Angel One Ltd Q1 FY26 Results & Concall Highlights: Revenue, Margins & Order Book
Published 5 Aug 2026 | Capital Markets | Market Cap: ₹27.3K Cr
Top-line growth is expected at around 8% quarter-on-quarter, supported by continued client acquisition and retail engagement. Expect gradual market share improvement in F&O segment driven by customer acquisition and expanding market volume, aiming for normalized operating profit margin (OPM) by end of Q4 FY26.
From Angel One Ltd's Q1 FY26 earnings-call transcript · updated 23 Aug 2026.
Price
₹288
Market Cap
₹27.3K Cr
P/E Ratio
26.5
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Angel One Ltd — Quarterly revenue & net profit
Reported quarterly figures (₹ Cr). Latest: revenue ₹1.5K Cr, net profit ₹320 Cr.
Full financials →📊 Revenue & Sales Performance
- →Top-line growth is expected at around 8% quarter-on-quarter, supported by continued client acquisition and retail engagement.
- →Total orders rose 4.8% sequentially, indicating healthy client participation with no loss in market share.
- →The F&O volume pie is expected to expand, aiding gradual market share gains over coming months.
- →Wealth and asset management businesses are in incubation but scaling as expected, with wealth management likely to break even sooner.
- →Mutual fund SIP inflows and credit distribution are growing steadily; credit disbursals reached ₹2.3 billion in Q1 FY26.
- →The margin trading book is growing secularly, supported by improving client experience and advisory initiatives.
- →New business incubations currently impact margins by about 2.6%, with long-term profitability expected.
- →Overall, management is confident of improving operating margins to 40%+ by Q4 FY26, driven by revenue growth and disciplined cost management.
📈 Profitability & Margins
- →Expect gradual market share improvement in F&O segment driven by customer acquisition and expanding market volume, aiming for normalized operating profit margin (OPM) by end of Q4 FY26.
- →Top-line growth projected at ~8% quarterly, with disciplined cost control targeting exit Q4 operating margin above 40%.
- →Normalized EBITDA showed 30% QoQ growth in Q1 FY26; normalized PAT rose 26% QoQ, signaling healthy earnings momentum.
- →New businesses (wealth and asset management) currently impact margins by ~2-2.5%, expected to break even gradually with wealth business likely faster.
- →Client funding book and interest income expected to sustain growth, supporting earnings stability.
- →Retention and cross-product engagement improvements expected to enhance lifetime value, positively impacting EPS over time.
- →Management confident of returning to normal OPM (40-45%) by Q4 FY26 with expanding customer activity and better revenue-cost alignment.
🏗️ Capital Expenditure Plans
- →The company is continuing to invest in brand and technology to deepen client engagement and expand their financial product suite.
- →Investment focuses on building an omni-channel wealth platform and enhancing digital stack for a seamless, intuitive client experience.
- →There are deliberate and consistent investments in stock options (ESOP) to attract, reward, and retain talent, with an estimated ₹210 crore cost for FY 2026.
- →The company is scaling emerging verticals like wealth management, asset management, and credit carefully and in a disciplined long-term manner.
- →New product launches in asset management and wealth management suggest ongoing strategic investments in these areas.
- →No specific mention of large capital expenditures aside from investments in technology, talent, and platform expansion.
- →Overall strategy emphasizes long-term, sustainable growth through technology and product innovation rather than heavy upfront capex.
💰 Fundraising & Capital Structure
- →There is no specific mention of any current or future fundraising plans through debt or equity in the provided transcript excerpts.
- →The company discusses ongoing investments in growth areas like ESOPs, wealth management, asset management, credit distribution, and technology, but does not indicate raising funds externally.
- →ESOP costs are budgeted for about ₹2.1 billion for the fiscal year, indicating internal resource allocation rather than external fundraising.
- →The focus appears to be on organic scaling and maintaining market share rather than seeking new equity or debt financing at this stage.
- →Management highlights disciplined growth and cost control but does not disclose any plans related to capital raising.
📋 Order Book & Pipeline
- →Total orders executed during the quarter reached 343 million, a 4.8% sequential increase, indicating healthy client engagement.
- →The daily average orders in June were slightly tepid compared to May, with the number of contracts trading on exchanges remaining slightly subdued.
- →Market share in F&O has shown some fluctuation month-to-month but is expected to improve gradually with more customer acquisitions.
- →Despite short-term variability, the broader volume on the F&O side is anticipated to expand, supporting market share gains.
- →The exit quarter operating margins are guided towards 40%+ OPM, assuming steady top-line growth of around 8% and controlled costs.
- →Client acquisition and activation rates maintain a steady trajectory with a market share of approximately 21% in new acquisitions.
- →Overall, while short-term order momentum shows some softness, longer-term order book and client activity are expected to improve.
Key Metrics
Frequently Asked Questions
What were Angel One Ltd Q1 FY26 results?
Top-line growth is expected at around 8% quarter-on-quarter, supported by continued client acquisition and retail engagement. Expect gradual market share improvement in F&O segment driven by customer acquisition and expanding market volume, aiming for normalized operating profit margin (OPM) by end of Q4 FY26.
What is Angel One Ltd share price analysis?
Angel One Ltd currently shows a neutral. The stock trades at a P/E of 26.5 with a market cap of ₹27,338 Cr. Investors should review the full earnings analysis for detailed insights.
Is Angel One Ltd planning capital expenditure?
The company is continuing to invest in brand and technology to deepen client engagement and expand their financial product suite.
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This analysis is AI-generated based on publicly available earnings data and concall transcripts. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.