ANGELONE

: Revenue quality > revenue growth.

Indian broker

is shifting from volume-driven trading income to recurring, service-led revenues—MTF interest, wealth products, and distribution. This transition improves earnings visibility and stability, even if near-term margins look softer. The risk hasn’t vanished—it has shifted from market volatility to balance-sheet execution. Short-term noise. Long-term business quality upgrade. 📊 The real story lies beneath the topline.