Angel One Limited (ANGELONE) share price

₹305.00 on NSE as of 2026-09-11. +2.59% on the day. market cap ₹27,862 Cr. P/E 5.2. 52-week range ₹212.49 to ₹354.80. Financial Services.

What the company does

Angel One Limited (formerly Angel Broking Limited) (A OL) was incorporated in 1996. The company is engaged in retail broking in equity, commodity, and currency segments. It is a member of BSE, NSE, Metropolitan Stock Exchange of India Ltd, Multi Commodity Exchange of India Ltd and National Commodity and Deriv atives Exchange Ltd. Also, the compa ny is a depository participant with Central Depository Services (India) Limited (CDSL). The company is a Fin-Tech entity that provides a one-stop- shop for broking & advisory services, margin trading facility, loans against shares (through one of the Subsidiaries, Angel Fincap Private Ltd (AFPL)) and financial products distribution to retail clients under the brand “Angel One”. The company was listed on BSE and NSE on October 5, 2020, and the market cap as on February 25, 2022, stood at Rs.11,038 crore. As on December 31, 2021, the promoter and promoter group held 43.68% stake in the company.

Filed by CARE Ratings, page 4.

Angel One Q1 FY27: PAT Doubles to ₹231 Cr While the Borrowing Book Triples in Two Years

At a glance

Angel One closed the June 2026 quarter with consolidated revenue of ₹1,430 crore, up about 25% against the ₹1,141 crore of a year earlier, and down roughly 2% from the ₹1,459 crore of the previous quarter. Net profit landed at ₹231 crore — more than double the ₹114 crore of June 2025, but down from ₹320 crore in March 2026. Both halves of that sentence are true at once, and that is the whole texture of the quarter.

The doubling on a yearly basis has an easy explanation the base gives away: June 2025 was the trough. That quarter posted the lowest PAT in the recent run, dented by the regulatory tightening of index derivatives. So the +102% is measured off a low, not launched from a high. Operating profit for the quarter was ₹485 crore against ₹275 crore a year ago, with an operating margin near 34%.

Alongside the numbers, the board declared a first interim dividend of Re. 1 per share and flagged its intention to bring in Deloitte Haskins & Sells as statutory auditor from FY28. The average client funding book hit a record ₹61.4 billion. Management, for its part, spent much of the earnings call pointing to a "normalized" margin measure and describing IPL marketing spend as a temporary drag.

More on the ₹7,951 crore borrowing figure shortly — it has grown a lot.

Introduction

Angel One Ltd is a diversified financial services company built around stock, commodity and currency broking, with a margin trading facility, depository services, mutual fund distribution, an NBFC lending arm, and insurance corporate agency stapled on. In its own description, it is India's largest listed retail stock broking business, and it has spent the last several years converting itself from a traditional broker into what it calls a digital-first platform, complete with a super app and a heavy AI-and-ML vocabulary.

The recent corporate calendar has been busy. During FY26 the company incorporated Angel One LivWell Life Insurance Ltd as an associate to enter the life insurance business, holding a 26% stake while LivWell Holding Company Pte Ltd holds 74%. It raised ₹50 crore through a private placement of 5,000 secured NCDs at 8.75%. In a curious round trip, the board approved a scheme in August 2025 to transfer its broking, depository, MF-distribution and research businesses into subsidiary Angel Securities Ltd on a slump-sale basis — and then withdrew the whole scheme in January 2026. A 1:10 stock split, approved earlier in 2026, is why the face value on record moved from ₹10 to ₹1, and why per-share figures across old quarters have been retrospectively adjusted.

The June 2026 quarter is the first full reporting period after that split, and the first to sit under the new financial year, FY27. It arrives with the broking cycle recovering off its own bottom and several newer businesses — wealth, asset management, credit — still in their scaling phase.

Business model

At its core, Angel One gets paid when Indians trade, and India, over the last few years, has developed quite a habit. The company runs five overlapping engines. First and largest is broking and depository, which management pegs at roughly 60% of gross revenue in FY26 — equity, derivatives and commodities executed through the digital platform. Second is client funding: margin loans against clients' own funded stocks, a lending book dressed as a trading feature.

Third is distribution — mutual funds, credit and insurance sold across the base. Fourth is wealth management, run through subsidiary Angel One Wealth Ltd, serving affluent, HNI and UHNI clients, reporting wealth AUM of ₹100.8 billion in FY26 across roughly 1,900 clients. Fifth is asset management, through Angel One Asset Management Company Ltd, focused on passive index funds, ETFs and smart-beta products; in FY26 it launched 11 schemes and managed ₹3.6 billion across about 247,000 folios.

The pitch management makes is that all five feed one another: acquire a user cheaply through broking, then cross-sell them a SIP, a loan, a policy, and eventually a wealth relationship, each at near-zero incremental acquisition cost. The company's own framing is a flywheel — more engagement produces more data, which trains better AI, which supposedly monetises better.

Here is the honest shape of it in FY26 revenue terms: interest income was about 32%, fees and commission about 68%, and net gain on fair value changes under 1%. So the "ecosystem" that markets itself on wealth, AMC and insurance still runs, financially, on broking fees and interest. The newer engines are real and growing fast off small bases; they are not yet where the money is.

Quarterly results, balance sheet, cash flow, ratios, shareholding and the filings themselves are on the full page for Angel One Limited.

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