Angel One

Angel One delivered quarterly results with gross revenues increasing 5.3% quarter-on-quarter to ₹12 billion and net revenues growing 5.6% to ₹9.4 billion. The client base crossed 34 million with over 1.7 million new clients added, representing 12.2% sequential growth. The company's Demat market share rose to 16.5% and retail equity turnover market share increased by 71 basis points to 20.5%. The client funding book reached ₹53 billion, up 26.1% quarter-on-quarter. Angel One launched an AI-powered chatbot called Ask Angel, which resolved over 80% of user queries without escalation and reduced resolution time by 67% for 95% of cases. The company registered nearly 2.4 million new SIPs, growing 24% sequentially, and strengthened its position as the second largest player in incremental SIPs. Credit disbursals rose sharply from ₹2.3 billion to ₹4.6 billion this quarter. Angel One entered a joint venture with LivWell Holding Company for digital-led life insurance, holding a 26% stake in the ₹4 billion venture subject to regulatory approvals. The company announced plans to set up a branch in GIFT City. Ionic Wealth expanded AUM to over ₹61 billion from 1,250+ clients, while the asset management business launched commodity funds with ₹4 billion in assets across nearly 1.4 lakh folios. The company maintains guidance for 40-45% operating margins by Q4 exit.

Angel One is planning to either raise additional capital or allow its foreign partner to increase their stake. This decision follows new regulations that permit 100% foreign direct investment in the sector.

Angel One has outlined its financial targets and business expansion timeline. The company aims to achieve 40-45% EBITDA margin by Q4 FY26 and targets a long-term operating margin of 45-50%. For new business ventures, the company expects wealth management operations to break even within 2.5-3 years, while its Asset Management Company (AMC) business is projected to reach breakeven in 7-8 years. These new ventures are expected to contribute double-digit revenue growth over the next 3-5 years. The company's core broking business is projected to grow 25-30% in the long term.