Ladies and gentlemen, good day, and welcome to Q1 FY '27 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 be in the listen-only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please sign al an operator by pressi ng star then zero on your touch-tone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Hitul Gutka from Angel One Limited. Thank you, and over to you, Mr. Gutka.

Good morning, and welcome, everyone. Thank you for joining us today to discuss Angel One's Q1 FY '27 financial and busine ss 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 One is represented by Dine sh Thakkar, Chairman and Managing Director; Ambarish Kenghe, Group CEO; Vineet Agrawal, Group CFO. We also have the senior leadership team of Angel One, along with SGA, our IR consultants. 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&A session. Please note that there may be certain forward-looking statements during the course of the call, which must be viewed in aggregate with the risks that the company faces. With this brief introduction, I now invite Mr. Dinesh Thakkar for his opening remarks.

Thank you, Hitul. Good morning, everyone, and thank you for joining us. When I look at India today, I see once in a generation opportunity for financial services. We are a nation of more than 1.4 billion people with nearly 1 billion people of working age, over 1 billion Internet connection, world-leading digital infrastructure and rising incomes, yet participation in formal investing remains low related to India's size and potential. Our opportunity lies in enabling the hundreds of millions of customers who will enter financial ecosystem for the first time, helping them progress from access to participation and ultimately pointing them towards long-term wealth creation. This opportunity extends well beyond the categories we operate today. As customers' financial needs evolve, they will increasingly look for integrated financial solution across investing, wealth, credit, protection and retirement. The platform that understands the customer best and fulfils their need responsibly will have a significant long-term advantage. We believe technology-led financial platforms will continue to have a lasting advantage. Every interaction on our platform generates valuable data. Every transaction, query and decision helps us learn, adapt and improve. In our view, the winners over the next decade will not be simply those with largest customer base, but those with deepest understanding of their customer and the ability to convert that understanding into relevant, trusted, timely solution. That is why we remain in a continuous build mode because great fintech business are built by compounding intelligence over time. As our platform matures, that intelligence compounds enabling more relevant customer experiences. This deepens engagement, strengthens trust and expands monetization opportunity across multiple financial products. This leads to higher retention, a greater share of wallet and ultimately stronger customer lifetime value. As we expand into new customer segment, future cohorts do not need to monetize at the same level or at the same pace as earlier ones. What matters is that customers' lifetime value grows through deeper engagement and increased cross-sell adoption, while our technology platform and scale continue to lower the cost to serve. Together, this creates a powerful flywheel, wider reach, deeper engagement, better unit economies and sustained profitable growth. Our progress in this quarter should therefore be viewed in the context of this long-term strategy. We are not simply building a fintech product. We are building a long-term financial ecosystem designed to participate in India's fina ncialization journey for decades to come with technology, data and customer first at its core, and we believe we are still only at the beginning. With that, I will hand it over to Ambarish to take you through our quarter 1 performance and key development during the quarters. Thank you.

Thank you, DT. Good morning, everyone. As DT highlighted, India is in the early stages of a multi- decade financialization journey. For us, the opportunity is not only about acquiring users. It is about building enduring relationships, deepening engagement and becoming the preferred platform across every stage of their financial life cycle. At Angel One, we continue to execute on this vision by strengthening our platform, expanding our product ecosystem and embedding intelligence into every user interaction. Every trade, SIP, loan application, portfolio review, user query, et cetera, generate valuable data signals and insights. Over time, these signals create a powerful flywheel. Higher engagement leads to richer data, richer data power smar ter AI and smarter AI enables more relevant experiences. This allows us to deepen relationships with them and compound value over time through greater engagement, retention and wallet share. Importantly, this model is not built around one product. It is built around the user's evolving financial journey. A user may begin their relationship with us through trading and investing, later adopt mutual funds, seek credit as thei r financial needs grow and eventually require wealth management and lo ng-term asset allocation solutions. As they evolve through various stages of their life, there is a continuous requirement for new financial products, allowing us to deepen relationships and expand monetization at minimal incremental cost to serve. At the same time, the regulatory landscape continues to evolve. While we closely monitor these developments and remain agile in adapting to regulatory changes, our conviction in the long- term opportunity remains unchanged. Over the years, we have consistently demonstrated our ability to navigate market cycles and regulatory transitions while continuing to invest in technology, product innovation and user experience. Our strategy is built with long-term perspective, anchored in the structural growth of India's capital markets rather than short-term market conditions. Our financial performance this quarter reflects the resilience of this approach. Revenue for Q1 FY '27 grew 25.4% year-on-year to ₹ 14.3 billion. We maintained margins within our desired operating band post normalization of IPL-related expenses and ESOP reversals during the period. Consolidated profit after tax increased 102.1% year-on-year to ₹ 2.3 billion, underscoring the strength of our diversified business model and disciplined execution. Today, with over 38 million registered users, we are already seeing this play out. Broking continues to be a powerful gateway product with nearly 60% of our mutual fund clients engaging with us first through our broking services, while a meaningful proportion of mutual fund first customers subsequently participated in broking activities. This ability to create multiproduct relationships has helped us achieve our lifetime best average client funding book of ₹ 61.4 billion, sustain a 22.2% turnover market share in equity derivatives and improve our cash equity turnover market share to 17.4%, while maintaining a 20.2% share of overall retail equity turnover, reflecting the strong affinity users have for the Angel One platform. During the quarter, we continued to scale AI across both the user and operating stack. Ask Angel has evolved into a conversational assistant powering discovery, engagement and support journeys, serving over 1.1 million users and addressing queries in finance and support. Beyond user-facing experiences, AI is embedded across user onboarding for face match, real-time signature validation, grievance and ticket automation, content generation, software development, analytics and portfolio intelligence. In addition to enhancing user experiences, AI is also enabling us to scale more efficiently by automating workflows and improving decision quality. As these capabilities continue to mature, we believe AI will increasingly become a source of both operating leverage and competitive differentiation. Our AI-led decisioning capabilities are increasingly driving both engagement and monetization. In credit, our propensity models, probability of default scorecards and lender approval engines enable intelligent user segmentation, richer engagement and more relevant product matching, leading to 130% year-over-year growth in our credit distribution to ₹ 5.3 billion. With only a small share of our customers having ever avail credit through the platform, we see a significant embedded monetization opportunity across our ecosystem. The same platform advantage extends into our wealth management business, where our technology-led experience continues to gain traction. Ionic Wealth-tech AUM crossed ₹ 32.3 billion, while the UHNI segment expanded to 263 families with an AUM of ₹ 87.3 billion. Across the broader franchise, total AUM grew 33.3% to ₹ 134.4 billion, dominated by recurring revenue-linked assets. Our asset Management business also continues to witness momentum with its AUM crossing ₹ 6.2 billion. Over time, we believe this business will become an integral part of our broader investment ecosystem, comple menting our existing offerings and strengthening customer engagement. As we scale, security remains foundational. Trust is the currency of all fintech platforms. We continue to operate with a security by design approach supported by ISO-certified systems, compliance and SEBI's CSCRF framework and alignment with evolving digital privacy standards. Through multiple layers of control, governance, monitoring, encryption and authentication, we remain focused on safeguarding the interests of all our stakeholders. We are also at the forefront of safeguarding our users from AI-driven risks in the post-Mythos era. As financial relationships deepen and AI becomes more pervasive, we believe trust, security and responsible use of data will increasingly become competitive differentiators. To conclude, our strategy remains robust, deepen engagement, expand product adoption, grow wallet share and leverage intelligence to create superior user outcomes. Increasingly, we see Angel One evolving into an intelligent AI-powered fintech that accompanies users through every stage of their financial journey. Our technology capabilities are compounding. Our platform moat continues to strengthen, and we believe we are exceptionally well positioned to participate in India's vast financialization opportunity for many years to come. I'll now hand it over to Vineet, who is our Group CFO. Thank you.

Thank you, AK. Good morning, everyone, and thank you for joining us. Quarter 1 of this financial year was another quarter of healthy execution for the company. While market activity moderated sequentially across the industry, our diversified business model once again demonstrated its resilience, enabling us to deliver healthy profitability, maintain margins, while continuing to invest for long-term growth. Consolidated revenue, gross revenue for the quarter stood at ₹ 14.3 billion, growing 25.4% year- on-year while moderating 2.3% sequentially, largely reflecting softer trading activities across the capital markets. We processed 406 million orders during the quarter with the moderation primarily driven by lower derivative volumes, broadly mirroring industry trends rather than any change in our competitive positioning. Importantly, our revenue profile continues to become increasingly diversified, while our core trading platform remains our largest acquisition engine, contributing close to 60% of our gross revenues, the remaining 40% now comes from complementary businesses such as client funding, distribution, depository, wealth and other asset management businesses. This diversification is steadily improving the resilience and quality of our earnings profile. Interest income remained a key contributor duri ng the quarter, accounting for 32.6% of gross revenues and growing 2.6% sequentially to ₹ 4.7 billion. This was supported by continued growth in our average client funding book to ₹ 61.4 billion, while the period-end book reached a record ₹ 71.5 billion, reflecting increasing client engagement and deeper adoption of our financing solutions. Distribution income moderated sequentially owing to seasonally softer insurance sales and muted credit disbursement. While distribution currently contributes about 3% of revenues, we continue to see significant long-term opportunity across lending, insurance, wealth and investment products as client relationships deepen. Let me now turn to profitability. Reported consolidated EBDAT for the quarter stood at ₹ 3.6 billion, translating into a reported margin of 32.7%. Sequentially, profitability was primarily influenced by four largely seasonal or time-related factors, moderation in market activity, annual employee increments and variable pay accruals, fresh ESOP grants during the quarter and higher IPL-related brand marketing expenditure concentrated in April and May of this quarter. These impacts were partially offset through disciplined control over acquisition and operating expenses. More importantly, adjusting for these seasonal items, our normalized EBDAT margin stood at 43.6% compared with 44.4% in the previous quarter, remaining comfortably within our guided operating range. I believe this is the more meaningful measure of the business. It demonstrates that our core franchise continues to generate strong operating leverage even as we consciously invest for the next phase of growth. Our newer businesses, particularly Wealth Management, Asset Management and Distribution, remain in their investment phase, but we are building them with the same financial discipline that has defined our core business. We continue to balance growth investments with profitability, ensuring that these businesses scale responsibly without diluting the overall return profile of the company. Consolidated profit after tax stood at ₹ 2.3 billion, representing 102% year-on-year growth, while our trailing 12-month PAT to ₹ 10.3 billion and EPS of ₹ 11.4. Profitability continues to compound faster than revenues, reflecting the scalability of our platform and disciplined execution across businesses. I am also pleased to share that the Board has approved our first interim dividend for this financial year of ₹ 1 per share with the record date being July 21, 2026. Our balance sheet remains one of our strongest competitive advantages. Net worth increased to ₹ 64.2 billion, while borrowings reduced meaningfully during the quarter despite continued growth in our client funding book. The temporary increase in borrowings at the end of the previous quarter was entirely related to the 1stApril banking holiday and has since normalized. Equally important is the quality of our assets. 83% of our client funding exposure is below ₹ 100,000 per client, while 85% of the portfolio is less than 30 years old (to be read as less than 30 days old), supported by fully collateralized client holdings and negligible delinquency. Our capital allocation philosophy remains consis tent and disciplined. We continue to deploy capital selectively into businesses where we see long-term structural opportunities while maintaining a strong balance sheet, healthy cash generation and prudent risk management. We are not pursuing growth at the expense of returns, while investment is evaluated through the lens of scalability, profitability and long-term shareholder value creation. Stepping back, I believe 3 things stand out from this quarter. First, our business model is becoming increasingly diversified with nearly 40% of our revenues now coming from businesses beyond core broking, making our earnings profile more balanced and resilient. Second, our core operating engine continues to demonstrate strong operating leverage, allowing us to absorb normal seasonal cost cycles while sustaining margins. And third, we are investing in the future with discipline. Our newer businesses are scaling steadily, but importantly, they are being built without compromising profitability, balance sheet strength or capital efficiency. Taken together, these give us confidence that we remain well positioned to deliver sustainable and profitable growth over the long term. With that, let me hand over it back to -- for the questions. Thank you.

The first question comes from the line of Prayesh Jain with Motilal Oswal Financial Services Limited.

Congratulations on a good set of numbers. Firstly, on the credit side, what has caused the slowdown? It's been kind of dipping over the past couple of quarters. What's kind of happening there. At Q3, we had disbursed about ₹ 710 crores, then ₹ 610 crores and now ₹ 530 crores. What's kind of transpiring there? The credit growth in the industry seems to be very strong, but we've been kind of seeing weakish trends out there, and how should we think about it? Because you spoke about the potential of it, but it's kind of been slowing down at our end? That is point number one. Point number two is on the broking side of the business, what is the kind of expectations you have from the current trajectory definitely for the month of July started on quite a weak note probably because of volatility or whatever the implications of BG would have on the overall industry, the second order impact would have happened on us. How do you see it kind of playing out in the next couple of quarters? And how should one read into the current weakness in the volumes? Third would be on your Wealth Management business. Any color on -- again, and I ask this every quarter, but not getting these numbers, but anything on revenue that segment accounts for, cost, what's the kind of cost that's been incurred? And lastly, if I compare the top management and particularly AMC, we've seen a massive churn in your top management. How do you see this business AMC, in particular, going ahead? And what are the plans out there?

Prayesh, we'll start one by one. As you went there, on the credit side, I shortly hand it over to Saurabh, but I think you have to look at specially the credit business in the long term, if you see year-over-year, there's a 130% increase, and I'll hand it over to Saurabh to provide a little bit more commentary on that.

So, you see generally disbursals in the quarter is driven by a combination of factors, your customer sentiment, lender underwriting and pricing and customer experience on the platform are the important ones. Over the long term, all of these do pan out. But in the short term, some of these can create some impact. We, however, continue to work with our lending partners to improve conversion and strengthen the customer journey, and are very confident that the actions we are taking put us in a much stronger position to improve growth going forward. Having said that, our long-term thesis remains completely unchanged. We continue to see a very, very large opportunity in credit. Within the Angel ecosystem itself, we have a very large engaged customer base, strong proprietary data and significant headroom to deepen credit penetration. Our focus is actually on building a scalable, high-quality business with strong unit economics and scalable lender partnerships rather than optimizing for every single quarter disbursals. And we actually believe this approach will create much larger and much durable business over the long term.

Thanks, Saurabh. On the broking piece, Prayesh, when you talked about, I'm assuming you're talking about the industry, ADTO. Look, I think we've seen 15 days of July. So too early to think about anything. The way we think about it is really in a year's time frame, nothing fundamental has changed about India, if anything, we are due for a big growth. So there is no -- I don't think there is anything to read into that one. On the wealth management side, I'll hand it over to Srikanth to talk about it. Srikanth?

Look, see, for us, one of the more important metrics as far as wealth is concerned is to build high-quality asset management -- asset under management led kind of a business, and that's why one of the key focus that we put and very inordinate focus on that is to have a very ARR- led AUM because in this kind of market as we are all aware, it's easy to give into the temptations of getting AUM, which is very high on one-time transactional revenue, which actually puts a lot of pressure on building a long-term sustainable business. So, I think as an experience, all of us are brutally focusing on building a wealth management firm where not only are the assets growing at a very healthy rate, but the assets are growing with a significant focus on annuity as a corresponding revenue to that. For us, what is also crucial is the unit economics are something that are starting to fire. It's been about 5 or 6 meaningful quarters after we started our business. And hence, one of the reasons why we focus more on parameters such as AUMs and cost-to-serve economics and unit economic metrics is those are the building blocks. We've always maintained that we have a plan that we are working with , which gives us about 3 to 4 years in terms of having a more potential breakeven visibility. And at this point in time, all parameters are pointing towards that region. So that's the approach with which we are building, Prayesh.

Thanks, Srikanth. And I think on the AMC question, I'll invite Amit Majumdar to talk about it.

Prayesh, on the AMC, look, I mean, for us, AMC is an important capability and within our wider wealth ecosystems, our objective is to obviously build products that are simple, relevant and digitally distributed while leveraging the strength of our customer base and technology platform. At this stage, our focus is on building the right foundation and strengthening our product suite, distribution capabilities and customer experience. So, you should think of the AMC as an important strategic investment that complements our platform and deepens customer engagement over time. So, we will continue to evaluate opportunities across the spectrum, but our philosophy remains to build where we believe we can create genuine customer value and differentiate through digital distribution and technology.

I get that, Amit. Just two things. One, what has so far not gone right? It has been some time that we have launched the AMC and we have hardly scaled up any AUM. And second, on the credit part, again, where you mentioned that -- so what has not worked for us in the last 6 months, whether it is our platform, whether it is our relationship with the banks and with the partners, basically? Or what has not gone right that -- what has not worked for us that we've gone down by almost like, say, 30-odd percent from the peak. So, what has not really worked for us? Those would be my questions.

I'll pick up the AMC piece first and then let Saur abh of explain the credit part. Look, AMC all along has been a passive-only approach for us at the start. Passive businesses take a long time to mature. We started this about 15 months ago, not too long ago. And in that sense, passive grows as content grows, as educations grow. And if you know, passive is largely sold as a DIY on digital platforms. So, the first 15 months has actually been to ensure that we roll out the right kind of products. Today, we have all the products that we need, the most important ones that we have already rolled out. And these have all got rolled out over time. In fact, most of the product rollout happened in the last quarter of the last fiscal. So, this takes time for it to build. And while we are building the passive, we also recognize the fact that as an AMC, and given the length and breadth of the product suite that is available for us to exploit, we are looking at how to further expand this portfolio beyond what we are currently doing in passive. So, it's very early for us to actually comment on the performance as of now. But we are confident that over the next 3 or 4 quarters, we will have far greater visibility on our real strategy on the AMC front. On the credit, Saurabh?

Just to expand on what I had said earlier. I think there are two or three things which could have gone better. But in general, I think lenders keep calibrating their risk and their pricing on our base over time. So, quarter-over-quarter, some of these do impact our disbursals. Secondly, as well, I mean, since we work with lenders and wh o in turn work with a lot of tech partners themselves for underwriting and for KYC, etcetera, so some friction in those parts of the funnels also do impact in the short term. But some of these have been identified and in the process of getting corrected. So, we don't see any short-term to midterm blip in the credit growth. In the long term, we are actually very, very bullish on the same.

Prayesh, I won't read too much into the quarterly gyrations, it's a very long-term business. You will see it grow.

Mr. Jain, are you done with your questions?

Yes, yes.

Next question comes from the line of Swarnabh Mukherjee with 360 ONE Capital.

Just two, three questions. First, on the industry volume side, sir, I just wanted to understand that how you are, at the current run rate, seeing the broking volumes? So like in the first 15 days of July, how are we seeing the broking volume, particularly on the derivative side? And do you see any impact of the RBI's circular second order impact on your numbers, if you can highlight that? If there is any possibility of a spillover effect that might come through, although I understand that we are not -- we do not do the prop trading part, but if any spillover effect is coming, if you could highlight, that is one. And secondly, I wanted to understand also on the MTF run rate, how are we seeing as we move in the first 15 days of July, if you could give some color on that, because I think at the industry level, it looks tepid. So any color would be helpful. Thirdly, on the cost front. Sir, wanted to understand that, I mean, our employee expense, the flattish trend despite the increment. So how should we think about the employee count? Has it kind of degrown over this period? I mean, if you can give some color on that. And fourthly, in terms of our customer acquisition cost, you have mentioned that the acquisition cost has been lower this quarter. Would you mean in terms of the per client acquisition cost? Or is this a function of lower number of customers acquired. These will be my questions.

Thanks, Swarnabh. I think on the first 2 question s, really, we don't -- we again talk about the quarter after it is done. So the first 15 days, I wouldn't -- I mean, you can look at the industry volumes. We continue to monitor our market shares and those situations, but we don't comment on them in the middle of the quarter. So I wouldn't want to talk about that. Maybe Vineet, do you want to talk anything about the RBI circular at all because I mean, it's really hard to say, hard for us to predict that.

No. I mean, we are not seeing any kind of a liquidity issue as far as the funding position is concerned. So I mean, I think this is something which is transient and over a period of time will even out.

Vineet, also on the employee cost, you want to talk about employee costs and the number of employees?

Yes. So Swarnabh, if you recall in the conversation that we were having in April, I had mentioned that we would be more or less flat as far as our employee cost is concerned vis-a-vis the last financial year. So in the last financial year, we were at about ₹ 11 billion for the entire year, including the cost for stock options. My sense is that we will be in that similar range in this year. And it's a bit early to give you a complete sense, but the way I'm looking at the business, we will be in the range of about ₹ 11 billion as employee cost for the year.

But I think across the board, you'll see that as we grow, we want to continue to drive the business efficiently. On the CAC, I don't think we comment on the CAC itself, Overall, you may see some changes in the total acquisition cost, and that is just dependent on how rich the market is in terms of acquiring the customers, but we don't comment specifically on the CAC itself.

Right. So sir, just wanted to understand, I don't want any specific number in terms of the CAC, I just wanted to understand that your presenta tion comment was at an overall level and the total cost level or at the unit cost level of acquiring one customer?

Swarnabh, it was at a total acquisition cost level.

Next question comes from the line of Raman KV with Sequent Investments.

Sir, I have 2 questions. One is from the presentation and from the numbers, one can see that our distribution revenue has declined over the past 2 quarters as a percentage of gross revenue. So can you -- is there any headwinds that we are facing in the distribution business? One is that. And second is with respect to client funding book, which has grown substantially quarter-on- quarter. So, I just want to understand what is the risk of this client funding book on the -- at the company level if there is a -- if the market for next 2 quarters turns -- doesn't perform or the market takes a dive down?

Raman, thanks for the question. On the distribution revenue, some of these quarterly gyrations that you see are also because of the insurance distribution business because Q4, as you know, March tends to be very, very, very strong in that business. So I wouldn't read too much into it. We talked a bit about our lending business, but beyond that, not much. I think it's a very strong business. We continue to have great momentum there. So we do think you will see more momentum on that business. So -- on the MTF, on the client funding book, th ere is actually very, very limited risk to us because we have exchange prescribed margins an d sometimes, we go over and above that as well. So we stay quite safe. But Vineet, do you want to comment anything else on the risk?

I think as I've been mentioning it in the past, the risk management system remains a strong backbone for any broking entity and especially for the client funding-related activities. We have a very strong risk management framework. And if you see in the past also, there have been instances where the markets have been flattish or there are events that have resulted in sharp decline in the market, but we haven't seen any kind of an issue. As far as the momentum is concerned, there are multiple factors, which drive the momentum, including movements in the market. I think the overall penetration at this point in time amongst our client base is pretty low. And therefore, we see a long-term strong growth opportunity in the client funding segment. And therefore, we are very bullish about it.

Understood, sir. And sir, my final question is on the AMC business. It has grown substantially over the last -- like I think since we have launche d, we have been able to grow this business at 80%, 90%. So I just want to understand what's our long-term vision? Like is there any internal target of reaching ₹ 100 billion AMC -- AUM in the near term?

Raman. Yes. So look, I mean, we, of course, have -- we have set some targets for ourselves. And while -- until so far, our AMC has been primarily a passive AMC. But over time, we have been trying to figure out ways in which we want to expand this beyond what we are currently doing. And we did have -- we do have an expectation on the AMC over the next few years, but obviously, we cannot state that now because these are all in the works as of now. I'm sure you will hear more about this over the next couple of quarters.

Next question comes from the line of Neeraj Toshniwal with UBS.

NSE active client base, we see some decline over there. And obviously, client acquisition has also been a little slower. So just wanted some sense, given the July activity has also started a little bit muted. How should one think about overall this trajectory and in that sense, the target for full year?

Look, I think Nifty client base, as you know, tends to be overall a 12-month metric. So depending on what has happened during those 12 months, that metric will sometime move month-to- month. We continue to focus on getting a good client base, acquiring a good set of customers when they are available. And we keep monitoring as well as figuring out which level we want to acquire clients. We are acquiring at a fairly good market share in terms of -- when you look at our market share, we continue to acquire at a high market share there. So as -- and especially some of these are also dependent on market conditions. As you see perhaps more IPOs when people get interested, as you see some more activity in the Nifty, right? I think that's also been quite flat, you'll see more investors come back in, and that should start showing you good numbers. At the same time, I think we continue to be quite strong, and if you look at the ranking on the active, so it continues to be strong, and we think in the future, you'll see us rise from there.

Okay. And in terms of the overall target and the aspiration for 40%, 45% margin, that kind of stays, I think, ex- of the wealth rundown what we are having every quarter. So there's no change in trajectory over there, right? I mean...

I mean, no change in that. You can actually se e the -- I mean, you can see that quarter-over- quarter, we've been actually doing that. And we -- just to be clear, when we give you that guidance, we always talk about the stand-alone margin. But overall, consol also, I think you see our margins have been fairly healthy. This quarter, of course, because of IPL and other adjustments, you have to look at it on an adjusted basis. And that 45% to 50% margin guidance remains intact.

Got it. And lastly, again, on the distribution bit, as you mentioned that it will pick up and you have confidence in that. Just wanted some sense any seasonality here? Obviously, Q4 has generally more towards distribution side in later part of the year. But are we seeing some trends in terms of doing something different to make it improve from here?

So Neeraj, I mentioned earlier, definite seasonality, especially in insurance, you see definite seasonality there. On lending, we talked about it. You will see it rise from there. We are actually at a -- where we want to go compared to that, we are at a very small base. So you will see it rise from there. Also, a very small number of our customers have ever taken loans from us. So you will see definite momentum in those areas. But again, we don't think of especially a business like lending, we don't want to think of it quarter-over-quarter. It's really important to grow it responsibly. And so we look at a very long-term view of that. We have a fantastic set of 7 partners. All of them are growing. So you will see momentum there.

The next question comes from the line of Nidhesh Jain with Investec.

My first question is on the -- slightly on the wealth management for the existing clients of Angel One platform. So if you look at our AUC of stock is very high at ₹ 1.7 lakh crores, but mutual fund assets that these clients are managing on your platform is quite low at, I think, around ₹ 20,000 crores. So how do you plan to, first of all, increase the engagement from a mutual fund perspective? And secondly, how do you see monetization of the AUC of stock that your clients are managing in terms of stock advisory or anything else?

So I think we are actually seeing momentum in mutual fund. It's an important business to create wealth for our investors. And so one of the metrics that we look internally at is just how many active SIPs and what is our share of that. And across the board, we are seeing definitely that do well for us. You will see a few things here that will change the momentum further. One is, I think we are starting to use AI to make sure that people can get their questions answered, and you will see momentum on that front. We're also improving UX and UI on certain front to make the usability even better. Also on the assisted business side, we have a focus on mutual fund distributors. So you're going to see value on that front also. So we are seeing momentum, and there is more momentum coming on that front for sure.

And any plan to offer stock advisory, etcetera, to further your clients to manage their investment in stocks better?

Look, not at this time. We do -- of course, we have RAs and we provide calls, as you know, those are different. But no plans on the stock advisory front. We, of course, have Ionic, which is our sort of wealth management business, so people can sort of have a full solution set there on that front.

Sure. Secondly, in terms of AP channel, what is the count of active AP that you have as of June '26? Secondly, in that channel, I think we had plans to scale up loan distribution, mutual fund distribution and other financial service product distribution. So what is happening there? Any data that you can share?

I'll let Nishant take that question.

Count of AP was the question, I guess. So it should be around 9,800 at this point, active APs.

That's an approximate count. Approximately think of the number of APs as about 10,000 is what you should think of. And I think your next question was about mutual fund distribution?

Yes. So we have very aggressive plans.

You have plans to use AP channels for mutual fund distribution, loan distribution, insurance distribution and other financial service product distribution. So what is happening there?

So yes, that is a natural progression, which is making our APs more salient with regards to their capabilities and their ability to offer multiproducts. And that has been a very clear visioning that we have had with regards to multiproduct selling GTM on back of our existing APs. As also like A.K. alluded, we are looking at reinstating the acquisition on the mutual fund distributor side as well. So I think you would find multichannel, multiproduct play as we move forward.

Do you also plan to originate, let's say, small DSAs on the platform for loan distribution?

No, not at this point.

Sure. And the last question is on Wealth Management. What is the contribution of wealth management in terms of revenue and cost for the quarter?

Let Vineet take that.

Revenue right now, we're not disclosing any revenue as Ambarish mentioned earlier, it's a very nascent stage. So we don't disclose the re venue for the wealth management or the AMC business separately. As far as the cost is concerned, so the cost is in line with our plans for this year. Overall, as far as the operating margin decrement is concerned, it's about 4% for both the AMC and the wealth businesses put together from the overall. So on an adjusted basis, where you're seeing about a 44% operating margin for the broking and the distribution business -- sorry, for the consolidated business, this includes the burn that is there for the wealth and AMC businesses.

Yes. Given that this quarter was different in terms of the spends on IPL and all. So therefore, this burn is about 4%, 400 basis points.

Next question comes from the line of Dipanjan Ghosh with Citi.

So a few questions from my side. Firstly, if I look at your annual report, it seems that there has almost been a 15% to 20% decline in the employee count in FY '26. Now if I were to take a view over the next 2 to 3 years in terms of your employee base, I mean, the way I see it is on one side, you will probably continue to invest in the new businesses, maybe sales teams, product teams? While on the other side, you might want to kind of rationalize your existing base on the pure-play platform or the traditional business that you're building on the platform side and APs. So just wanted to get some sense of how does your employee count look like from a business perspective when you think of it from medium term? Second question is on the wealth franchisee. Now if I look at it, out of your overall AUM, ultra HNI AUM, the way you classify it, is still the biggest contribution to the overall AUM number. Now looking at the ticket size, it seems that you would be competing with the incumbent wealth companies in that segment? So the question really is what's the strategy from a client acquisition perspective? I mean and especially in linkage with that relationship manager acquisition perspective, I mean, are these RMs people who have been working in existing banks or maybe boutique wealth franchisees who -- when they get onboarded on the platform already have a clientele list, which they can tap into? So just wanted to get some sense of the client and RM acquisition strategy in that business. And finally, the last question, in one of your comments, you mentioned that on the wealth side, you want to build a franchisee around recurring revenues. But when I look at the broader markets and maybe compare it globally also, I think access to exotic deals, one-off transactions, have been a key driver of acquiring new clients in certain segments. So at a certain point of time, once the AUM scales up, how does your product strategy really shape up?

Thank you, Dipanjan. On the first question of employee count, I've mentioned before, we continue to make sure we drive our business in the most efficient manner. At the same time, we are looking -- always looking for talent in the right places. If we find a good talent that will result in growth for us, we'd always go after th at because long-term growth always will beat that cost. But overall, over the next 2-3 years, you're definitely going to see the world change. There is AI, other tools, all of that. And we'll continue to stay on that trajectory. And overall, I don't want to give a guidance on employee count, but you will see employee productivity increase for sure as we have all this -- access to all of these things. But across the board, and not just with employee count and across the board, you should think of us as continuing to work on running our business more efficiently, get more productivity out of the unit resource that we have, whether it's capital, people, anything else. On the wealth stuff, Srikanth, can you comment on those two questions on the AUM as well as the recurring revenue stream, please?

Yes, I'll do that. And Dipanjan, firstly, congrats. I think you asked some questions which are at the heart of wealth management itself. I'll give you our take of how we are sort of building this franchise. Look, I think it's been a stated position since the beginning that we are building a full- service suite as far as wealth management is concerned. We are catering to most customer cohorts, largely split as either the ultra-high net worth, which we loosely qualify as customers with net worth of ₹ 50 crores and above and people between the ₹ 1 crores and ₹ 50 crores net worth. So as far as the first is concerned, it's something that majority of the leadership team have done for about two decades, and hence, the ability for us to have attracted the right quality of talent. And along with the right quality of talent, the righ t quality of clients sort of walking in, that's been one of the reasons why you see an initial higher sort of AUM building towards UHNI. I see the trend continue, but I also see the trend where it starts becoming more flatter and more equally distributed between the ultra-high net worth and the second business, which is the ₹ 1 crores to ₹ 50 crores wealth tech segment. So the difference between the 2 businesses is the first business of ultra-high net worth continues to be a RM relevant high touch and a domain-led capability. A lot of productivity- based experiments happen behind the scenes, where to keep every RM productive and relevant, we are able to now, at a very initial date, are able to demonstrate a far superior unit cost economics as compared to what is the traditional conventional norm. So whether it is in terms of coverage of RM fr om a service point of view, coverage of RM from an operational point of view, coverage of RM fr om an advisory analytics point of view, those using some of the automation that we've been able to bring together, we are seeing the integration of the RM providing the right comfort for the investor from an experience point of view. And behind the scenes, the productivity and efficiency getting some high-quality attraction. Now as far as the second business is concerned, where currently we are at close to about ₹ 3,400 crores, ₹ 3,500 crores of AUM, that's the business which is built more granularly because unlike the UHNI business where there could be lumpy assets that comes in, in the second business, the fun of building that business is that, that business gets built granularly, is extremely sticky as we continue to build, and from a volume point of view, that's the one that sort of stretches the belly horizontally if we build that right. That business for us also pivots from being a high-touch wealth business into an omnichannel business where we use the availability of technology and RM, and we put the power of choice in the hands of the investor. So the way we have positioned this is instead of preaching to the investor what is right, we put the power in hands of the investor to choose whether they wish to have services disseminated to them through technology or through the RM. That's how the two businesses are fairly dealing. We, on the other hand, have made a fairly innovative call where we do not differentiate between the 2 businesses basis products or service superiority or inferiority. In many cases, if a client is characterized in a lower or a higher segment, you are also assumed that they will also get better service or better product, but what technology has shown us all throughout is you need not have differentiation in your service or product capabilities, but you can have the ability to service one-to-many and one-to-one using a tech or an RM kind of an interface. So that's the core with which we are operating. As far as your customer acquisition question is concerned, the first business self-answers it. The UHNI business usually works with high-quality RMs bringing in their customers, and usually the reference flywheel in a UHNI business is extremely strong. So with the team having done this for a fairly long period of time, this part of the business comes fairly naturally to us. On the other side, having good quality access to products, and not all products need to be exotics or not all products need to be transactional, but products could also be, for example, one for us -- one of our very strong product focus has been international experiences for investors. Now those are the areas, including products, right research, domain, and high-quality RM, have been the reason why our customer acquisition flywheel continues to be extremely strong at this point in time. And second question, in some sense is partly answered, that while you're absolutely right, that you can't always have only very similar asset allocation products, while on the more sustainable basis, that is the approach that builds the core, but what is equally crucial is that you always have to have access to hi gh-quality products, which could be at some point of time privates, unlisted, international, or for that matter, even listed equity. And I think with the experience of a very strong product and research team, we are in no shortfall of that as well. I don't think we have a philosophy of cutting products as transactional revenue. We look at products as exclusive, contextual to market, strong guardrails of having gone through suitability and product approval, committee approvals. But we have enough products at all points of time where we are able to grab the right attention from an investor point of view, Dipanjan.

Thanks for the detailed answer. Maybe one small follow-up. If you were to hypothesize and think of those business, let's say, 5 years from now, would it be fair to say that new to Angel customers would form bulk of the AUM? On the wealth piece specifically, Ionic?

I think it should be an important pivot. I wouldn't go so far as to say whether -- I mean, that's one of the superpowers that we all have, right? We have a strong customer acquisition throughput through Angel One. We have a strong product and domain platform here at Ionic. The combination of the 2 should, in some sense, play out in the right form. But at this point of time, we are also seeing extremely strong organic customer acquisition on the UHNI as well. So while it is possible, what you're saying could be a reality, but on the other hand, we continue to see the organic acquisition through the current team, organic customer acquisition through the product that we are launching, and also client references continuing to grow very strong. So difficult to hypothesize, but yes, it would be one of the stronger pillars for sure.

Next question comes from the line of Pavan Kumar with Edelweiss Public Alternatives.

Sir, thank you for the opportunity, and congrats on really good performance. A couple of questions. Can you please give any update on launch or progress of loan against securities via your own NBFC? That is one. And on the personal loan side, can you give update on like addition or deletion -- I mean, reduction in any of the partners with whom you are distributing the loans? And third question, touching on the earlier question by another participant, the employee count has gone down from 4,139 at the end of FY '25 to about 3,300 at the end of FY '26. Can you give which divisions have seen a significant reduction? The fourth question on the cash realization, right? They seem to have shot up meaningfully this quarter from about ₹ 15, ₹ 16 earlier to close to ₹ 19. Is this driven purely by the increase in ticket sizes or any other reason? Thank you. These are my questions?

Thank you, Pavan. A really good set of questions. I'm going to shortly hand it over to Saurabh, but on the LAS, the quick answer is that we have a pilot going on, which is a very small pilot, but you're going to see that expand. But Saurabh, you want to talk about LAS and personal loan partners?

I think we have spent quite some time -- hi, Pavan, so we have spent quite some time building the infrastructure and the journey for the LAS business, and we are in COG mode right now. As and when we get more experience from the customers, we'll open up the entire base, and in next two or three quarters, you should see that business becoming big. On the PL side, we work with 7 lenders right now, and over time, some of the lenders come in and they scale with us and some of the lenders who don't scale with us, we sort of offload them. So 7 it is -- right now, it is across banks and large NBFCs primarily with a couple of fintechs getting added over the last 2 or 3 quarters.

Thanks, Saurabh. And Pavan, you'll see that listed on Page 18 of our quarterly report. On the employee count, I think we don't break out specific ally in different functions. But you know as I've said, we continue to become more and more efficient. On the cash realization question, I think there's a few factors there. If you look at it over a period of time, there was -- in November, we had made a small pricing change. That definitely has an impact. But recently, quarter-over-quarter, what we have seen is 2 major factors, one is the change in the ticket sizes, right, greater than 20,000 versus less than 20,000 orders. So you're seeing a different mix there. So that is resulting it. Second is that on the assisted side, we have different plans. There is a value-added plan that we have started where we get a better cash realization, and that has been doing extremely well because customers are liking it and signing up for it. And we see in this business that when you provide the right set of features and service to the customers, they're willing to pay more for it because their investment and money is much more important than what they pay as a brokerage. So we are seeing that play out.

Just one follow-up. Do you see further scope for the increase in the realization of the cash from the assisted exhibition?

Look, it's very hard to predict, especially on the mix side. So I wouldn't bake in any further increase from here, and it can change quarter-to-quarter, depending on how the mix of orders come in, which we don't necessarily control.

The next question comes from the line of Ritika Dua with Bandhan.

So just wanted to understand the opportunity on the U.S. equity side. So how would maybe you know we would look to maybe position in term s of pricing or maybe product differentiation? Yes, just a broad would help. Thank you.

Look, I think it's a good question. U.S. equities is a very interesting opportunity. We already have certain offerings, but we are looking to upgrade these offerings. We got a GIFT City license also on that front, as you would have seen. We can't talk about any pricing at this time because we haven't launched the product. I would say just wait for it, but we do think it's an important segment where you'll see more activity from us for sure.

Just one follow-up, if I may. So for the offerings which are already there in the market, I mean, is there a number maybe in terms of how profitable it is? And also maybe what is the allowable limit and etcetera, which -- just to maybe understand per customer basis -- per customer, how much would be the allowable limit there? So 2 follow-ups…

Look, the industry stuff we can follow up with you on, but that's sort of industry data that's out there. On the limit, really these are the LRS limits that are prescribed by the RBI and so these are sort of -- this is actually a fully cumulative limit for the year. So it's really $250,000 is what the LRS limit is. But depending on like what you're doing, there are different limits may apply. So I don't want to provide a regulatory answer here, but that's sort of what you should look at, is that it's really based on the LRS limits. So it is part of that, it is not outside of that.

Next question comes from the line of Deepak Lalwani with Unifi Capital.

First question is on the client acquisition side. So we've seen some moderation in this quarter. So is that a deliberate approach that we have taken to control costs, etcetera., or are we seeing some challenge on ground to acquire new customers, given that the leader has become more active, his client active market share has gone up slightly from March levels. Just wanted to touch upon that.

Deepak, thank you for the question. On the client acquisition, if you see, you should look at the overall industry data. If you see what is sort of the CDSL number for client acquisition, that itself actually has been softer last few months. But the way we look at our client acquisition is that we are looking at what kind of client segments are available. We have different channels of acquisition, and we say, look, what is the cost at which a client is coming? What segment are they from? What kind of LTV can we get out of them? And based on that, we keep adjusting our spend. This is not to reduce costs in any way. If we get great clients at some time through channels, we would actually -- we have mentioned in the past that we would definitely be biased towards growth. So there's no specific intention to reduce costs on that front. Sometimes when the markets are not doing that well, a lot of customers don't get excited by being -- first time coming to the equity market. When markets are doing well, lots of IPOs are happening, customers get excited and more people want to join the fray. But long-term, you will see the trend that equities are very underpenetrated in India. Only 5% to 10% of retail wealth is in equities. So long-term trend will continue. So I won't read too much into the sort of last month or 2 there.

I understand that. Sir, the cost related to these client acquisitions, if you just divide the cost by the client acquisition run rate, it seems to be on the higher side. So I understand there is an IPL cost associated with it, but apart from the lumpy IPL cost, is there a structural increase in our cost to acquire new clients, or will we be getting back to our older levels of client acquisitions?

So one thing I just want to make sure. I know you're not sort of alluding to that, but I just want to clarify that. Look, the IPL costs are really not a acquisition cost. It's a branding cost, very, very long-term cost. So that has to be kept very much out of it. And even though sort of you're not going there, but that said, generally what happens, and we've said this in the past, is that during the IPL time, there's a lot of activity in the market, so the client acquisition cost does tend to creep up a little bit, but it does come back down. So we expect that to happen. I do think really it is dependent more on how the markets are doing and that can get people excited about it. When markets are flattish over a period of time, new investors may not want to come into the fray because they've not seen the long-term trajectory and the long-term advantages. But over a period of time, they see it and they come in.

I just wanted to touch upon the wealth division. Although we've scaled up well, I just want to understand a level deeper on our right to win in this segment because our assets are largely coming from the ultra-high net worth individuals today and it's mostly ARR assets. So it's the best of 2 that we can have. So wh at exactly have we gotten right? And what's our right to win in terms of scaling up on our current efforts? What you've answered in the previous question was the talent pool, which is available with us and the scale that each RM can get to. How much more juice is left in the productivity of that particular RM and the scale up of RM that you will be incurring in the coming years? So if you can touch upon the scalability that you're envisaging with the Ionic Wealth brand as well.

Yes. No, Deepak. I think I anyways gave a slightly more detailed answer than the previous one. But just to sort of quickly touch upon our vision of in terms of how it's scaling. One, look, I don't think wealth is going to be a winner takes all market. I think in all developed parts, in all significant markets, there is always room for 8 to 10 high-quality wealth players, even in the top end of the pyramid. And as you start going down the pyramid, the ability for multiple people to coexist only increases thereby. So a, I think this question of each one having a unique right to win, while strategically each one will figure their own sort of strategy for us, it's the holy grail of integration between the right relationship talent, the right domain talent, and the right tech talent. And the intersection of these 3 sort of come. But I think the way newer sort of wealth management clients are coming into the fold, the scalability is abundant. We had coined that term 2 years ago in the media called triple multiplier. Essentially what it says is that this is one of the unique industries where you are seeing 3 engines of growth expanding the market. You've got the as sets that are already deployed appreciating by x percentage, you've got newer customers entering the world of investments each year, and you've got the current investors increasing their investment amount each year due to their sort of disposable income going high. All 3 are mutually exclusive, which is feeding into this market growing at a pace which is unparalleled to many other markets. And as India grows from a US$ 2,800, US$ 2,900 per capita GDP towards greater heights, financialization is going to be a crucial sort of theme. So I think for us, scale availability of both customer base and talent pool, while enough is being said about it, we don't see that as a huge challenge. I think if we do the basic parts of risk management right, which is ensure that most of the products that we do are at core points of time right to both the customer suitability and market, we are able to ensure that we get talent pool, which is exactly right for our DNA rather than getting talent pool for any reason. And c, using technology to make sure that the cost does not put its head up in a manner that it becomes untenable. I think if we keep these 3 things right, and that's the reason why I gave that slightly more exaggerated answer in the first question, that for us, using technology to make sure productivity is high is extremely crucial. And after that, a quick last answer as a rejoinde r is given the experience of the team and given the fact that we've been very sort of lucky to have been joined by very high-quality talent on all 3 sides, which is relationship, tech, and domain, every now and then, the team is able to lay its hand on slightly unique offerings, be it global, be it commodities, be it multi-asset allocation through discretionary formats. These are some of the early successes. So the right sprinkling of ideas, which are slightly ahead of its time and going extremely strong on basic foundational principle, and the fact that India continues to grow means that I think none of the serious wealth players should worry about the scale opportunity that India presents.

Sure. Understood. Sir, you mentioned in the previous remarks that a breakeven period is going to be about 3 to 5 years. So if you can dwell deeper on this as to how you're thinking about breaking even? Is it going to be revenue-led or you're not going to increase cost much? So one is on that. And on an absolute basis, earlier you used to speak about 3% of revenues being burnt in these new ventures, and now you're talking about 4%. So is there an absolute quantum that you can give us maybe ₹ 100 crores or ₹ 150 crores for these new ventures that Angel One is ready to bear until the next 3, 4 years? I know percentages are good, but an absolute quantum should be useful?

Let Vineet take that question.

Deepak, on the cost overall for the business, yes, as I mentioned, it is about 4% for both the AMC and the wealth businesses put together for this quarter. But overall, I think we will be in the range of about 3%, 3.5% as at the financial year. So given that this quarter was different in terms of the seasonality as well as the other costs -- other costs that are there. So therefore, you are seeing a higher contribution as far as the burn is concerned in the operating margin level. On the breakeven side, I think we have been quite consistent that this business over a period of, say about 3 to 4 years should be incrementally breaking even. Having said that, if we see opportunities to accelerate growth, we will definitely look forward to accelerate the growth and build the business on a stronger platform for a longer term growth and sustainability perspective. As of today, as I said, in the past also we mentioned that from the beginning, we are contemplating in about 3 to 4 years this business should incrementally breakeven.

Mr. Lalwani, please rejoin the queue for more questions. Next question comes from the line of Subhash with Value Investments. Subhash: Sorry. My question is not regarding your financia ls. I mean, your app is great. I'm one of your longest standing customers, and I've referred you to so many people. Because of a problem that I'm facing with your app or the restriction that you have placed in the app, I've stopped referring you to other people. I've tried calling your customer care, escalating to next level, nothing has worked. So that's why I thought maybe I could join the earnings call and talk to the top-level management. I think you are aware about the RSM category in Angel One, right, which is called as restricted basket, where a group of stocks which are put under this basket are restricted to either buy or sell. Even if we call the customer care and if we ask them to buy or sell, even they are not able to do it. And this restriction is not from SEBI; this is a restriction which is done at the Angel level. So my question is, when there are so many restrictions already, which are very overwhelming by SEBI already in India, if you see the ESM, the T2T, there are so many red circuits, so many things are there. So why this restricted basket is created by Angel when no other app has any such restriction? For example, if I go to Zerodha, Upstox, or Groww, none of these apps have this restriction. I can buy any stock, I can sell any stock there. An d only for this reason, I have gone to CDSL website. I had to move my SME segment shares from Angel One to Zerodha because of this restriction. And let's say that this restriction is not put on a stock when I'm buying, but then after some days it is put under that basket and I won't be able to sell it even though I have it in my portfolio. So this is a very, very big problem for the existing customers, because of which you're losing some business. I know that you are growing at a very rapid pace. I'm very happy about it, but I think feedbacks like this should be considered very seriously. So I would like to hear you, like why you have that restricted basket?

Subhash, first of all, thank you so much for doing this. I'm extremely sorry that you've not been able to reach our customer support, and I take it very, very seriously. Please write to me at ceo@angelone.in and I'll personally look into it. You have many, many channels and absolutely, we'll make sure that we look at it. In terms of the risk, as you know, we have our own risk management on top of what SEBI would prescribe because brokers have their own requirement to do things. But let's connect offline. I take your requirement. We are continuously reviewing all the set of securities, all the rules that we have, and we keep making these changes. But I'd love to connect with you. Please write to me and we'll have somebody reach out to you literally today as soon as I get an email from you. I'm extremely surprised that you've not been able to connect with us. I take it very seriously... Subhash: No. I was able to connect. I brought up this problem, but all the customer says, I mean, all they say is, this is just the policy from Angel One. We cannot change it. So they are also helpless, the customer representatives?

We will connect. Subhash: Sure, sir. I'll definitely connect. But I just like to hear a little bit more about this. Like why do you have that restricted basket when no other broker in India has such?

Look, like I explained, we have a set of risk policies, based on which we decide, because there is risk surveillance, bunch of things that we do. I can speak more to you -- we can speak more to you about it and explain to you. Subhash: So you will consider removing this, right?

Look, as we get your feedback, any feedback that we get, Subhash, we -- I look through CEO escalation mails, every CEO mail, I take these things very seriously. And therefore you are seeing the tone and me giving out the email on this conference call. End of that, we will follow up every bit of feedback. Of course, we have to be logical about it. We have to do the right thing for the customer, right thing for the ecosystem, and stay within compliance. But absolutely we'll look through it, and we will regain you back, Subhash. You have to come back to Angel One, and I'd love to see you… Subhash: No, I'm already in Angel One. Like most of my -- 90% of my investment is in Angel One. I mean, why do I have to move to some other broker, right? I would like to keep everything in one account. Yes. I don't lose anything by creating another account. I can easily transfer, but I wanted to give this feedback. Yes.

I appreciate that. Again, not appropriate to talk more on this call, but I appreciate you. We'll connect with you offline. Yes. Subhash: Yes, could you please repeat your e-mail ID? I'll just write it down.

It's ceo@angelone.in. Subhash: Okay. Thank you so much.

Thank you so much. I look forward to hearing from you.

Ladies and gentlemen, that was the last question for today. We have reached the end of question-and-answer session. I now hand the conference over to Mr. Ambarish Kenghe for closing comments.

Thank you once again for joining us today. As always, it has been a pleasure engaging with you to discuss our results and progress. If you need any further information, feel free to reach out to Hitul Gutka, our Head of Investor Relations, or to SGA, our Investor Relations Advisors. Have a wonderful day. Thank you.

Thank you. On behalf of Angel One Limited, that concludes this conference. Thank you for joining us. You may now disconnect your lines.