ANGEL ONE LIMITED

Operates a technology-led retail broking and financial services platform serving Indian retail investors. The core franchise executes equity, derivative and commodity orders on the exchanges — Q1 FY27 saw 406 million orders and a 22.2% share of equity-derivatives turnover — generating revenue from brokerage, clearing, demat and allied transaction charges. Beyond core broking, it runs wealth management with ₹134.4 bn in AUM (including UHNI assets of ₹87.3 bn across 263 families), an asset management distribution business with ₹6.2 bn AUM, and a credit-distribution book of ₹5.3 bn (Q1 FY27, up 130% year-on-year). Interest income from the ₹71.5 bn period-end client funding book and distribution fees have grown to roughly 40% of gross revenue per Q1 FY27 disclosure, while an earlier segment snapshot (period ending 2023-03-31) had broking at 99.8% of segment revenue. As of June 2026, the platform had 38.59 million registered clients, with 89% of FY26 additions coming from Tier 2/3 and smaller towns. The largest cost line is employee expense at 20.8% of revenue, followed by other operating expenses at 29.8%, consistent with a people-and-technology platform model.