AI-generated · cited to primary sources · not investment advice
Angel One (543235) Oct 2025 Filing Analysis
Does management do what it says?
The company achieved a consolidated EBDAT margin of 41.7% in Q4 '26, which falls within the guided range of 40-45%. (2 met across 2 tracked commitments)
“Since you asked for the quantitative thought on that, we expect that on a yearly basis, at current run rate, it should have about ₹ 50 to ₹ 60 crores upside on a net basis to us.”
Management reaffirmed that when apportioned over a 5-year period, the cost of acquisition remains within the guided 10-13% band of total net income. (1 met across 1 tracked commitment)
“If apportioned over 5-year period, then the cost of acquisition will be in the band of 10-13% of total net income”
The annual burn for the new AMC and Wealth businesses remains consistent with prior guidance of approximately ₹ 100 crores. (4 met, 1 revised across 5 tracked commitments)
“On the OPM guidance, yes, we continue to have the same guidance at exit, we want to be at 40% to 45% OPM, and we are well on our way to that path from everything that we can see.”
The client funding book has shown significant growth, increasing 37% YoY to ₹ 59.2 billion in Q3 '26 from ₹ 43.3 billion in Q3 '25. (1 in progress across 1 tracked commitment)
“Yes. So as we've been mentioning that we can easily double this book from where we are today without having to raise any additional capital.”
See the full cited Management analysis of Angel One
How durable is the business?
The company continues to successfully penetrate regional markets, with ~90% of gross client additions coming from Tier 2, 3, and beyond cities. (1 stable)
“~90% Of Gross Client Addition Contributed By Tier 2, 3 & Beyond Cities In Q2 ’26”
See the full cited Business Model analysis of Angel One
What could break the thesis?
The risk is STABLE; while the total client base grew 4.9% QoQ, the NSE Active Client Base actually declined by 5.9% QoQ to 6.9 Mn, indicating challenges in retaining active traders. (2 stable)
“NSE Active Client Base: 6.9 Mn (-5.9% QoQ)”
See the full cited Risk analysis of Angel One
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