Angel One Ltd — Q1 FY27 earnings call
Summary generated by AI from the official transcript Angel One Ltd filed with BSE on 21 Jul 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Angel One reported Q1 FY27 consolidated revenue of Rs 14.3 billion, up 25.4% year-on-year but down 2.3% sequentially, with consolidated profit after tax rising 102.1% year-on-year to Rs 2.3 billion. Management attributed the sequential moderation in margins to seasonal factors including annual increments, fresh ESOP grants, and IPL-related marketing expenses, noting normalized EBDAT margin was 43.6% versus 44.4% in the prior quarter. The company also discussed growth in its credit distribution, wealth management AUM, and asset management business, while fielding questions on client acquisition trends, employee costs, and a customer complaint about restricted stock trading baskets.
Numbers mentioned
Revenue: ₹ 14.3 billion (Q1 FY27)
p. 5
“Revenue for Q1 FY '27 grew 25.4% year-on-year to ₹ 14.3 billion.”
Ambarish Kenghe, page 5 of the filed PDF · View the filing
Consolidated profit after tax: ₹ 2.3 billion (Q1 FY27)
p. 5
“Consolidated profit after tax increased 102.1% year-on-year to ₹ 2.3 billion, underscoring the strength of our diversified business model and disciplined execution.”
Ambarish Kenghe, page 5 of the filed PDF · View the filing
Average client funding book: ₹ 61.4 billion (Q1 FY27)
p. 5
“this ability to create multiproduct relationships has helped us achieve our lifetime best average client funding book of ₹ 61.4 billion”
Ambarish Kenghe, page 5 of the filed PDF · View the filing
Equity derivatives turnover market share: 22.2% (Q1 FY27)
p. 5
“sustain a 22.2% turnover market share in equity derivatives”
Ambarish Kenghe, page 5 of the filed PDF · View the filing
Cash equity turnover market share: 17.4% (Q1 FY27)
p. 5
“improve our cash equity turnover market share to 17.4%”
Ambarish Kenghe, page 5 of the filed PDF · View the filing
Retail equity turnover share: 20.2% (Q1 FY27)
p. 5
“while maintaining a 20.2% share of overall retail equity turnover, reflecting the strong affinity users have for the Angel One platform”
Ambarish Kenghe, page 5 of the filed PDF · View the filing
Credit distribution: ₹ 5.3 billion (Q1 FY27)
p. 5
“leading to 130% year-over-year growth in our credit distribution to ₹ 5.3 billion”
Ambarish Kenghe, page 5 of the filed PDF · View the filing
Ionic Wealth-tech AUM: ₹ 32.3 billion (Q1 FY27)
p. 6
“Ionic Wealth-tech AUM crossed ₹ 32.3 billion, while the UHNI segment expanded to 263 families with an AUM of ₹ 87.3 billion.”
Ambarish Kenghe, page 6 of the filed PDF · View the filing
Total AUM growth: 33.3% to ₹ 134.4 billion (Q1 FY27)
p. 6
“Across the broader franchise, total AUM grew 33.3% to ₹ 134.4 billion, dominated by recurring revenue-linked assets.”
Ambarish Kenghe, page 6 of the filed PDF · View the filing
Asset Management AUM: ₹ 6.2 billion (Q1 FY27)
p. 6
“Our asset Management business also continues to witness momentum with its AUM crossing ₹ 6.2 billion.”
Ambarish Kenghe, page 6 of the filed PDF · View the filing
Interest income: ₹ 4.7 billion (Q1 FY27)
p. 7
“Interest income remained a key contributor during the quarter, accounting for 32.6% of gross revenues and growing 2.6% sequentially to ₹ 4.7 billion.”
Vineet Agrawal, page 7 of the filed PDF · View the filing
Period-end client funding book: ₹ 71.5 billion (Q1 FY27)
p. 7
“while the period-end book reached a record ₹ 71.5 billion, reflecting increasing client engagement and deeper adoption of our financing solutions”
Vineet Agrawal, page 7 of the filed PDF · View the filing
Reported EBDAT margin: 32.7% (Q1 FY27)
p. 7
“Reported consolidated EBDAT for the quarter stood at ₹ 3.6 billion, translating into a reported margin of 32.7%.”
Vineet Agrawal, page 7 of the filed PDF · View the filing
Normalized EBDAT margin: 43.6% (Q1 FY27)
p. 7
“our normalized EBDAT margin stood at 43.6% compared with 44.4% in the previous quarter, remaining comfortably within our guided operating range”
Vineet Agrawal, page 7 of the filed PDF · View the filing
Net worth: ₹ 64.2 billion (Q1 FY27)
p. 8
“Net worth increased to ₹ 64.2 billion, while borrowings reduced meaningfully during the quarter despite continued growth in our client funding book.”
Vineet Agrawal, page 8 of the filed PDF · View the filing
Trailing 12-month PAT: ₹ 10.3 billion (Trailing 12 months)
p. 7
“while our trailing 12-month PAT to ₹ 10.3 billion and EPS of ₹ 11.4”
Vineet Agrawal, page 7 of the filed PDF · View the filing
Interim dividend: ₹ 1 per share (FY27)
p. 6
“the Board has approved our first interim dividend for this financial year of ₹ 1 per share with the record date being July 21, 2026”
Vineet Agrawal, page 6 of the filed PDF · View the filing
Orders processed: 406 million (Q1 FY27)
p. 6
“We processed 406 million orders during the quarter with the moderation primarily driven by lower derivative volumes, broadly mirroring industry trends rather than any change in our competitive positioning.”
Vineet Agrawal, page 6 of the filed PDF · View the filing
Registered users: over 38 million (Q1 FY27)
p. 5
“Today, with over 38 million registered users, we are already seeing this play out.”
Ambarish Kenghe, page 5 of the filed PDF · View the filing
Ask Angel users: over 1.1 million (Q1 FY27)
p. 5
“Ask Angel has evolved into a conversational assistant powering discovery, engagement and support journeys, serving over 1.1 million users and addressing queries in finance and support.”
Ambarish Kenghe, page 5 of the filed PDF · View the filing
Client funding exposure below Rs 100,000: 83% (Q1 FY27)
p. 8
“83% of our client funding exposure is below ₹ 100,000 per client, while 85% of the portfolio is less than 30 years old (to be read as less than 30 days old), supported by fully collateralized client holdings and negligible delinquency.”
Vineet Agrawal, page 8 of the filed PDF · View the filing
Active APs: approximately 9,800-10,000 (June 2026)
p. 16
“So it should be around 9,800 at this point, active APs.”
Nishant Jain, page 16 of the filed PDF · View the filing
Wealth tech segment AUM: ₹ 3,400-3,500 crores (Q1 FY27)
p. 18
“currently we are at close to about ₹ 3,400 crores, ₹ 3,500 crores of AUM”
Srikanth Subramanian, page 18 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Standalone EBDAT margin — 45% to 50%
stated firmly by Ambarish Kenghe
p. 14
“And that 45% to 50% margin guidance remains intact.”
Ambarish Kenghe, page 14 of the filed PDF · View the filing
Employee cost — about ₹ 11 billion · FY27
stated conditionally by Vineet Agrawal
p. 12
“My sense is that we will be in that similar range in this year. And it's a bit early to give you a complete sense, but the way I'm looking at the business, we will be in the range of about ₹ 11 billion as employee cost for the year.”
Vineet Agrawal, page 12 of the filed PDF · View the filing
Wealth/AMC breakeven — incremental breakeven · 3 to 4 years
stated as an aspiration by Vineet Agrawal
p. 24
“from the beginning, we are contemplating in about 3 to 4 years this business should incrementally breakeven”
Vineet Agrawal, page 24 of the filed PDF · View the filing
Wealth and AMC operating margin drag — about 3%, 3.5% · FY27
stated conditionally by Vineet Agrawal
p. 24
“But overall, I think we will be in the range of about 3%, 3.5% as at the financial year.”
Vineet Agrawal, page 24 of the filed PDF · View the filing
LAS business scale-up — next two or three quarters
stated firmly by Saurabh Agarwal
p. 20
“in next two or three quarters, you should see that business becoming big”
Saurabh Agarwal, page 20 of the filed PDF · View the filing
AMC strategy visibility — next 3 or 4 quarters
stated conditionally by Amit Majumdar
p. 11
“we are confident that over the next 3 or 4 quarters, we will have far greater visibility on our real strategy on the AMC front”
Amit Majumdar, page 11 of the filed PDF · View the filing
Cash realization from assisted business
stated conditionally by Ambarish Kenghe
p. 21
“Look, it's very hard to predict, especially on the mix side. So I wouldn't bake in any further increase from here, and it can change quarter-to-quarter, depending on how the mix of orders come in, which we don't necessarily control.”
Ambarish Kenghe, page 21 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management said disbursals are driven by customer sentiment, lender underwriting and customer experience, and that they continue to see a large long-term credit opportunity despite short-term fluctuations.
Answered by Saurabh Agarwal
Asked by Prayesh Jain: What is causing the slowdown in credit disbursements over the past few quarters?
p. 9
“We, however, continue to work with our lending partners to improve conversion and strengthen the customer journey, and are very confident that the actions we are taking put us in a much stronger position to improve growth going forward.”
Saurabh Agarwal, page 9 of the filed PDF · View the filing
Management explained the AMC started as passive-only 15 months ago and product rollout was recent, so it is too early to assess performance.
Answered by Amit Majumdar
Asked by Prayesh Jain: What has not gone right with the AMC business given slow AUM scale-up?
p. 11
“So, it's very early for us to actually comment on the performance as of now.”
Amit Majumdar, page 11 of the filed PDF · View the filing
Management said they see no liquidity issue and consider any impact transient.
Answered by Vineet Agrawal
Asked by Swarnabh Mukherjee: Is there any liquidity impact from the RBI circular on the funding business?
p. 12
“we are not seeing any kind of a liquidity issue as far as the funding position is concerned. So I mean, I think this is something which is transient and over a period of time will even out.”
Vineet Agrawal, page 12 of the filed PDF · View the filing
Management said risk is limited due to exchange-prescribed margins and a strong risk management framework.
Answered by Vineet Agrawal
Asked by Raman KV: What is the risk of the growing client funding book if markets decline?
p. 13
“I think as I've been mentioning it in the past, the risk management system remains a strong backbone for any broking entity and especially for the client funding-related activities.”
Vineet Agrawal, page 13 of the filed PDF · View the filing
Management said revenue is not disclosed separately given the nascent stage, and the combined operating margin drag from AMC and wealth was about 4% for the quarter.
Answered by Vineet Agrawal
Asked by Nidhesh Jain: What is the revenue and cost contribution of the Wealth Management business?
p. 16
“Overall, as far as the operating margin decrement is concerned, it's about 4% for both the AMC and the wealth businesses put together from the overall.”
Vineet Agrawal, page 16 of the filed PDF · View the filing
Management attributed it to a mix shift in ticket sizes and higher uptake of a value-added assisted plan.
Answered by Ambarish Kenghe
Asked by Pavan Kumar: What is the reason for the sharp increase in cash realization this quarter?
p. 20
“Second is that on the assisted side, we have different plans. There is a value-added plan that we have started where we get a better cash realization, and that has been doing extremely well because customers are liking it and signing up for it.”
Ambarish Kenghe, page 20 of the filed PDF · View the filing
Management said it reflects industry-wide softness and disciplined channel selection based on client segment and LTV, not a deliberate cost cut.
Answered by Ambarish Kenghe
Asked by Deepak Lalwani: Is the moderation in client acquisition deliberate cost control or a market challenge?
p. 22
“This is not to reduce costs in any way. If we get great clients at some time through channels, we would actually -- we have mentioned in the past that we would definitely be biased towards growth.”
Ambarish Kenghe, page 22 of the filed PDF · View the filing
Management said the restrictions stem from internal risk policies beyond SEBI requirements and offered to follow up directly on the customer's complaint.
Answered by Ambarish Kenghe
Asked by Subhash: Why does Angel One maintain a restricted stock basket that other brokers do not?
p. 25
“we have our own risk management on top of what SEBI would prescribe because brokers have their own requirement to do things”
Ambarish Kenghe, page 25 of the filed PDF · View the filing
Risks flagged
Softer trading activity across capital markets moderating revenue sequentially
p. 6
“Consolidated revenue, gross revenue for the quarter stood at ₹ 14.3 billion, growing 25.4% year-on-year while moderating 2.3% sequentially, largely reflecting softer trading activities across the capital markets.”
Vineet Agrawal, page 6 of the filed PDF · View the filing
Lower derivative volumes driving order moderation
p. 6
“We processed 406 million orders during the quarter with the moderation primarily driven by lower derivative volumes, broadly mirroring industry trends rather than any change in our competitive positioning.”
Vineet Agrawal, page 6 of the filed PDF · View the filing
Seasonal softness in insurance sales and muted credit disbursement affecting distribution income
p. 7
“Distribution income moderated sequentially owing to seasonally softer insurance sales and muted credit disbursement.”
Vineet Agrawal, page 7 of the filed PDF · View the filing
Lender underwriting and pricing calibration impacting credit disbursals
p. 11
“lenders keep calibrating their risk and their pricing on our base over time. So, quarter-over-quarter, some of these do impact our disbursals”
Saurabh Agarwal, page 11 of the filed PDF · View the filing
Friction from lender tech partners in underwriting and KYC affecting credit funnel
p. 11
“since we work with lenders and who in turn work with a lot of tech partners themselves for underwriting and for KYC, etcetera, so some friction in those parts of the funnels also do impact in the short term”
Saurabh Agarwal, page 11 of the filed PDF · View the filing
Muted market conditions reducing new investor excitement and client acquisition
p. 22
“Sometimes when the markets are not doing that well, a lot of customers don't get excited by being -- first time coming to the equity market.”
Ambarish Kenghe, page 22 of the filed PDF · View the filing
CDSL industry-wide client acquisition data has been softer in recent months
p. 21
“If you see what is sort of the CDSL number for client acquisition, that itself actually has been softer last few months.”
Ambarish Kenghe, page 21 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.