Angel One Ltd(ANGELONE)

NSE: ANGELONEBSE: 543235

₹ 279.25-4.20%refreshed 23 Oct, 03:58 pm ISTMarket cap: ₹ 25,540 crWebsite: www.angelbroking.comUpdated: 24 Oct 2026

About

Angel One is an Indian fintech platform offering retail broking, distribution, wealth management and asset management through a unified ecosystem. It reported FY26 revenue from operations of Rs 5,136.61 Cr from a single segment, broking and related services. Its total client base reached 39.98 million in Q2 FY27, and it held 19.7% of overall retail equity turnover in Q2 FY27 and 56.4% of the commodity segment in FY26.^[1][2][3][4]

Business segments and revenue mix

The company reports a single segment, broking and related services, with revenue from operations of Rs 5,136.61 Cr in FY26.^[1]
The core trading platform contributed about 60% of gross revenues in Q1 FY27. The remaining roughly 40% came from client funding, distribution, depository, wealth and AMC.^[5]
Within broking, F&O's share of gross income fell to 44.3% in Q3 FY26 from 52.5% in Q3 FY25.^[6]
Distribution income rose to 4.3% of gross income in Q3 FY26, up from 2.4% in Q3 FY25.^[6]
Interest income rose to ₹5,100 Mn in Q2 FY27 from ₹4,669 Mn in Q1 FY27.^[4]

Market share and clients

Overall retail equity turnover market share was 19.7% in Q2 FY27, down 51 bps QoQ.^[4]
Demat market share was 16.6% in Sep-26, against 16.7% in Q4 FY26.^[4][7]
Commodity segment market share was 56.4% in FY26.^[1]
Total client base reached 39.98 million in Q2 FY27, up 3.6% QoQ, against 37.4 million in FY26.^[3][1]
Commodity segment ADTO grew 105.5% YoY in Q2 FY27.^[3]
Orders fell 9.8% QoQ to 366 Mn in Q2 FY27. Equity assets under custody were ₹1.4 Trn as of Sep-26.^[4]

Client funding book

Average client funding book rose 21.4% QoQ to ₹74.5 Bn in Q2 FY27. The period-end book was ₹82.1 Bn (+14.8% QoQ), with 437k+ users.^[4]
The average book was ₹53 Bn in Q2 FY26, ₹58.6 Bn in Q3 FY26 and ₹61.4 Bn in Q1 FY27.^[8]
The interest rate charged on the client funding book was cut from 18.00% to 14.99% from Nov 2024.^[9]

Wealth, AMC and distribution

Ionic Wealth AUM rose 19.1% QoQ to ₹160.0 Bn in Q2 FY27, with 2,975+ clients. UHNI AUM was ₹102.6 Bn (+17.5% QoQ).^[4]
AMC AUM fell 8.7% QoQ to ₹5.7 Bn across 11 schemes in Q2 FY27.^[4]
Unique SIPs registered were 1.9 Mn in Q2 FY27.^[4]
Credit distributed was ₹6.9 Bn in Q2 FY27 (+30.2% QoQ, +51.8% YoY), with lifetime distribution of ₹39.4 Bn. FY26 credit distributed was ₹20.1 billion, up 3.1x from ₹6.6 billion in FY25.^[4][1]
Personal loan distribution runs with 7 lending partners on a pure distribution model with no FLDG exposure (Q1 FY27).^[5]
Loan Against Securities was in beta in Q2 FY27.^[4]

Operations and reach

The company had 40 offices in India as of 31 March 2026 (6 owned, 24 co-locations, 10 rented), plus two co-located data centres.^[1]
Its assisted network had over 10,000 Authorised Persons and over 11,000 Mutual Fund Distributors in FY26.^[1]
More than 89% of new clients in FY26 came from Tier 2, Tier 3 and smaller markets.^[1]
The company had a team of 3,300-plus in FY26. Permanent employee turnover rose to 16.04% in FY26 from 9.26%.^[1]
Exports were 0.012% of turnover in FY26, serving the USA without physical offices.^[1]

Technology and AI

80% of the codebase was AI-generated as of FY26.^[1]
The Ask Angel AI assistant served 1.1+ million users in Q1 FY27.^[5]
KYC face-match accuracy exceeded 99%, and the STP rejection rate was cut from 3.2% to 0.5%, as of Q1 FY27.^[5]

Expansion and new initiatives

In Q2 FY27 the company received authorization to operate as a Global Access Provider in IFSC (GIFT City), a step toward offerings beyond domestic markets such as US stocks.^[4]
The company acquired a 26% associate stake in Angel One Livwell Life Insurance effective November 08, 2025.^[1]
Capital infusion of up to ₹1.5 Bn into the NBFC platform was proposed in Q4 FY26 to scale LAS.^[7]
Capital infusion of up to ₹1.5 Bn into Ionic Wealth was planned in Q4 FY26.^[7]
Stated FY27 priorities are scaling credit distribution, wealth integration and improving the annuity contribution from emerging businesses.^[1]

Recent developments

The FY26 annual report sets out a transfer of the broking, depository participant, MF distribution and research businesses to the wholly owned subsidiary Angel Securities Ltd.^[1]
In FY26 the CTO, CRO-Direct, CISO, General Counsel and Chief Data Officer resigned.^[1]
Lower employee costs from headcount optimisation helped lift the standalone EBDAT margin to 48.9% in Q2 FY27.^[4]
In FY26 the company had used 89.0% of its approved borrowing limit of ₹120.0 bn.^[1]

Market Cap

₹25,540 Cr

High / Low

₹360 / 209

Stock P/E

22.0

Price / Book

3.8

Book Value

₹67

EPS

₹10.1

No. of Shares

91.09 Cr

ROE

15.6%

Sales

₹5,137 Cr

Net Profit

₹915 Cr

Promoter holding

28.6%

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Angel One Ltd(ANGELONE)

About

Business segments and revenue mix

Market share and clients

Client funding book

Wealth, AMC and distribution

Operations and reach

Technology and AI

Expansion and new initiatives

Recent developments

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