ANGELONE Q4 FY26 Guidance vs Delivery (ANGELONE Management Mirror)

Operating Margins

Management expects annual standalone margins for the broking and distribution business to remain at 40% to 45% in the Dec'25 Qtr, maintaining the target set in the Sep'25 Qtr (exit Mar'26 target), while the margin drag from incubating new businesses remains steady at 3.0% to 3.5%, consistent with the 2.5% to 3.0% range outlined in the Mar'24 Qtr. [Status: Reaffirmed]