Angel One (ANGELONE) investor relations material

Executive summary

• Achieved strong sequential growth in client engagement, platform activity, and client base, resulting in one of the strongest quarters in company history, with a client base of 37.4 million, up 4.7% QoQ.

• Broking franchise drove performance, with increased trading activity, market share gains, and 431 million orders executed in Q4 FY26 (+13.3% QoQ).

• Technology and AI integration advanced, enhancing client experience and operational efficiency.

• Wealth, asset management, and credit businesses showed early signs of scale and improving unit economics, with Ionic Wealth AUM at ₹100.8 billion (+22.7% QoQ).

• Audited standalone and consolidated financial results for the quarter and year ended March 31, 2026, were approved, with an unmodified opinion from the statutory auditor.

Financial highlights

• Gross income rose 9.7% quarter-on-quarter to ₹14.7 billion in Q4 FY26; consolidated gross revenues for Q4 FY26 reached ₹14,672 million.

• EBITDA margin expanded by 227 bps sequentially to 41.7%; normalized EBITDA margin at 44.4% after adjusting for one-time items.

• Profit after tax increased 19.2% sequentially to ₹3,202 million in Q4 FY26; TTM PAT of ₹9.2 billion and TTM EPS of ₹10.1/share.

• Consolidated revenue from operations for FY26 was ₹51,366.07 million, with total income at ₹51,522.34 million.

• Net profit after tax for FY26 stood at ₹9,150.99 million, down from ₹11,720.81 million in FY25.

Outlook and guidance

• Employee costs expected to remain flat year-over-year at around ₹11 billion, including ESOP costs.

• Margin expansion anticipated, with second half FY 2026 margins (42%-43%) as the base for FY 2027.

• Capital infusion of up to ₹1.5 billion each planned for wealth management and NBFC platforms to scale emerging businesses.

• Q1 FY27 expected to see higher IPL costs, annual increments, and new ESOP grants, impacting margins.

• Borrowing limits increased to ₹20,000 crores, subject to shareholder approval.