• Average daily orders scaled from 5 million in February 2025 to 7.4 million in March 2026, with quarterly orders reaching 431 million (6-quarter high)
• Market share expanded across key segments: F&O premium grew 77 bps YoY to maintain leadership; overall equity market share up 46 bps YoY to 20.4%
• Ionic Wealth AUM crossed INR 100 billion, up 23% QoQ, with 2x growth in UHNi business over 12 months; assets per RM grew 3x YoY
• Credit business reached INR 27,100 million cumulative disbursements with INR 6,100 million disbursed in Q4; serving only small segment of client base from INR 1 trillion annual addressable market
• AI transformation accelerating with 50%+ of development augmented by AI; Ask Angel evolved into conversational AI assistant embedded across app; 80% of Ionic Wealth's codebase is AI-generated
• Mutual funds business sustained position as second largest provider of new SIP registrations in India with 28% sequential growth in portfolio count to 246,000
• Asset management business expanded to 11 schemes with presence across 17,575 pin codes, though AUM of INR 3,600 million declined sequentially due to market conditions
• Announced capital infusion of up to INR 1,500 million each into wealth management and NBFC platform to scale loan against securities and emerging businesses

Angel One delivered a strong Q4 FY26 performance with significant improvement in client engagement, achieving 431 million orders (6-quarter high) and PAT growth of 19.2% QoQ to INR 3,200 million. The company demonstrated operational leverage with EBITDA margins expanding to 41.7% (normalized 44.4%), while maintaining a diversified revenue mix and scaling emerging businesses in wealth (AUM crossed INR 100 billion), credit (cumulative disbursements of INR 27,100 million), and asset management.

Angel One reported gross income of INR 14,700 million (up 9.7% QoQ) and net income of INR 11,300 million (up 10.4% QoQ) for Q4 FY26. Broking revenues strengthened to 60.7% of total gross income, with commodities broking up 15.8% QoQ and F&O revenues up 16.1% QoQ, while cash segment grew 4.6% sequentially. Distribution revenues moderated due to lower credit distribution and softer IPO activity, though insurance distribution continued growing. Interest income from fixed deposits increased 10.3% on higher client balances. EBITDA margin expanded 227 bps sequentially to 41.7% (normalized 44.4% excluding one-time items and IPL spend). PAT increased 19.2% QoQ to INR 3,200 million. The company maintained a strong balance sheet with net worth of INR 61,500 million, cash and equivalents of INR 165,600 million, and client funding book at INR 54,500 million. Employee costs expected to remain flat at approximately INR 11,000 million for FY27 including ESOP costs.

Management displayed strong confidence in the structural growth opportunity in India's digital financial services market, emphasizing the company's transition to becoming an 'AI native platform' with platform-level integration rather than isolated use cases. CEO Dinesh Thakkar highlighted India's structural shift driven by digital adoption, financial awareness, and young demographics, while positioning Angel One at the intersection of scale, engagement, and trust. Group CEO Amrish Rathie emphasized disciplined execution across core business and emerging growth engines, noting resilience despite regulatory changes and geopolitical headwinds. Management reinforced commitment to long-term value creation over short-term margin optimization, willing to invest in growth opportunities while maintaining operational leverage. The tone was optimistic about market share gains, technology leadership, and deepening client engagement, with particular emphasis on the large addressable opportunity in credit (INR 1 trillion), wealth management expansion, and AI-driven productivity improvements.

The company faces multiple headwinds including ongoing regulatory evolution (full implementation of F&O regulations, recent RBI directions on banks' capital market exposures potentially tightening intraday credit availability), geopolitical uncertainties (global trade tariffs, ongoing wars), and volatile market conditions as evidenced by sharp March correction. Market share in cash segment declined 37 bps YoY and 17 bps QoQ, partly due to March-specific client behavior patterns. Distribution income moderated sequentially due to lower credit distribution and softer IPO activity, representing cyclical challenges. The company incurred a one-time reimbursement of INR 192 million to clients from external market infrastructure disruption. NSE active clients metric showed stagnation despite rising orders, indicating slower activation of newer customers. Asset management AUM declined sequentially to INR 3,600 million due to market conditions and liquid fund redemptions. Competition intensity in wealth management and talent acquisition challenges exist, though management views these as manageable. Customer acquisition costs showed upward pressure in FY26, with ongoing focus needed on optimizing CAC while maintaining quality.

Revenue Outlook: Management expects margin expansion beyond 45% on broking and distribution business for FY27, with operational leverage from revenue growth while keeping costs stable. Emerging businesses expected to have 2-3% EBITDA drag

Margin Outlook: EBITDA margin expected to expand beyond 45% for broking/distribution business in FY27 (vs 44.4% normalized in Q4 FY26). Second half FY26 margins of 42-43% should be used as base for FY27 projections

Key Targets:

• Employee costs to remain flat at approximately INR 11,000 million in FY27 including ESOP costs
• IPL marketing spend of approximately INR 1,500 million for the season
• Capital infusion of up to INR 1,500 million each into wealth management and NBFC platform
• Ionic Wealth business targeting breakeven in 3-3.5 years
• Tax rate to normalize to 25-26% of PBT as emerging businesses scale

The Q&A session focused heavily on understanding the divergence between strong order growth and stagnant NSE active client metrics, with analysts seeking clarity on customer acquisition effectiveness and costs. Multiple questions probed margin sustainability and expansion potential, with management confidently guiding for expansion beyond 45% while emphasizing willingness to invest for long-term growth. Market share trends drew significant attention, particularly the cash segment decline, though management attributed this to March volatility and expects normalization. The credit business opportunity generated substantial interest given the large INR 1 trillion addressable market versus current small penetration. Analysts questioned AI investment returns and timeline to profitability for emerging businesses. Management responses were generally confident and detailed, emphasizing structural advantages, technology leadership, and disciplined capital allocation. The tone suggested analysts are reconciling strong operational metrics with some mixed indicators on client growth and segment performance, while management maintained conviction in long-term positioning despite near-term macro uncertainties.