Angel One

“But 40% to 45%, we can give very comfortably. We have seen that very comfortably. It will, at times go towards 50%, but I don't sort of provide that specific guidance at that time because as there are growth opportunities, we'll continue investing in them.”

“We've slowed down the backfills, and therefore, we don't think that this count will go up dramatically over the next few quarters. And therefore, we are confident of being able to achieve our employee cost guidance of about ₹ 1,100 crores, which is flat as compared to the previous year for this year.”

“But over the next 2, 3 years, we should expect again same guidance, low double digit in terms of revenue and it will start contributing and accretive to our PAT.”

“And overall, if you see what is very interesting, which we've talked about in the long term is that beyond broking, you're going to see low double digits in the next 2 to 3 years, we're already starting to get to about 5% there in distribution revenue.”

“In the derivatives, we held our position with a retail turnover share of 22.1% for the quarter, and it rose to 22.5% in September, even as our market share in cash moderated.”

“Our share came down to 44% because of market expansion owing to more participants entering the market, which is a sign of how fast the segment is growing.”

“In September, we delivered our highest ever credit distribution, taking our annualized run rate to ₹ 33 billion.”

“So things look really positive on the credit distribution side and hopefully, we'll go on to create newer highs over the next few quarters.”

“This will bring greater clarity to traders, and we expect that to create some tailwind for us.”

“the October ADTO month-to-date compared to September is up about 39% for options from what I see till 14th of October for overall industry.”

“In September, average daily orders rebounded to 5.8 million, up nearly 12% from August.”

“We welcomed nearly 1.5 million new clients this quarter, 11.6% more than Q1, and we did it while keeping acquisition costs well under control.”

“You will see us create more value in terms of creating more actives and activation, which is what you saw, for example, in September, we were the second largest addition of actives, of any player in the industry.”

“I think on the margin guidance, the dominant force for the improvement in margins is going to be the revenue growth.”

“When we started operations when the scale was low, say, about 6 quarters back, it used to hover around 2.5%, 3%. Now it's about 3.5% to 4%.”

“Importantly, after normalizing for seasonal IPL expenditure and ESOP-related reversals, consolidated operating margins remained stable at 43.8% compared to 43.6% in the preceding quarter.”

“Consolidated operating margins stood at 45.1% compared to 34.5% in the corresponding quarter last year, an expansion of over 1,000 basis points.”

“You should expect that over a period of time as a percentage of revenue, definitely, the spends will come down unless we sort of see a new opportunity, which in my mind, as a percentage of revenue, it will come down because I don't see the spend going up too much from here, but our revenue will scale.”

“Borrowings stood at approximately ₹ 75.5 billion, largely reflecting the expansion of our client funding portfolio.”

“Net worth increased to ₹ 67.1 billion compared with ₹ 58.3 billion a year ago.”

“And the cost of borrowing has marginally gone up because of the increase in the benchmark rate by RBI, but it's within our toleration limit. So it's okay. I mean, the NIMs haven't really gotten impacted.”

“We upgraded our probability of default model and launched the early beta of our loan against securities offering.”

“First, we have received authorization to operate as a Global Access Provider in the IFSC. With that, we are piloting U.S. stocks on our platform.”

“As AK mentioned, we are operating through GIFT City and we were tied up with a U.S. brokerage firm kind of partners with us, right?”

“The Board has also approved the second interim dividend for this financial year of ₹ 1.4 per share with October 22, 2026, as the record date.”

“I think as far as the current situation is, we're good to keep giving this dividend out quarter-on-quarter and continue to invest in growth of new businesses.”

“In Asset Management, our AUM stands at nearly ₹ 6 billion, and we are evaluating a comprehensive play in this business, including bringing a new leader to build, scale, build and scale.”

“We would like to inform that Mr. Dinesh Thakkar, Chairman and Managing Director of Angel One, is unable to join today's call.”

“Approximately 84% of clients -- funded clients have exposures below ₹ 100,000, while 82% of the closing book is less than 30 days old.”

“Delinquencies remain negligible, reflecting the quality of the portfolio and our robust risk management practices.”

“Largely, our book is good and blue chip constitutes almost upwards of 85%.”

“As you know, there have been some regulatory changes that have impacted the market volumes.”

“And therefore, a little to no risk on that front because we have the ability to square off if margins fall below a certain point.”

“Consolidated gross revenue stood at ₹ 14.3 billion, growing 18.9% year-on-year and remaining broadly stable sequentially despite moderation in trading activity.”

“while the consolidated profit after tax increased 58% to ₹ 3.35 billion.”

“The average client funding book increased over 40% year-on-year to ₹ 74.5 billion, while the closing book reached a record ₹ 82.1 billion.”

“Importantly, the number of funded clients increased by nearly 30% over the last year to 437,000, reflecting broader client adoption.”

“Interest income grew 34% year-on-year and 9% sequentially to ₹ 5.1 billion, supported by the continued expansion of our client funding book.”