Synopsis:
Angel One posted mixed Q1 FY26 results with an 8% Q-o-Q revenue growth but a sharp YoY profit decline. PAT fell 61% YoY to Rs. 114 crore. While profitability dipped, the firm expanded its broking, credit, and wealth management businesses, supported by strong client growth and technology-driven operations.
One of India’s largest fintech and retail broking firms saw its stock in focus today after releasing its Q1 FY26 results, which presented a mixed financial performance. While the company continues to scale up its wealth, credit, and asset management businesses, profitability metrics face pressure on both a quarterly and yearly basis, raising investor concerns about near-term margins.
The company in focus is Angel One Limited, with a market capitalization of Rs. 25,029 crore. The stock opened today at Rs. 2,745, slightly above its previous close of Rs. 2,716.80, and touched an intraday high of Rs. 2,795.40, reflecting a rise of approximately 2.89 percent over the previous closing price.
What’s the news?
On a sequential Quarter-on-Quarter basis, the company’s revenue from operations grew from Rs. 1,056 crore in March 2025 to Rs. 1,141 crore in June 2025, an increase of approximately 8 percent. However, profitability remained under pressure. Profit before tax (PBT) fell from Rs. 236 crore to Rs. 164 crore, registering a decline of 30.5 percent.
Profit after tax (PAT) decreased by 34.9 percent, sliding from Rs. 175 crore to Rs. 114 crore, while earnings per share (EPS) dropped from Rs. 19.33 to Rs. 12.64. The operating profit margin (OPM) also compressed, falling from 32 percent in Q4 FY25 to 24 percent in Q1 FY26.
On a Year-on-Year comparison, the revenue from operations declined by 18.8 percent, from Rs. 1,405 crore in Q1 FY25 to Rs. 1,141 crore in Q1 FY26. PBT saw an even sharper fall of 58.7 percent, dropping from Rs. 397 crore to Rs. 164 crore, while PAT plunged by 61 percent, decreasing from Rs. 293 crore to Rs. 114 crore. EPS also saw a substantial decline from Rs. 32.49 to Rs. 12.64, with OPM dropping from 33 percent to 24 percent compared to the same quarter last year.
Operational Info
Despite the profit decline, operational metrics showed positive signs of growth in the broking and non broking verticals. The total number of orders executed grew by 4.8 percent Quarter-on-Quarter to 34.3 crore. F&O orders rose by 4.5 percent to 24.1 crore, while commodity orders increased sharply by 23.2 percent to 2.7 crore. Cash orders remained stable at 7.5 crore.
In the broking segment, the client funding book reached an all-time high of Rs. 48 billion. In non-broking businesses, unique SIP registrations grew modestly by 0.9 percent Q-o-Q, while credit disbursals more than doubled, increasing by 123.6 percent to Rs. 230 crore.
The wealth management vertical saw its assets under management (AUM) increase by 33.6 percent Quarter-on-Quarter to Rs. 5070 crore, with the client base crossing the 1,000 mark. The asset management business also expanded with the launch of two new schemes in Q1 FY26, taking the total count to five schemes, and the AUM stood at Rs. 340 crore as of June 2025.
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Comments from the Management
Commenting on the company’s performance, Dinesh Thakkar, Chairman and Managing Director, emphasized Angel One’s long-term strategy, stating, “India is at the cusp of a financial revolution, with digital adoption accelerating and vast sections still underserved. At Angel One, we are using technology, data, and AI to bridge the gap, creating smarter and more inclusive access to financial services.” He added that the next growth wave would come from beyond Tier 1 cities, and the company is well-positioned to capture this demand with its product-agnostic fintech platform.
Group CEO Ambarish Kenghe reinforced the company’s data and technology-driven approach, noting, “We are embedding intelligence across every layer of our operations, harnessing the power of data, AI, and advanced analytics to deliver more meaningful engagement, improve retention, and drive greater efficiency across the ecosystem. These capabilities are enabling us to deepen client relationships, unlock higher lifetime value, and sustain operating leverage.”
Angel One is one of India’s leading fintech platforms, redefining how millions invest, borrow, and build wealth. With a client base of over 32 million, the company offers digital-first solutions in broking, mutual funds, wealth and asset management, margin funding, and distribution of third-party financial products. Focused on scalable technology, Angel One leverages AI, machine learning, and data analytics to enhance client engagement and retention. The company’s popular platforms, such as the Super App, ARQ Prime, SmartAPI, and Smart Money, aim to empower mobile-first and data-savvy investors across India.
Written by – Manan Gangwar
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