Risks
3 risks
Risk Intelligence
Elevated finance costs from regulatory upstreaming
View Risks →Angel One Limited — Q3 FY26
Angel One delivered a strong Q3 FY26 with PAT of ₹2.7 billion, up 26.9% QoQ, driven by revenue diversification and cost discipline.
bullish
high
Financial stats pending filing verification
2-Minute Summary
✦ AI-Generated from Full Transcript
Angel One delivered a strong Q3 FY26 with PAT of ₹2.7 billion, up 26.9% QoQ, driven by revenue diversification and cost discipline. Gross income rose 11.1% QoQ to ₹13.4 billion, with broking share declining to 58.1% as interest and distribution income grew. The standalone broking EBITDA margin expanded to 43%, reflecting operating leverage. Key operational highlights include average daily orders recovering to 6.2 million (from 4.9M low), commodity orders up 53% YoY, and credit disbursements reaching ₹7.1 billion (56% QoQ growth). Wealth AUM crossed ₹82 billion, up 34% QoQ. Management guided for 40-45% standalone operating margins and expects further operating leverage. Risk: elevated finance costs from regulatory upstreaming of client margins may persist near-term.
एंजेल वन ने वित्त वर्ष 2026 की तीसरी तिमाही में अच्छा प्रदर्शन किया। कंपनी का शुद्ध लाभ (PAT) ₹2.7 बिलियन रहा, जो पिछली तिमाही से 26.9% अधिक है। यह कमाई के नए स्रोतों और खर्चों पर नियंत्रण से हुआ। कुल आय 11.1% बढ़कर ₹13.4 बिलियन हो गई। ब्रोकिंग से कमाई का हिस्सा घटकर 58.1% रह गया, क्योंकि ब्याज और वितरण से आय बढ़ी। ब्रोकिंग कारोबार का मुनाफा (EBITDA मार्जिन) 43% तक पहुंच गया, जो कारोबार बढ़ने पर खर्च कम होने का संकेत है। रोजाना औसत ऑर्डर 6.2 मिलियन हो गए (पहले 4.9 मिलियन थे)। कमोडिटी ऑर्डर में सालाना 53% उछाल आया। कर्ज वितरण ₹7.1 बिलियन (56% तिमाही वृद्धि) रहा। वेल्थ एयूएम ₹82 बिलियन पार कर गया। कंपनी को आगे 40-45% मुनाफा मार्जिन की उम्मीद है। जोखिम: ग्राहक मार्जिन नियमों से फिलहाल वित्तीय लागत अधिक रह सकती है।
Risks3 trackedTranscriptfull text
Research workspace
Focused Modules
Transcript
Full text
Call Transcript
Full transcript text is available on this route.
Read Transcript →Quarter Snapshot
Average Daily Orders
6.2M
+27% vs low
Recovered from 4.9M post FNO regulatory changes in Feb.
Commodity Orders
35M
+53% YoY
Highest ever quarterly orders; ADTO up 169% YoY.
Credit Disbursements
₹7.1B
+56% QoQ
Annual run rate of ₹28B; small fraction of client base tapped.
Wealth AUM (Ionic)
₹82.17B
+34% QoQ
Serves 1600+ clients across 10 cities.
What Changed vs Last Quarter
NEW
Finance cost normalization from regulatory upstreaming
Elevated borrowings due to client margin upstreaming are temporary; software update expected by end of Q4 to reduce finance costs.
NEW
Continued investment in emerging businesses
Management plans to continue investing in wealth, AMC, and credit, with burn impacting consolidated margins by ~3-3.5%.
UPDATED
Standalone operating margin target of 40-45%
Management reiterated guidance for broking and distribution business operating margin of 40-45% on an annual basis, with quarterly fluctuations due to events like IPL.
DROPPED
New businesses to contribute double-digit to top line in 3-5 years
Distribution, wealth, and asset management businesses are expected to contribute double-digit percentage to total revenue within 3-5 years.
DROPPED
Wealth business breakeven in ~2.5-3 years, AMC in ~7-8 years
The wealth management business is expected to turn incrementally profitable in about 2.5-3 years, while the AMC business will take 7-8 years.
NEW RISK
Elevated finance costs from regulatory upstreaming
Finance costs increased 36.4% QoQ due to mandatory upstreaming of client margins; temporary but may persist into Q4.
NEW RISK
Competitive pressure in MTF pricing
Analyst raised concern about deep-pocketed players offering lower MTF rates; management downplayed but acknowledged monitoring.
NEW RISK
Lag in revenue realization from wealth AUM
Despite strong AUM growth, revenue recognition lags due to regulatory constraints; gap between standalone and consolidated margins persists.
RISK GONE
Potential regulatory changes to F&O expiry structure
Analyst raised concern about SEBI potentially reducing weekly expiries, which could impact F&O broking revenues. Management declined to provide sensitivity analysis.
RISK GONE
Elevated customer acquisition costs
Customer acquisition costs have remained elevated for several quarters, pressuring near-term margins. Management expects stable to slightly declining costs but no specific timeline.
RISK GONE
Revenue decline on a year-over-year basis
Gross revenues declined YoY due to the removal of turnover charge arbitrage and lower market activity. Management termed it a one-year aberration.
RISK GONE
New business incubation costs
Wealth and AMC businesses are burning ~₹100Cr annually and will take years to turn profitable, weighing on consolidated margins.
Fast read
Guidance and risk preview
Management reiterated guidance for broking and distribution business operating margin of 40-45% on an annual basis, with quarterly fluctuations due...
Finance costs increased 36.4% QoQ due to mandatory upstreaming of client margins; temporary but may persist into Q4.
View Risks →