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Earnings Call

Angel One Earnings Call: Key Takeaways

Angel One Q1 '27 report shows robust YoY performance with Consolidated Gross Revenue at ₹14.3 Bn (+25.4%) and PAT at ₹2.3 Bn (+102.1%), despite QoQ moderation in user activity.

Highlights
Revenue growth25.4% YoY Consolidated Gross Revenue growth
MarginsConsolidated EBDAT margin at 32.7%; impacted by IPL costs
Order book406 Mn orders in Q1 '27 (-5.7% QoQ)
Demand visibilityStrong demat market share (16.7%) and growing HNI/Tier 2-3 base
Management confidenceHigh; emphasizing multi-product engine scaling and AI efficiency

Growth

PAT grew 102.1% YoY to ₹2,314 Mn; EBDAT grew 85.1% YoY. Gross Revenue up 25.4% YoY.

Outlook

Focus on AI-led ecosystem expansion into Wealth Management, AMC, and Credit Distribution for long-term LTV growth.

Risks

Regulatory changes (True to Label, F&O) and softer macro impacted FY26/Q1 '27 revenues; higher ESOP/employee costs.

Last quarter's promises, checked

Delivered

  • Guided 40-45% broking margin → delivered 44.4% normalized EBDAT (= BEAT)
  • Guided employee costs ~₹11 Bn → delivered ₹11 Bn range (= BEAT)
  • Commitment to scale Ask Angel AI → delivered conversational AI assistant (= BEAT)

Partly delivered

  • Targeted Wealth/AMC scaling → delivered +33% AUM but lower sequential AMC AUM (= PARTIAL)

Missed

  • Guided sequential order growth → delivered -5.7% QoQ (= MISS)
  • Guided margin expansion from Q4 base → delivered 32.7% vs 41.7% QoQ (= MISS)
Source

Earnings Call filed with BSE, NSE: ANGELONE. Summary written with AI assistance from the document.

Read the document ↗

Angel One Ltd: key numbers

Share price
₹288.00
Market cap
₹26,324 Cr
Revenue (annual)
₹5,137 Cr
Net profit (annual)
₹915.1 Cr
P/E (TTM)
25.5×Sector 22.0×
Promoter holding
28.59%-0.21% QoQ
FII holding
13.76%Current quarter

Reference market data from a third-party provider, updated daily. Not a valuation or a recommendation.

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