Angel One (ANGELONE) Q3 25/26 earnings summary

Executive summary

• Q3 FY26 saw a clear recovery with improved operational execution and financial performance, including consolidated gross revenues of ₹13.4 billion, up 11.1% QoQ, and profit after tax at ₹2.7 billion, up 26.9% QoQ, despite three fewer trading days.

• The company continues to invest in technology, AI, and new business lines, focusing on building a full-stack, omnichannel financial services platform and leveraging digital scale.

• Strategic focus remains on expanding the client base, product offerings, and operational efficiency, with disciplined execution and responsible use of AI.

• Leadership and governance were strengthened with the appointment of a new General Counsel.

• Unaudited standalone and consolidated financial results for the quarter and nine months ended December 31, 2025, were approved and reviewed by auditors, with no material misstatements identified.

Financial highlights

• Total gross income rose 11.1% QoQ to INR 13.4 billion; net income grew 9.3% sequentially to INR 10.3 billion; consolidated net profit for Q3 FY26 was Rs. 2,686.64 million.

• EBDAT margin expanded to 39.4%, up 489 bps sequentially; profit after tax increased 26.9% QoQ to INR 2.7 billion.

• Standalone operating margin reached 43%, and standalone net profit for Q3 FY26 was Rs. 3,010.39 million.

• Interest income contributed 33% of total revenues, while broking (F&O) contributed 44%.

• Basic EPS (consolidated) for Q3 FY26 was Rs. 29.59; standalone basic EPS was Rs. 33.16.

Outlook and guidance

• Operating margin guidance for broking and distribution business remains at 40%-45% on an annual basis.

• Management expects further operating leverage as customer acquisition and product engagement deepen.

• No further pricing changes are planned for order execution; focus remains on product and customer service.

• Strategic investments in wealth and asset management, credit, and insurance to drive annuity-based revenues.

• Continued emphasis on acquiring young, regional clients and increasing market share in incremental demat accounts.