Synopsis: Angel One reported strong Q1 FY27 results, with revenue rising 25% YoY and net profit doubling. Credit business showed exceptional growth, while wealth and asset management AUM expanded significantly. The company maintained strong market share, user growth, and operational efficiency.
The shares of a Mid-Cap company specialising in retail stock broking, margin trading, and the distribution of third-party financial products like mutual funds and insurance are in focus following their Q1 Results.
With a market capitalization of Rs. 31,196.67 crores in the day’s trade, the shares of Angel One Ltd rose upto 3.4 percent, reaching a high of Rs. 355.20 per share compared to its previous closing price of Rs. 343.50 per share.
What Happened
Its Revenue from Operations increased by 25.3 percent YoY from Rs. 1,141 Crores in Q1FY26 to Rs. 1,430 Crores in Q1FY27, while it decreased by 2.0 percent QoQ from Rs. 1,459 Crores in Q4FY26 to Rs. 1,430 Crores in Q1FY27.
Its net profit increased by 102.6 percent YoY from Rs. 114 Crores in Q1FY26 to Rs. 231 Crores in Q1FY27, while it decreased by 27.8 percent QoQ from Rs. 320 Crores in Q4FY26 to Rs. 231 Crores in Q1FY27. The earnings per share (EPS) for the quarterly period stood at Rs. 2.53, compared to Rs. 1.26 in the previous year’s quarter.
Q1 FY27 Business Performance Highlights
The Credit segment continued its strong momentum, with the Average Client Funding Book reaching a record high of Rs. 61.4 billion in Q1’27, registering a 45.9% YoY growth. Credit distribution also increased significantly to Rs. 5.3 billion during the quarter, reflecting a 129.7% YoY growth.
The Distribution segment recorded 1.7 million unique SIP registrations during Q1’27, which declined by 10.3% YoY. Meanwhile, the Wealth Management business reported AUM of Rs. 134.4 billion, growing 165.3% YoY, supported by a client base of over 2,400 clients as of June 2026. The Asset Management segment continued to expand, with AUM reaching Rs. 6.2 billion as of June 2026, marking an 81.4% YoY increase.
The total number of orders stood at 406 million in Q1’27, declining from 431 million in Q4’26 but increasing from 343 million in Q1’26. The F&O segment contributed the highest share with 300 million orders, compared to 320 million in Q4’26 and 241 million in Q1’26.
Cash segment orders remained stable at 67 million in Q1’27, unchanged from Q4’26 but lower than 75 million in Q1’26. Commodity orders stood at 40 million, declining from 43 million in Q4’26 while increasing from 27 million in Q1’26.
Turnover Market Share & User Base
The company maintained a strong market position in Q1’27, with Overall Equity turnover market share at 20.2%, compared to 20.4% in Q4’26 and 19.7% in Q1’26. F&O market share stood at 22.2%, remaining stable QoQ and improving from 21.0% YoY.
Cash and Commodity segments recorded market shares of 17.4% and 52.3%, respectively. The total user base reached 38.6 million in Q1’27, registering a 3.2% QoQ growth and an 18.8% YoY increase, reflecting continued customer expansion.
Brokerage Views
Citi has maintained a Buy rating on Angel One with a target price of Rs. 380, highlighting a strong Q1 performance. Core PBT increased 75% YoY and 3% QoQ after adjusting for IPL-related spends, supported by healthy business growth and operational efficiency.
Retail derivatives market share improved marginally QoQ, while cash market share remained stable. The Average Client Funding Book grew 5% QoQ, with the closing book remaining 16% above the average level, indicating strong client engagement.
The company delivered an adjusted EBITDA margin of 31.9%, expanding by 785 bps YoY due to controlled overheads. Ionic Wealth AUM grew strongly by 166% YoY and 33% QoQ, while continued cost discipline provides further scope for margin expansion.
Company Overview & Others
Angel One Limited is an Indian fintech company that provides online stock broking and investment services. Founded in 1996, the company offers services such as equity trading, mutual funds, IPO investments, derivatives trading, insurance, and other financial products through its digital platforms.
It focuses on using technology to make investing simple and accessible for retail investors. With a large customer base across India, the company has built a strong presence in the online brokerage industry through its mobile app, research tools, and digital-first approach.
Angel One has demonstrated strong financial performance with a ROCE of 14.8% and ROE of 15.6%, reflecting efficient use of capital and shareholder value creation. The company also has a good return on equity track record, with a 3-year average ROE of 25.1%.
The company has maintained a healthy dividend payout ratio of 103%, rewarding shareholders consistently. It has also achieved strong long-term growth, with a median sales growth of 26.8% over the last 10 years, highlighting its ability to expand revenues over time.
Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on tradebrains.in are their own, and not that of the website or its management. Investing in equities poses a risk of financial losses. Investors must therefore exercise due caution while investing or trading in stocks. Trade Brains Technologies Private Limited or the author are not liable for any losses caused as a result of the decision based on this article. Please consult your investment advisor before investing.
