Synopsis:- Shares gained over 3% after strong Q4, with EBITDA rising 74.6% to ₹598 crore and margins at 41%. AUM reached ₹100.8 billion, while the client base crossed 1,900. However, FY26 earnings declined 22%, and upcoming cost pressures may impact near-term performance.
The shares of the leading stockbroker gained up to 4 percent in today’s trading session from an intraday high after the company reported robust performance in Q4FY26 with Rs 3.6 billion AUM.
With a market capitalization of Rs 27,457.85 crore, the shares of Angel One Ltd were trading at Rs 301.45 per share, increasing around 3.10 percent as compared to the previous closing price of Rs 292.40 per share.
Q4FY26 Highlights
Angel One Ltd reported a strong quarterly performance, with revenue rising 38% YoY from ₹1,056 crore to ₹1,459 crore and 9.2% QoQ from ₹1,335 crore. Profit also surged 83% YoY from ₹175 crore to ₹320 crore and 19% QoQ, reflecting improved trading activity and operating leverage.
However, the full-year performance remained weak, with revenue declining 2% from ₹5,239 crore to ₹5,137 crore and net profit falling 22% from ₹1,172 crore to ₹915 crore. This contrast suggests pressure on overall profitability despite a strong Q4 recovery, indicating volatility in earnings during the year.
Operating performance also improved significantly, with EBITDA surging 74.6% to ₹598 crore compared with ₹343 crore a year earlier. EBITDA margins expanded to 41% from 32% in the corresponding quarter, supported by operating leverage and improved order activity, the company said in the filing.
The asset management business reported AUM of ₹3.6 billion, while the broking segment’s average client funding book remained stable at ₹58.5 billion during the quarter. The company flagged that the first quarter of FY27 may face cost pressures due to higher IPL-related expenses, annual salary increments, provisioning for variable pay, and fresh employee stock grants. On the business front, its wealth management arm saw assets under management (AUM) rise 22.7% quarter-on-quarter to ₹100.8 billion as of March 2026, with the client base crossing 1,900. Additionally, Angel One said its board has approved plans to raise up to ₹1,500 crore through non-convertible debentures (NCDs).
Commenting on performance, Chairman and Managing Director Dinesh Thakkar said India’s growing financialisation and digital adoption are driving deeper market participation. He added that the company is strengthening its core business while scaling new verticals, with early traction helping expand its ecosystem and deepen client engagement.
Angel One Ltd received a positive outlook from Citigroup with a Buy rating and ₹340 target price. Q4 saw PAT growth above estimates, while core PBT rose 19% QoQ. Trading orders increased 31% YoY and 13% QoQ, though the MTF book declined 8% QoQ, indicating some near-term caution.
Angel One Ltd is a leading fintech brokerage firm in India, offering digital trading and investment services across equities, derivatives, commodities, and mutual funds. Known for its technology-driven platform, the company focuses on expanding its retail client base, enhancing user experience, and leveraging data analytics to drive growth.
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