Angel One Limited has informed the Exchange about Transcript
ANGELONE · price
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Angel One has filed the transcript of its Q1 FY'26 earnings call held on July 17, 2025. Gross revenues grew 8.1% quarter-on-quarter to ₹1,140 crore, with net revenues up 7.3% to ₹890 crore and total orders rising 4.8% to 343 million. The client funding book hit an all-time high of ₹4,800 crore. Reported operating margin fell to 21.8% due to ₹110 crore in IPL sponsorship costs, but normalised margin stood at 34.3% with normalised PAT of ₹190 crore (up 26% QoQ). The company added 1.5 million clients, maintained 16.3% demat market share and 21.7% share of incremental acquisitions, while new businesses like credit (₹230 crore Q1 disbursals), wealth (₹5,000+ crore AUM) and AMC (₹340 crore AUM) continued to scale.
Management guided that operating margins should normalise to the targeted 40-45% range by the exit of Q4 FY'26, supported by expected revival in retail and FII activity. Shareholders should view the margin dip as a one-time IPL cost rather than structural weakness, while new business incubation continues to drag margins by 2-2.5% in the near term.