Angel one

Angel One delivered a strong Q4 FY26 with 431 millionCurrent 431 million. Reported change: +13.3% QoQ. orders (a six-quarter high) and EBITDA margin expanding 227 bps sequentiallyCurrent reported value: 227 bps sequentially. No comparable prior figure is available in the source record. to 41.7%Current reported value: 41.7%. No comparable prior figure is available in the source record. (normalized 44.4%Current reported value: 44.4%. No comparable prior figure is available in the source record.). PAT rose 19.2% QoQCurrent reported value: 19.2% QoQ. No comparable prior figure is available in the source record. to ₹3.2 billionCurrent reported value: ₹3.2 billion. No comparable prior figure is available in the source record., 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%Current 20.4%. Reported change: +46 bps YoY.. 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.