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Angel One Ltd
NSE: ANGELONE Financial Services Cap Markets 🔎 Screen
NIFTY 500 Smallcap 50 Smallcap 100 Smallcap 250 Dividend 50
₹27,132 Cr
Market Cap
4.50
P/B
14.8%
ROCE
15.6%
ROE
1.30
D/E
41.8%
Fin. Margin
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📈 Price History
Ratio Health
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About

Angel One Ltd is a diversified financial services company and is primarily engaged in the business of stock, commodity and currency broking, institutional broking, providing margin trading facility, depository services and distribution of mutual funds, lending as a NBFC and corporate agents of insurance companies.

✓ Strengths 2
  • Company has a good return on equity (ROE) track record: 3 Years ROE 25.1%
  • Company's median sales growth is 26.8% of last 10 years
! Concerns

No concerns data yet.

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Strong beat – revenues surged 38.7% YoY to ₹14,672 Mn and PAT jumped 83.5% YoY to ₹3,203 Mn as client activity normalised and margins recovered despite regulatory headwinds. quarter Investor Presentation One-Pager Mar 2026
Revenue (Consolidated)
₹1,467 Cr
+38.7% YoY (₹10,578 Mn to ₹14,672 Mn)
EBDAT Margin (Reported)
39.4%
up 1,769 bps YoY vs 21.8% in Q4 FY25; normalised 44.4%
PAT
₹320 Cr
+83.5% YoY (₹175 Cr to ₹320 Cr)
Total Client Base
37.4 Mn
+4.7% QoQ; market share 16.7%
What Went Right
  • Broking orders grew 13.3% QoQ to 431 Mn, with overall retail equity turnover market share at 20.4%.
  • Interest income rose 34.7% YoY to ₹4,550 Mn, driven by client funding book averaging ₹58.5 Bn.
  • Wealth management AUM surged 22.7% QoQ to ₹100.8 Bn, with ~86% recurring revenue AUM.
  • EBDAT margin improved to 39.4% (reported) from 21.8% a year ago, showing strong operating leverage.
  • Consolidated earnings per share (TTM) reached ₹10.1, up from ₹8.3 in FY25.
What to Watch
  • F&O regulations and softer macro conditions suppressed revenue growth in FY26; full-year gross revenues declined 1.8% YoY.
  • Q4 included a one-time reimbursement of ₹192 Mn to clients due to an operational disruption linked to an external market infrastructure institution.
  • Asset Management AUM fell 22.2% QoQ to ₹3.6 Bn, though still early-stage.
  • Management guided that Q1 FY27 will be impacted by higher IPL costs (more matches), annual increments, fresh ESOP grants, and proportionate variable pay provisioning.
  • Full-year PAT fell 22.0% YoY to ₹915 Cr, reflecting the regulatory drag.
Investor Lens
The thesis of a diversified fintech platform resilient to regulatory shocks is intact. Q4 showed clear recovery in revenue and margin, with broking volumes normalising and non-broking income (interest, distribution, wealth) contributing 39% of total revenue (up from 32% in Q4 FY25). Key watchpoints: (1) Q1 FY27 margin compression due to IPL, increments, and ESOP costs; (2) client growth trajectory—Q4 gross acquisitions of 1.8 Mn (+4.4% QoQ) remain healthy; (3) further F&O rule evolution and its impact on trading volumes; (4) wealth management scaling (AUM now >₹100 Bn) and credit disbursement growth (₹6.1 Bn in Q4). Near-term volatility in costs is expected, but the underlying client base and product expansion support long-term value creation.
From investor presentation · AI-generated analysis · Not investment advice
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📈 STRONG Net Profit up 82.9% to ₹320 Cr
Revenue
Revenue grew 38.2% YoY to ₹1,459 Cr and 9.3% QoQ. This indicates a strong top-line performance. Revenue has consistently shown growth.
Profitability
Net Profit increased 82.9% YoY to ₹320 Cr and 19% QoQ. EPS rose to ₹3.52 from ₹1.93 YoY. This suggests significant improvement in profitability.
Margins
OPM expanded to 41% from 32% YoY, driven by strong revenue growth. OPM was consistent with the previous quarter at 40%. This indicates efficient cost management.
Balance Sheet
Borrowings stood at ₹7,951 Cr, while reserves were at ₹6,027 Cr. Total Assets were ₹23,904 Cr, indicating a stable balance sheet position.
Key Risks
High debt levels at ₹7,951 Cr, dependence on interest income, and potential market volatility are key risks. These factors could impact future profitability.
Outlook
Given the strong revenue and profitability growth, the company is well-positioned for future growth. However, the company needs to manage its debt levels and maintain its OPM to sustain growth.
Generated by AI · Mar 2026 results · Not investment advice
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Investment Risk:
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