1. Opening Hook
SEBI tightened the F&O screws, traders panicked, volumes dipped — and Angel One calmly showed up with a 43% operating margin and said, “Relax, this is fine.”
While the street was busy writing obituaries for discount broking, Angel quietly diversified, monetised boredom, and let interest income do the heavy lifting. The market blinked first.
Between AI agents writing code, credit disbursals exploding, commodities going berserk, and management casually approving a ₹23 dividend and a 1:10 stock split, this wasn’t a “recovery quarter.” This was a confidence flex.
Yes, finance costs spiked. Yes, F&O cooled off. And yes, analysts poked at wealth and AMC losses like it’s a crime to incubate businesses.
But somewhere between 6.2 million daily orders and ₹58.6 bn MTF book, Angel One reminded everyone why it’s still the grown-up in the room.
Read on — the interesting stuff starts after the footnotes stop scaring people.
2. At a Glance
- Net Revenue ₹10.3 bn (+9.3% QoQ) – Three fewer trading days, still growing. Markets tried.
- Gross Income ₹13.4 bn (+11.1% QoQ) – Diversification finally paying rent.
- EBITDA Margin 39.4% – Regulatory punches absorbed without spilling coffee.
- Standalone Operating Margin 43% – Broking still printing money, shockingly.
- PAT ₹2.7 bn (+26.9% QoQ) – Profits remembered how compounding works.
- MTF Book ₹58.6 bn (+10.4% QoQ) – Traders borrowing like it’s a personality trait.
- Dividend ₹23 + 1:10 Stock Split – Management felt generous this quarter.
3. Management’s
Key Commentary
“India’s financialisation journey continues with strong structural tailwinds.”
(Translation: Retail investors aren’t going anywhere 😏)
“Our strategy is simple — a technology-led financial services platform.”
(Simple sentence. Very expensive execution.)
“Margins are reverting to historical trends.”
(Read: Stop panicking about F&O regulation.)
“Standalone operating margin is already at 43%.”
(Yes, they did just flex on peers.)
“We are institutionalising AI across the organisation.”
(Translation: Engineers, analysts, and interns — please meet your new boss 🤖)
“Credit disbursements hit ₹7.1 bn this quarter.”
(From side hustle to serious business.)
“We view regulation as an enabler.”
(Said calmly, while others scream on X.)
“The wealth and AMC businesses are long-gestation.”
(Please stop asking ‘why profits not yet?’ every quarter.)
4. Numbers Decoded
| Metric | Q3 FY26 | QoQ | What It Really Means |
|---|---|---|---|
| Gross Income | ₹13.4 bn | +11.1% | Activity bounced back faster than fear |
| Net Income | ₹10.3 bn | +9.3% | Cleaner revenue mix |
| EBITDA | ₹4.1 bn | +? | Operating leverage quietly kicking in |
| EBITDA Margin | 39.4% | +489 bps | Cost discipline survived regulation |
| PAT | ₹2.7 bn | +26.9% | Earnings remembered how growth works |
| Interest Income | ₹4.4 bn | +16.2% | MTF + client balances doing God’s work |
| Finance Cost | ₹1.3 bn | +36% | Temporary pain, permanent analyst anxiety |
