Angel One (ANGELONE) Q4 24/25 earnings summary

Executive summary

• Q4 FY2025 was marked by regulatory headwinds and softer market conditions, leading to a decline in order volumes and subdued client activity.

• Added 9.3 million gross clients in FY25, with 90% from Tier 2, 3 & beyond cities, expanding total client base to 31 million as of Q4 FY25.

• Strategic investments continue in technology, AI/ML, and product diversification, building a comprehensive financial services platform.

• Leadership changes include the appointment of a new Group CEO, Chief Data Officer, and Whole Time Director, reinforcing the focus on technology and data-driven growth.

• Audited standalone and consolidated financial results for FY2025 were approved with an unmodified audit opinion.

Financial highlights

• Q4 FY2025 net income was ₹8.3 billion (-15.7% QoQ), PAT was ₹1.7 billion (-38% QoQ), and EBDAT was ₹2.6 billion (-36.1% QoQ).

• FY2025 gross revenues were ₹52.5 billion (+22.6% YoY), and PAT was over ₹11.7 billion (+4.1% YoY).

• Operating margin for Q4 FY2025 was 31.8% (down 1,019 bps QoQ); FY2025 operating profit margin was 41.1%.

• Book value as of March 31, 2025: ₹624.5 per share; TTM EPS: ₹130.0.

• Final dividend of ₹26 per share declared for FY2025.

Outlook and guidance

• Management expects normalization of operations and profitability by Q4 FY2026, with margins projected to recover to 40%-45% by FY2026 end.

• Focus remains on product diversification, digital distribution, and expanding annuity businesses.

• No immediate price hikes are planned; the situation will be reassessed after observing customer behavior.

• Qualified Institutional Placement raised ₹14,999.99 million for working capital and corporate purposes.