Angel One (ANGELONE) Q4 25/26 earnings summary

Executive summary

• Achieved strong sequential growth in client engagement, platform activity, and client base, resulting in one of the strongest quarters in company history.

• Broking franchise drove performance, with increased trading activity, market share gains, and diversified revenue streams across broking, wealth, credit, and asset management.

• Continued investments in technology, especially AI/ML, are enhancing client experience and operational efficiency.

• Maintained resilient performance despite macro and regulatory challenges, with margins of the core business regaining historical levels.

• 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 INR 14.7 billion in Q4 FY26; consolidated gross revenues for Q4 FY26 reached ₹14,672 Mn.

• Profit after tax for Q4 FY26 was ₹3,202 Mn, up 19.2% QoQ; TTM PAT of ₹9.2 Bn and TTM EPS of ₹10.1/share.

• EBITDA/EBDAT margin expanded to 41.7% in Q4 FY26, with normalized margin at 44.4%.

• Orders executed increased by 13.3% sequentially to 431 million, a six-quarter high.

• FY26 consolidated revenue from operations was ₹51,366.07 million, with net profit after tax at ₹9,150.99 million.

Outlook and guidance

• Expect margin expansion in broking and distribution, with second half FY26 margins as the base for FY27.

• Employee costs projected to remain flat year-over-year at around INR 11 billion, including ESOPs; Q1 FY27 expected to see higher IPL costs, annual increments, and new ESOP grants, impacting margins.

• Non-employee costs will grow in line with business volumes and opportunities.

• Continued focus on scaling digital financial services, expanding product suite, and leveraging AI/ML for efficiency.

• Board approved raising up to ₹1,500 crores via NCDs and investments of ₹150 crores each in Angel Fincap and Angel One Wealth for working capital.