Angel One Limited has announced a crucial committee meeting scheduled for February 03, 2026, to consider the issuance of Non-Convertible Debentures (NCDs) on private placement basis. The announcement was made through a regulatory filing to stock exchanges on January 29, 2026.

Committee Meeting Details

The Loan, Investment and Borrowings Committee of the Board of Directors will convene to deliberate on the NCD issuance framework. This meeting represents a continuation of the company's earlier strategic initiative communicated to exchanges on January 15, 2024.

Regulatory Background

The current meeting follows the company's earlier intimation dated January 15, 2024, which established that an Internal Committee constituted by the Board of Directors would determine the detailed terms and conditions of NCD issuance. The committee was granted authority to structure the debentures across multiple tranches as deemed appropriate.

Compliance Framework

The announcement was made in accordance with Regulation 29 and 50 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Company Secretary and Compliance Officer Naheed Patel (ACS: 22506) signed the regulatory filing, ensuring proper adherence to disclosure requirements.

Corporate Information

Angel One Limited operates from its corporate and registered office located at 601, 6th Floor, Ackruti Star, Central Road, MIDC, Andheri (E), Mumbai - 400093. The company holds multiple regulatory registrations including SEBI Stock Broker registration (INZ000161534), CDSL registration (IN-DP-384-2018), and various other financial service authorizations.

The NCD issuance consideration represents a significant corporate finance decision that will be evaluated by the specialized committee, with detailed terms and conditions to be determined based on market conditions and strategic requirements.

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.