Angel One Ltd (ANGELONE)
🎯 Key Takeaways
- Angel One is transitioning from a traditional brokerage model to a full-stack fintech platform, leveraging AI and expanding into wealth management and asset management to drive sustainable growth. While financial performance remains strong, the company is in an investment phase with breakeven targets for new segments expected only in 3-4 years, indicating a strategic shift rather than immediate profitability.
- Revenue declined 2% QoQ to ₹1,430 in Q1FY27.
- ⚠️ 1) Wealth management and asset management segments are still in early investment phase with breakeven expected only after 3-4 years, exposing the comp
📖 The Story
Angel One is transitioning from a traditional brokerage model to a full-stack fintech platform, leveraging AI and expanding into wealth management and asset management to drive sustainable growth. While financial performance remains strong, the company is in an investment phase with breakeven targets for new segments expected only in 3-4 years, indicating a strategic shift rather than immediate profitability.
📰 What's Happening
In Q1 FY'27 (reported July 21, 2026), Angel One delivered 25.4% YoY revenue growth to ₹14.3 billion and 102% YoY PAT growth to ₹2.3 billion, driven by 38 million new users and 33.3% YoY AUM growth to ₹134.4 billion. Credit distribution surged 130% YoY to ₹5.3 billion. Management highlighted progress in wealth management targeting 8-10 high-quality players and emphasized sustainable growth through technology and distribution. Earlier board meetings (June 30, July 15, July 31, 2026) focused on ESOP allocations, increasing paid-up capital and diluting existing shareholders through employee share issuances.
Source: Stock Announcements
📊 Quarterly Results (₹ Cr)
| Metric | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|
| Revenue | 1,202 | 1,335 | 1,459 | 1,430 |
| Operating Profit | 292 | 371 | 432 | 321 |
| OPM % | 24.3% | 27.8% | 29.6% | 22.4% |
| Net Profit | 212 | 269 | 320 | 231 |
| EPS | ₹23.39 | ₹29.59 | ₹3.52 | ₹2.54 |
Revenue and profitability show strong momentum, with Q1 FY'27 revenue of ₹14.3 billion and PAT of ₹2.3 billion, up 25.4% and 102% YoY respectively. However, operating margins declined sequentially from 29.6% in Q4 FY'26 to 22.4% in Q1 FY'27, reflecting rising investments likely in technology and expansion. Despite this, normalized EBDAT margin reached 43.6%, and management expects margin expansion to 45-50% stand-alone over time, suggesting current compression is temporary and strategic.
🔮 Management Outlook & What's Next
Management has not provided specific revenue targets for wealth management or asset management segments but expects incremental breakeven in 3-4 years. Normalized EBDAT margin guidance remains at 45-50%, and client funding book growth is anticipated to continue with minimal risk. No formal long-term financial targets were disclosed, indicating a focus on scalable infrastructure over short-term guidance.
Extracted from official company announcements. Not StockFin.ai's opinion.
🏦 Balance Sheet (₹ Cr)
| Item | Mar 2025 | Mar 2025 | Mar 2026 | Mar 2026 |
|---|---|---|---|---|
| Equity Capital | 90 | 90 | 91 | 91 |
| Reserves | 5,188 | 5,531 | 5,719 | 6,027 |
| Borrowings | 3,135 | 3,414 | 4,454 | 7,879 |
| Total Liabilities | 18,406 | 16,889 | 18,345 | 23,904 |
| Fixed Assets | 408 | 454 | 435 | 511 |
| Investments | 355 | 202 | 305 | 260 |
| Total Assets | 18,406 | 16,889 | 18,345 | 23,904 |
The balance sheet shows a significant rise in total assets from ₹16,889 crores (Mar 2025) to ₹23,904 crores (Mar 2026), driven by growth in reserves and borrowings. Borrowings increased to ₹7,879 crores from ₹3,414 crores over the same period, suggesting active capital deployment for expansion. Equity and reserves rose to ₹91 crores and ₹6,027 crores respectively, indicating reinvestment of profits into growth initiatives rather than deleveraging or large-scale capital returns.
💰 Cash Flow Statement (₹ Cr)
| Item | Mar 2026 |
|---|---|
| Operating | -4,142 |
| Investing | -111 |
| Financing | +3,656 |
| Net Cash Flow | -597 |
👥 Shareholding Pattern
| Category | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|
| Promoters | 28.9% | 28.9% | 28.8% | 28.6% |
| FII | 13.1% | 12.4% | 12.8% | 13.8% |
| DII | 14.9% | 18.1% | 18.9% | 20.3% |
| Public | 40.2% | 37.9% | 37.2% | 34.9% |
| # Shareholders | 3,83,581 | 3,27,994 | 3,59,235 | 3,56,468 |
Promoter holding has remained stable around 28.5-28.9% over the past four quarters, indicating no aggressive dilution or buyback. FII holdings rose from 12.45% (Q3 FY'26) to 13.76% (Q1 FY'27), while DII increased from 14.86% to 20.34%, suggesting growing institutional confidence. Public shareholding declined slightly but remains above 34%, with a modest increase in total shareholders to 3,56,468, reflecting retail engagement.
⚖️ Peer Comparison — Stock/ Commodity Brokers
| Company | MCap (₹ Cr) | P/E | ROCE | ROE | D/E |
|---|---|---|---|---|---|
| GROWW | 1.19 L Cr | 47.6 | 33.9% | 25.3% | 0.02 |
| MOTILALOFS | 61,028 | 30.8 | 11.9% | 15.4% | 1.65 |
| 360ONE | 47,143 | 37.2 | 11.5% | 13.7% | 1.68 |
| NUVAMA | 32,551 | 15.4 | 21.9% | 31.0% | 2.25 |
| ANGELONE | 25,743 | 4.8 | 13.7% | 16.9% | 1.29 |
| PRUDENT | 13,852 | 56.5 | 37.9% | 27.8% | 0.00 |
| IIFLCAPS | 10,656 | 18.5 | 20.4% | 18.7% | 0.59 |
| ARSSBL | 3,198 | 20.1 | 16.4% | 9.6% | 0.62 |
| MONARCH | 2,970 | 16.4 | 30.8% | 22.7% | 0.01 |
| GEOJITFSL | 2,322 | 32.0 | 8.6% | 5.9% | 0.05 |
🔗 Peer Stock Analyses
⚠️ Risk Factors
1) Wealth management and asset management segments are still in early investment phase with breakeven expected only after 3-4 years, exposing the company to prolonged capital deployment without immediate returns. 2) Operating margin compression in Q1 FY'27, despite revenue growth, may pressure near-term profitability if not managed through scale. 3) Rising borrowings to fund expansion increase financial leverage, which could amplify downside if growth slows or interest rates rise.
📋 Recent Filings
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🔴 Corporate Action 28 August 2026Angel One announced the allotment of 349,058 equity shares under its 2021 Employee Long Term Incentive Plan, increasing the paid-up capital to Rs. 91....
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Announcement 7 August 2026Angel One Limited announced its upcoming investor meetings schedule, including one-on-one and group sessions with Avendus Spark in Hong Kong on August...
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🟡 Board Meeting 31 July 2026Angel One Limited announced the allotment of 168,488 equity shares of Re. 1 each under its 2021 Employee Long Term Incentive Plan, increasing the paid...
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🔴 Financial Results 21 July 2026Angel One Limited reported Q1 FY'27 revenue of ₹14.3 billion, up 25.4% YoY, driven by AI-powered platform growth and expansion into wealth management ...
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Announcement 16 July 2026Angel One Limited announced that the audio recording of its July 16, 2026 earnings call with analysts and investors is now available on its investor r...
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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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🟡 concall transcript 30 June 2026Angel One reported Q1 FY27 revenue of ₹14.3 billion (+25.4% YoY) and profit of ₹2.3 billion (+102.1% YoY), driven by diversified growth in funding, di...
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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...
🧠 Analyst's Read
Angel One is executing a clear strategic pivot toward a diversified fintech ecosystem, supported by strong user and AUM growth. Investors should monitor progress in wealth and AMC segments for early signs of scalability and margin improvement, as current performance reflects heavy investment in future capabilities rather than near-term earnings acceleration.
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 2026-09-02.
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This analysis was programmatically compiled using StockFin AI utilizing official regulatory disclosures from the BSE and NSE. Content is automatically synthesized and audited against public financial filings. StockFin.ai is an educational research platform and is NOT a SEBI-registered investment advisor or research analyst.
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