ANGELONE

Angel One is one of India's leading retail broking and fintech platforms, benefiting from increasing retail participation in equities, derivatives, mutual funds and wealth products. The company continues to add clients at a strong pace, crossing 38 million clients in May 2026. Key Positives ✅ Strong Client Growth Client base reached approximately 38.17 million in May 2026. Continues to gain market share among retail investors. ✅ Improving Profitability Q4 FY26 PAT increased 84% YoY and 19% QoQ to around ₹320 crore. Operating leverage is improving as trading volumes increase. ✅ Asset-Light Business Model High ROE business with limited capital requirements. Benefits directly from rising market participation and derivatives activity. Key Risks ⚠️ Regulatory Risk Any further tightening by SEBI in F&O trading can impact volumes and revenues. ⚠️ Market Sentiment Dependency Broking revenues are highly linked to trading activity. Prolonged bear markets generally reduce client participation. ⚠️ Increasing Competition Competition from discount brokers and fintech platforms remains intense. Financial Snapshot Profit Growth Strong recovery in Q4 FY26 ROE Historically strong Client Growth Excellent Debt Low Business Quality High Based on FY26 results, revenue declined while profit also fell on a full-year basis versus FY25, indicating the company is still recovering from the slowdown seen earlier in the year.