Angel One reported its Q3FY26 financial results, showing steady revenue growth and improved operational efficiency. The brokerage firm delivered total income of ₹10.30 billion, marking a 4% year-on-year increase and 9% quarter-on-quarter growth, which aligned with analyst estimates.

Financial Performance Highlights

The company's quarterly performance demonstrated strong operational leverage with improved margins despite controlled expense growth.

Nine-Month Performance Overview

For the nine-month period ending Q3FY26, Angel One reported total income of ₹28.60 billion, reflecting a 13% year-on-year decline. The operating margin for 9MFY26 stood at 32.3%, compared to 43.4% in the corresponding period of the previous fiscal year.

Operational Efficiency Improvements

The company demonstrated strong cost management with operating expenses growing 9% year-on-year to ₹6.20 billion while remaining flat on a quarter-on-quarter basis. This expense control, combined with revenue growth, led to a significant improvement in the cost-to-income ratio, which declined to 60.6% from 65.5% in Q2FY26.

The operating profit for Q3FY26 reached ₹4.10 billion, translating to an operating margin of 39.4%, a substantial improvement from 34.5% recorded in the previous quarter.

Analyst Outlook and Recommendations

Motilal Oswal has revised its earnings estimates upward, raising FY27 and FY28 EPS projections by 8% and 3% respectively. The revision reflects strong traction in distribution revenue and improvement in cash realization, though this is partially offset by increased finance costs.

The brokerage firm maintains its positive outlook on Angel One, citing the company's ability to generate strong distribution revenue and improve cash realization metrics as key drivers for the upgraded target price of ₹3,400, based on 21 times FY28 estimated earnings per share.

Angel One Limited has made the audio recording of its earnings call with analysts and investors available on its official website, following the session held on January 16, 2026. The company announced this development through a formal communication to stock exchanges, ensuring compliance with regulatory requirements.

Regulatory Compliance and Disclosure

The availability of the earnings call recording was communicated to both the National Stock Exchange of India Limited and BSE Limited under Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. This regulation mandates listed companies to disclose material information that could impact investor decisions.

Accessibility and Transparency

The audio recording has been made accessible through the company's investor relations portal, specifically in the financials section. Investors and analysts can access the recording at https://www.angelone.in/investor-relations/financials , ensuring transparent communication of the company's financial discussions and strategic insights shared during the call.

Official Communication

The formal disclosure was signed and submitted by Naheed Patel, Company Secretary and Compliance Officer, who holds membership number A22506. The communication was digitally signed and dated January 16, 2026, from the company's Mumbai office, maintaining proper corporate governance protocols.

Company Information

Angel One Limited operates from its corporate and registered office located at 601, 6th Floor, Akruti Star, Central Road, MIDC, Andheri (E), Mumbai. The company holds multiple regulatory registrations including SEBI registration as a stock broker, CDSL depository participant, and various other financial services licenses, positioning it as a comprehensive financial services provider in the Indian market.