Angel One Ltd Q1 FY27 Results

Delivered ₹1429.7 Cr; YoY growth 25.4% confirmed

Delivered ₹231.4 Cr; 102.2% YoY confirmed

43.6% vs prior 44.4% (-80bps); within 43-45% guidance range

₹53 Cr (from ~₹25 Cr prior year) ≈ 130% YoY; but QoQ declining (₹710→610→530 Cr over last 3 qtrs)

Confirmed; Ionic ₹32.3B, UHNI ₹87.3B

Management stated 40% from complementary businesses; core 60% broking

Prior call: 43-45% band. Q1 delivered 43.6%, within range. Mgmt reaffirmed 45-50% long-term target (separate from normalized range). No formal guidance cut; sequential -80bps attributed to seasonal/temporary factors.

Called 130% YoY growth but analyst revealed QoQ decline: ₹710Cr (Q3)→₹610Cr (Q4)→₹530Cr (Q1). Mgmt acknowledged lender pricing/risk-adjustment headwinds but offered no concrete actions beyond 'focusing on quality'.

Wealth + AMC now quantified at 4% of EBITDA this quarter (up from ~3% prior year). Mgmt flagged IPL as one-time drag; expects revert to 3.5% annualized. Breakeven timeline unchanged: 3-4 years.

Mgmt shifted tone from growth-at-all-costs to 'selective LTV-focused spend'; NSE active client base declining. Call this a defensive adjustment, not a formal guidance change.

After 15 months, AMC stuck at ₹6.2Cr passive-only AUM. Mgmt promises active expansion but won't commit timeline ('2-3 quarters for more visibility'). Prior confidence tone faded to 'very early stage'.

130% YoY is real. Short-term factors: lender risk/pricing calibration, friction in tech partners' KYC. Long-term thesis unchanged; significant headroom in ecosystem. Focus on quality, not quarterly optimization.

15 days is too early to judge. Year-long framework is right. Nothing fundamental changed about India; due for big growth.

Nascent stage; not disclosing revenue separately. Cost in-line with plans; 4% margin burn (both AMC & wealth combined).

Passive takes time. Product rollout mostly complete. Will evaluate active expansion. 3-4 quarters for visibility on real strategy.

4% burn this quarter due to IPL seasonality. Expect 3-3.5% annualized. Will accelerate growth if opportunities arise.

8-10 high-quality players will coexist. Holy grail: relationship talent + domain talent + tech talent. Triple multiplier (3 growth engines: asset appreciation, new customers, higher per-capita investing). India GDP growth ₹2.8k→higher = massive opportunity.

NSE active is 12-month metric; moves month-to-month. Acquiring at high market share. Ranking on active still strong. More IPOs & Nifty activity will drive numbers higher.

No change. 45-50% margin guidance remains intact (stand-alone basis typically; consolidated also healthy this quarter on adjusted basis).

Seeing momentum in SIPs. AI (Ask Angel) helping engagement; UX improvements; assisted business focus on MF distributors. No stock advisory plans; Ionic serves that need.

~10,000 active APs (from 9,800). Aggressive plans on multiproduct (MF, loans, insurance via APs). Natural progression; reinstating MF distributor acquisition. Multi-channel, multi-product play ahead.

Q4 (March) is very strong for insurance. Don't read too much into seasonality. Strong momentum in lending; 7 growing partners. Long-term significant opportunity across lending, insurance, wealth, investment products.

Limited risk. Exchange-prescribed margins + we go higher. Strong risk management framework. Past instances of flat markets/sharp declines: no issues. Penetration low; long-term growth strong. Very bullish.

Good opportunity. Already have offerings; looking to upgrade. GIFT City license secured. Can't discuss pricing yet (product not launched). Wait for it; important segment.

Biased to growth if good talent found. AI & tools will improve productivity. No specific headcount guidance. Expect employee productivity to increase as we deploy new capabilities.

Risk policies on top of SEBI. Brokers have own requirements. Let's connect offline; will explain & review. Email escalation: ceo@angelone.in. Very sorry for customer care failure; taking seriously.

Management frames guidance around India financialization, 5-10% equity penetration runway. No FY27 ceiling/floor given. Market-dependent near-term (July weak start acknowledged).

Q1 normalized 43.6%, within range. Sequential -80bps attributed to IPL, ESOP, increments (seasonal). Mgmt expects recovery; new ventures' 3.5% annualized burn incorporated.

Wealth + AMC drag ~4% this quarter, expect to normalize to 3-3.5%. Breakeven for new ventures 3-4 years.

Management emphasizes 'disciplined capital allocation', selective deployment into structural opportunities, healthy balance sheet. No numerical capex guidance.

Credit distribution declining QoQ (₹710→610→530 Cr) over 3 quarters despite 130% YoY narrative. Root cause: lender risk/pricing recalibration, tech partner KYC friction. Mgmt offers no corrective action beyond 'quality focus' and 'long-term thesis'. Risk to growth profile.

Wealth & AMC combined burning 4% of EBITDA (~₹145-150 Cr annualized) with no separate revenue disclosure and 3-4 year breakeven timeline. AMC stuck at ₹6.2 Cr AUM after 15 months (passive-only). Risk: targets missed, drag extended, shareholder pressure to exit.

Normalized EBDAT margin down 80bps QoQ (44.4%→43.6%); first time slipping below guidance band's midpoint. Sequential softness in trading volumes (ADTO lower), employee increments, ESOP grants, and IPL branding. Risk: margin floor lower than guided; commoditization accelerating.

NSE active client base declining; client acquisition pace slower this quarter. July 2026 volumes started weak (industry ADTO down). Risk: sustained market softness could delay broking growth inflection; margin pressure if volumes remain compressed.

Evolving regulatory landscape (ESM, T2T, margin circuits, digital privacy, SEBI CSCRF). Angel's RSM (restricted security mandate) policy generating customer friction & churn (Subhash's testimony). Risk: compliance costs rising, customer dissatisfaction, potential regulatory action if policies seen as overreach.