ANGELONE
Angel One share price & financials
- Price
- ₹353.7
- Market cap
- ₹28.5k Cr
- Sector
- Financial Services
- Calls analysed
- 8
Angel One Q1 FY27
What went well
- Revenue grew 25.4% year-on-year to ₹14.3 billion, demonstrating resilience.
- Consolidated profit after tax increased 102.1% year-on-year to ₹2.3 billion, underscoring a strong diversified business model.
- Normalized EBDAT margin stood at 43.6%, remaining comfortably within the guided operating range.
What to watch
- Revenue moderated 2.3% sequentially, largely reflecting softer trading activities across capital markets.
- Credit disbursals moderated sequentially from ₹710 crores (Q3) to ₹530 crores (Q1 FY27), attributed to lender calibration and customer sentiment.
What Angel One does
Angel One is a technology-led financial services platform offering retail stock and commodity broking (cash, F&O, currency, MTF), margin/client funding, mutual fund and SIP distribution, wealth management (Ionic), passive asset management, personal loans and credit distribution, fixed deposits, and (via a JV with LivWell Holding) life insurance, delivered through the Angel One app, the Ionic app for wealth clients, and an NXT platform for its network of Authorised Partners, sub-brokers and mutual fund distributors. It earns primarily through broking commissions, fees and interest/finance income on its client-funding book, with an increasing annuity mix from distribution and advisory fees as clients mature on the platform.
Segments
- Broking
- Wealth Management
- Asset Management
- Mutual Funds
- Credit
- Fixed Deposits
- Insurance
- Total client base
- 37.4 million (FY26)
- NSE active client base
- 6.8 million (FY26)
- Rank in NSE active client base
- 3rd largest in India
- Products offered on platform
- 21
- Talent pool (employees)
- 3,300+
- Broking orders executed
- 1.51 billion orders (FY26)
Guidance record · Q1 FY27
what the last two calls moved 19 tracked 1 delivered 8 missed 10 open- EBITDA Margin delivered said Q4 FY25 Promised: 40-45% by exit of Q4 FY26 Q1 FY27: Promise concluded in Q4 FY26 and is no longer tracked.
- New Business Margin Impact revised down said Q1 FY26 Promised: 2-2.5% margin impact Q1 FY27: Management revised the expected margin drag for FY27 upward to 3-3.5%, from the 2.5-3% guided in Q4 FY26.
- Long-term OPM on track said Q3 FY25 Promised: 50% on a very sustained and long-term basis Q1 FY27: Management reiterated the 45-50% long-term margin guidance. Normalized EBDAT margin was 43.6%, showing proximity to the range.
All 19 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 25.3%, net profit up 102.6% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1,515 | 1,262 | 1,056 | 1,141 | 1,202 −21% | 1,335 +6% | 1,459 +38% | 1,430 +25% |
| EBITDA | 672 | 496 | 343 | 275 | 415 −38% | 529 +7% | 599 +75% | 485 +76% |
| Net profit | 423 | 281 | 175 | 114 | 212 −50% | 269 −4% | 320 +83% | 231 +103% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance −86.9% 1Y
1Y: ₹2,336.6 on 10 Sept 2025 → ₹305. High ₹2,847.4 (17 Nov 2025), low ₹213.07 (12 Mar 2026).
How the price took the results
close before → close after
- Q1 FY27
- −2.5%
- 16 Jul
- Q4 FY26
- +10.2%
- 17 Apr
- Q3 FY26
- +9.0%
- 16 Jan
- Q2 FY26
- +1.4%
- 16 Oct
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Financials, as filed
Revenue grew 19.6% a year over 3 years, FY23 to FY26. Operating margin narrowed to 35.4%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹3.0k Cr | ₹4.3k Cr | ₹5.2k Cr | ₹5.1k Cr |
| Operating profit | ₹1.3k Cr | ₹1.7k Cr | ₹2.0k Cr | ₹1.8k Cr |
| Operating margin | 43.0% | 39.6% | 37.8% | 35.4% |
| Interest | ₹91 Cr | ₹136 Cr | ₹295 Cr | ₹437 Cr |
| Depreciation | ₹30 Cr | ₹50 Cr | ₹105 Cr | ₹126 Cr |
| Net profit | ₹891 Cr | ₹1.1k Cr | ₹1.2k Cr | ₹915 Cr |
| Net margin | 29.7% | 26.3% | 22.4% | 17.8% |
| ROCE | 44.0% | 39.0% | 26.0% | 15.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹82 Cr | ₹83 Cr | ₹83 Cr | ₹84 Cr | ₹91 Cr | ₹91 Cr |
| Reserves | ₹1.0k Cr | ₹1.5k Cr | ₹2.1k Cr | ₹3.0k Cr | ₹5.7k Cr | ₹6.0k Cr |
| Borrowings | ₹1.2k Cr | ₹1.3k Cr | ₹788 Cr | ₹2.5k Cr | ₹4.5k Cr | ₹8.0k Cr |
| Other liabilities | ₹2.5k Cr | ₹4.4k Cr | ₹4.5k Cr | ₹7.7k Cr | ₹8.1k Cr | ₹9.8k Cr |
| Total liabilities | ₹4.8k Cr | ₹7.2k Cr | ₹7.5k Cr | ₹13.3k Cr | ₹18.3k Cr | ₹23.9k Cr |
| Fixed assets | ₹115 Cr | ₹152 Cr | ₹187 Cr | ₹409 Cr | ₹489 Cr | ₹505 Cr |
| Capital work in progress | ₹0 Cr | ₹12 Cr | ₹62 Cr | ₹1 Cr | ₹1 Cr | ₹10 Cr |
| Investments | ₹6 Cr | ₹19 Cr | ₹109 Cr | ₹0 Cr | ₹305 Cr | ₹257 Cr |
| Other assets | ₹4.7k Cr | ₹7.0k Cr | ₹7.1k Cr | ₹12.8k Cr | ₹17.6k Cr | ₹23.1k Cr |
| Total assets | ₹4.8k Cr | ₹7.2k Cr | ₹7.5k Cr | ₹13.3k Cr | ₹18.3k Cr | ₹23.9k Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, DIIs added +3.91 pp while the public trimmed −2.63 pp. The shareholder count grew 9% to 3,56,468.
- Promoters
- 28.6%
- FIIs
- 13.8%
- DIIs
- 20.3%
- Government
- 0.0%
- Public
- 37.3%
Since Jun 2025
- DIIs +3.91 pp
- Public −2.63 pp
- FIIs −0.90 pp
How it drifted, 12 quarters
Over this window DIIs went from 10.4% to 20.3% — +9.9 pp.
Ownership split by quarter, oldest first. Sep '23: Promoters 38.3%, FIIs 16.8%, DIIs 10.4%, Public 34.5%.Dec '23: Promoters 38.2%, FIIs 19.1%, DIIs 9.3%, Public 33.3%.Mar '24: Promoters 38.2%, FIIs 17.3%, DIIs 9.5%, Public 35.0%.Jun '24: Promoters 35.6%, FIIs 15.4%, DIIs 14.0%, Public 35.0%.Sep '24: Promoters 35.6%, FIIs 12.3%, DIIs 12.7%, Public 39.4%.Dec '24: Promoters 35.6%, FIIs 13.8%, DIIs 14.3%, Public 36.3%.Mar '25: Promoters 35.5%, FIIs 13.1%, DIIs 14.3%, Public 37.1%.Jun '25: Promoters 29.0%, FIIs 14.7%, DIIs 16.4%, Public 39.9%.Sep '25: Promoters 28.9%, FIIs 13.1%, DIIs 14.9%, Public 43.1%.Dec '25: Promoters 28.9%, FIIs 12.4%, DIIs 18.1%, Public 40.6%.Mar '26: Promoters 28.8%, FIIs 12.8%, DIIs 18.9%, Public 39.5%.Jun '26: Promoters 28.6%, FIIs 13.8%, DIIs 20.3%, Government 0.0%, Public 37.3%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- HSBC mutual fund- HSBC value fund Mutual fund newly disclosed 1.71% held
- Sundaram Mutual Fund A/C Sundaram Large And Mid Cap Fund Mutual fund newly disclosed 1.24% held
- Bofa Securities Europe Sa - Odi Foreign bank / ODI +0.32 pp 2.49% held
- ICICI Prudential Balanced Advantage Fund Mutual fund +0.11 pp 1.70% held
- Bandhan Small Cap Fund Mutual fund +0.05 pp 1.08% held
- Vinay Thakkar newly disclosed 0.00% held
The same filing shows 9 holders trimming and 1 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of Angel One above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Dinesh Dariyanumal Thakkar | 18.36% | −0.05 pp |
| Nirwan Monetary Services Pvt Ltd | 6.64% | unchanged |
| Mukesh Ramanlal Gandhi | 5.02% | unchanged |
| Nippon Life India Trustee Ltd- A/C Nippon India Growth Mid Cap Fund Mutual fund | 3.84% | −0.46 pp |
| Deepak Tarachand Thakkar | 2.86% | −0.10 pp |
| Ashok Daryanimal Thakkar | 2.72% | −0.14 pp |
| Bofa Securities Europe Sa - Odi Foreign bank / ODI | 2.49% | +0.32 pp |
| Lalit Tarachand Thakkar | 2.44% | −0.14 pp |
| Anuradha Lalit Thakkar . | 2.30% | unchanged |
| Rahul Lalit Thakkar . | 2.18% | −0.13 pp |
| Bela Mukesh Gandhi | 2.11% | unchanged |
| Bharat C Shah | 1.89% | −0.45 pp |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
Mutual funds in ANGELONE
Filings to Aug 2026
0 new, 7 added, 3 trimmed, 0 sold out — net −4.11 L shares (−1.4%).
- Held by funds
- ₹858 Cr
- 16 schemes
- Biggest holder
- Nippon India Growth Mid Cap Fund
- ₹416 Cr · 0.8% of that fund
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| Nippon India Growth Mid Cap Fund Nippon India Mutual Fund | ₹416 Cr | −9.74 L | Dec '21 |
| Nippon India ELSS Tax Saver Fund Nippon India Mutual Fund | ₹142 Cr | held | Jan '24 |
| Nippon India Banking & Financial Services Fund Nippon India Mutual Fund | ₹112 Cr | held | Dec '21 |
| Nippon India Value Fund Nippon India Mutual Fund | ₹54 Cr | held | Nov '25 |
| Nippon India Flexi Cap Fund Nippon India Mutual Fund | ₹40 Cr | held | Apr '24 |
| Nippon India Nifty Smallcap 250 Index Fund Nippon India Mutual Fund | ₹30 Cr | +0.13 L | Dec '21 |
| Nippon India Aggressive Hybrid Fund Nippon India Mutual Fund | ₹17 Cr | held | Dec '21 |
| SBI Nifty Smallcap 250 Index Fund SBI Mutual Fund | ₹15 Cr | +0.06 L | Oct '22 |
HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.
Mutual funds Aug 2026
7 added, 3 trimmed — net −4.11 L shares (−1.4%)
- Funds are sitting on
- +84%
- vs est. average cost
- Held by funds
- ₹858 Cr
- 16 schemes · ≈ 3.7% of the company
- Biggest holder
- Nippon India Growth Mid Cap Fund
- ₹416 Cr · 0.8% of that fund
Shares held by these funds −40%
Aug '23 3.01 cr shares Jul '26
All earnings calls (7)
Read the Q1 FY27 call →Learn to analyse Angel One
Guides on how to read this kind of business and the numbers that matter.