Angel One
Angel One Q3 FY26 Results & Concall Highlights: Revenue, Margins & Order Book
Q3 FY26 earnings call: what management guided on revenue, margins and order book.
The short version
Revenue growth is expected to be strong, driven by increasing client base and deeper penetration in cash markets and commodities. Angel One expects operating margins of 40-45% annually for the broking and distribution business, maintaining steady profitability despite investments and quarterly variations like IPL costs.
From Angel One's Q3 FY26 earnings-call transcript · updated 26 Aug 2026.
Revenue & Sales Performance
- Revenue growth is expected to be strong, driven by increasing client base and deeper penetration in cash markets and commodities.
- MTF (Margin Trading Funding) book has grown 10% quarter-over-quarter recently; further substantial growth is anticipated though specific numbers are not provided.
- Operating margin guidance for the broking and distribution business is maintained at 40-45% annually, indicating controlled cost growth relative to revenues.
- Customer acquisition costs are steady with no major changes expected; marketing strategy remains balanced across channels without clear attribution.
- Commodity segment shows robust growth with increasing market share and turnover, signaling expanding sales volumes in that area.
2 more points management made on revenue & sales performance
Profitability & Margins
See what Angel One said on profitability & margins — free account, 30 seconds.
Capital Expenditure Plans
- Angel One is making strategic investments to build their credit business into a full-fledged platform, enhancing capabilities around data, AI, and operating frameworks to support partners and capture higher credit economics over time.
- They continue to invest in the Wealth business, including integrating the wealth platform into their Super App and expanding product offerings.
- Investments are ongoing in building technology teams and infrastructure, but fixed costs are expected to remain steady to enable operating leverage.
- Asset Management focus remains on passive offerings, with plans to launch more index funds and ETFs rather than actively managed funds.
- The company is open to inorganic opportunities but has no specific M&A plans to disclose currently.
2 more points management made on capital expenditure plans
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Ranked on what management guided this quarter
Rank buckets describe management commentary on revenue and margin. Not investment advice, and not a forecast of returns.
Fundraising & Capital Structure
See what Angel One said on fundraising & capital structure — free account, 30 seconds.
Order Book & Pipeline
- The document does not explicitly mention a specific "orderbook" or "pending orders" figure.
- It provides details on order volumes and trading activity:
- Average daily orders improved from 4.9 million in February (post F&O regulatory changes) to 6.2 million in Q3 FY '26.
- Commodity segment recorded highest ever orders and Average Daily Turnover (ADTO) at 35 million orders and ₹1.7 trillion respectively in Q3 FY '26.
- Year-over-year growth in commodity orders was 53%, and quarter-over-quarter growth was 21%.
2 more points management made on order book & pipeline
Angel One — Quarterly revenue & net profit
Reported quarterly figures (₹ Cr). Latest: revenue ₹1.5K Cr, net profit ₹320 Cr. Revenue and profit are scaled separately — hover a quarter for exact figures.
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What Angel One Ltd's management said in earlier quarters
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Frequently Asked Questions
What were Angel One Q3 FY26 results?
Revenue growth is expected to be strong, driven by increasing client base and deeper penetration in cash markets and commodities. Angel One expects operating margins of 40-45% annually for the broking and distribution business, maintaining steady profitability despite investments and quarterly variations like IPL costs.
What is Angel One share price analysis?
Angel One currently shows a neutral. The stock trades at a P/E of 25.5 with a market cap of ₹26,296 Cr. Investors should review the full earnings analysis for detailed insights.
Is Angel One planning capital expenditure?
Angel One is making strategic investments to build their credit business into a full-fledged platform, enhancing capabilities around data, AI, and operating frameworks to support partners and capture higher credit economics over time.
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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.