Shares of Angel One rose 4.4 per cent on the NSE to ₹305.61 from the previous close of ₹292.61, reacting positively to the company’s March quarter (Q4 FY26) earnings that showed solid sequential growth across key metrics.
The company reported a consolidated profit after tax of ₹320.2 crore in Q4FY26, compared with ₹268.7 crore in Q3FY26, marking a 19.2 per cent increase on a q-o-q basis, and 83.4 per cent y-o-y from ₹174.5 crore in Q4FY25.
Total gross revenue came in at ₹1,467.2 crore, up 9.7 per cent from ₹1,337.7 crore in the previous quarter, reflecting steady business momentum.
Operating performance also improved, with consolidated EBDAT rising to ₹472.8 crore in Q4 FY26 from ₹405 crore in Q3 FY26, registering a 16.7 per cent quarter-on-quarter growth.
Assets under management (AUM) stood at ₹10,080 crore as of March 2026, reflecting a sharp 22.7 per cent increase over the previous quarter, indicating strong client inflows and market participation.
On the capital front, the company raised ₹50 crore during the quarter through private placement of non-convertible debentures (NCDs).
The board also approved an increase in borrowing limits up to ₹20,000 crore and cleared plans to raise up to ₹1,500 crore via NCDs in one or more tranches.
In addition, Angel One approved strategic investments of ₹150 crore each in its wholly-owned subsidiaries, Angel Fincap Private Limited and Angel One Wealth Limited, through subscription to equity shares or compulsorily convertible preference shares, aimed at strengthening its financial services ecosystem.
The combination of improved earnings, rising AUM and capital allocation plans appears to have boosted investor sentiment, driving the stock higher following the Q4 announcement.
Commenting on the performance, Dinesh Thakkar, Chairman & Managing Director, Angel One, said, “Angel One is proactively aligning to this shift through disciplined execution, strengthening its core business while scaling new growth engines. Business performance for the quarter reflected an improvement in client activity, average daily orders and operating margins returning to our guided range, reinforcing our confidence in the structural drivers of the core business.”
Ambarish Kenghe, Group CEO of Angel One, said, FY26 was a pivotal year marked by deeper adoption of artificial intelligence, including upgrading “Ask Angel” into a conversational assistant and embedding AI across operations, with roughly 25 per cent of code now AI-generated to improve efficiency and speed.
Brokerages maintained a positive stance on Angel One following its Q4 FY26 performance, citing strong earnings growth and sustained trading momentum.
Citi retained a buy rating with a target price of ₹340, highlighting an 84 per cent year-on-year rise in profit after tax, which came in about 6 per cent ahead of its estimates. The brokerage noted that on a quarter-on-quarter basis, core profit before tax rose 19 per cent, driven by a sharp uptick in trading volumes and some reversal in employee costs. It added that retail activity remained robust, supported further by market volatility, with overall trading orders growing 31 per cent year-on-year and 13 per cent sequentially. Realisations per order saw a marginal uptick across segments, while the margin trading funding (MTF) book declined around 8 per cent sequentially.
Investec also maintained a buy rating with a target price of ₹340, stating that higher broking realisations and improved net interest income supported the earnings beat. The brokerage pointed to the company’s digital-first model as a key driver of operating leverage and said wealth management continues to gain traction through new initiatives. However, it flagged that cash market share remains an area to watch, while valuations appear reasonable at current levels.