Angel One Q4FY26 results: PAT up 84%, revenue 38%

Stock jumps after results announcement

Angel One shares gained as investors reacted to the company’s January to March quarter (Q4FY26) numbers announced after market hours on Thursday. On the BSE, the stock rose 4.3% during the session and touched an intraday high of ₹305 per share. By 10:17 AM, it was trading 3.01% higher at ₹301.2, paring some of the early gains. The broader market was positive too, with the BSE Sensex up 0.39% at 78,292.08 at the same time.

The move followed a quarter in which Angel One reported sharp year-on-year improvement in profitability and revenue. The results also highlighted sequential improvement in operating profitability and margins, a key datapoint for a broking-led business where costs and trading activity can swing quarterly performance.

Q4FY26 profit and revenue: the headline numbers

Angel One reported consolidated net profit (PAT) of ₹320.2 crore in Q4FY26, up 83.5% year-on-year from ₹174.5 crore. Revenue from operations rose 38.2% year-on-year to ₹1,459.4 crore, compared with ₹1,056 crore in the same quarter last year.

The company’s earnings before depreciation, amortisation, and tax (EBDAT) stood at ₹472.8 crore in Q4FY26. EBDAT margin was reported at 41.7% of total net income in Q4FY26, compared with 39.4% in Q3FY26. Another data point disclosed alongside the results was profit before tax (PBT) of ₹439.89 crore, up 86.60% year-on-year.

Sequential trends: momentum versus Q3FY26

Beyond the year-on-year rebound, the company also reported quarter-on-quarter improvement. Net profit rose 19.19% sequentially, while revenue from operations increased 9.32% quarter-on-quarter. EBDAT grew 16.74% quarter-on-quarter to ₹472.8 crore, indicating operating leverage alongside revenue growth.

Margin movement was a key support for the quarter’s earnings quality. EBDAT margin improved to 41.7% in Q4FY26 from 39.4% in the previous quarter. A comparable reference point in the disclosures showed EBDAT margin was 31.8% in Q4FY25, suggesting a sharp year-on-year recovery on this operating profitability measure.

Client base and acquisition metrics

Angel One’s scale continued to expand in Q4FY26, based on the client metrics reported with the results. The total client base reached 37.4 million, a growth of 20.5% year-on-year and 4.7% quarter-on-quarter. Gross client acquisition was 1.80 million, up 12.7% year-on-year and 4.4% sequentially.

These numbers matter because the firm’s revenue model is tightly linked to active client participation across trading, investing, and funding products. While results disclosures did not break down all revenue drivers in the provided data, the client growth metrics indicate that the distribution engine remained active through the quarter.

Funding book: stable client funding levels

Angel One reported that its average client funding book remained stable at ₹5,850 crore in Q4FY26. In broking businesses, the client funding book can influence interest income and engagement, and it is often watched as a signal of appetite for leverage in retail participation.

A stable funding book, combined with expanding client base, suggests the company maintained balance in activity levels despite fluctuations that can arise from market volatility or regulatory changes.

Capital raising moves: NCDs in focus

Alongside the quarterly update, disclosures included steps related to debt issuance. During the quarter ended 31 March 2026, the company raised ₹50 crore through private placement of non-convertible debentures (NCDs). Separately, the board approved issuance of NCDs to raise up to ₹1,500 crore.

These steps are typically tracked for their impact on funding costs and liquidity planning, especially for businesses that offer margin funding and loans against shares.

Full-year FY26 snapshot: weaker versus last year

While Q4 showed strong year-on-year growth, the full-year picture was softer in the numbers provided. On a full-year basis for FY26, Angel One reported a 21.95% decline in consolidated net profit to ₹915.10 crore. Revenue from operations for FY26 slipped 1.94% year-on-year to ₹5,136.60 crore.

The contrast between a strong Q4 and a weaker full-year outcome indicates that earlier quarters likely carried pressures that the March quarter did not, although the provided data does not include detailed drivers for the full-year decline.

Business mix signals from AUM disclosures

In business updates referenced with the results, Angel One’s wealth management business reported assets under management (AUM) of ₹10,080 crore (₹100.8 billion) as of March 2026, up 22.7% quarter-on-quarter. The wealth client base crossed 1,900.

The asset management business reported AUM of ₹360 crore (₹3.6 billion). These disclosures offer context on the company’s broader positioning beyond pure broking, though the core earnings in the quarter were primarily discussed through profit, revenue, and operating profitability metrics.

Key numbers at a glance

Market impact and what investors are tracking

The immediate market reaction was tied to the combination of sharp year-on-year PAT growth and stronger operating margin compared with both the prior quarter and the year-ago quarter. For brokerages, profitability is sensitive to trading activity, product mix, and cost levels, making margin trends particularly relevant.

Investors also tend to watch whether client growth translates into sustained revenue expansion, and whether funding-related products grow without stressing risk metrics. Separately, the NCD fund-raising actions will be monitored for their role in supporting the balance sheet and growth initiatives.

Conclusion

Angel One’s Q4FY26 print showed a clear rebound, with PAT rising to ₹320.2 crore and revenue from operations increasing to ₹1,459.4 crore, alongside higher EBDAT and improved margins. The stock responded with gains of up to about 4% in early trade as the market digested the numbers. The next set of investor checkpoints will include how the company manages costs and how client growth and funding activity evolve following the quarter’s strong operating performance.