Angel One Ltd.Strong Recovery & Margin Expansion Ahead

Angel One delivered a robust Q4 FY26 performance with gross income rising 9.7% quarter-on-quarter to ₹14.7 billion and profit after tax surging 19.2% to ₹3.2 billion.

Average daily orders recovered sharply from 5 million in February to 7.4 million in March, while total orders executed reached a six-quarter high of 431 million, up 13.3% sequentially. Reported EBDAT margin expanded 227 basis points to 41.7%, with normalized margins hitting a record 44.4%. Management significantly raised FY27 margin guidance to above 45% on broking and distribution, up from the prior 40-45% range, driven by flat employee costs at ₹11 billion and operating leverage from platform scalability.

The company strengthened its retail equity turnover share to 20.4% and demat market share to 16.7%, both expanding year-over-year. Emerging businesses showed strong momentum with Ionic Wealth AUM crossing ₹100 billion, up 23% quarter-on-quarter. Angel One is launching Loan Against Securities on its NBFC balance sheet, targeting a ₹1 trillion annual personal loan opportunity within its existing client base.