• Margin profile target: Angel One achieved an adjusted margin of approximately 44% in the first quarter and maintains guidance to reach a 45% to 50% margin profile in the short term.
• Revenue diversification: Non-core broking activities generate over 40% of earnings, supported by wealth management AUM of around 13 billion rupees, 11 passive AMC schemes, and pure-distribution credit reaching roughly 150,000 of its 38 million clients without balance-sheet risk.
• Margin trading book: Supported by a liquid net worth of nearly 5,000 crore rupees, the margin trade financing business has substantial leverage headroom under regulatory caps and has maintained zero delinquencies across market cycles.
• Regulatory and volume trends: Recent STT increases and RBI circulars have had no adverse impact on retail activity or liquidity, while cash ADTO and commodity segments continue to support overall volume growth.