Angel One Limited has submitted to the Exchange, the financial results for the period ended March 31, 2026.
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Angel One reported audited consolidated results for Q4 and FY ended March 31, 2026 with an unmodified audit opinion from S.R. Batliboi & Co. LLP. Q4 FY26 revenue from operations rose ~38% YoY to Rs. 1,459.4 crore with PAT of Rs. 320.2 crore (~84% YoY growth). However, full-year FY26 revenue dipped ~2% to Rs. 5,136.6 crore and PAT fell ~22% to Rs. 915.1 crore (FY25: Rs. 1,172.1 crore), with operating margin compressing from 30.4% to 24.8%. The Board also approved raising up to Rs. 1,500 crore via NCDs, increasing borrowing limits to Rs. 20,000 crore (subject to shareholder approval), and investing Rs. 150 crore each in two wholly-owned subsidiaries (Angel Fincap and Angel One Wealth). Debt-equity ratio more than doubled to 1.28x, and net cash used in operating activities was Rs. 4,142 crore. KPMG was appointed as Internal Auditor for FY27. Credit rating remains IND AA- (Stable) by ICRA.
Mixed bag for shareholders: strong sequential quarterly rebound in Q4, but full-year PAT decline of ~22% and margin compression of ~560 bps signal profitability pressure. The sharp rise in debt-equity ratio to 1.28x and negative operating cash flow of Rs. 4,142 crore, combined with an aggressive borrowing limit hike to Rs. 20,000 crore, suggest a significant expansion/funding push that may weigh on near-term sentiment despite growth ambitions in subsidiaries and life insurance JV.