Angel One Q3 FY26 – Steady Growth with Mild Profit Pressure

Angel One reported moderate top-line growth in the December 2025 quarter, supported by stable client activity and improving operating efficiency. However, net profitability saw a slight dip on a year-on-year basis. • Sales: ↑ 6% YoY to ₹1,335 crore (vs ₹1,262 crore in Dec 2024) • EBIDT: ↑ 7% YoY to ₹529 crore (vs ₹496 crore) • Net Profit: ↓ 5% YoY to ₹269 crore (vs ₹281 crore) • EPS: ↓ 5% YoY to ₹29.57 (vs ₹31.19) At a price of ₹2,525, market cap ₹22,945 crore, and PE 29.8, Angel One continues to exhibit strong operating leverage and business scalability. While near-term profit growth is subdued, consistent revenue expansion and margin stability reflect the company’s resilient franchise in the retail broking space.