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Revenue
₹1,470 Cr
verified against source
Revenue YoY
—
reported change
EBITDA
Pending
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
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.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects employee costs including ESOP to be in line with FY26 spend, driven by efficiency gains from technology and AI.
- Management guided for margin expansion from the H2 FY26 base of ~42-43%, though they may reinvest in growth opportunities.
- Total IPL-related costs for the season will be similar to prior years, with Q4 booking only a portion due to late start.
- Proposed capital infusion to scale wealth management and NBFC (loan against securities) businesses.
Risks flagged
- Cash equity market share declined 117 bps QoQ, partly due to March volatility; management expects a bounce-back but trend bears watching.
- Recent RBI directions may tighten intraday credit availability, though management expects limited impact due to diversified funding.
- A technical issue at a market infrastructure intermediary led to a one-time client reimbursement; recovery from the intermediary is uncertain.
- Borrowings increased due to client funding book growth and temporary liquidity arrangements; though manageable, it adds financial leverage risk.
Key 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.
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