Angel One Q1 FY26 Results: Revenue Up 7.3% QoQ

Key takeaway

Angel One, a retail broking and capital markets firm, reported a sequential improvement in Q1 FY26 revenues and operating activity, but its reported profitability and margins were weighed down by one-off costs, including an IPL-related marketing spend booked upfront.

What the company reported for Q1 FY26

For Q1 FY26, Angel One disclosed consolidated total net revenues of ₹891.3 crore, up from ₹830.8 crore in Q4 FY25, translating into 7.3% quarter-on-quarter (QoQ) growth. Management described the quarter as “encouraging”, pointing to operational strength, sustained client engagement, and gradual growth across diversified revenue streams.

The company also reported gross revenues of ₹1,140 crore, up 8.1% QoQ in the management commentary. In another snapshot shared in the same material, gross revenue was cited at ₹1,200 crore, up 5.3% QoQ, alongside net revenue of ₹940 crore, up 5.6% QoQ. These multiple figures appear in the source material and reflect the way different summaries and definitions were presented.

Orders, engagement, and the client funding book

Operationally, Angel One said total orders rose 4.8% sequentially to over 343 million, indicating steady retail participation. In a separate management quote referencing a different quarter, the firm stated total orders grew 5.0% QoQ to 360 million.

A key growth driver highlighted was the funding franchise. Angel One said the average client funding book reached a new high of ₹4,200 crore in Q1 FY26, up 4.3% QoQ. Another excerpt in the provided material, attributed to a different quarter, cited an average client funding book at an “all time high” of over ₹5,300 crore.

Revenue mix: where the money came from

Management said the revenue mix remained diversified. It stated that over 45% came from broking commissions in the “SNO segment”, around 10% from the cash segment, 6% from commodity derivatives, and 31% from interest income across client funding and deposits placed with clearing corporations. The balance was attributed to depository operations, distribution, wealth, and asset management businesses.

On the broking line, Angel One said total gross broking income increased 9.1% sequentially to ₹690 crore, while net broking income rose 7.3% QoQ to ₹530 crore after sharing commissions with authorised persons. Another datapoint in the material cited net broking income of ₹550 crore, up 5.4% QoQ.

Profitability: reported vs adjusted numbers

The quarter’s headline debate was margins. Angel One said reported operating margin was 21.8%, lower sequentially due to IPL costs and a prior-quarter variable pay reversal. It also stated that on a normalised basis, adjusting for these items, operating profit rose 30.5% QoQ to about ₹310 crore, translating into a 34.3% normalised margin.

On EBITDA (referred to as EBDAT/EBITDA in the material), Angel One reported ₹194.4 crore, down 26.5% QoQ, while the adjusted figure was ₹306.1 crore, up 30.5% QoQ. Management also said new business incubation costs reduced margin by about 2.6% in Q1.

PAT showed a similar split. The company reported PAT of ₹114.5 crore, described as down 34.4% QoQ, while adjusted PAT rose 26.0% QoQ to ₹192.2 crore after accounting for one-off items.

The IPL expense and other cost pressures

A central one-off in the quarter was the IPL sponsorship spend. The material states Angel One booked ₹111.7 crore of IPL-related marketing expense upfront in Q1, affecting reported profitability.

Separately, the text also notes higher spending on marketing, staff, and ESOPs. ESOP expenses were expected to total ₹210 crore for the full year, as per the management commentary included. It also stated that newer verticals such as wealth management and asset management were still in the investment phase and could hurt margins by 2% to 2.5% during the year.

Alternative snapshots in the source: income, expenses, and EPS

The provided material contains multiple financial snapshots. One set said total income was ₹1,516.0 crore in Q1 FY26 versus ₹1,410.1 crore in Q1 FY25 (an 8% change), with EBITDA of ₹597.7 crore versus ₹419.4 crore (a 42% change), and PAT of ₹423.4 crore versus ₹292.7 crore (a 45% change). Another dataset stated total income of ₹1,143.09 crore in Q1 FY26, down 15.9% QoQ and 18.9% YoY, with EBITDA of ₹277.23 crore and PAT of ₹114.47 crore, and EPS of ₹12.30.

The same source also included a table that listed revenue from operations as ₹11,405 crore for Q1 FY26, alongside ₹10,560 crore in Q4 FY25 and ₹14,055 crore in Q1 FY25. These figures conflict with the ₹1,143.09 crore (₹11.4 billion) revenue number quoted elsewhere in the material, so readers should rely on the exact definitions and line items used in the company’s consolidated results.

Market position: active client share

One metric that appeared stable in the material was Angel One’s share of NSE active clients: 15.30% in Q1 FY26, marginally lower than 15.40% in Q4 FY25, and slightly higher than 15.20% in Q1 FY25.

Quick table: key numbers mentioned (₹ crore)

Why this update matters

Angel One’s Q1 FY26 print, as presented, shows two narratives at once. On the one hand, sequential growth in net revenues, orders, and the client funding book points to continued retail engagement even after the index derivative regulations implemented in 2024, which management said formed the backdrop for the quarter.

On the other hand, the quarter highlighted how upfront costs and accounting effects can materially change the headline picture. The contrast between reported margin (21.8%) and normalised margin (34.3%) became central to how the company framed performance, especially with IPL costs booked in the quarter.

What to watch next

Management commentary included an expectation that margins could improve by Q4 FY26 as large marketing spends such as IPL promotions end and newer business units scale. Investors will likely track whether order growth sustains, how quickly the wealth and asset management verticals reduce losses, and whether interest income from the funding book continues to contribute a steady share of revenue.