• Margin and growth: Angel One delivered one of its strongest first quarters in revenue and margins (excluding prior true-to-label income) and maintains a short-term margin target profile of 45% to 50% after reaching 44% on an adjusted basis.
• Revenue diversification: More than 40% of earnings now stem from non-core broking activities, supported by a wealth AUM of around ₹13 billion, 11 AMC passive schemes, and credit distribution to 150,000 of its approximately 38 million clients.
• Regulatory and credit risk: Management reported no adverse impact from the STT increase or RBI's lending norms, citing zero FLDG exposure on credit distribution and substantial leverage headroom in MTF supported by around ₹5,000 crore in liquid net worth.
• Trading volume outlook: Cash average daily turnover, the MTF book, and the commodity segment are seeing solid growth, with management confident that F&O volumes will also continue to expand alongside market volatility.