Angel One Q4 FY26: Profit up 84%, stock hits high in 2026

What drove attention to Angel One this week

Angel One Ltd drew market attention after posting a sharp year-on-year jump in profitability for the January to March 2026 quarter (Q4 FY26). The stock price responded quickly, hitting a fresh 52-week high during intraday trade on the BSE. The move came alongside brokerage commentary reiterating positive views on profitability and operating leverage. The quarter also showed a visible improvement in platform activity, with higher orders executed and sequential growth in reported income. Management commentary pointed to stronger trading participation across segments, with the broking franchise becoming a larger contributor. The combination of earnings momentum and price action kept the stock in focus against a weak broader market tape.

Q4 FY26 profit rises 83.5% YoY

Angel One reported net profit of ₹320.24 crore in Q4 FY26, up 83.5% from the same period last year. On a sequential basis, net profit was up 19.2% versus the previous quarter. Multiple reports in the provided data rounded the quarterly profit to about ₹320 crore and described the year-on-year increase as roughly 84%. The profit performance was presented alongside stronger operating metrics, including margin expansion. Angel One’s management also linked the quarter’s performance to a recovery in client participation and higher usage of its digital platforms.

Order volumes increased despite fewer trading days

Even with one fewer trading day in Q4 FY26, Angel One reported that orders executed on its platform rose 13.3% sequentially to 431 million. The company said this reflected strong client participation and improving trading intensity. The sequential rise in orders is notable because the quarter was described as having fewer sessions, which typically lowers activity-linked revenue for brokerages. The reported order growth supported quarter-on-quarter expansion in income metrics.

Income metrics: gross income ₹1,470 crore, net income ₹1,130 crore

For Q4 FY26, Angel One reported gross income of ₹1,470 crore, up 9.7% quarter-on-quarter. Net income increased 10.4% sequentially to ₹1,130 crore. Another disclosure in the provided data described Q4 FY26 income as ₹1,130 crore, up 37% year-on-year, while also noting that full-year FY26 income declined 3% to ₹4,000 crore. In a separate line item, revenue growth for the quarter was cited at 38.2% to ₹1,459 crore. Taken together, the figures in the source material consistently point to a strong quarter-on-quarter improvement in income and a sharp year-on-year improvement for the quarter, while the full-year picture was described as softer.

Margin expansion highlighted in the quarter

One of the most repeated operating takeaways was margin expansion. Angel One’s EBITDA margin was reported at 41.7% in Q4 FY26, up from 31.8% in Q4 FY25, implying a 990 basis point improvement over four quarters. Another snippet cited margins expanding to around 41% alongside an EBITDA jump of 74.6% year-on-year, supported by operating leverage and higher client activity. Angel One’s management said the growth during the quarter was primarily driven by its core broking franchise. The share of broking revenue increased to 60.7% of total gross income, indicating that core broking became a larger contributor within the revenue mix.

Stock price reaction: 52-week high, multi-day rally

Angel One hit a 52-week high of ₹342.35, rising 5.4% during Thursday’s intraday BSE trade, as cited in the provided data. At 10:59 AM, the stock was quoted 5.2% higher at ₹341.65, compared with a 0.13% gain in the benchmark index. Over the past three trading days referenced in the source, the stock rallied 13%. Another update said the stock surged 7.6% in afternoon trade to ₹314.78 after Q4 FY26 results and positive brokerage commentary. Separately, Angel One was also reported to have climbed over 1% to an intraday high of ₹324.10 on a Tuesday session, recovering from a prior day’s 1% decline, while still being up more than 15% over the past week.

How Angel One performed versus the broader market

The source material included two different year-to-date snapshots for calendar year 2026. One section said Angel One had surged 45% in 2026 so far, while the BSE Sensex was down 11.5% in the same period. Another comparison piece stated Angel One shares were up about 24% in 2026 so far, alongside strong gains in the stock over one month. Both versions underline the same direction of travel: Angel One’s stock performance in 2026 was described as stronger than the broader market and supported by earnings-linked catalysts.

Broker views: Motilal Oswal, Citi, Elara, JM Financial

Motilal Oswal reiterated a ‘BUY’ rating with a revised target price of ₹400, premised on 22x FY28E EPS, in a research note dated April 17, 2026. Citi maintained a ‘buy’ rating, citing stronger-than-expected profitability after the Q4 performance. Elara Securities maintained a ‘Buy’ rating with a target price of ₹350, indicating an upside of 10% as cited in the data. JM Financial downgraded the stock to ‘Add’ from ‘Buy’ while increasing its target price by 5% to ₹350 from ₹333, citing higher revenue per order and controlled costs, but also pointing to valuation comfort after the stock’s gains since September 2025.

Peer context: Groww results and relative commentary

The provided material also referenced results and market moves in a peer, Groww (Billionbrains Garage Ventures). Groww’s Q4 net profit was cited as ₹686.4 crore, up 122% year-on-year, with total income of ₹1,535.5 crore and EBITDA of ₹938.7 crore. A separate comparison note said Jefferies viewed Groww as having demonstrated stronger recovery in order volumes and better profitability compared to Angel One, amid headwinds from SEBI’s regulatory changes in F&O and weak equity markets. The same compilation also noted that brokerage opinions can differ, with some analysts positive on adoption and market share trends, while at least one brokerage was cautious on valuation.

Key numbers at a glance

Market impact and what investors are tracking next

The immediate market impact was visible in the stock’s sharp intraday rise and the multi-session rally cited across updates. From an operating perspective, the quarter’s key signals were higher executed orders, sequential income growth, and the step-up in margins. The data also highlighted areas that market participants are tracking over the next few quarters: the pace of AMC ramp-up and AUM shift, credit book quality for leverage products, and traction in the wealth vertical. Separately, a disclosed metric in the source material said Angel One’s assets under management (AUM) were ₹360 crore at the end of the quarter under review. Another reference point was the company’s market capitalisation, cited at ₹26,681 crore.

Conclusion

Angel One’s Q4 FY26 performance combined a sharp year-on-year profit jump with sequential growth in income and executed orders, while margins expanded to over 41% in the quarter. The stock reacted with a move to a 52-week high and drew fresh broker commentary, including targets of ₹350 to ₹400. Management’s focus on the core broking franchise and ongoing investments in AI-led capabilities were cited as part of the operating narrative. Investors will likely continue to watch whether higher trading intensity and operating leverage sustain, alongside the company’s updates on its broader platform and business verticals.