ANGELONE
Small CapAngel One Limited
Financial Services
Angel One is a full-stack fintech platform offering broking, wealth management, asset management, credit, and insurance. It leverages AI/ML for client engagement and operational efficiency, transforming from a single-product broker to a diversified financial services ecosystem.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Weak fundamentals, management trust needs verification, price trend argues for patience, and recent execution is weak.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Excellent · 100/100Rev +38% YoY · PAT +83% YoY · margin expansion · +9% QoQ · operating leverage
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,459 Cr | +38.2% | +9.3% |
| EBITDA | ₹599 Cr | +74.6% | +13.2% |
| Operating margin | 41.0% | +900 bps | +100 bps |
| PAT | ₹320 Cr | +82.9% | +19.0% |
| PAT margin | 21.9% | +536 bps | +178 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
Angel One reports strong Q4 FY26 with 16.7% QoQ EBDAT growth and 19.2% QoQ PAT growth, driven by normalizing client activity. Total client base grew 4.7% QoQ to 37.4 Mn, while overall retail equity turnover market share reached 20.4%.
The company demonstrates robust QoQ growth in profitability and client metrics, supported by its diversified product suite and AI-led platform. Strategic investments in wealth, asset management, and credit are gaining traction, reinforcing its ecosystem approach despite some regulatory impacts in FY26.
Q4 '26 Total Gross Income Split
Latest issuer-disclosed distribution across 7 reported categories.
Broking Business
PositiveOverall equity ADTO grew 4.0x (FY20-26) for Angel One vs. 2.7x for India. Equity Derivatives ADTO grew 37.5x (FY20-26).
Client Funding
PositiveClient Funding Book grew 7.5x (FY20-26) to ₹ 54.5 Bn, with negligible NPAs and robust risk management.
Wealth Management
PositiveIonic Wealth AUM grew 22.7% QoQ to ₹ 100.8 Bn, driven by UHNI and HNI client acquisition and RM productivity.
Mutual Fund Distribution
PositiveMF AUM reached ₹ 167 Bn (Mar-26), with >3.4 Mn MF clients and ~39% MF-led activations.
Life Insurance JV
Formed a JV with LivWell Holdings to build a tech-led life insurance business in FY26.
Skill Training Center
Launched maiden skill training center in Mumbai under Angel One Foundation.
Digital Penetration of Financial Services
India's smartphone penetration (76% rural, 86% urban) and internet connections (4.1x growth Mar '14-Dec '25) enable deeper financial services reach.
Rising Income and Savings
India's GDP doubled in 10 years to ~US$ 4.5 trillion, with financial savings at 11.8% of GNDI (FY25).
Fintechs Driving Equity Culture
Demat accounts grew 6.3x (FY19-FY26) to 225 Mn, with digital players facilitating expansion in participation.
Structural Growth in Wealth and Lending
India's wealth management industry expects 25-30% CAGR, and fintech NBFCs enable access to credit, especially for younger and beyond-metro clients.
Regulatory Evolution Impact
Changes like True to Label and F&O regulations impacted revenues in FY26.
IPL Costs and Increments
Q1 FY27 will be impacted by higher IPL costs, annual increments, and proportionate provisioning of variable pay.
Regulatory Changes
Past F&O regulations and 'True to Label' changes have impacted revenues, indicating ongoing regulatory risk.
Market Cycle Sensitivity
Despite claims of insulation, broking and related businesses remain sensitive to market activity and investor sentiment.
Competition
The market for digital financial services is competitive, with top 4 digital players holding significant share in NSE Active clients.
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Financial services benefit from both sequential momentum (QoQ) in client additions, disbursements, and market activity, and annual trends (YoY) for structural growth and seasonal comparisons.
Total Client Base
Positive37.4 Mn (+4.7% QoQ)
Gross Client Acquisition
Positive1.8 Mn (+4.4% QoQ)
Demat A/c Market Share
Positive16.7% (+12 bps QoQ)
Overall Retail Equity Turnover Market Share
Neutral20.4% (-4 bps QoQ)
Expanding Horizons
Leveraging AI to enhance platform affinity and formed a JV to build a tech-led life insurance business in FY26.
Deepening Engagement & Brand Visibility
Invested in strengthening the Angel One brand visibility and expanded product suite to include credit, fixed income, captive MF Schemes & Wealth Management.
Maximizing Client Lifetime Value
Multi-product offerings unlock incremental LTV through deeper client engagement and recurring revenue profile provides ability to reinvest in growth.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Normalized EBDAT Margin | 44.4% (Q4 FY26) | Sustained improvement despite Q1 FY27 headwinds from IPL costs and increments. |
| Wealth Management AUM Growth | ₹ 100.8 Bn (+22.7% QoQ) | Continued strong growth and client acquisition in the high-value segment. |
| Credit Disbursed Growth | ₹ 6.1 Bn (-14.7% QoQ) | Reversal of QoQ decline and consistent growth in credit disbursals, indicating effective monetization of client base. |
| Asset Management AUM Growth | ₹ 3.6 Bn (-22.2% QoQ) | Stabilization and growth in AUM for the annuity-based asset management business. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
41NeutralSMA20 -82.6% / mo · near 52W low
Technical chart
ANGELONEweekly · 6M-87.0%Technical trend read
NeutralTrend is undirectional — long-term trend unclear. RSI 23.
- RSI(14) at 23 — oversold zone; bounce conditions.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 88% off 52W high · 62% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
OVERVALUEDWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Growth contributes 14/25 to the score.
- Quality contributes 6/20 to the score.
- Cash flow contributes 3/10 to the score.
Main drags
- Fair-value margin of safety is negative at -1.8%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Balance sheet is weaker at 4/15; verify the latest quarterly trend.
Blended valuation: PE, EV/EBITDA, FCF yield, and balance-sheet checks
For this sector, IndiaPulse uses a blended lens rather than relying on a single valuation ratio.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +3 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Weak Trust: Claim history is still being built. It ranks around the 9th percentile of the scored universe and 19th percentile within Financial Services. Main check: results consistency is weak at 17/100.
Mixed Trust Lite: Promoter pledge is zero. Key concern: Operating cash flow is negative at ₹-4142 Cr.
Management or financial behaviour needs caution. Demand stronger valuation compensation.
overall median 67 · Financial Services: 19th pctile, median 62 · Small: 12th pctile, median 65
134 documents indexed, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Weak Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter pledge is zero.
- ▸5 years of positive FCF.
Trust risks
- ▸Operating cash flow is negative at ₹-4142 Cr.
- ▸2 latest quarters had PAT decline worse than 25% YoY.
- ▸Debt/equity is 1.30.
- ▸ROCE trend is -11.9%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 32.50
- P/B
- 4.85
- EV/EBITDA
- 19.38
- Market Cap
- 29748.00Cr
Profitability
- ROE
- 15.60%
- ROCE
- 14.80%
- ROA
- 3.83%
- Dividend Y
- 1.47%
Growth (CAGR)
- Revenue 5Y
- 32.00%
- EPS 5Y
- 25.00%
- Revenue 3Y
- 20.00%
- EPS 3Y
- 1.00%
Balance Sheet
- Debt/Equity
- 1.30
- Interest Coverage
- 4.16×
- Altman Z
- 1.91
- Book Value
- 67.20
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 5/5
- OCF
- -4142.00 Cr
- EPS TTM
- 10.05
Shareholding
- Promoter Hold
- 28.80%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 82%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Financial Services — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.