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Angel one ltd — Q4 FY26
Angel One delivered a strong Q4 FY26 with 431 million orders (a six-quarter high) and EBITDA margin expanding 227 bps sequentially to 41.7% (normalized 44.4%).
bullish
high
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Angel One delivered a strong Q4 FY26 with 431 million orders (a six-quarter high) and EBITDA margin expanding 227 bps sequentially to 41.7% (normalized 44.4%). PAT rose 19.2% QoQ to ₹3.2 billion, driven by robust client engagement and operating leverage. The core broking franchise benefited from improved trading activity, with retail equity turnover market share expanding 46 bps YoY to 20.4%. Emerging businesses showed traction: Ionic Wealth AUM crossed ₹100 billion, and credit disbursements reached ₹6.1 billion in the quarter. Management guided for stable employee costs in FY27 and expects further margin expansion, though they remain opportunistic about reinvesting in growth. Key risk: a prolonged market downturn or regulatory tightening could pressure client activity and revenue growth.
Promises0 met · 1 missedRisks4 trackedTranscriptfull text
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Risk Intelligence
Market share stagnation in cash segment
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Total Orders
431M
+13.3% QoQ
Highest in six quarters, reflecting strong client participation and trading intensity.
Retail Equity Turnover Market Share
20.4%
+46 bps YoY
Expanded despite regulatory changes and macro headwinds.
Demat Market Share
16.7%
+54 bps YoY
Continued to strengthen, indicating sustained client acquisition.
Ionic Wealth AUM
₹100B
+23% QoQ
Crossed ₹100 billion milestone; AUM per RM grew 3x YoY.
What Changed vs Last Quarter
NEW
Employee cost to remain flat in FY27 vs FY26 at ~₹11 billion
Management expects employee costs including ESOP to be in line with FY26 spend, driven by efficiency gains from technology and AI.
NEW
Further EBITDA margin expansion expected in FY27
Management guided for margin expansion from the H2 FY26 base of ~42-43%, though they may reinvest in growth opportunities.
NEW
IPL spend for FY27 season to be ~₹1.5 billion
Total IPL-related costs for the season will be similar to prior years, with Q4 booking only a portion due to late start.
NEW
Capital infusion of ₹1.5 billion each into wealth and NBFC
Proposed capital infusion to scale wealth management and NBFC (loan against securities) businesses.
DROPPED
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
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.
DROPPED
Continued investment in emerging businesses
Management plans to continue investing in wealth, AMC, and credit, with burn impacting consolidated margins by ~3-3.5%.
NEW RISK
Market share stagnation in cash segment
Cash equity market share declined 117 bps QoQ, partly due to March volatility; management expects a bounce-back but trend bears watching.
NEW RISK
Regulatory tightening on bank capital market exposures
Recent RBI directions may tighten intraday credit availability, though management expects limited impact due to diversified funding.
NEW RISK
One-time goodwill reimbursement of ₹192 million
A technical issue at a market infrastructure intermediary led to a one-time client reimbursement; recovery from the intermediary is uncertain.
NEW RISK
Elevated borrowings on balance sheet
Borrowings increased due to client funding book growth and temporary liquidity arrangements; though manageable, it adds financial leverage risk.
RISK GONE
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.
RISK GONE
Competitive pressure in MTF pricing
Analyst raised concern about deep-pocketed players offering lower MTF rates; management downplayed but acknowledged monitoring.
RISK GONE
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.
🤫 Topics management stopped discussing
Mentioned in Q2 FY26, Q3 FY26
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.
Fast read
Guidance and risk preview
Management expects employee costs including ESOP to be in line with FY26 spend, driven by efficiency gains from technology and AI.
Cash equity market share declined 117 bps QoQ, partly due to March volatility; management expects a bounce-back but trend bears watching.
View Risks →