Quarter Ended: March 2026
Angel One Ltd – Q4 FY26 Results Analysis
NSE
angelone
BSE
543235
Angel One showed solid sequential growth in revenue and profit, but YoY decline indicates normalization after peak market activity
key financial highlights
- Revenue from Operations:
- Q4 FY26 Revenue: ₹14,594.22 million
- QoQ Change: +9.3% (from ₹13,348.96 million)
- YoY Change: +38.2% (from ₹10,560.13 million)
- Strong YoY growth supported by increased client activity and market volumes
- Profit After Tax (PAT):
- Q4 FY26 PAT: ₹3,202.37 million
- QoQ Change: +19.2% (from ₹2,686.64 million)
- YoY Change: +83.5% (from ₹1,745.21 million)
- Strong recovery and growth in profitability
- QoQ Trend Insight:
- Revenue Trend: Growth
- Profit Trend: Strong Growth
Margin Analysis
- Operating leverage from higher trading activity
- Controlled expense growth vs revenue
- Strong retail participation in markets
Key Signal: Margins are improving QoQ, indicating better operational efficiency
Segment performance
Segment Insight:
- Core business: Retail broking + digital trading platform
- Revenue linked to market volumes and client activity
Characteristics:
- Highly cyclical (depends on market sentiment)
- Asset-light digital platform
- High operating leverage
Earning quality check
Drivers:
- Core operating income driven
- No exceptional distortions
- Strong cash flow generation historically
Interpretation: Earnings quality is good but cyclical
balance sheet analysis
- Total Assets: ₹2,39,037 million
- Total Liabilities: ₹1,78,770 million (approx.)
Indicates: Balance sheet expanded significantly, reflecting growth in client assets and operations
key risks
- Dependence on market volumes
- Regulatory risks (SEBI norms)
- Competition from discount brokers
- Revenue volatility in bear markets
management strategy
- Expanding active client base
- Increasing digital platform engagement
- Diversifying product offerings
Financial Metrics
| Particular | In ₹ Million | Q.O.Q (%) | Y.O.Y(%) |
|---|---|---|---|
| Total Income | 14,672.46 | +9.6 | +38.7 |
| PBT | 4,398.87 | +17.8 | +86.7 |
| PAT | 3,202.37 | +19.2 | +83.5 |
| EPS | 3.52 | +18.9 | +82.4 |
Angel One delivered a strong quarter with robust growth, driven by increased market participation and operating leverage. However, the business remains cyclical, and sustainability depends on continued market activity.
Official Exchange Filing: Angel One Limited
Quarterly Performance Context
REVENUE ACHIEVMENT
100%
COST OF OPERATIONS
70%
NET PROFIT
21.9%
FISCAL YEAR
2025-2026
AUDIT STATUS
REVIEWED