Weak Q4 Performance Highlights Mounting Pressure on

ANGELONE

Q4 FY25 Results Summary :- - Net profit declined 38% quarter-on-quarter. - Revenue from operations fell 16.34% quarter-on-quarter. - Profit before tax (PBT) dropped 48.62% year-on-year to Rs 235.72 crore (from Rs 458.77 crore in Q4 FY24). - EBDAT stood at Rs 264.3 crore, down 44% year-on-year and 36% quarter-on-quarter. - EBDAT margin contracted to 31.8% (from 42% in Q3 FY25 and 44.8% in Q4 FY24). - Client additions were at 1.6 million, down 22.4% quarter-on-quarter and 43.9% year-on-year. - Average daily turnover (ADTO) declined 19.7% quarter-on-quarter to Rs 32.1 lakh crore. - Total client base increased to 31 million, a 5.1% quarter-on-quarter growth. - Final dividend declared at Rs 26 per equity share for FY25. Red Flags & Risks:- 1. Steep decline in margins and profitability – suggests operational inefficiencies or reduced brokerage income due to lower client activity. 2. Deceleration in client acquisition – points to possible saturation or weakening demand in the retail investor segment. 3. Drop in ADTO – indicates lower market participation, which directly impacts brokerage earnings 4. High dependence on market sentiment – the business model is vulnerable to regulatory changes and market volatility. Conclusion:- Angel One's Q4 FY25 results raise serious short-term concerns. The company witnessed a significant deterioration in key financial and operational metrics, including profitability, turnover, and client additions. While the management tries to highlight full-year resilience and long-term strategy, the current quarter reflects a clear slowdown in momentum. The sharp drop in margins and profits paired with weak market activity suggests the company may face continued headwinds if market sentiment remains subdued and retail trading activity doesn’t rebound soon. With increasing regulatory scrutiny and competition in the fintech space, Angel One must urgently focus on stabilizing its core performance.