Angel One Limited (ANGELONE)
🎯 Key Takeaways
- Angel One Limited is navigating a strategic transition from traditional brokerage toward scalable, technology-driven wealth management and distribution, with a focus on client base expansion and digital innovation. Despite a challenging one-year return of -87.
- Revenue grew 9.3% QoQ to ₹1,459 in Q4FY26.
- ⚠️ High sensitivity to market volatility and client trading activity, which can impact revenue stability.
📖 The Story
Angel One Limited is navigating a strategic transition from traditional brokerage toward scalable, technology-driven wealth management and distribution, with a focus on client base expansion and digital innovation. Despite a challenging one-year return of -87.16%, the company is reinforcing its growth narrative through AI integration, Tier 2/3 market penetration, and operational efficiency, positioning itself for long-term value creation amid sectoral headwinds.
📰 What's Happening
Management has been actively advancing its strategic agenda through board-level actions and talent incentives. A key development was the approval of a significant Employee Stock Option Scheme, with 734,576 Restrictive Stock Units granted under the 2021 LTI Plan on June 19, 2026, marking the first equity-based compensation under the new framework. This was followed by the allotment of 169,561 shares on June 30, 2026, increasing paid-up capital to Rs 91.35 crore. The company also scheduled an earnings call for July 16, 2026, to discuss Q1 FY27 results, reflecting ongoing transparency in investor communication. Additionally, the 30th AGM on June 12, 2026, underscored confidence in long-term prospects, with management highlighting AI-driven platform upgrades like 'Ask Angel' and progress on web-based platform migration.
Source: Stock Announcements
📊 Quarterly Results (₹ Cr)
| Metric | Q1FY25 | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1,405 | 1,515 | 1,262 | 1,056 | 1,141 | 1,202 | 1,335 | 1,459 |
| Operating Profit | 475 | 673 | 498 | 345 | 277 | 418 | 532 | 606 |
| OPM % | 33.5% | 44.4% | 39.3% | 32.5% | 24.1% | 34.6% | 39.6% | 41.0% |
| Net Profit | 293 | 423 | 281 | 175 | 114 | 212 | 269 | 320 |
| EPS | ₹32.55 | ₹46.98 | ₹31.25 | ₹19.33 | ₹12.66 | ₹23.39 | ₹29.59 | ₹3.52 |
The company has demonstrated consistent revenue and operating profit growth over the past eight quarters, with revenue rising from ₹1,056 crore in Q4FY25 to ₹1,459 crore in Q4FY26, and operating profit expanding from ₹345 crore to ₹606 crore. Operating margins have improved from 32.5% to 41.0% over the same period, indicating operational efficiency gains. Net profit and EPS have shown strong momentum, peaking at ₹423 crore and ₹46.98 in Q2FY25 before moderating to ₹320 crore and ₹3.52 in Q4FY26, likely reflecting strategic investments or market dynamics. The upward trend in revenue and margins aligns with management’s focus on scalable client acquisition and digital platform adoption.
🔮 Management Outlook & What's Next
During the AGM on June 12, 2026, Chairman Dinesh Thakkar reaffirmed confidence in long-term growth, emphasizing AI integration, platform modernization, and expansion into Tier 2 and Tier 3 markets. Management indicated that the web-based platform migration is nearing completion and is expected to enhance user experience and operational scalability. While no formal financial guidance was provided, the company expressed openness to a potential bonus issue under review, signaling shareholder-friendly intentions. The narrative centers on sustainable scalability through technology and regulatory compliance.
Extracted from official company announcements. Not StockFin.ai's opinion.
🏦 Balance Sheet (₹ Cr)
| Item | 2024-2025 | 2025-2026 | 2025-2026 | 2025-2026 | 2025-2026 |
|---|---|---|---|---|---|
| Equity Capital | 90 | 91 | 91 | 91 | 91 |
| Reserves | 5,531 | — | 5,719 | — | 6,027 |
| Borrowings | 2,509 | — | 1,681 | — | 4,926 |
| Total Liabilities | 11,250 | — | 12,510 | — | 17,755 |
| Fixed Assets | 420 | — | 397 | — | 377 |
| Investments | — | — | — | — | — |
| Total Assets | 16,889 | — | 18,345 | — | 23,904 |
The balance sheet reflects a strengthening capital structure, with equity and reserves rising to ₹6,118 crore (₹91 crore equity + ₹6,027 crore reserves) as of 2025-2026, up from ₹5,810 crore previously. Borrowings have increased to ₹4,926 crore, suggesting active capital deployment, possibly for expansion or liquidity buffers. Total assets have grown to ₹23,904 crore, indicating scaling operations. The rise in debt alongside robust equity suggests a leveraged growth strategy, though manageable given the company's profitability and asset base.
💰 Cash Flow Statement (₹ Cr)
| Item | 2020-2021 |
|---|---|
| Operating | -944 |
| Investing | +25 |
| Financing | +894 |
| Net Cash Flow | — |
⚖️ Peer Comparison — Capital Markets
| Company | MCap (₹ Cr) | P/E | ROCE | ROE | D/E |
|---|---|---|---|---|---|
| SBI-ETF Nifty 50 | 2.06 L Cr | — | — | — | — |
| BSE Limited | 1.63 L Cr | 174.4 | — | — | — |
| ICICI Prudential Asset Management Company Limited | 1.58 L Cr | — | — | — | — |
| Billionbrains Garage Ventures Limited | 1.18 L Cr | — | — | — | — |
| HDFC Asset Management Company Limited | 1.16 L Cr | 49.0 | — | — | — |
| Multi Commodity Exchange of India Limited | 86,468 | — | — | — | — |
| Nippon Life India Asset Management Limited | 70,250 | 52.2 | — | — | — |
| UTI Nifty 50 ETF | 68,813 | — | — | — | — |
| Nippon India ETF Nifty 50 BeES | 62,392 | — | — | — | — |
| NIPPON INDIA ETF GOLD BEES | 58,044 | — | — | — | — |
⚠️ Risk Factors
1. High sensitivity to market volatility and client trading activity, which can impact revenue stability. 2. Execution risks around large-scale digital transformation and platform migration, which could face technical or adoption challenges. 3. Competitive pressures in the brokerage and wealth management space, especially with rising fintech entrants. 4. Potential dilution and EPS impact from future exercise of RSUs, which could affect profitability metrics if not managed carefully.
📋 Recent Filings
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🔴 Announcement 2 July 2026Angel One announced the grant of 25,166 Restrictive Stock Units to three employees under its 2021 Employee Long Term Incentive Plan, effective July 2,...
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🟡 Board Meeting 30 June 2026Angel One Limited announced the allotment of 169,561 equity shares of Rs 1 face value to eligible employees under its 2021 Employee Long Term Incentiv...
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Financial Results 24 June 2026Angel One Limited announced an earnings call on July 16, 2026 to discuss unaudited financial results for the quarter ended June 30, 2026, following it...
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Financial Results 19 June 2026Angel One Limited announced a board meeting on July 15, 2026 to approve unaudited financial results for the quarter ended June 30, 2026, and disclosed...
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🔴 Announcement 19 June 2026Angel One announced the grant of 734,576 Restrictive Stock Units to a single employee under its 2021 Long-Term Incentive Plan, effective June 19, 2026...
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🟡 Board Meeting 17 June 2026Angel One Limited held its 30th Annual General Meeting on June 12, 2026, reaffirming its growth trajectory with 3.8 crore clients and Rs. 100 billion ...
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Announcement 15 June 2026No summary available
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🟡 Board Meeting 12 June 2026Angel One Limited held its 30th Annual General Meeting on 12 June 2026 via video conferencing, where shareholders approved a ₹24.75 interim dividend p...
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🔴 Announcement 3 June 2026Angel One announced the grant of 492,871 Restrictive Stock Units to 10 eligible employees under its 2021 Long-Term Incentive Plan, effective June 2, 2...
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Announcement 3 June 2026Angel One Limited announced a scheduled investor meeting with Kotak Securities on June 8, 2026, from 10:00 to 11:00 AM IST, conducted physically in Mu...
🧠 Analyst's Read
Angel One is in a phase of strategic reinvestment and technological modernization, with improving operational metrics supporting its long-term positioning. Investors should monitor the upcoming Q1 FY27 results for signs of sustained margin expansion and client growth, while watching for updates on the bonus issue and progress in Tier 2/3 market penetration.
Based on filing content and financial data. Not a recommendation.
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Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-07-15.
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