth Good morning everyone. India’s relationship with mutual fund is still at an early stage, especially when seen against the scale of household savings and rising incomes. This creates a large long term opportunity with passive investing set to play a bigger role as investors increasingly seek simplicity, transparency and cost efficiency. At angel one amc, our growth strategy is anchored around expanding our product suite and investing in investor education to drive informed adoption.<\/p>\n

As savings grow, passive products naturally find a more permanent place in investor portfolios and our focus is to make this transition simple and well understood. During the quarter we strengthened our passive lineup with the launch of two new offerings, the Angel One Nifty Total Market Momentum Quality 50 Index and an ETF version as well which are the industry first smart beta offerings on Nifty Total Market Index. With this, our passive portfolio now now spans nine schemes across asset classes offering investors broad choice through transparency and low cost structures.<\/p>\n

We continue to see encouraging traction across key metrics. Our AUM stands at Rs 4.7 billion spread across 1.9 lakh folios in over 16.9 thousand pin codes reflecting deeper engagement and growing adoption across Bharat. Education remains central to our approach. Through digital content, vernacular communication and platform led engagement, we are simplifying passive investing and helping investors build long term wealth with confidence. To expand reach, we are leveraging our strong captive distribution network along with third party online and offline distribution channels.<\/p>\n

As we look ahead, we remain focused on building a scalable education led passive franchise that compounds steadily over time. With that, I now hand it over to Vineeth to walk you through the financial performance for the quarter.<\/p>\n

Vineet Agrawal<\/strong> \u2014 Chief Financial Officer<\/em><\/p>\n

Thank you Amin. Good morning everyone. As mentioned earlier by both Dinesh Bhai and Amrish, I am pleased to share that in the third quarter we saw clear signs of recovery with meaningful improvements across both operational execution and Financial performance Despite three fewer traffic trading days in the quarter we delivered sequential improvement across both operating and financial metrics. Total gross income increased 11.1% quarter on quarter to approximately rupees 13.4 billion while total net income grew 9.3% sequentially to rupees 10.3 billion.<\/p>\n

Importantly, this growth was driven by multiple revenue streams reflecting in improving quality of earnings. One of the key structural themes this quarter continues to be the diversification of our revenue mix. The share of gross booking income declined to 58.1% in Quarter 3 FY 2026 from 64.7% in Quarter 3 of FY 2025. Share of interest income including income from our client funding book and interest earned on deposits with clearing corporations increased to 33% up from 27.6% in the year ago. In addition, supported by strong growth in our credit distribution business and a healthy IPO environment, the contribution of distribution income increased to 4.3% in quarter three from 2.4% in quarter three of FY 2025.<\/p>\n

We view this growth as volume led and largely non cyclical given our expanding client base and product penetration. The remaining income was contributed by depository operations and other services within broking revenues. The share of FNO declined to 44.3% of the total gross income compared to 52.5% in quarter three of FY 2025. This reflects a deliberate shift towards a more balanced and less volatile revenue profile rather than any loss of competitiveness at this point. At the same time, we witnessed strong momentum in the commodities segment where gross broking income grew 46.2% year on year to Rupees 821 million, contributing 6.1% to the total gross income compared to 4.4 in the same period last year.<\/p>\n

Turning to income interest income sustainability, our average client funding book reached a new high of 58.6 billion up 10.4% sequentially. This growth remains well within our internal risk thresholds supported by adequate LTVs and robust monitoring framework along with higher fixed deposits placed with the clearing corporations. This resulted in 16.2% quarter on quarter growth in interest income to rupees 4.4 billion. Finance costs remain increased 36.4% sequentially to rupees 1.3 billion primarily due to higher borrowings on account of regulatory change requiring the upstreaming of client cash margins under MTF trades as well as growth in the average client funding book.<\/p>\n

I would like to clarify that the elevated borrowings relating to this upstreaming activity are temporary and timing Related and we do not expect this to have a lasting impact on our structural cost of funds. On net basis, the impact of cost of upstreaming funds on the EBDAT is rupees 70 million. For the quarter, finance cost has increased by rupees 300 million with an increase in interest ton from the deposits by about 230 million. On the Opex front, we continue to exercise strong discipline. Employee expenses including ESOP costs remain stable at rupees 2.7 billion even after accounting for a one time impact of the new labor reforms of rupees 38.6 million for past service period up to September 2025.<\/p>\n

Other operating expenses increased modestly by 2% quarter on quarter to rupees 3.5 billion largely driven by higher client acquisition which we view as discretionary and variable in nature. As a result, our reported EBITDAT margin expanded to 39.4% in Quarter 3 FY 2026, a sequential improvement of 489 basis points. Despite ongoing investments in incubating newer businesses. This reinforces our confidence in the operating leverage inherent in the model. Reported profit after tax increased by 26.9% quarter on quarter to rupees 2.7 billion reflecting both revenue diversification and cost discipline.<\/p>\n

Finally, on the balance sheet, the period end client funding book remains stable at 50.59.2 billion rupees. Borrowings increased to 59.7 billion rupees while net worth strengthened to 61.5 billion rupees. As of December 31, 2025. Cash and cash equivalents remained healthy at rupees 135.8 billion rupees. Supported by higher client balances. We continue to maintain strong liquidity buffers and conservative leverage, providing flexibility to support growth while managing regulatory changes. That concludes my opening remarks.<\/p>\n

We will now be happy to take your questions. Thank you.<\/p>\n

Questions and Answers:<\/h2>\n

Operator<\/strong><\/p>\n

Thank you. Ladies and gentlemen, we will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on the Touchstone telephone. If you wish to remove yourself from the question queue, you may press star and 2. Participants are requested to use their handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. We take the first question from the line of Prayesh Jain from Motilal OSWAL Financial Services Ltd.<\/p>\n

Please go ahead.<\/p>\n

Prayesh Jain<\/strong><\/p>\n

Yeah. Hi everyone. Congratulations on good trade up numbers. Firstly, a very bookkeeping question. You have kind of presented two types of financials in your presentation. One is the consolidated financial performance and then you’ve given Broking and distribution, which is like MF plus credit business. So the gap between the two accounts for what?<\/p>\n

Vineet Agrawal<\/strong><\/p>\n

Yeah, thank you presh. So the distribution plus MF and credit distribution plus broking constant, the standalone financials and the other one is the consolidated financials.<\/p>\n

Prayesh Jain<\/strong><\/p>\n

So the wealth management would be. Wealth management would be part<\/p>\n

Vineet Agrawal<\/strong><\/p>\n

Of the consolidated financials in this standalone, it includes broking, distribution of credit and MF only.<\/p>\n

Prayesh Jain<\/strong><\/p>\n

Because why I’m asking that is if I look at the gap between the two financials that you’ve reported, revenue profile is, you know, not changed materially. In fact, it’s kind of weakened in the last couple of quarters. But the cost or the EBITDA loss of the GAAP is kind of increasing every quarter, so. And even on the PAC front it’s kind of increasing. So what explains that?<\/p>\n

Vineet Agrawal<\/strong><\/p>\n

Yeah, so as we have been mentioning in the past, 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%, 3.5% of the operating margin. And that’s the gap.<\/p>\n

Prayesh Jain<\/strong><\/p>\n

But Vinny, then the revenue profile should have increased significantly, right? The kind of scale up we’ve seen on the wealth management aum, the gap right now in the body you’ve shown on the two charts, the revenue gap is hardly, it’s not changing at all. In fact it’s just about 20 crores for the past two or three quarters.<\/p>\n

Vineet Agrawal<\/strong><\/p>\n

As you would be aware, while the AUM continues to build up, there is a lag in the revenue realization because of the regulations where you cannot realize a revenue on the movement of the AUM up to a certain point in time. So there will be some lag in the revenue realization from this aum, especially on the wealth side which will show up in the coming quarters.<\/p>\n

Prayesh Jain<\/strong><\/p>\n

Okay, a more strategic question on the amc, you know, when you, when you would have started the amc you would have certain targets in your mind with respect to scale up of the AUM and everything. How are we performing against it? And you know, where do you see this scaling up? You know, in spite of launching a few schemes, our AUMs have not scaled up the existing clients that we have on the AMC front, whether those are largely our own clients or how is the profile? And do you see a significant scale up year in the anywhere, anytime in the next couple of years?<\/p>\n

Ambarish Kenghe<\/strong><\/p>\n

Look, I think this is ambarish. 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 but Hemin maybe you can give just specifics on the folios and aums again so that that becomes clearer.<\/p>\n

Hemen Bhatia<\/strong><\/p>\n

Yeah. Thanks AK So yes see idea is to build a strong education led passive AMC as you would know. See mutual fund is a long gestation business and it takes time to build the scale, create a brand, build a scale and then leverage onto what we build. So currently we are very happy with the number of clients who have started participating in our ETFs and index funds. It is growing at a very very a steady pace and we’ve seen that once the clients grow basically over a period of time, you start seeing that in slowly and steadily in AUM as well.<\/p>\n

So that’s how it is.<\/p>\n

Prayesh Jain<\/strong><\/p>\n

Got that. Just last question. Any color on the AP channels, productivity on the distribution side, whether it’s mutual fund insurance, credit, what is the kind of AP channel size in terms of these businesses? While you know largely I think on the broking side we understand and we can do some reverse workings with respect to the broking side but on with respect to mutual fund scale up which is ideally I would presume that that’s more on the distributor route so you would be earning income out of it.<\/p>\n

So what kind of size we have been able to reach on mutual fund as well as insurance and credit there.<\/p>\n

Vineet Agrawal<\/strong><\/p>\n

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. For now you can can take that and as we go along we’ll start giving more information in the following quarters.<\/p>\n

Prayesh Jain<\/strong><\/p>\n

Got that. Thank you and all of us.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Ladies and gentlemen, in the interest of time and fairness to others we request you to restrict to two questions per participant and rejoin the question queue. We take the next question from the line of nitesh from Investec. Please go ahead.<\/p>\n

Nitish Bhanushali<\/strong><\/p>\n

Thanks for the opportunity. First question is on pricing per order. So that has increased in this quarter on a Q on Q basis. Last quarter I think we have taken a price hike so it is now a new normal or you see further increase in pricing per order going forward.<\/p>\n

Ambarish Kenghe<\/strong><\/p>\n

Look we as all of us have said we are operating at a fairly healthy margin. We are focused on building a great product and serving our customers customers. So there’s no thought on more pricing changes.<\/p>\n

Nitish Bhanushali<\/strong><\/p>\n

Secondly, on the OPEX how should we build trajectory from a two to three year perspective? We have seen pretty good growth in OPEX over last three to four years. But how are you planning from a next let’s say three year perspective? Do you still see that OPEX growth will be lower than revenue growth or it can be similar to revenue growth going forward.<\/p>\n

Vineet Agrawal<\/strong><\/p>\n

So Nitesh, a large part of our OPEX is driven by the customer acquisitions that we do so that we are quite beyond about it. We are very focused on that. Other than that, I think 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. So that should be the guiding principle for any future projections.<\/p>\n

Nitish Bhanushali<\/strong><\/p>\n

And lastly on the wealth management, how many clients that Angel1 has which will qualify in the HNI category and what will be the operating model in that segment?<\/p>\n

Nishant Jain<\/strong><\/p>\n

Yeah, hi. So nitesh on that? Well we are still working on those because right now as you know that the wealth businesses is just beginning to scale and ensuring that more and more products are provided on the on the platform. There is a digital platform that the wealth has themselves built only this year. We are now looking to integrate wealth platform into our super app and as more numbers emerge we will come back to you with more information at a later time.<\/p>\n

Nitish Bhanushali<\/strong><\/p>\n

Sure. Thank you. That’s it from my side.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. We take the next question from the line of Sankesh Goda from Evan Despar, please go ahead.<\/p>\n

Sanketh Godha<\/strong><\/p>\n

Yeah, thanks for the opportunity. My first question is on the gross booking income mix. Honestly if you see last 8\/4 data largely the authorized person contribution remains in the range of 41, 42 percentage despite adding so many number of clients, the direct customers contribution significantly did not change in last eight odd quarters. So just wanted to understand is our reliance on authorized person to deliver the growth has increased off late and there is a slowdown in the traction in the direct guys.<\/p>\n

That’s point number one. And the second thing related to that thing only two things which I wanted to check was that you used to disclose EBITDA margins of AP channel and direct channel separately in the past. If you can reshare that number that would be useful to just to understand the color of the profitability and large and related to this authorized person only if you can give a color on how the margin trade funding book works it is skewed towards AP customers or more modes skewed towards direct customers.<\/p>\n

That’s the thing which I wanted to check.<\/p>\n

Ambarish Kenghe<\/strong><\/p>\n

Look many of these things we don’t break out. Thanks so much for your question Sanket. 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.<\/p>\n

Sanketh Godha<\/strong><\/p>\n

Yeah, the reason, sir, I’m asking this question is that because if the offering delivery need to play out very strongly in the company, I was under the impression that the direct growth should be much stronger because it trickles down directly to the bottom line and there is a kind of stagnation in the gross booking income between authorized person and direct. So that’s the reason I wanted to check on that particular point.<\/p>\n

Ambarish Kenghe<\/strong><\/p>\n

Look, we are investing in both the channels and the split is remaining quite similar. The beauty of the assisted channel is that when you look at the long tail, when you start looking at tier two, tier three and beyond, you get really good growth from there. And as we are expanding, I think both these channels remain fairly important for us.<\/p>\n

Sanketh Godha<\/strong><\/p>\n

Okay, sir, understood. And last one. Vinit, you probably missed on your opening remark, the finance cost went up in the current quarter. I just wanted to understand. It’s largely because of the regulatory reasons, because of the upstreaming or there was something else.<\/p>\n

Vineet Agrawal<\/strong><\/p>\n

So one is of course our client funding book has also grown. So some part of that is attributable to the growth in the client funding book. But a majority of it, as I mentioned in my opening remarks, 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 the sometime during the quarter we’ll have a solution in place.<\/p>\n

Sanketh Godha<\/strong><\/p>\n

Okay, but the current run rate will continue. Is it fair to assume or you will have a resolution to that.<\/p>\n

Vineet Agrawal<\/strong><\/p>\n

For some period during the quarter it will continue, but hopefully by the end of the quarter we’ll have a more realistic number which is going to be lower.<\/p>\n

Sanketh Godha<\/strong><\/p>\n

Understood. Thanks. Thanks for the answers.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. We take the next question from the line of Gautam Jed from GCJ Financial. Please go ahead.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Good morning sir. Congratulations for very good numbers. Hello.<\/p>\n

Ambarish Kenghe<\/strong><\/p>\n

Thank you so much. Why don’t you go ahead with your question? Gautam.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

We have seen that no, the revenue per order in this quarter has gone up. So is it fully factored in or we can see further rise in revenue per order going forward? I mean whatever hike we have taken is completed. The full impact has come in the quarter or we can see further rise in order revenue.<\/p>\n

Ambarish Kenghe<\/strong><\/p>\n

Gautam, thanks for the question. And there are multiple factors that go into it. There’s A mix of orders. I think you’ve referred to a little bit about the pricing change we made. The pricing change that we had made actually went into effect middle of the quarter. So some, 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.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay, thank you so<\/p>\n

Operator<\/strong><\/p>\n

Much. Thank you. We take the next question from the line of Raman KV from Sequent Investment. Please go ahead.<\/p>\n

Raman KV<\/strong><\/p>\n

Hello sir, can you hear me?<\/p>\n

Ambarish Kenghe<\/strong><\/p>\n

Yes, please go ahead.<\/p>\n

Raman KV<\/strong><\/p>\n

Hello?<\/p>\n

Ambarish Kenghe<\/strong><\/p>\n

Yes Raman, please go ahead.<\/p>\n

Raman KV<\/strong><\/p>\n

Yes, sir. Sir, I just want to understand your credit disbursement business. Does this business include your insurance business as well?<\/p>\n

Vineet Agrawal<\/strong><\/p>\n

No, the credit distribution business is only for loan, distribution of loans, insurance distribution though we do that, but it’s a separate business.<\/p>\n

Raman KV<\/strong><\/p>\n

So from what I just want from the ppt, what I can read is the distribution business, revenue from distribution. Does that include your credit as well as insurance or only the credit disbursement distribution?<\/p>\n

Vineet Agrawal<\/strong><\/p>\n

So Raman, as per the regulatory guidelines, the insurance business can be done under a separate legal entity. It is done under Angel Financial Advisors which is a wholly owned subsidiary. And therefore the standalone numbers that you see which is broking plus distribution, MF and credit, that does not include the insurance distribution cost or the revenue that’s part of the consolidated numbers. As I mentioned, the distribution business for insurance for credit and MF and the broking is part of the standalone.<\/p>\n

That’s there on, in front of the presentation. Yeah,<\/p>\n

Raman KV<\/strong><\/p>\n

Understood sir. And so my last question is with respect to the asset management side. We have been launching index funds and etf. Is there a plan of launch pivoting to actively managed fund like a flexicap or a mid cap either company.<\/p>\n

Ambarish Kenghe<\/strong><\/p>\n

Thanks Raman for the question. We are very focused right now on the, on the passive side and you you may see actually more come on that side. But no, nothing to talk about on the active side.<\/p>\n

Raman KV<\/strong><\/p>\n

Okay, thank you sir.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. We take the next question from the line of Devanshardan from Fin Doc Finvest. Please go ahead.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Hi sir, thanks for the opportunity. My question is regarding the commodity turnover market share. In the recent business update that you have shared it has reduced from 65% in Q2 to 53%. So what led to this? And in the market share?<\/p>\n

Ambarish Kenghe<\/strong><\/p>\n

Yeah. Hi Devansh, thank you so much for your question. Look, I think I talked about this in my initial comments. Also when you look at let’s say quarter over quarter, just the number of orders went up by 21%. For us, the ADTO, if you look at it, that went up by 43%. This is the quarter over quarter. When you look at year over year, same numbers, orders went up by 53% and year over year, ADTO went up by 100%. So what is happening is that there is a tremendous growth in the commodity market and the market is expanding.<\/p>\n

So what you are seeing is that the pie is expanding quite rapidly and, you know, even, you know, above 50%, that’s a very, very healthy market share. So we, of course, you know, welcome. When the market’s expanding, we, you know, we are seeing the growth. So happy about the growth we are seeing in commodity commodities.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

So going ahead, sir, do you expect. The number to remain in the same. Range or like, where do you look?<\/p>\n

Ambarish Kenghe<\/strong><\/p>\n

I think, you know, overall, I do think that maybe the drop in the share that you’re seeing is definitely stabilizing. And we continue to see a lot of growth in commodities. So we are expecting, you know, again, it’s hard to predict the future growth specifically, but we do expect, expect more growth in commodities.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Regarding the better margins on the console level. So are you expecting it to remain in the same range only for next two to three years?<\/p>\n

Ambarish Kenghe<\/strong><\/p>\n

Our request would be that, in fact, which is why we sort of break that down, is that look at the standalone basis, because that is more that shows you the strength of the core business on the console level. Things can change depending on what investments we make. We want to continue to make investments in growth as and when opportunities arise. And therefore the console margins could change based on that. The guidance that we have given you should, on the standalone basis, I think that will continue to be there and I think we only see that business strengthening.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Thank you, sir.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. We take the next question from the line of Dipanchan Ghosh from Citigroup. Please go ahead.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Hi. Good. Please go ahead.<\/p>\n

Operator<\/strong><\/p>\n

Ladies and gentlemen, the participant has left the question queue. We will move on to the next question from the line of Vatsal Nagalye from Astra Mind Capital. Please go ahead.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Hi. Thanks for your opportunity. Over the years, we have been able to increase our market share in cash and FNO at a steady pace. One of our competitors, which was recently listed, they have a similar base and are gaining market share at a much faster pace and also spending less on marketing. So do you see any gaps in our strategy that we can address? And also how do we see the market share evolving? Going further.<\/p>\n

Ambarish Kenghe<\/strong><\/p>\n

Sorry, Vatsal, I didn’t. The last part you faded A little bit. Can you repeat the last line please?<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Yes. So how do we see our market share evolving, going further and also like is there any gap in our strategy that we, that we can address?<\/p>\n

Ambarish Kenghe<\/strong><\/p>\n

Look, I think, I feel that, you know, we’ve been always, you know, we’ve been a player who’s been around for more than 30 years. If you look at different ways that we’ve operated and we’ve seen the ups and downs of this market and various businesses, so we really stay focused on what we are doing and how we are doing better. If you look at it, we’ve had a healthy gain. For example, if you look at even cash, we have had almost 100 basis points growth year over year in cash market share. We very healthy F and O share, very healthy commodity share also.<\/p>\n

So there isn’t sort of no gap in the strategy or anything. I think we can slightly different businesses. Every business is different and we continue to be focused on our strategy, focusing on innovation, technology, AI and you’ll continue to see strong growth. I think you’re seeing that in a continued basis anyway.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Is there any stable market share that you are targeting?<\/p>\n

Ambarish Kenghe<\/strong><\/p>\n

No, nothing specific. I think that I want to announce on that front in terms of the market share, we of course continuously want to be stronger in the market share but most importantly do the right things for our customer. I think the most critical thing is fundamentally do the right things for our customer. Keep innovating and everything else takes care of itself.<\/p>\n

Operator<\/strong><\/p>\n

Thank you ladies and gentlemen. If you wish to ask a question, please press star and one we take the next question from the line of Sanil Desai from ICICI Securities. Please go ahead.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Yeah. Hi, good afternoon everyone. So my question is more circling back there. So I think you said there are some regulatory changes let to the finance cost going up. So the borrowings have also increased. So can you just explain like what was the regulation change and why this borrowings have gone up? And you said like you are planning to reduce it going ahead. So what are some of the ideas or plan of action? You have to reduce these borrowings in the next quarter?<\/p>\n

Vineet Agrawal<\/strong><\/p>\n

Yeah, so the regulatory change is the reporting requirement from 1st of October. If we were to segregate the margin that we take from the clients 3x and 5x of ELM, then the requirement was to upstream clients margins with the clearing corporation and not use it for settlement of the trades. And therefore there was a higher working capital requirement to that extent which has elevated our working capital and therefore the finance cost as I mentioned, it’s something which is transient in nature because there is a software update that is going to happen in some time which will help us segregate and then not upstream this amount.<\/p>\n

And therefore hopefully by the end of this quarter we see decline in the borrowings and therefore the finance cost.<\/p>\n

Ambarish Kenghe<\/strong><\/p>\n

Just to, to add to what Vineet said, I think what we did was the short term increase that you’re seeing. It is really better for the customer. We just wanted to make sure that there is no disruption in our customers and that’s something that we want stay focused on their experience.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay, yeah, that’s helpful. Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. We take the next question from the line of dipanchan Ghosh from Citigroup. Please go ahead.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Hi, good morning sir. Sorry my call got dropped off previously. Just few questions from my side. First, you know, if I were to look at the industry landscape today, a lot of players with deep pockets or favorable capital regime are offering MTF facility at far lower rates than the leading peers. Now, let’s say unlike Broking, where marginal difference in brokerage pricing does not really alter the customer return profile, in MTF, you know, huge divergence of let’s say 5% plus can meaningfully alter the customer’s returns.<\/p>\n

So on that perspective, you know, assuming this sort of a divergence persists in the industry, would you kind of consider, let’s say differential MPF pricing based on ticket size or even maybe lower your pricing if competitive intensity were to kind of sustain. That’s the first question. The second question is, you know, what sort of aspirations do you really have in terms of scaling up your B2B 2C architecture? You know, as you mentioned, that as you go into the interiors of the country, B2B2C kind of becomes an important channel to get that last mile customer.<\/p>\n

And in this line, would you have any inorganic plans also?<\/p>\n

Ambarish Kenghe<\/strong><\/p>\n

Thank you so much for your question. I think. Let me address the first question and then I’ll hand it over to Nishant who leads our B2B2C vertical. To answer your second question on the MTF pricing, you’re right. I think in the industry you see a bunch of different pricing schemes. The thing to really, as you go into the detail of that, you realize that there is a lot underneath. I think sometimes these schemes are fairly complicated on how things things are charged and what is actually the net effect of it.<\/p>\n

So that’s what makes it harder for the consumer to discern. But what we’ve done is 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. As you saw, we grew our group the book MTF book more than 10% quarter over quarter and of course we always continue to monitor everything but we don’t see any need to look into pricing there at this time. Actually Amit wanted to add something good.<\/p>\n

Nishant Jain<\/strong><\/p>\n

Deepanjit what? We also need to understand that the MTF as a product is an integral journey to a customer’s broking experience. So no matter what the pricing is, the the customer remains engaged on the same platform. So even if there is a deep pocketed broker who is looking to reduce the MDF pricing, but ultimately it is about giving an extended service to an existing broking customer and it is integrated in his journey and therefore to that extent the customer will always remain in the same platform.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

On your last question, with regards to the growth prospects for B2B2C we have. Always followed a digital approach in our GTM which seeks to leverage digital outreach along with physical outreach. And therefore that gives us the unique. Advantage to be able to scale at. Par with other digital models and also. Therefore deliver high double digits on a sustained basis. Today we are available in all the 19,000 pin codes. By and large we have a very, very extensive expansion plan by adding other. Channel partner categories, be it mutual fund distributors, be it POSPs or be it DSAs in future.<\/p>\n

So yes, the outlook remains to be. Very strong and robust as we move forward.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

My question also at an extended part which is, you know there is a certain divergence between in cost, if you were to kind of build it out organically, let’s say acquire some of the fast scaling players. So any inorganic plans that you may likely consider going ahead.<\/p>\n

Ambarish Kenghe<\/strong><\/p>\n

Look on all fronts, not just any specific front as any company would do. We keep looking at inorganic opportunities wherever there is interest. We have conversations but nothing specific of course that we can talk about on that front.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Thank you everyone and all the best.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. We take the next question from the line of Amit Jeswani from Stallion Asset Private Limited. Please go ahead.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Hi sir, I just wanted to know. That the large margin difference between us and the newly listed payer, of course our cost structure is a bit different. Just wanted to know what do we. Model our fixed cost 20 Delta right now? So what, what do we expect that our cost growth would be? Because we’ve already invested a lot in the new business verticals going forward.<\/p>\n

Ambarish Kenghe<\/strong><\/p>\n

Yeah. Hi Amit, thank you so much for the question. I Think one of the things that you will see in our cost, in fact, let’s say for example, if you look at the employee benefit expenses Amit talked, as Vinit talked about, we’ve not been, in fact we’ve been keeping quite steady on that front. And so we think we have built a platform, we built up a lot of these costs in the process. So we have a fully fledged platform. And now from here as we scale, we don’t expect the costs to go up, especially the fixed cost.<\/p>\n

Some of these acquisition costs of course would depend on what kind of acquisition is available, what’s happening there. But we do think we’ve built up a really good technology team. We have built up really good. Even infrastructure costs are built into it. So as we scale for a long time, I don’t see us needing that kind of increase. And then some of the investments that we are making in the AMC wealth, other places, I think that’s great because we want to continue to invest in things like that for the future instead of worrying about short term expenses there.<\/p>\n

But overall I think we have built up a platform and a good base and that’s why you’re seeing the cost stay steady and you saw that sort of pat increase quarter over quarter.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

So would you say that this 275 crores quarterly rounded would grow at around 10% next year? Would that be a right estimate to. Think about next year? Assuming then if our volumes Keep growing at 25%, that is where the operating leverage comes in.<\/p>\n

Ambarish Kenghe<\/strong><\/p>\n

Yeah, I think overall instead of guiding you on a specific cost item, my suggestion would be that, you know, keep our guidance on the margin of that 40 to 45% on the standalone basis. And I think that will continue to. Happen,<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Basically that we’ve already achieved. So right now, would you say that from year onwards our revenue growth should equal to our pat growth or PBT growth?<\/p>\n

Ambarish Kenghe<\/strong><\/p>\n

Well, I think it depends on where we end up investing and what kind of growth happens. For example, if you take a lot of acquisition costs or other places, then you see that adjusting. That’s why I don’t want to give you on a specific line item basis because that guidance then becomes, it may not be accurate for you to follow. Best is to, I think follow the, you know, operating OPM margin guidance that we have given and as we go along we can provide more information.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

That’s only on the standalone business. Right? And this is the standalone. Yes,<\/p>\n

Ambarish Kenghe<\/strong><\/p>\n

Yeah, I would say, you know, on the, on the operating margin, you know, look at the operating margin guidance on a standalone Basis, Basis. And as we make investments, either increase, reduce, we can continue to keep informing you quarter to quarter.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

But this is including the IPL 150 crores that will be hitting our balance sheet in Q1. Right.<\/p>\n

Vineet Agrawal<\/strong><\/p>\n

So this guidance of about 40, 45% is on an annual basis. There will be quarterly gyrations based on certain specific events like IPL, etc. And I would urge not to get too perturbed about it. But on a annual basis we should be able to achieve 40, 45% operating margin for the broking and distribution business.<\/p>\n

Sanketh Godha<\/strong><\/p>\n

Thank you. Thank you so much.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. We take the next question from the line of Abhishek Vagadre from UTI amc. Please go ahead.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Hi. Thank you. Just wanted to ask what is the guidance for the NPS book? Scale up, say by FY27 and how are we planning to fund it? Are we going to issue more CPS or are we going to, are we getting more limits from the banks? Yeah,<\/p>\n

Ambarish Kenghe<\/strong><\/p>\n

Go ahead. Sorry, is that, is that the question?<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Yes.<\/p>\n

Ambarish Kenghe<\/strong><\/p>\n

Okay, sorry. I think on the MTF1, you know, you can start, you know, you can look at the past performance. We do think last quarter, for example, we grew 10% quarter over quarter. I do think that we think that the cash market will deepen further in India and we do expect that to happen. But hard to give you a specific guidance on the book itself. I’d hand it over to Vineet for how we want to fund this.<\/p>\n

Vineet Agrawal<\/strong><\/p>\n

So the funding, the basket of borrowings, we continue to diversify and recalibrate based on the availability of funding funds across various channels. Recently RBI circulated a draft circular where they have taken a step forward in terms of enabling banks to offer lending towards margin trading funding. That’s something which is still in works. No final circular has come. But yes, if banks do start offering funds for mtf, then we would also look forward to. But we’ll continue to expand our other channels including commercial paper offerings and other revenues.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Any rough number that you can give me for the FY27 where we see the MPF book.<\/p>\n

Vineet Agrawal<\/strong><\/p>\n

We don’t give out any number. I mean technically we can grow this book substantially from where we are given the leverage that we have in terms of the net worth and the borrowing capacity. But it’s difficult to give a guidance on any specific numbers pertaining to mtf. I think the trajectory that we’ve achieved in the past, you can extrapolate that to get an understanding of where we could potentially go, let’s say in a. Few quarters from now.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Thank You. Thank you. That’s it from my side.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. We take the next question from the line of Raghvesh from JM Financial. Please go ahead.<\/p>\n

Saurabh Agarwal<\/strong><\/p>\n

Hi. First of all, congratulations on very strong results for the quarter. I had a couple of questions. First, can you give ideally quantitatively, qualitatively, how the customer acquisition cost has trended for this quarter and what share of the customers we are acquiring through paid marketing? Even a qualitative answer would be fine. And secondly, specifically on the cost front, given that you know the IPL is expected to be largely in the next year. So does that change how we typically book our expenses for IPL branding between FY26 and 27?<\/p>\n

And just a data keeping question. Have we spelled out the ESOP cost for this quarter? Thank you for the question.<\/p>\n

Ambarish Kenghe<\/strong><\/p>\n

Yes, thank you. Thank you so much for the question there. On the customer acquisition side, I think we don’t, you know, you should just. There’s no specific guidance we can give on it. You can generally take it as, you know, flat where it is. We’re not looking for it to give us specific guidance on that. On the channels, I think it’s hard to. You mentioned that how many is happening through a certain channel or not? I do want get into a little bit of detail on that because it’s very hard to exactly assign which channel.<\/p>\n

For example, do you go with first click attribution or last click attribution and perhaps you can attribute to organic but they may have seen your ad somewhere else. So it’s very hard to attribute across channels. Internally we will do some of that, but it is not useful for us to give you a guidance on that. On IPL cost. I hand it over to Vineet.<\/p>\n

Vineet Agrawal<\/strong><\/p>\n

So as we have been booking the IPL cost in the past, it will be basis the number of matches which are played across say the month of March, April and May. So we would see some costs getting booked in this quarter, which is the last quarter of the current financial year. And there will be a significant cost that will come in in the first quarter depending on the number of matches. The schedule is not yet out. Once it’s out we’ll have a better clarity on that<\/p>\n

Ambarish Kenghe<\/strong><\/p>\n

Question. On esop. Yeah,<\/p>\n

Vineet Agrawal<\/strong><\/p>\n

We have actually if you were to see our presentation, we’ve mentioned the ESOP cost for this quarter which is about, about 504 million rupees and in line with our guidance for the entire year.<\/p>\n

Saurabh Agarwal<\/strong><\/p>\n

Okay, that answered.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. We take the next question from the line of Vedant Sarda from Nirbal Bank Securities Private Limited. Please go ahead.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Thank you for the opportunity. Am I audible?<\/p>\n

Ambarish Kenghe<\/strong><\/p>\n

Yes, you are. Please go ahead.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Sir, can you give me the bifurcation of our MTF book which comprise of about 25 lakhs and below 25 lakhs.<\/p>\n

Ambarish Kenghe<\/strong><\/p>\n

We don’t. I think we have that breakup in our financials. Maybe Vineet can just give us. So<\/p>\n

Vineet Agrawal<\/strong><\/p>\n

If you were to refer to slide number 30 of our. Sorry. If you were to refer to slide number 30 of our presentation there we’ve given a breakup in terms of less than a million, less than 1 lakh rupees, up to 5 lakh rupees and more than 5 lakh rupees. That’s the only, you know, segregation that we provide.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay, thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Ladies and gentlemen, if you wish to ask a question, please press star and 1. We take the next question from the line of J Sree Bajaj from Trinatra Asset Manager. Please go ahead.<\/p>\n

Srikanth Subramanian<\/strong><\/p>\n

Hi sir.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

First of all, congratulations on the good set of numbers. My question is that I can see Credit disposal has seen an annual run rate of 28 billion and yet the company currently relies on seven leave partnership with the banks and NBFCs. So my question is, as credit is becoming the fast emerging engine of the growth, are we planning to maintain the asset light partnership model indefinitely or is there a plan to seek an NBFC license to capture higher margins?<\/p>\n

Hitul Gutka<\/strong><\/p>\n

As of now we are doing the distribution play only. But we are building capabilities to build it into a full fledged platform play over time where we can get much more credit for what we are doing for our partners over time. And as and when newer opportunities come, we will think of doing things on our own own balance sheet or not over time.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay, and one more thing, I want to get a little bit clarity on that. How do your AI ML models specifically adjust your credit risk of new to market clients who may lack traditional credit histories? And also.<\/p>\n

Hitul Gutka<\/strong><\/p>\n

I think this is something that is up to the lenders to do it themselves. We are largely a distribution platform as of now. So this is what the lenders do right now.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay, that’s all from myself.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Ladies and gentlemen, if you wish to ask a question, please press star and 1. As there are no further questions from the participants, I now hand the conference over to Mr. Dinesh Thakkar for closing comments.<\/p>\n

Dinesh Thakkar<\/strong><\/p>\n

Thank you once again for joining us today. We hope you have been able to address your questions and share helpful insights. If you need any other further information, feel free to reach out to Ethul Gutka, our head of investor relations or to sga, our investor relation advisors. Have a wonderful day.<\/p>\n

Operator<\/strong><\/p>\n

Thank you on behalf of Angel One Limited. That concludes this conference call. Thank you for joining us. And you may now disconnect your lines.<\/p>\n","protected":false},"excerpt":{"rendered":"

Note: This is a preliminary transcript and may contain inaccuracies. It will be updated with a final, fully-reviewed version soon. Angel one ltd (NSE: ANGELONE) Q3 2026 Earnings Call dated Jan. 16, 2026 Corporate Participants: Hitul Gutka \u2014 Head of Investor Relations Dinesh Thakkar \u2014 Chairman and Managing Director Ambarish Kenghe \u2014 Group CEO & […]<\/p>\n","protected":false},"author":2377,"featured_media":147581,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[6349],"tags":[10169,9175,9104,9092,14492,10089],"class_list":["post-181675","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-transcripts","tag-earnings","tag-earnings-call","tag-earnings-conference","tag-earnings-transcripts","tag-financial-results","tag-quarterly-earnings"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg","jetpack_likes_enabled":false,"jetpack-related-posts":[{"id":109778,"url":"https:\/\/alphastreet.com\/india\/infosys-limited-infy-q4-2021-earnings-call\/","url_meta":{"origin":181675,"position":0},"title":"Infosys Limited (INFY) Q4 2021 Earnings Call","author":"Sahil Anand","date":"April 21, 2021","format":false,"excerpt":"Infosys Limited (NYSE: INFY) Q4 2021 earnings call dated\u00a0Apr. 14, 2021 Corporate Participants: Sandeep Mahindroo\u00a0\u2014\u00a0Vice President, Financial Controller & Head \u2013 Investor Relations Salil Parekh\u00a0\u2014\u00a0Chief Executive Officer and Managing Director Pravin Rao\u00a0\u2014\u00a0Chief Operating Officer and Whole-time Director Nilanjan Roy\u00a0\u2014\u00a0Chief Financial Officer Analysts: Ankur Rudra\u00a0\u2014\u00a0JPMorgan \u2014 Analyst Diviya Nagarajan\u00a0\u2014\u00a0UBS \u2014 Analyst\u2026","rel":"","context":"In "Earnings"","block_context":{"text":"Earnings","link":"https:\/\/alphastreet.com\/india\/category\/earnings\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/04\/Infosys-Limited-Q4-2021-Earnings-Call.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/04\/Infosys-Limited-Q4-2021-Earnings-Call.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/04\/Infosys-Limited-Q4-2021-Earnings-Call.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/04\/Infosys-Limited-Q4-2021-Earnings-Call.png?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/04\/Infosys-Limited-Q4-2021-Earnings-Call.png?resize=1050%2C600&ssl=1 3x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/04\/Infosys-Limited-Q4-2021-Earnings-Call.png?resize=1400%2C800&ssl=1 4x"},"classes":[]},{"id":171541,"url":"https:\/\/alphastreet.com\/india\/angel-one-q2-fy26-earnings-results\/","url_meta":{"origin":181675,"position":1},"title":"Angel One Q2 FY26 Earnings Results","author":"Divyansh_Kasana","date":"October 16, 2025","format":false,"excerpt":"Company Overview Angel One Ltd is a leading diversified financial services company engaged in stock, commodity, and currency broking, institutional broking, margin trading, depository services, mutual fund distribution, lending (as an NBFC), and acting as a corporate insurance agent. The company continues to strengthen its presence in fintech and digital\u2026","rel":"","context":"In "AlphaGraphs"","block_context":{"text":"AlphaGraphs","link":"https:\/\/alphastreet.com\/india\/category\/infographics\/"},"img":{"alt_text":"ANGELONE Q2 FY26 Earnings Results","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2025\/10\/ANGE.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2025\/10\/ANGE.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2025\/10\/ANGE.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2025\/10\/ANGE.png?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2025\/10\/ANGE.png?resize=1050%2C600&ssl=1 3x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2025\/10\/ANGE.png?resize=1400%2C800&ssl=1 4x"},"classes":[]},{"id":143821,"url":"https:\/\/alphastreet.com\/india\/angel-one-ltd-q4-fy23-earnings-conference-call-insights\/","url_meta":{"origin":181675,"position":2},"title":"Angel One ltd Q4 FY23 Earnings Conference Call Insights","author":"Praveen","date":"April 19, 2023","format":false,"excerpt":"Key highlights from Angel One ltd (ANGELONE) Q4 FY23 Earnings Concall Management Update: [00:04:32] ANGELONE said it ended the year with a client base of 13.8 million, making the company one of India\u2019s largest retail stock broker. Q&A Highlights: [00:18:39] Swarnabha Mukherjee of B&K Securities enquired if there has been\u2026","rel":"","context":"In "Concall Highlights"","block_context":{"text":"Concall Highlights","link":"https:\/\/alphastreet.com\/india\/category\/earnings-call-highlights\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":179860,"url":"https:\/\/alphastreet.com\/india\/godrej-agrovet-ltd-godrejagro-q3-2026-earnings-call-transcript\/","url_meta":{"origin":181675,"position":3},"title":"GODREJ AGROVET LTD (GODREJAGRO) Q3 2026 Earnings Call Transcript","author":"News desk","date":"February 6, 2026","format":false,"excerpt":"GODREJ AGROVET LTD (NSE: GODREJAGRO) Q3 2026 Earnings Call dated Feb. 04, 2026 Corporate Participants: Nadir Godrej \u2014 Chairman and Non-executive Director Analysts: Shivansh Singh \u2014 Analyst Presentation: operator Ladies and gentlemen, good day and welcome to Godrej Aggravate Limited Q3FY26 earnings conference call hosted by. Equerious securities Private Limited.\u2026","rel":"","context":"In "Earnings Call Transcripts"","block_context":{"text":"Earnings Call Transcripts","link":"https:\/\/alphastreet.com\/india\/category\/transcripts\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":175025,"url":"https:\/\/alphastreet.com\/india\/hma-agro-industries-ltd-hmaagro-q3-2025-earnings-call-transcript\/","url_meta":{"origin":181675,"position":4},"title":"HMA Agro Industries Ltd (HMAAGRO) Q3 2025 Earnings Call Transcript","author":"News desk","date":"January 22, 2026","format":false,"excerpt":"HMA Agro Industries Ltd (NSE: HMAAGRO) Q3 2025 Earnings Call dated Feb. 11, 2025 Corporate Participants: Nikhil Sundrani \u2014 Company Secretary and Compliance Officer Gulzeb Ahmed \u2014 Wholetime Director and Chief Financial Officer Presentation: Operator Good afternoon, ladies and gentlemen. I am Chris, moderator for the conference call. Welcome to\u2026","rel":"","context":"In "Earnings Call Transcripts"","block_context":{"text":"Earnings Call Transcripts","link":"https:\/\/alphastreet.com\/india\/category\/transcripts\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":175413,"url":"https:\/\/alphastreet.com\/india\/angel-one-ltd-angelone-q4-2025-earnings-call-transcript\/","url_meta":{"origin":181675,"position":5},"title":"Angel one ltd (ANGELONE) Q4 2025 Earnings Call Transcript","author":"News desk","date":"January 22, 2026","format":false,"excerpt":"Angel one ltd (NSE: ANGELONE) Q4 2025 Earnings Call dated Apr. 17, 2025 Corporate Participants: Hitul Gutka \u2014 Head of Investor Relations Dinesh Thakkar \u2014 Chairman and Managing Director Ambarish Kenghe \u2014 Group Chief Executive Officer Saurabh Agarwal \u2014 Chief Business Officer - New Business Hemen Bhatia \u2014 Chief Executive\u2026","rel":"","context":"In "Earnings Call Transcripts"","block_context":{"text":"Earnings Call Transcripts","link":"https:\/\/alphastreet.com\/india\/category\/transcripts\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg?resize=525%2C300&ssl=1 1.5x"},"classes":[]}],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/posts\/181675","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/users\/2377"}],"replies":[{"embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/comments?post=181675"}],"version-history":[{"count":1,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/posts\/181675\/revisions"}],"predecessor-version":[{"id":181689,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/posts\/181675\/revisions\/181689"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/media\/147581"}],"wp:attachment":[{"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/media?parent=181675"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/categories?post=181675"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/tags?post=181675"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}