Angel One Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Angel One Ltd filed with BSE on 22 Apr 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 a sequential recovery in trading activity for Q4 FY26, with average daily orders rising from 5 million in February 2025 to 7.4 million in March 2026 and gross income growing 9.7% quarter-on-quarter to Rs 14.7 billion. Reported EBDAT margin expanded to 41.7%, and management said normalized margin, excluding one-time items and IPL spend, improved to 44.4%. Management also discussed a one-time client reimbursement of Rs 192 million related to an external market infrastructure disruption, and outlined plans to infuse capital into its wealth management and NBFC platforms.
Numbers mentioned
Average daily orders: 7.4 million (March 2026)
p. 5
“Average daily orders scaled from 5 million in February '25 to 7.4 million in March '26, thus taking the aggregate order count to 431 million for the quarter, marking a six-quarter high.”
Ambarish Kenghe, page 5 of the filed PDF · View the filing
Aggregate order count: 431 million (Q4 FY26)
p. 6
“orders executed on the platform increased by 13.3% sequentially to 431 million, reflecting strong client participation and improving trading intensity”
Vineet Agrawal, page 6 of the filed PDF · View the filing
Gross income: Rs 14.7 billion (Q4 FY26)
p. 6
“This translated into gross income growth of 9.7% quarter-on-quarter to ₹14.7 billion, while net income increased by 10.4% sequentially to ₹11.3 billion.”
Vineet Agrawal, page 6 of the filed PDF · View the filing
Net income: Rs 11.3 billion (Q4 FY26)
p. 6
“This translated into gross income growth of 9.7% quarter-on-quarter to ₹14.7 billion, while net income increased by 10.4% sequentially to ₹11.3 billion.”
Vineet Agrawal, page 6 of the filed PDF · View the filing
Reported EBDAT margin: 41.7% (Q4 FY26)
p. 6
“our reported EBDAT margin expanded by 227 basis points sequentially to 41.7%”
Vineet Agrawal, page 6 of the filed PDF · View the filing
Normalized EBDAT margin: 44.4% (Q4 FY26)
p. 6
“adjusting for one-time items and IPL-related spend, normalized EBDAT margin improved by 498 basis points sequentially to 44.4%, reinforcing the scalability and operating leverage embedded in the platform”
Vineet Agrawal, page 6 of the filed PDF · View the filing
Profit after tax: Rs 3.2 billion (Q4 FY26)
p. 6
“This strong operational performance translated into profit after tax for the quarter increasing by 19.2% sequentially to ₹3.2 billion.”
Vineet Agrawal, page 6 of the filed PDF · View the filing
Retail equity turnover share: 20.4% (Q4 FY26)
p. 5
“We sustained a 20.4% share of overall retail equity turnover, an expansion of 46 bps year-over-year, and further strengthened our demat market share to 16.7%, higher by 54 bps year-over-year.”
Ambarish Kenghe, page 5 of the filed PDF · View the filing
Demat market share: 16.7% (Q4 FY26)
p. 5
“We sustained a 20.4% share of overall retail equity turnover, an expansion of 46 bps year-over-year, and further strengthened our demat market share to 16.7%, higher by 54 bps year-over-year.”
Ambarish Kenghe, page 5 of the filed PDF · View the filing
Lifetime cumulative credit disbursements: Rs 27.1 billion (cumulative to Q4 FY26)
p. 5
“our lifetime cumulative disbursements reached ₹ 27.1 billion, with ₹ 6.1 billion disbursed during the quarter, reflecting steady traction”
Ambarish Kenghe, page 5 of the filed PDF · View the filing
Ionic Wealth AUM: Rs 100 billion (Q4 FY26)
p. 5
“Ionic Wealth's AUM crossed ₹ 100 billion, higher by 23% quarter-over-quarter.”
Ambarish Kenghe, page 5 of the filed PDF · View the filing
AMC period-end AUM: Rs 3.6 billion (Q4 FY26)
p. 5
“Period ending AUM at ₹ 3.6 billion was lower sequentially, impacted by softer market conditions and some redemptions in the liquid fund.”
Ambarish Kenghe, page 5 of the filed PDF · View the filing
One-time client reimbursement: Rs 192 million (Q4 FY26)
p. 6
“Other operating expenses increased during the quarter due to higher client acquisitions, IPL-related brand investments, and a one-time reimbursement of ₹192 million to clients arising from an external market infrastructure disruption.”
Vineet Agrawal, page 6 of the filed PDF · View the filing
Client funding book: Rs 54.5 billion (period-end)
p. 7
“Our balance sheet continues to remain very strong with a period-end client funding book at ₹54.5 billion, net worth of ₹61.5 billion, and cash and cash equivalents of ₹165.6 billion, providing ample liquidity and financial flexibility to support growth while navigating regulatory developments.”
Vineet Agrawal, page 7 of the filed PDF · View the filing
Net worth: Rs 61.5 billion (period-end)
p. 7
“Our balance sheet continues to remain very strong with a period-end client funding book at ₹54.5 billion, net worth of ₹61.5 billion, and cash and cash equivalents of ₹165.6 billion, providing ample liquidity and financial flexibility to support growth while navigating regulatory developments.”
Vineet Agrawal, page 7 of the filed PDF · View the filing
Split of broking revenue: ~25-27% assisted, ~75% direct
p. 12
“On the split between the broking -- of the broking revenue between the assisted business and the direct business, it remains more or less same at about 25%, 27% coming from the assisted business and about 75%-odd coming from the direct business.”
Vineet Agrawal, page 12 of the filed PDF · View the filing
Customers who availed credit in last one year: close to 1 lakh people (trailing 12 months)
p. 21
“just a flavour on the number of customers who have taken credit from us over the last one year is close to 1 lakh people. And we have 3.5 to 3.7 crores KYCs, right, on the broking side.”
Saurabh Agarwal, page 21 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.
Employee and ESOP cost — about ₹11 billion · FY27
stated firmly by Vineet Agrawal
p. 8
“we will likely be within the same range of the FY 2026 number, which is about ₹11 billion, including the ESOP cost”
Vineet Agrawal, page 8 of the filed PDF · View the filing
Broking and distribution EBDAT margin — higher than 45% · FY28
stated as an aspiration by Ambarish Kenghe
p. 14
“you should look for higher than 45% margin on broking and distribution”
Ambarish Kenghe, page 14 of the filed PDF · View the filing
IPL-related spend — about ₹1.5 billion · FY27
stated firmly by Vineet Agrawal
p. 16
“overall it will be about ₹1.5 billion, as we have been spending in the past as well”
Vineet Agrawal, page 16 of the filed PDF · View the filing
Tax rate — about 25% to 26% of PBT
stated conditionally by Vineet Agrawal
p. 21
“as the other businesses scale up and start making profit and the deductions reduce, the tax rate will come to about 25% to 26% of the PBT”
Vineet Agrawal, page 21 of the filed PDF · View the filing
EBITDA drag from new businesses — about 2.5 to 3% · current year
stated firmly by Vineet Agrawal
p. 15
“On the operating margin drag from the newer businesses, I think for the current year we will have in the range bound of about 2.5 to 3%.”
Vineet Agrawal, page 15 of the filed PDF · View the filing
Wealth business breakeven — breakeven · 3-3.5 years
stated as an aspiration by Amit Majumdar
p. 16
“Our belief is our wealth business, for instance, is going to achieve a breakeven in about 3- 3.5 years is something that we've already indicated to the street.”
Amit Majumdar, page 16 of the filed PDF · View the filing
Cost of acquisition — similar levels
stated conditionally by Arief Mohamad
p. 15
“I think more or less, we expect cost of acquisition to remain in the range of similar levels at this point of time..”
Arief Mohamad, page 15 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 the active client metric is a 12-month figure reflecting past periods and that the industry is now adding net clients again, while cost of acquisition remains stable.
Answered by Ambarish Kenghe
Asked by Swarnabh Mukherjee: Why has the active client number remained static despite rising order volumes, and how should acquisition costs be modeled going forward?
p. 8
“We've also added a few clients now. I do think that we should not look at like a few months, but this is a yearly metric, so I would say wait for a few months and you will start seeing more momentum on that front.”
Ambarish Kenghe, page 8 of the filed PDF · View the filing
Management explained it as a goodwill gesture following a technical issue at the MII level, with no obligation on Angel One, and said they are engaging with the MII to resolve it.
Answered by Bhavin Parekh
Asked by Prayesh Jain: What was the nature of the ₹19.2 crore one-time hit and is there recourse?
p. 10
“Angel encountered a technical issue originating at the MII level which led to an abnormal trading environment for our clients. While the root cause was external and there was no obligation on us, we proactively supported the affected clients through a one-time goodwill gesture.”
Bhavin Parekh, page 10 of the filed PDF · View the filing
Management confirmed a marginal quarter-on-quarter decline in employee count and said they would continue to optimize.
Answered by Vineet Agrawal
Asked by Sanketh Godha: Has employee headcount declined, driving the drop in employee cost?
p. 11
“So there is a marginal decline in the employee count quarter-on-quarter. And as we go along, we will continue to optimize on that.”
Vineet Agrawal, page 11 of the filed PDF · View the filing
Management detailed market share movements by segment, noting growth in F&O and commodity share while cash share dipped in March due to seasonal and market-driven factors.
Answered by Ambarish Kenghe
Asked by Sanketh Godha: Has market share stagnated across cash, F&O and commodity segments?
p. 12
“So when you look at the F&O premium market share, quarter-over-quarter we have grown by 51 bps and year-over-year we have grown by 77 bps.”
Ambarish Kenghe, page 12 of the filed PDF · View the filing
Management said the dip was not seasonal but due to ecosystem challenges that quarter, and confirmed no FLDG risk sits on the company's books.
Answered by Saurabh Agarwal
Asked by Vivek Ramakrishnan: Is the drop in credit disbursement volumes in Q4 seasonal, and is there FLDG exposure?
p. 13
“So just to answer the first question, I don't think there is a seasonality. Last year also there was a dip, this year also there was a dip. I mean, it is coincidental.”
Saurabh Agarwal, page 13 of the filed PDF · View the filing
Management quantified the drag at roughly 2.5-3% and said each business has a different breakeven trajectory, citing wealth business breakeven in 3-3.5 years.
Answered by Amit Majumdar
Asked by Nidhesh Jain: What is the EBITDA drag from new initiatives and the path to breakeven?
p. 16
“So, Nidhesh, each of these businesses have a different trajectory of breaking even because they have started at various points in time.”
Amit Majumdar, page 16 of the filed PDF · View the filing
Management said fewer, generally higher-revenue clients trade during volatile periods while lower-engagement clients tend to stay away.
Answered by Ambarish Kenghe
Asked by Dipanjan Ghosh: What is the client behaviour difference across cohorts during market volatility like March?
p. 17
“The lower end of the segment, a lot of times customers who are not investing or trading as much, many times stay away from the market in such matters.”
Ambarish Kenghe, page 17 of the filed PDF · View the filing
Management said 20-25% of acquisitions come via the AP channel, supported by digital enablement and on-ground events rather than pure marketing spend.
Answered by Vineet Agrawal
Asked by Abhijeet Sakhare: What proportion of customer acquisition comes from the AP channel and does it require marketing spend?
p. 20
“That is about -- it varies between 20 to 25%.”
Vineet Agrawal, page 20 of the filed PDF · View the filing
Risks flagged
RBI directions on banks' capital market exposures could tighten intraday credit availability from banks
p. 7
“While intraday credit availability from banks may tighten, leading to higher deployment of bank guarantees, the broader funding ecosystem remains diversified with continued access to funds from NBFCs, NCDs and other money market instruments like CPs.”
Vineet Agrawal, page 7 of the filed PDF · View the filing
Softer macro backdrop from geopolitical events, trade tariffs, wars and F&O regulation changes affecting business
p. 5
“This strong recovery reflects resilience of our business amidst a softer macro backdrop due to geopolitical events like global trade tariffs, ongoing wars, full implementation of F&O regulations, etc.”
Ambarish Kenghe, page 5 of the filed PDF · View the filing
Distribution revenue moderation due to lower credit distribution and softer IPO activity
p. 6
“On the distribution side, revenues moderated sequentially primarily due to lower credit distribution and softer IPO activity, though this was partially offset by continued growth in the insurance distribution business.”
Vineet Agrawal, page 6 of the filed PDF · View the filing
Market volatility in March causing fewer clients to trade and impacting cash market share
p. 13
“Now, in cash, March was very special. So March ends up being a month in which our cash share drops generally because of the client behaviour and the types of clients we have at that time.”
Ambarish Kenghe, page 13 of the filed PDF · View the filing
Ecosystem challenges impacting credit disbursement volumes during the quarter
p. 13
“There were some ecosystem challenges that we faced this quarter. And which is why there is a small dip from Q3 that you see here.”
Saurabh Agarwal, page 13 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.