Angel One Limited has informed the Exchange about Investor Presentation
ANGELONE · price
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Awaiting price reaction for this filing.
Angel One filed its Q1 FY26 investor presentation showing reported PAT of ₹1,145 Mn, down 34% QoQ, with reported EBDAT margin falling to 21.8% from 31.8% QoQ. However, normalised EBDAT (adjusting for one-off IPL sponsorship costs of ₹1,117 Mn and Q4 FY25 variable pay reversal) rose 30% QoQ to ₹3,061 Mn, with normalised EBDAT margin expanding 610 bps QoQ to 34.3%. Total client base grew to 32.5 Mn (+4.7% QoQ), overall ADTO rose 23.2% QoQ to ₹1.0 Trn, and the company gained 19 bps QoQ in demat market share to 16.3%. New businesses (wealth, credit, AMC) continued to scale — credit disbursals jumped 123% QoQ to ₹2.3 Bn, wealth AUM grew 33.6% QoQ to ₹50.6 Bn, though these incubating businesses dragged EBDAT margin by 2.6%. Cost-to-net-income ratio worsened to 81.6% from 71.6% QoQ, primarily due to upfront IPL costs and 38% QoQ rise in ESOP expenses.
Near-term sentiment may be soft as reported PAT and margins declined sharply QoQ, but management's emphasis on normalised metrics suggests underlying business health is improving — investors should look past IPL and one-time costs. The continued scale-up in credit, wealth, and AMC businesses points to long-term diversification beyond broking, though margin pressure from new F&O regulations and incubating businesses warrants monitoring.