Operating Leverage Inflection
Expected: OngoingHIGH confidence
What: Standalone EBDAT Margin: 44.6%
“we have built up a platform and a good base, and that's why you're seeing the cost stay steady and you saw that sort of PAT increase.”
Angel One Ltd: Why Is It Outperforming Nifty 500?
ActiveRS +24.8%Weak5w Streak
In , Angel One Ltd (Finance - Capital Markets - Brokers) is outperforming Nifty 500 with +24.8% relative strength. Fundamentals: Weak. On a 5-week streak.
Angel One Ltd Key Facts
- PE Ratio
- 32.4x
- Market Cap
- ₹29,694 Cr
- PAT Growth YoY
- +83%
- Revenue Growth YoY
- +38%
- RS vs Nifty 500
- +24.8%
PB: Mid ContractionFalling Knife
What's Happening
🔻Earnings declining and PB falling — fundamentals deteriorating
👔Promoter stake down 6.7% this quarter
🌐FII stake increased 0.8% this quarter
🏛️DII accumulation — stake up 2.1%
💰Trading 66% above estimated fair value — significant premium
Earnings Acceleration Triggers
1. Operating Leverage Inflection
OngoingHIGH
2. Value Added Product Mix Shift
OngoingHIGH
3. Tam Expansion Changing Consumption
FY27MEDIUM
Key Risks
1. Upstreaming of client funds and F&O regulatory changes impacted working capital
MEDIUM2. One-time impact of new labour reforms on employee expenses
LOWSector-Specific Signals
Total Client Base37.4 Mn
Overall Retail Equity T/o Market Share20.4%
Number of Orders431 Mn
Avg. Client Funding Book₹58 Bn
Key Numbers
PAT Growth YoY
+83%
Inflection Up
Revenue YoY
+38%
Inflection Up
Price to Book
4.8
Current Price
₹326
Dividend Yield
1.47%
Fundamental Score
32/100
Weak
3Y PAT CAGR
+1%
Market Cap
29.7K Cr
Valuation
Significantly Overvalued12-Week Performance
Weekly presence in the outperformers list. Green = beating Nifty 500 by 10%+ that week.
12 weeks agoThis week
Why Are Angel One Ltd's Earnings Accelerating?
Based on Q4 FY26 earnings • Updated Apr 18, 2026
Value Added Product Mix Shift
Expected: OngoingHIGH confidence
What: Interest Income Share: 31% of Gross Income
“One of the key structural themes this quarter, continues to be the diversification of our revenue mix... Share of interest income... increased to 33.0%.”
Tam Expansion Changing Consumption
Expected: FY27MEDIUM confidence
What: Credit Annual Run Rate: ₹28 billion
“Only a small fraction of our client base currently accesses credit through us, despite the fact that our base already takes over ₹ 1 trillion.”
EBDAT Margin of 44.6% in standalone business
HIGH confidence
What: EBDAT Margin of 44.6% in standalone business
“Margins of the core business regaining historical levels... Standalone EBDAT Margin 44.6%... Lower employee cost on account of higher base effect.”
What Are the Key Risks for Angel One Ltd?
Earnings deceleration risks from management commentary
Upstreaming of client funds and F&O regulatory changes impacted working capital
MEDIUMTrigger: New reporting requirements from Oct 1st required upstreaming client margins, increasing finance costs.
Impact: PAT impact: ₹70 million EBDAT impact
Management view: Software updates are expected to help segregate and reduce borrowings by the end of the quarter.
Monitor: regulatory
One-time impact of new labour reforms on employee expenses
LOWTrigger: Past service period provisioning up to September 2025.
Impact: PAT impact: ₹38.6 million
Management view: Management noted this as a one-time impact and expects employee costs to remain stable.
Monitor: labor
What Is Angel One Ltd's Management Saying?
Key quotes from recent conference calls
“I think we continue to guide the -- our stakeholders about operating margin of about 45%, 40-45% for the broking business. [Previous Operating Margin guidance]”
“But this is including the IPL ₹ 150 crores that will be hitting our balance sheet in Q1, right? [Initiative: IPL Branding]”
“Only this year, we are now looking to integrate wealth platform into our Super App. And as more numbers emerge, we will come back. [Initiative: Wealth Management Integration]”
“the impact of cost of upstreaming funds on the EBDAT is ₹ 70 million for the quarter. Finance cost has increased by ₹ 300 million. [Risk (regulatory): MEDIUM]”
What Did Angel One Ltd Report This Quarter?
Headline numbers from the latest earnings call
Revenue
₹14.7 Bn
YoY +38.7%QoQ +9.7%
Why: Growth was driven by an increase in revenues as client activity normalises and a 13.3% QoQ increase in the number of orders.
Revenue growth was supported by a recovery in the F&O segment and strong momentum in commodities.
EBITDA
₹4.7 Bn
YoY +78.9%Margin 41.7%
Why: EBDAT expansion was driven by revenue normalization, lower employee costs under the New Labour Code, and a reversal in ESOP grants.
Normalised EBDAT margin reached 44.4% excluding IPL costs and one-time client reimbursements.
PAT
₹3.2 Bn
YoY +83.5%QoQ +19.2%
Why: PAT growth reflected revenue diversification into interest and distribution income alongside disciplined cost management.
The company achieved a TTM PAT of ₹9.2 billion, translating to an EPS of ₹10.1 per share.
Other Highlights
• Total client base reached 37.4 million, growing 4.7% quarter-on-quarter.
• The Board approved a first interim dividend of ₹23 per share and a 1:10 stock split.
• Average daily orders improved to 6.2 million in Q3 FY '26 from a low of 4.9 million.
What Sector Metrics Matter for Angel One Ltd?
Sub-sector-specific signals from the latest concall — each with management's stated reason for the change
Total Client Base
37.4 Mn
QoQ +4.7%
Why: Continued acquisition momentum with 1.8 million gross clients added in the quarter.
Overall Retail Equity T/o Market Share
20.4%
QoQ -4 bps
Why: Market share remained stable despite regulatory changes in the F&O segment.
Number of Orders
431 Mn
QoQ +13.3%
Why: Driven by a recovery in trading activity and growth in the commodity segment.
Avg. Client Funding Book
₹58 Bn
QoQ -0.1%
Why: Remained stable sequentially while reaching a new high of ₹58.6 billion during the quarter.
Wealth Management AUM
₹100.8 Bn
QoQ +22.7%
Why: Strong growth in the Ionic platform servicing HNI and ultra-HNI clients.
Credit Disbursed
₹6.1 Bn
QoQ -14.7%
Why: Management noted a sequential decline but highlighted an annual run rate of ₹28 billion.
Mutual Fund AUM
₹167 Bn
Why: Growth in SIP registrations and unique SIPs reaching 8.8 million.
Demat A/c Market Share
16.7%
QoQ +12 bps
Why: Strengthened market position through digital-first acquisition strategies.
What Is Angel One Ltd's Management Guidance?
Forward-looking targets from management for Annual
OPM Guidance
40–45%
Margin Outlook
REAFFIRMED
Management Tone: BULLISH
Guidance Changes
REAFFIRMED
Operating Margin: 40-45% → 40-45%
How Fast Is Angel One Ltd Growing?
Revenue, profit and margin growth rates
| Metric | YoY | 3Y CAGR | Trend |
|---|---|---|---|
| Revenue | +38% | +20% | Inflection Up |
| PAT (Net Profit) | +83% | +1% | Inflection Up |
The above analysis is parsed from publicly available earnings call transcripts. This is educational research only — not investment advice. Last updated Apr 18, 2026.
Other Top Finance - Capital Markets - Brokers Stocks Beating Nifty 500
Frequently Asked Questions: Angel One Ltd
Based on publicly available financial data. This is educational research, not investment advice.
What were Angel One Ltd's latest quarterly results?
Angel One Ltd's latest quarterly results (Mar 2026) show
- PAT Growth YoY: +82.9% (turning around (inflection up))
- Revenue Growth YoY: +38.2%
- Operating Margin: 41.0%
Is Angel One Ltd's profit growing or declining?
Angel One Ltd's profit is growing with an turning around (inflection up) trend.
- PAT Growth YoY: +82.9% (latest quarter)
- PAT Growth QoQ: +19.0% (sequential)
- 3-Year PAT CAGR: +0.9%
- Trend: Turning around (inflection up) — consistent growth pattern
What is Angel One Ltd's revenue growth trend?
Angel One Ltd's revenue growth trend is turning around (inflection up).
- Revenue Growth YoY: +38.2%
- Revenue Growth QoQ: +9.3% (sequential)
- 3-Year Revenue CAGR: +19.6%
What is Angel One Ltd's asset quality trend?
Angel One Ltd's asset quality trend is insufficient_data.
What is Angel One Ltd's 3-year profit and revenue CAGR?
Angel One Ltd's long-term compounding rates
- 3-Year Profit CAGR: +0.9%
- 3-Year Revenue CAGR: +19.6%
Is Angel One Ltd's growth accelerating or decelerating?
Angel One Ltd's earnings growth is turning around (inflection up) with positive momentum on a sequential basis.
- YoY Acceleration: +87.2% bps
- Sequential Acceleration: -7.9% bps
What is Angel One Ltd's trailing twelve month (TTM) performance?
Angel One Ltd's trailing twelve month (TTM) performance
- TTM PAT: ₹915 Cr
- TTM PAT Growth: -21.9% YoY
- TTM Revenue: ₹5,000 Cr
- TTM Revenue Growth: -1.9% YoY
Is Angel One Ltd overvalued or undervalued?
Angel One Ltd appears significantly overvalued based on our fair value analysis.
- Valuation Signal: Significantly Overvalued
- Current PE: 32.4x
- Price-to-Book: 4.8x
What is Angel One Ltd's current PE ratio?
Angel One Ltd's current PE ratio is 32.4x.
- Current PE: 32.4x
- Market Cap: 29.7K Cr
- Dividend Yield: 1.47%
How does Angel One Ltd's valuation compare to its history?
Angel One Ltd's current PE is 32.4x.
- Current PE: 32.4x
- Valuation Assessment: Significantly Overvalued
What is Angel One Ltd's price-to-book ratio?
Angel One Ltd's price-to-book ratio is 4.8x.
- Price-to-Book (P/B): 4.8x
- Book Value per Share: ₹67
- Current Price: ₹326
Is Angel One Ltd a fundamentally strong company?
Angel One Ltd is rated Weak with a fundamental score of 31.8/100. This score is calculated from objective financial metrics
- PAT Growth YoY: +82.9% (20% weight)
- PAT Growth QoQ: +19.0% (15% weight)
- Earnings trend: inflection_up (5% weight)
Is Angel One Ltd debt free?
Angel One Ltd has a debt-to-equity ratio of N/A.
- Total Debt: ₹8,000 Cr
What is Angel One Ltd's return on equity (ROE) and ROCE?
Angel One Ltd's return ratios over recent years
- FY2024: ROCE 39.0%
- FY2025: ROCE 26.0%
- FY2026: ROCE 15.0%
Is Angel One Ltd's cash flow positive?
Angel One Ltd's operating cash flow is negative (FY2026).
- Cash from Operations (CFO): ₹-4,000 Cr
- Free Cash Flow (FCF): ₹-4,000 Cr
- CFO/PAT Ratio: -453% (weak cash conversion)
What is Angel One Ltd's dividend yield?
Angel One Ltd's current dividend yield is 1.47%.
- Dividend Yield: 1.47%
- Current Price: ₹326
Who holds Angel One Ltd shares — promoters, FII, DII?
Angel One Ltd's shareholding pattern (Mar 2026)
- Promoters: 28.8%
- FII (Foreign): 12.8%
- DII (Domestic): 18.9%
- Public: 39.5%
Is promoter holding increasing or decreasing in Angel One Ltd?
Angel One Ltd's promoter holding has decreased recently.
- Current Promoter Holding: 28.8% (Mar 2026)
- Previous Quarter: 28.9% (Dec 2025)
- Change: -0.07% (decreasing — worth monitoring)
How long has Angel One Ltd been outperforming Nifty 500?
Angel One Ltd has been outperforming Nifty 500 for 5 consecutive weeks, indicating building momentum.
Is Angel One Ltd a new momentum entry or an established outperformer?
Angel One Ltd is an established outperformer with 5 weeks of consecutive Nifty 500 outperformance.
What are the growth catalysts for Angel One Ltd?
Angel One Ltd has 4 key growth catalysts identified from recent earnings analysis
- Operating Leverage Inflection — Fixed costs are largely invested, and incremental revenue from a maturing client base is dropping to the bottom line.
- Value Added Product Mix Shift — Diversifying from pure broking into high-margin interest income from MTF and distribution income.
- Tam Expansion Changing Consumption — Only a small fraction of the client base currently accesses credit, despite taking ₹1 trillion in personal loans annually from the market.
- EBDAT Margin of 44.6% in standalone business — Driven by revenue normalization and lower employee costs due to the New Labour Code base effect.
What are the key risks in Angel One Ltd?
Angel One Ltd has 2 key risks worth monitoring
- [MEDIUM] Upstreaming of client funds and F&O regulatory changes impacted working capital — New reporting requirements from Oct 1st required upstreaming client margins, increasing finance costs.
- [LOW] One-time impact of new labour reforms on employee expenses — Past service period provisioning up to September 2025.
What did Angel One Ltd's management say in the latest earnings call?
In Q4 FY26, Angel One Ltd's management highlighted
- "I think we continue to guide the -- our stakeholders about operating margin of about 45%, 40-45% for the broking business. [Previous Operating Margin..."
- "But this is including the IPL ₹ 150 crores that will be hitting our balance sheet in Q1, right? [Initiative: IPL Branding]"
- "Only this year, we are now looking to integrate wealth platform into our Super App. And as more numbers emerge, we will come back. [Initiative: Wealt..."
What is Angel One Ltd's management guidance for growth?
Angel One Ltd's management has provided the following forward guidance for Annual
- Revenue outlook: Not Given
- OPM guidance: 40–45%
- Management tone: bullish
- Milestone: [REAFFIRMED] Operating Margin: 40-45% → 40-45%
What sector-specific metrics matter most for Angel One Ltd?
Angel One Ltd's most important sub-sector-specific KPIs from the latest concall
- Total Client Base: 37.4 Mn (QoQ +4.7%) — Continued acquisition momentum with 1.8 million gross clients added in the quarter.
- Overall Retail Equity T/o Market Share: 20.4% (QoQ -4 bps) — Market share remained stable despite regulatory changes in the F&O segment.
- Number of Orders: 431 Mn (QoQ +13.3%) — Driven by a recovery in trading activity and growth in the commodity segment.
- Avg. Client Funding Book: ₹58 Bn (QoQ -0.1%) — Remained stable sequentially while reaching a new high of ₹58.6 billion during the quarter.
- Wealth Management AUM: ₹100.8 Bn (QoQ +22.7%) — Strong growth in the Ionic platform servicing HNI and ultra-HNI clients.
- Credit Disbursed: ₹6.1 Bn (QoQ -14.7%) — Management noted a sequential decline but highlighted an annual run rate of ₹28 billion.
Is Angel One Ltd worth studying for long term investment?
Based on quantitative research signals, here is why Angel One Ltd may be worth studying
- Earnings growing at +82.9% YoY
What is the investment thesis for Angel One Ltd?
Angel One Ltd investment thesis summary:
Research Signals (Bull Case)
- Revenue growing at +38.2% YoY
- Growth catalyst: Operating Leverage Inflection
Risk Factors (Bear Case)
- Appears significantly overvalued
- Key risk: Upstreaming of client funds and F&O regulatory changes impacted working capital
What is the future outlook for Angel One Ltd?
Angel One Ltd's forward outlook based on current data signals
- Earnings Trend: turning around (inflection up)
- Revenue Trend: turning around (inflection up)
- Valuation: Significantly Overvalued
- Key Catalyst: Operating Leverage Inflection
- Key Risk: Upstreaming of client funds and F&O regulatory changes impacted working capital
The above FAQs are generated from publicly available earnings data and conference call transcripts. This is educational research only. Sector Alpha is not SEBI registered and does not provide investment advice.