Angel One Q4FY26: Revenue up 9.7%, PAT rises 19.2%

Key takeaways from Q4FY26

Angel One Limited reported sequential improvement in its audited consolidated performance for Q4FY26, supported by higher trading activity and stronger operating leverage. Consolidated total gross revenues rose to ₹1,467 crore in Q4FY26 from ₹1,338 crore in Q3FY26, a 9.7% quarter-on-quarter (QoQ) increase. EBDAT increased faster than revenue, rising 16.7% QoQ to ₹473 crore, with margins expanding to 41.7% from 39.4%. Consolidated profit after tax (PAT) came in at ₹320 crore, up 19.2% QoQ from ₹269 crore. Alongside financial gains, the company reported higher client additions and order volumes, with F&O and commodities contributing meaningfully to activity. The update comes amid a period of active competition in India’s retail broking market, where client growth and engagement are key indicators.

Q4FY26 financial performance: revenue, margins, profit

Angel One’s Q4FY26 sequential growth was visible across headline profitability metrics. Consolidated EBDAT of ₹473 crore compared with ₹405 crore in Q3FY26, reflecting both higher activity and operating efficiency. EBDAT margin expanded by 230 bps to 41.7% in Q4FY26. PAT at ₹320 crore compares with ₹269 crore in the prior quarter.

The broking and distribution segment also showed gains on a sequential basis. Broking and distribution EBDAT rose 15.2% QoQ to ₹500 crore, and segment PAT rose 16.7% QoQ to ₹351 crore. Management commentary in the update linked the performance to improved client activity and operating margins returning to guided ranges.

Snapshot: Q4FY26 vs Q3FY26 (consolidated)

Client base and demat market share trends

Operationally, Angel One reported a total client base of 37.4 million (3.74 crore), reflecting 4.7% QoQ growth. Gross client acquisition for the quarter was 1.8 million, up 4.4% QoQ. The company’s market share in India’s demat accounts reached 16.7%, up 12 bps sequentially.

Not all operating metrics moved in the same direction. Assets under custody were reported at ₹1.4 trillion (₹1,40,000 crore), down 9.3% QoQ. The average client funding book was ₹58.5 billion (₹5,850 crore) and was described as stable.

Trading activity: orders rise, F&O leads

Angel One reported total orders of 431 million in Q4FY26, up 13.3% from 380 million in Q3FY26. The F&O segment accounted for 320 million orders, up 15.7% QoQ, indicating stronger derivatives-led participation during the quarter. Commodity orders rose to 43 million from 35 million, a 21.8% QoQ increase. Cash market orders were largely flat, with a marginal decline to 67 million from 68 million.

The company also disclosed market share positions: overall equity retail turnover market share stood at 20.4%, while F&O market share improved to 22.2% from 21.7% in the previous quarter.

Wealth, asset management, and credit: mixed quarter

In wealth management, Angel One reported a sharp sequential rise in assets under management (AUM). Wealth management AUM reached ₹100.8 billion (₹10,080 crore), up 22.7% QoQ, and the wealth client base expanded to over 1,900 clients.

Other lines were mixed. Asset management AUM was ₹3.6 billion (₹360 crore) across 11 schemes. Credit disbursals were ₹6.1 billion (₹610 crore), down 14.7% QoQ. The company reported 2.1 million unique SIPs registered in the quarter, down 8.5% QoQ.

Management commentary: digital participation and AI in product builds

Chairman and Managing Director Dinesh Thakkar pointed to India’s rising financial participation, supported by greater awareness and digital adoption. He also referenced disciplined execution in strengthening the core business while scaling newer growth engines.

Group CEO Ambarish Kenghe highlighted an increase in average daily orders, from 5.0 million in February to 7.4 million in March, taking the quarterly aggregate to 431 million. He also noted a focus on AI adoption in engineering, stating that around 25% of total committed code was AI-generated, with the intent of reducing development timelines and improving time-to-market.

Share price, valuation snapshot, and market context

As of 16 April 2026 at 15:56, ANGELONE was reported at ₹292.61, down ₹5.15 (1.73%) on the day. The company’s market capitalisation was shown as ₹26,600 crore, with a PE ratio of 35.20 and ROCE of 33.08%.

The company also describes itself as the largest listed retail stockbroking house in India in terms of active clients on NSE. Its offerings include brokerage and advisory services, margin funding, loans against shares, and distribution of third-party financial products through digital platforms and a network of authorised persons.

Corporate actions and disclosures referenced in filings

Angel One’s board had declared a first interim dividend of ₹23 per equity share (face value ₹10) for FY26, as per the disclosed notes. The board also approved a sub-division or stock split of 1 equity share of ₹10 into 10 equity shares of ₹1 to improve affordability and liquidity.

The company also disclosed that a proposed business transfer of securities broking, depository participant, mutual fund distribution, and research analyst businesses to wholly owned subsidiary Angel Securities Limited was withdrawn after reconsideration. Separately, it formed a joint venture for a life insurance business, Angel One LivWell Life Insurance Limited, with Angel One holding a 26% stake, classified as an associate from November 8, 2025.

Market impact: what changed quarter-on-quarter

The Q4FY26 update shows sequential strengthening in revenue conversion and operating profitability, with EBDAT growing faster than gross revenues and margins expanding. From an investor lens, the mix matters: higher total orders and higher F&O order volumes supported activity, while wealth AUM growth indicates traction in a higher-ticket offering.

At the same time, the decline in assets under custody QoQ and the softer quarter for SIP registrations and credit disbursals point to uneven momentum across product lines. The disclosed movement in market share in demat accounts and F&O turnover provides additional context on competitive positioning during the quarter.

Analysis: why the Q4FY26 print matters

Angel One’s sequential improvement in PAT and EBDAT, along with margin expansion, signals stronger operating efficiency in a quarter where scale increased. The reported 431 million total orders, combined with a higher F&O share, underscores how derivatives activity remains central to engagement for digital-first brokers.

The wealth AUM rise to ₹10,080 crore is notable because it suggests continued diversification beyond broking volumes. Management’s emphasis on AI-enabled development is also relevant in a sector where product cycles and platform reliability can influence customer retention and acquisition economics.

Conclusion

Angel One closed Q4FY26 with higher gross revenues, improved margins, and stronger sequential profit, while expanding its client base and order volumes. The company also reported growth in wealth AUM and steady market share indicators in key categories. Alongside the audited results, investors will track the company’s scheduled earnings discussion and any further updates on dividends, client acquisition priorities, and product initiatives referenced by management.