Angel One Q1 FY27 slides: profit doubles as platform diversifies

Angel One on July 16 released Q1 FY27 results showing consolidated profit after tax rose 102.1% year on year to ₹2.3 billion, even as revenue growth slowed. Total gross income came in at ₹14.3 billion, up 25.4% from a year earlier and down 2.3% sequentially. The Indian broker said about 40% of revenue now comes from businesses beyond core trading, with broking contributing 60.1% of gross revenue, interest income 32.6% and distribution 3.0%.

Reported EBDAT was ₹3.6 billion, a 32.7% margin. Excluding ₹1.4 billion in IPL sponsorship costs, the normalized margin was 43.6%, within the company's 40-50% guidance and close to the 44.4% recorded in Q4 FY26. Trailing twelve-month PAT reached ₹10.3 billion, with EPS of ₹11.4.

Scale metrics remain strong: 38.6 million users, ₹1.7 trillion in assets under custody and 1.3 million gross client additions in the quarter. Retail equity turnover market share was 20.2%, demat account share 16.7%, F&O retail turnover share 22.2% and commodity market share 52.3%. Cash equity orders fell to 67 million from 75 million in the prior quarter, while F&O order volumes held at 300 million.

Segments

The client funding book ended the quarter at ₹71.5 billion, up 31.3% sequentially, with 83% of exposure under ₹0.1 million. Mutual fund AUM climbed to ₹206 billion from ₹167 billion in March, and wealth management AUM rose 33.3% quarter over quarter to ₹134.4 billion. The captive AMC grew AUM 70.6% to ₹6.2 billion. Credit distributed in the quarter was ₹5.3 billion, with lifetime distribution of ₹32.4 billion across seven lender partners.

Management highlighted AI as a differentiator: the "Ask Angel" assistant attracted over 1.1 million users, AI closes 33% of emails and 17% of tickets monthly, and over 75% of code written by engineers uses AI-enabled tools. The company plans to keep expanding into credit, wealth, insurance and international products, including a GIFT City license for U.S. equities.

Management said India's structural tailwinds support the strategy. "India is going to invest more. We're the platform they'll use," the presentation concluded.