Angel One: Business Overview & Financial Analysis
Angel One Limited is a technology-led fintech and retail stockbroking enterprise headquartered in Mumbai, Maharashtra. Promoted by Dinesh Thakkar, the company has transitioned from a traditional physical stockbroking firm into a digital-first wealth management and retail broking platform. Operating through its flagship 'Angel One' mobile application and web portal, Angel One Limited offers retail stockbroking, futures and options (F&O) trading, mutual fund distribution, margin trade funding (MTF), depository services, consumer credit, and wealth management solutions to retail clients across India.
Business Segment Revenue Breakdown of Angel One Limited (Q4 FY26 / FY26)
Angel One Limited derives its operating revenue primarily through transaction broking charges, interest income on margin funding, and ancillary financial services.
- Gross Net Broking Income – 62.0% of Total Revenue
- Interest Income (Margin Trade Funding & Client Balances) – 22.0% of Total Revenue
- Other Financial & Depository Services Fees – 16.0% of Total Revenue
- Total Consolidated Revenue from Operations (FY26) – Rs 5,240.80 crore (+23.5% YoY)
The core broking division generates income through flat-fee model orders across equity, derivative, commodity, and currency segments. Interest income on Margin Trade Funding (MTF) and client deposits functions as a secondary high-margin revenue engine.
Client Base & Retail Market Share Metrics of Angel One (Q4 FY26)
Angel One tracks retail investor acquisition, active client bases, and order market share across domestic stock exchanges.
- Total Registered Client Base – 30.2 million clients (+36.5% YoY)
- Active Clients on NSE – 7.2 million active clients (+28.4% YoY)
- NSE Active Client Market Share – 15.4% (#2 Rank in India)
- Incremental Client Additions (Q4 FY26) – 2.9 million new clients added
- Tier-2, Tier-3 & Tier-4 Client Acquisition Share – 88.5% of new clients
The total client base crossed 30 million in Q4 FY26, with over 88% of new clients onboarded from Tier-2, Tier-3, and Tier-4 locations. The company maintains a 15.4% market share of active clients on the National Stock Exchange (NSE).
Turnover Market Share & Order Volumes of Angel One (Q4 FY26)
Angel One processes retail order volumes across cash equity, equity futures and options (F&O), commodities, and currency segments.
- Overall Retail Equity Turnover Market Share – 19.2%
- Equity F&O Segment Market Share – 19.1%
- Cash Equity Segment Market Share – 16.8%
- Commodity Segment Market Share – 58.4%
- Average Daily Turnover (ADTO - Q4 FY26) – Rs 44.2 lakh crore (+38.2% YoY)
- Average Daily Orders Handled (Q4 FY26) – 7.8 million orders per day
Overall retail turnover market share held at 19.2% during Q4 FY26, supported by dominant leadership in commodity derivatives trading. Average daily turnover reached Rs 44.2 lakh crore, while order processing engines handled 7.8 million orders daily.
Client Assets & Margin Trade Funding (MTF) Book of Angel One (Q4 FY26)
Angel One manages client asset balances while scaling its high-margin Margin Trade Funding (MTF) lending book.
- Total Client Assets Under Management (AUM) – Rs 72,400 crore (+42.5% YoY)
- Margin Trade Funding (MTF) Loan Book – Rs 4,850 crore (+35.2% YoY)
- MTF Market Share – 18.5%
- Average MTF Interest Yield Realised – 18.0%–18.5% per annum
Client assets under management expanded 42.5% year-on-year to Rs 72,400 crore as retail equity participation deepened. The MTF loan book reached Rs 4,850 crore, earning average interest yields between 18.0% and 18.5%.
Distribution Reach & App Engagement Metrics of Angel One (Q4 FY26)
Angel One operates a digital-first distribution architecture supplemented by an extensive Authorized Person (AP) partner network across India.
- Angel One App Downloads Count – 65 million+ cumulative downloads
- Monthly Active Users (MAU) – 12.8 million active digital users
- Total Authorized Persons (AP Network) – 24,000+ registered business partners
- Mutual Fund SIP Registrations (Q4 FY26) – 1.85 million active monthly SIPs
The Angel One super-app records 12.8 million monthly active users, supporting flat-fee broking and mutual fund distribution. Over 24,000 Authorized Persons act as local distribution partners across Tier-3 and Tier-4 towns.
Technology Infrastructure & Operational Capacity of Angel One (FY26)
Angel One invests in cloud infrastructure and automated trading architecture to handle market volatility peak loads.
- Peak Order Processing Capacity – 1,200 orders per second
- System Uptime Realisation – 99.98% operational uptime
- Cloud Infrastructure Migration Share – >90% of core workloads deployed on cloud
- Technology & Product Workforce – 1,200+ dedicated software engineers and data scientists
Core trading workloads operate on scalable cloud infrastructure, supporting peak capacities of 1,200 orders per second. A technology workforce of 1,200+ engineers develops proprietary algorithm engines, risk controls, and wealth management modules.
Latest Quarterly Financial Performance of Angel One (Q4 FY26)
Angel One reported strong top-line revenue expansion and net profit growth during the fourth quarter of FY26.
- Consolidated Revenue from Operations – Rs 1,358.40 crore (+25.8% YoY)
- Consolidated Operating Profit (EBITDA) – Rs 542.10 crore (+28.2% YoY)
- Consolidated Operating Margin – 39.9% (+74 bps YoY)
- Consolidated Net Profit After Tax (PAT) – Rs 342.80 crore (+22.5% YoY)
- Board Recommended Final Dividend – Rs 11.50 per equity share
Fourth-quarter revenue from operations rose 25.8% year-on-year to Rs 1,358.40 crore, driven by higher order volumes and MTF interest income. Consolidated Net Profit After Tax reached Rs 342.80 crore, with operating margins holding firm at 39.9%.
Consolidated Annual Financial Performance of Angel One (FY26)
Angel One delivered record operating revenues and net profit for the full financial year FY26.
- Full Year Consolidated Revenue from Operations – Rs 5,240.80 crore (+23.5% YoY)
- Full Year Consolidated Operating Profit (EBITDA) – Rs 2,110.50 crore (+24.8% YoY)
- Full Year Operating Margin – 40.3%
- Full Year Consolidated Net Profit After Tax (PAT) – Rs 1,328.40 crore (+20.2% YoY)
- Total Dividend Declared (FY26) – Rs 42.00 per equity share (~35% payout ratio)
Full-year operating revenue crossed Rs 5,200 crore in FY26, as Net Profit After Tax expanded 20.2% to Rs 1,328.40 crore. Annual operating margins held above 40%, reflecting low incremental cost of customer onboarding.
Balance Sheet Strength & Financial Ratios of Angel One (Q4 FY26)
Angel One maintains a low-leverage balance sheet supported by high cash balances and return ratios.
- Consolidated Net Worth – Rs 3,850 crore
- Debt to Equity Ratio – 0.28x (Borrowings raised primarily for MTF book funding)
- Return on Capital Employed (ROCE) – 42.8%
- Return on Equity (ROE) – 38.5%
- Liquid Cash & Clearing Collateral Surplus – Rs 5,200 crore
The company closed Q4 FY26 with a Net Worth of Rs 3,850 crore and Rs 5,200 crore in liquid surplus balances and clearing collaterals. High operating leverage produced a Return on Equity of 38.5%.
Management Commentary & Future Outlook of Angel One (Q4 FY26 / FY27)
Management guidance highlights strategic priorities centered on super-app scaling, wealth management distribution, and consumer credit launches.
- Management targets scaling active client market share on NSE toward 18.0% over the next 2 to 3 years.
- Consolidated Operating EBITDA margins are guided to sustain within the 38.0%–42.0% corridor through technology automation.
- Wealth management business will be scaled to service High-Net-Worth Individuals (HNWIs) via dedicated relationship teams.
- Consumer credit and personal loan distribution via the Angel One app is targeted to expand as a tertiary fee income stream.
- Technology capital expenditure will continue at 8%–10% of operating revenues to enhance cloud resilience and algorithmic tools.
Management expects retail capital market participation to sustain long-term growth across Tier-2 and Tier-3 Indian cities. Operational focus remains on executing the super-app strategy, scaling Margin Trade Funding, and deepening distribution across mutual funds and fixed income products.
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Sources & References
- Angel One Limited Q4 & Full Year FY26 Consolidated Financial Disclosures (April 2026)
- Angel One Limited Q4 FY26 Investor Presentation & Fact Sheet (April 2026)
- Angel One Limited Q4 FY26 Earnings Conference Call Transcript (April 2026)
- BSE India & NSE Official Corporate Announcements for Angel One Limited
- Ticker Finology Angel One Page
Disclaimer
The information presented above on Angel One Limited has been compiled from the company's Annual Reports, Investor Presentations, Earnings Call (Concall) Transcripts, official regulatory filings and the financial data available on Finology Ticker. Certain figures, classifications or comparisons may vary due to differences in accounting policies, reporting methodologies or subsequent restatements by the company. This content is intended solely for informational purposes and should not be considered as investment advice. Investors are advised to refer to the latest company filings and the updated financial data, ratios and disclosures available on this Finology Ticker Angel One Limited page before making any investment decision. Investment in securities market are subject to market risks. Read all the related documents carefully before investing.