Total Orders
431M
+13.3% QoQ
Highest in six quarters, reflecting strong client participation and trading intensity.
ANGELONE
Other
21 Apr 2026
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%).
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2-Min Summary
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.
Key Numbers
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.
Management Guidance
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.
marginsFurther 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.
marginsIPL 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.
otherCapital infusion of ₹1.5 billion each into wealth and NBFC
Proposed capital infusion to scale wealth management and NBFC (loan against securities) businesses.
expansionKey Risks
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.
medium · analyst_questionRegulatory tightening on bank capital market exposures
Recent RBI directions may tighten intraday credit availability, though management expects limited impact due to diversified funding.
medium · management_commentaryOne-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.
low · management_commentaryElevated borrowings on balance sheet
Borrowings increased due to client funding book growth and temporary liquidity arrangements; though manageable, it adds financial leverage risk.
low · data_observationNotable Quotes
We are moving decisively from isolated AI use cases to platform level AI integration rearchitecting both client experiences and internal workflows.
Our reported EBDAT margin expanded by 227 basis points sequentially to 41.7%. Importantly, adjusting for one-time items and IPL related spends, normalized EBD margin improved by 498 basis points sequentially to 44.4%.
I think people are overestimating what AI can do in the short term and underestimating what will happen in the long term and we continue to be focused on the long term.