Overview

Detailed Summary

Angel One is a full‑stack digital retail financial services platform: India’s leading independent listed retail broking house offering broking, margin funding, mutual funds distribution, wealth management (Ionic), asset management (AMC), and credit distribution through mobile, web and partner channels, converting client trust into diversified fee and interest income across product verticals.
Q4 FY26 was a strong operational quarter: consolidated gross income rose to ₹14.7 billion (+9.7% QoQ), EBDAT improved to ₹4.7 billion with normalized margins near 44%, PAT was ₹3.2 billion, and TTM PAT of ~₹9.2 billion yields TTM EPS of ₹10.1, demonstrating improving monetisation and leverage across the platform.
Angel One is scaling adjacent annuity businesses: Ionic Wealth crossed ₹100.8 billion AUM (+22.7% QoQ) and Asset Management AUM stands at ₹3.6 billion, while credit cumulative disbursements reached ₹27.1 billion; management proposes up to ₹1.5 billion capex each into wealth and NBFC to accelerate these growth engines for Angel One.
Technology and AI are core strategic pillars: Angel One has evolved Ask Angel into a conversational assistant, uses AI for >50% of development tasks, deploys ML for KYC face match (>99% accuracy), ticket automation and personalization, and holds ISO/IEC 27001 and ISO 22301 certifications, reflecting Angel One’s investment in secure, scalable platform infrastructure.
Market penetration and client funnel remain substantial: total client base reached 37.4 million with 1.8 million gross acquisitions in Q4 and leading retail market shares (20.4% overall retail equity turnover, 17.2% cash ADT, 22.2% derivatives, 54.1% commodity in Q4 26), indicating Angel One’s deep distribution footprint and high engagement.

Sector: Capital Markets
Industry: Stockbroking & Allied
Market Cap: 29,549 Cr
Volatility: High Risk
P/E Ratio: 32.3
Industry P/E: 41.8
PEG Ratio: 1.2
P/B Ratio: 4.9
52W High: 330.10
52W Low: 208.90

Sales CAGR

1Y: 22.63%
3Y: 31.59%
5Y: 48.74%
10Y: —

Profit CAGR

1Y: 4.14%
3Y: 25.52%
5Y: 69.61%
10Y: —

ROE

TTM: 14.96%
3Y: 30.16%
5Y: 30.96%
10Y: 29.10%

ROCE

TTM: 12.11%
3Y: 44.46%
5Y: 45.56%
10Y: 44.33%

Technicals

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Peers

Financial Services Financial Services Capital Markets Stockbroking & Allied

Symbol	Watchlist	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
MOTILALOFS		843.45	51,225 Cr	27.41	3.97	0.71	14.50	11.09	4.29
360ONE		934.80	44,615 Cr	36.69	4.54	0.00	12.37	10.32	4.47
ANGELONE		314.55	29,932 Cr	32.71	4.89	0.00	14.96	12.11	3.83
NUVAMA		1467.40	26,733 Cr	25.68	6.52	0.95	25.26	14.91	3.02
IIFLCAPS		356.00	10,688 Cr	19.04	3.49	0.00	18.31	19.52	5.90
ARSSBL		451.95	3,337 Cr	25.81	2.47	0.94	9.59	16.13	1.82
SHAREINDIA		139.30	3,210 Cr	11.29	1.28	0.92	11.07	15.55	6.58
Median: 7 Co.	—	451.95	26,733 Cr	25.81	3.97	0.71	14.50	14.91	4.29

Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

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Total Figures

QoQ Changes

Total Figures

	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
Revenue	1,059	1,357	1,405	1,515	1,262	1,056	1,141	1,202	1,335	1,459
Expenses	661	827	935	843	766	713	866	786	806	861
Interest	36	56	56	75	84	80	83	93	127	134
Financing Profit	362	474	415	596	412	262	192	322	402	465
Financing Margin %	34.21	34.94	29.52	39.38	32.67	24.85	16.82	26.81	30.13	31.86
Other Income	1.80	1.26	4.61	1.26	1.59	1.83	2.56	2.44	2.69	7.80
Depreciation	13	17	23	26	27	29	30	31	32	33
Profit Before Tax	351	459	397	572	387	236	164	294	373	440
Tax %	25.84	25.90	26.23	25.99	27.33	25.97	30.39	27.98	28.06	27.20
Net Profit	260	340	293	423	281	175	114	212	269	320
EPS in Rs	2.81	3.67	3.16	4.57	3.04	1.87	1.22	2.26	2.87	3.44
Gross NPA %	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net NPA %	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00

Consolidated Profit Loss (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Revenue	431	765	758	725	1,264	2,291	3,002	4,272	5,238	4,973
Expenses	437	516	580	566	831	1,370	1,709	2,580	3,257	3,188
Interest	54	95	68	49	39	72	90	136	295	322
Financing Profit	-60	154	110	110	394	849	1,203	1,556	1,686	1,463
Financing Margin %	-13.94	20.08	14.52	15.12	31.20	37.07	40.06	36.42	32.19	29.42
Other Income	121	20	32	30	35	6.00	20	8.10	9.19	7.24
Depreciation	14	15	14	21	18	19	30	50	103	111
Profit Before Tax	48	159	129	119	411	837	1,192	1,514	1,592	1,360
Tax %	35.26	31.99	35.57	26.92	27.51	25.30	25.31	25.64	26.37	26.90
Net Profit	31	108	83	87	298	625	890	1,126	1,172	994
EPS in Rs	—	—	—	—	35.04	6.75	9.57	12.16	12.64	9.80
Dividend Payout %	157.41	11.98	7.81	23.60	33.56	36.41	37.92	26.29	37.85	—

Consolidated Balance Sheet (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	14	72	72	72	82	83	83	84	90
Reserves	375	403	462	519	1,049	1,502	2,078	2,955	5,531
Borrowings	770	1,122	847	491	1,171	1,258	784	2,535	3,383
Other Liabilities	643	770	807	1,108	2,511	4,378	4,532	7,680	7,884
Total Liabilities	1,803	2,367	2,189	2,190	4,814	7,220	7,478	13,254	16,889
Fixed Assets	123	116	113	124	111	148	183	406	496
CWIP	0.64	0.00	0.57	2.09	0.18	12	62	0.60	3.87
Investments	0.00	0.00	0.00	35	5.54	19	109	0.00	202
Other Assets	1,679	2,252	2,075	2,029	4,697	7,041	7,123	12,848	16,187
Total Assets	1,803	2,367	2,189	2,190	4,814	7,220	7,478	13,254	16,889

Consolidated Cash Flows (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	-210	-309	689	643	-1,199	558	804	-330	-1,860
Cash from Investing Activity	-50	47	-5.71	-28	25	-52	-185	-91	-341
Cash from Financing Activity	350	239	-361	-449	894	-165	-908	1,331	1,917
Net Cash Flow	91	-23	323	166	-280	340	-289	910	-284

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Sep 2023	Dec 2023	Mar 2024	Apr 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
Promoters	38.26%	38.24%	38.21%	35.72%	35.63%	35.61%	35.57%	35.55%	28.97%	28.91%	28.87%	28.80%
FIIs	16.82%	19.11%	17.27%	17.95%	15.36%	12.27%	13.81%	13.05%	14.66%	13.11%	12.45%	12.80%
DIIs	10.41%	9.32%	9.49%	13.59%	14.02%	12.73%	14.33%	14.28%	16.44%	14.87%	18.12%	18.88%
Public	34.51%	33.33%	35.03%	32.74%	34.99%	39.39%	36.30%	37.11%	39.94%	43.11%	40.56%	39.52%
Total Shareholders	1,31,876	1,55,194	2,00,355	2,00,363	2,70,528	3,81,346	3,55,598	4,02,193	3,25,965	3,83,581	3,27,994	3,59,235

Market Transactions

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Documents

Presentations

Concalls

Reports

Presentations

Investor Presentation

Q4 FY26

Investor Presentation

Q3 FY26

Investor Presentation

Q2 FY26

Available on Pro Plan