Analysts/Institutional Investor Meet/Con. Call Updates

AI summary - Consolidated revenue grew 18.9% y-y to ₹14.3bn; PAT up 58.2% y-y to ₹3.35bn in Q2 FY27 - Stand-alone operating margin at 48.9%, above guided range of 40-45%; annual margin guidance ~45% - Client funding book reached ₹74.5bn, +40.5% y-y; funded clients up 30% y-y to 437,000 - Credit distribution annualized run rate at ₹33bn, highest ever; AI/ML models enhanced risk assessment - Wealth AUM at ₹160bn, +19.1% over Q1; new SEBI portfolio manager regulations support product expansion - Pilot launched for U.S. stocks via IFSC Global Access Provider license - Operating leverage evident as operating profit grew 52% y-y despite subdued market - Distribution income growth driven by credit and IPO activity; gross broking income share declined to 55% - Employee costs guidance flat at ₹1,100 Cr for FY27; attrition and productivity improvements noted - Market share: F&O stable at 22.1-22.5%, commodities turnover doubled but share declined due to market expansion - Margin trade funding book growing healthily with 85%+ exposure in blue chip/good stocks - Brand spend expected to decline as % of revenue over time with scale - No differential brokerage for MTF clients; lending rate stable at 14.99% - Distribution revenue ~5% of total; IPO and credit distribution contributed strongly - Broking revenue split ~75% direct, 25% assisted business - Normalized consolidated EBITDA margin guidance 40-45%, with growth as dominant driver - Client acquisition focused on quality activations over…