Angel One’s Q4 FY26 was the quarter that a lot of investors had been waiting for. After a bruising FY26 where F&O regulatory changes, True to Label norms, and a difficult macro environment compressed margins, the March quarter brought a sharp reversal. Profit more than doubled on a year-on-year basis, margins hit their highest level in eight quarters, and client activity surged to levels not seen since the bull run of FY24.
This blog walks through key numbers, what the business looks like underneath the headline figures, how the competitive picture is shaping up, and what an investor sitting on Angel One today should actually be thinking about.
Angel One Q4 Overview
Angel One entered Q4 carrying momentum from a recovering Q3. The regulatory environment around F&O trading had started to stabilise, retail participation in equity markets remained strong despite intermittent volatility, and the company’s investments in its Premier Partner status brand for IPL 2026 were beginning to reflect in client acquisition numbers.
Against that backdrop, Q4 delivered on almost every front that the market had been watching. The recovery arc is clearly intact.
Angel One Q4 Financial Results
The table below captures the key figures across the last three comparable periods:
| Particulars (₹ million) | Q4 FY25 | Q3 FY26 | Q4 FY26 | QoQ | YoY |
| Total Income | 10,578 | 13,377 | 14,672 | 9.7%+ | 38.7% |
| Gross Broking Revenue | 6,332 | 7776 | 8,911 | +14.6% | +40.7% |
| Interest Income | 3,378 | 4,409 | 4,550 | +3.2% | +34.7% |
| EBDAT | 2,643 | 4,050 | 4,728 | +16.7% | +78.9% |
| EBDAT Margin | 31.8% | 39.4% | 41.7% | +230 bps | +990 bps |
| Profit After Tax | 1,745 | 2,687 | 3,202 | +19.2% | +83.5% |
| TTM EPS (₹) | 10.1 | ||||
| Book Value Per Share (₹) | 67.5 |
Angel One Revenue & Profit
Broking drove roughly 61% of the total income pie in Q4, with F&O brokerage alone contributing 47% of gross income. That concentration is a real risk, but it also reflects the trading volumes that came roaring back as market volatility picked up through the quarter.
For FY26, total income came in at ₹51.52 billion, a marginal decline of 1.8% from FY25. The full year PAT at ₹9.15 billion was 21.9% lower than FY25, a clear scar from the mid-year regulatory disruption and the IPL cost drag that has been a conscious strategic choice.
Angel One EPS (Earnings Per Share)
The trailing twelve-month (TTM) EPS stands at ₹10.1 per share as of March 31, 2026. Net profit has grown sequentially for four consecutive quarters, rising from ₹1,145 million in Q1 FY26 to ₹3,202 million by Q4. That trajectory of unbroken quarterly earnings growth is exactly what the market was waiting to see confirmed.
Angel One Strong Capital Position
The balance sheet crossed ₹239 billion in total assets by March 2026, up from ₹169 billion a year earlier. Net worth stood at ₹61.5 billion, and the book value per share is ₹67.5.
The client funding book grew to ₹54.5 billion, a 41% increase year on year, and the average book during Q4 stood at ₹58.5 billion. Borrowings rose from ₹33.8 billion to ₹78.8 billion. Most of these funds were used to secure the MTF book, but it is a shift worth watching as interest costs rise.
Angel One Asset Quality
The client funding book carries negligible NPAs and is secured entirely by client demat holdings. Of the total book at quarter end, 84% of exposure sits in the under ₹0.1 million ticket size bracket, which reflects the retail character of the lending base.
The book ageing profile shows 32% of balances aged under six days, with only 11% beyond 60 days. Robust risk management and the secured nature of the collateral have kept delinquencies close to zero through a year when broader consumer lending stress was rising elsewhere in the fintech space.
Angel One Dividend Announcement
An interim dividend of ₹1.75 per share has been declared on March 16, 2025. Given the full year PAT decline of 21.9% FY25, a more conservative payout posture for FY26 is not a surprise. This figure is less meaningful for yield-seeking investors.
Segment Performance
Here’s how Angel One holds up against Anand Rathi Wealth, a peer in the same segment:
| Metric | Angel One | Anand Rathi Wealth |
| Client Base | 37.4 million clients | 13,395 client families |
| Net Profit (Q4 FY26) | ₹3,202 million | ₹92 crore |
| Revenue Growth (YoY) | +38.7% | +25% |
| AUM / Client Assets (Q4 FY26) | Client funding book – ₹58.5 billion | AUM ₹93,037 crore |
| Business Model | High-volume retail broking + fintech ecosystem | Relationship-driven wealth management |
| Scale Driver | Technology-led onboarding and trading volumes | Relationship managers and HNI client depth |
- Angel One operates at a massive retail scale with over 37 million clients, while Anand Rathi serves a much smaller base of under one lakh high-value client families.
- Angel One’s growth is driven by high trading volumes and platform activity. On the other hand, Anand Rathi steadily compounds through AUM expansion and relationship-driven client engagement.
- The profit quality also differs. Angel One is more exposed to market cycles, while Anand Rathi benefits from relatively stable, recurring revenue linked to managed client assets.
Market Reaction
Results were declared after market hours on April 16, 2026. The market responded decisively.
Angel One Stock Price Movement
The stock opened sharply higher on April 17, touching an intraday peak of ₹324.4 before closing at ₹322.47 against a previous close of ₹292, a single-day gain of over 10% at its intraday best.
By April 20, shares were trading in the ₹315 to ₹327 range. The stock had touched a 52-week low of ₹208.63 before the results season, and the post-results close of ₹322.47 puts it within 2% of the 52-week high of ₹328.5. The TTM PE at current prices sits around 31x, a meaningful premium indicating that market pricing has validated the Q4 growth in some way.
Investment Implications
Angel One’s long-term story is shifting from trading-led growth to a diversified financial ecosystem, backed by strong industry expansion and sustained client base compounding.
Long-Term Outlook
India’s financialisation wave is still in its early innings. Industry growth has been strong, but penetration remains relatively low. Angel One’s ability to scale clients and deepen engagement positions it well for sustained, long-term growth.
- India’s mutual fund AUM has grown to ₹73.7 trillion as of March 31, 2026, highlighting a strong structural growth opportunity.
- NSE active client base expanded to 4.57 crore in FY26, showing rising retail participation momentum.
- Angel One has a client base of 37.4 million, far ahead of the industry’s overall demat account expansion.
- Diversified business operations reduce reliance on trading volumes and help manage market volatility better.
Short-Term Trading Opportunities
The technical setup is interesting but carries near-term overhead. The stock is trading less than 2% below its 52-week high of ₹328.5, a natural resistance zone. A clean breakout from here would need the next quarter’s margins to hold up reasonably well despite the heavier cost load, annual salary increments, and fresh ESOP grants.
Support on a pullback likely sits in the ₹290 to ₹300 range, which corresponds to the pre-results breakout level. The F&O revenue concentration remains the principal risk. Any renewed regulatory action in derivative trading could compress volumes quickly, and the current PE of 31.8x leaves limited room for earnings disappointment.
Final Thoughts
Angel One’s Q4 FY26 results have painted quite a positive picture. Margins recovered, profit improved, client acquisition held up, and the non-broking businesses showed genuine progress. FY26 as a whole was a year interrupted by regulatory change and cost investment. Q4 was the quarter that absorbed both and still came out ahead.
Heading into FY27, for a company with a large client base, an AMC, a wealth arm, a credit distribution engine, and AI embedded across operations, the question has shifted from “can it survive regulatory headwinds” to “how fast can the non-broking businesses scale?”
