Angel One Q1: consolidated PAT doubles YoY to ₹231 Cr, down 28% QoQ on margin reset

Angel One's consolidated net profit for Q1 FY27 (quarter ended 30 June 2026) came in at ₹231.4 Cr, more than doubling from ₹114.5 Cr a year ago (+102% YoY) on revenue from operations of ₹1,429.7 Cr, up 25% YoY. Sequentially, however, both lines fell — PAT −28% and revenue −2% — off an exceptionally strong March quarter (PAT ₹320.2 Cr). Standalone PAT was higher at ₹270.7 Cr; the ~₹39 Cr shortfall in the consolidated number is the cost of the subsidiaries management is funding — wealth, asset management and credit — the very growth engines flagged on the last call. Both bases show near-identical ~+102% YoY profit growth, so the growth story is consistent across them; only the absolute level differs, and readers who see ₹271 Cr quoted elsewhere are looking at standalone.

The YoY margin expansion is real: net profit margin widened to 16.2% from 10.0%, helped by employee costs actually falling year-on-year (₹268.6 Cr vs ₹273.9 Cr) — the operating leverage the CMD pointed to on the Q4 call. But sequentially margins compressed hard: operating margin dropped to 22.7% from 41.0% in Q4 and NPM from 21.9%. The squeeze sits on three lines — the seasonal ₹136.6 Cr IPL sponsorship that lands in the April-June quarter, employee costs up ~10% QoQ as subsidiary hiring continues, and a regulatory hit to F&O activity from the April-1 STT hike (futures 0.02%→0.05%, options premium 0.10%→0.15%) plus SEBI's 50:50 cash-margin rule; June cash-market ADTV also cooled ~7% MoM.

The stock went into the print at ₹343.4, down 2.5% over the past month of trading.

Against guidance, the picture is mixed: on the Q4 concall management guided further margin expansion from the strong H2 FY26 base and a >45% core-business margin medium-term, and this quarter's sequential compression runs against that near-term read even as the medium-term target and the employee-cost operating leverage stay intact. No published street consensus surfaced for the quarter, so the print can't be scored beat/miss versus a number. Alongside the result the board declared the first FY27 interim dividend of Re 1 per share (record date 21 July 2026) and signalled intent to appoint Deloitte Haskins & Sells as statutory auditor from FY28, replacing S.R. Batliboi. The client base reached 38.59 mn (+18.8% YoY per the June update), so the funnel keeps widening even as per-unit monetisation absorbs the regulatory drag.