Angel one / Q3-FY26

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Positive2026-01-15Back to ANGELONE

Revenue

₹1,335 Cr

verified against source

Revenue YoY

—

reported change

EBITDA

Pending

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Actual signal trajectory

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Revenue (₹ Cr)PositiveWatchNegative
3 actual records
Actual quarterly Revenue (₹ Cr) trajectoryReported values plotted by quarter. Hover or focus a point for its quarter, value, and source sentiment.Q2 FY26: 1,200 · Positive source sentiment · 2025-10-23Q2 FY26Q3 FY26: 1,335 · Positive source sentiment · 2026-01-15Q3 FY26Q4 FY26: 1,470 · Positive source sentiment · 2026-04-21Q4 FY261,4701,200
Values are taken from the available verified source records; sentiment color is a separate source-read indicator.

Quarter read

What the record says.

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.

Colored figures show movement against the previous available record.

Guidance to track

  • 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.
  • Elevated borrowings due to client margin upstreaming are temporary; software update expected by end of Q4 to reduce finance costs.
  • Management plans to continue investing in wealth, AMC, and credit, with burn impacting consolidated margins by ~3-3.5%.

Risks flagged

  • Finance costs increased 36.4% QoQ due to mandatory upstreaming of client margins; temporary but may persist into Q4.
  • Analyst raised concern about deep-pocketed players offering lower MTF rates; management downplayed but acknowledged monitoring.
  • Despite strong AUM growth, revenue recognition lags due to regulatory constraints; gap between standalone and consolidated margins persists.

Key quotes

  • Our standalone operating margin is already at a healthy 43% reflecting the strength of our core business model.
  • We are building Angel One as a full-stack omni-channel AI-native financial services platform compounding through technology, trust, and disciplined execution.
  • The embedded opportunity within our ecosystem alone is quite substantial, even before considering secured categories.

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