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ANGELONE - Angel One

📊 NSE: ANGELONE 🏢 Finance & Investments 📅 Last Updated: 12/13/2025 18:19

📢 Recent Corporate Announcements

Angel One Grants 7,886 RSUs to Employee at Exercise Price of Rs 1

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 06 Mar 2026, 03:09 PM

Angel One Limited has approved the grant of 7,886 Restrictive Stock Units (RSUs) to one eligible employee under its 2021 Long Term Incentive Plan. These units are convertible into an equal number of equity shares with a face value of Rs 1 each. The exercise price for these units is set at a nominal Rs 1 per share. The RSUs are scheduled to vest over a period of four years, aligning employee incentives with long-term company performance.

Grant of 7,886 Restrictive Stock Units (RSUs) to one eligible employee.
Exercise price fixed at a nominal rate of Rs 1 per equity share.
The RSUs will vest over a 4-year period from the date of grant.
Exercise period is 10 years from the date of grant or as decided by the NRC.
The grant is issued under the Angel Broking Employee Long Term Incentive Plan 2021.

💡 No action is required as this is a routine administrative grant with negligible equity dilution. Investors should remain focused on the company's core brokerage volumes and market share metrics.

Angel One Feb '26: Client Base Hits 36.9M; Retail Equity Market Share at Lifetime High of 20.8%

🟢 POSITIVE ⭐ 7/10

ROUTINE 📅 06 Mar 2026, 07:56 AM

Angel One reported a robust 20.8% YoY growth in its total client base, reaching 36.93 million in February 2026. While broader market activity led to a sequential decline in gross client acquisitions (-22.9% MoM) and average daily orders (-6.5% MoM), the company achieved a record retail equity turnover market share of 20.8%. Notably, the commodity segment saw a massive market share jump of 856 bps MoM to 57.0%. Despite the MoM moderation in trading volumes, the company continues to strengthen its competitive positioning across segments.

Total client base grew to 36.93 million, up 20.8% YoY and 1.5% MoM.
Overall retail equity turnover market share reached a lifetime high of 20.8%, up 23 bps MoM.
Commodity market share surged to 57.0%, representing a significant 856 bps MoM increase.
Average Daily Orders (ADO) stood at 6.86 million, reflecting 38.2% YoY growth despite a 6.5% MoM dip.
Average Client Funding Book increased 46.4% YoY to ₹59.33 billion, though it moderated 3.0% MoM.

💡 Investors should view the record market share gains as a sign of strong competitive moats, even as MoM trading volumes fluctuate with market sentiment. The long-term growth story remains intact given the 45%+ YoY growth in order volumes and funding books.

Angel One Allots Secured NCDs Worth Rs 50 Crore at 8.75% Interest

🟡 NEUTRAL ⭐ 4/10

FUNDRAISE 📅 24 Feb 2026, 03:04 PM

Angel One Limited has successfully allotted 5,000 Senior, Rated, Secured, Redeemable Non-Convertible Debentures (NCDs) on a private placement basis. The issuance raised a total of Rs 50 crore, with each NCD having a face value of Rs 1,00,000. These instruments carry a coupon rate of 8.75% per annum and have a tenure of 18 months, maturing on August 25, 2027. The NCDs are secured by a first pari-passu charge on the company's trade receivables and margin trading facility loans.

Allotment of 5,000 secured NCDs aggregating to a total of Rs 50 crore
Fixed coupon rate of 8.75% per annum with an 18-month tenure
Security cover of 1.00x maintained through hypothecation of trade receivables and MTF loans
Redemption date scheduled for August 25, 2027, with interest payments in August 2026 and 2027
Additional interest of 2% per annum applicable in case of default in payments

💡 This is a routine debt fundraise to support the company's margin funding business and liquidity. Investors should monitor if the cost of debt remains competitive compared to industry peers.

Angel One Announces February 26, 2026, as Record Date for Stock Split

🟢 POSITIVE ⭐ 7/10

ROUTINE 📅 18 Feb 2026, 09:38 PM

Angel One Limited has officially designated February 26, 2026, as the record date for its equity share sub-division. This corporate action follows the initial announcement made by the company on January 15, 2026. The primary objective of this split is to improve the liquidity of the shares in the secondary market and make them more accessible to retail investors. Shareholders holding the stock as of the record date will be eligible for the sub-divided shares, which will result in an increased share count and a proportionate reduction in share price.

The record date for the equity share sub-division is fixed as Thursday, February 26, 2026.
The action is taken pursuant to Regulation 42 of the SEBI (LODR) Regulations, 2015.
This follows the initial board intimation regarding the stock split dated January 15, 2026.
The split aims to determine eligible shareholders for the subdivision of existing equity shares.

💡 Existing shareholders should ensure they hold the stock by the ex-date to be eligible for the split. No manual action is required as the adjustment in share quantity and price will occur automatically in demat accounts.

Angel One Shareholders Approve Equity Share Split with Overwhelming 99.99% Majority

🟢 POSITIVE ⭐ 7/10

ROUTINE 📅 18 Feb 2026, 09:24 PM

Angel One Limited has received shareholder approval for a sub-division/split of its equity shares via a postal ballot. The resolution passed with an overwhelming 99.9980% majority, alongside the approval for altering the company's Capital Clause in the Memorandum of Association. A total of 4.17 crore votes were polled during the e-voting period which ended on February 18, 2026. This corporate action is expected to enhance the liquidity of the stock in the secondary market and make it more accessible to retail investors.

Resolution for sub-division/split of equity shares passed with 99.9980% votes in favor.
Alteration of the Capital Clause of the Memorandum of Association approved with 99.9965% majority.
Total votes polled amounted to 4,17,45,616 shares, representing approximately 45.95% of the total shareholding.
The remote e-voting process concluded on February 18, 2026, making the resolutions effective immediately.

💡 Investors should monitor for the upcoming announcement regarding the record date for the stock split. The split will likely improve trading liquidity and make the stock more accessible to a broader base of retail investors.

Angel One Allots 25,186 Equity Shares Under Employee Stock Option Plan

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 12 Feb 2026, 03:27 PM

Angel One Limited has approved the allotment of 25,186 equity shares to employees under its 2021 Long Term Incentive Plan. The allotment was finalized by the Securities Allotment Committee on February 12, 2026. This move increases the company's total paid-up share capital to 90,905,516 shares. The dilution resulting from this allotment is extremely small and is part of standard employee compensation practices.

Allotment of 25,186 equity shares of face value Rs. 10 each to eligible employees.
Shares issued pursuant to the Angel Broking Employee Long Term Incentive Plan 2021.
Total paid-up capital increased to Rs. 909,055,160 post-allotment.
The total number of equity shares now stands at 90,905,516.

💡 This is a routine corporate action with minimal impact on share value; investors should continue to focus on the company's operational performance and growth metrics.

Angel One to Meet Institutional Investors at Axis, Jefferies, and Goldman Sachs Conferences

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 06 Feb 2026, 06:53 PM

Angel One Limited has scheduled a series of interactions with institutional investors and analysts between February 11 and February 16, 2026. The company will participate in Axis Capital's flagship conference on Feb 11, a Jefferies-organized group meeting on Feb 12, and the Goldman Sachs India New Age Tech Conference on Feb 16. These meetings will involve both physical sessions in Mumbai and virtual formats. Discussions will be based on the company's investor presentation released on January 15, 2026, and other publicly available information.

Participation in Axis Capital's Flagship India Conference on February 11, 2026, involving 1x1 and group meetings.
Group meeting organized by Jefferies Group scheduled for February 12, 2026, in Mumbai.
Virtual interaction at the Goldman Sachs India New Age Tech Conference 2026 on February 16, 2026.
Discussions will be based on the Investor Presentation issued to stock exchanges on January 15, 2026.
The company confirmed that no unpublished price sensitive information (UPSI) will be discussed during these interactions.

💡 Investors should monitor for any subsequent analyst reports or updates that may emerge from these conferences regarding the company's growth outlook. No immediate action is necessary as these are routine investor relations activities.

Angel One Grants 3,586 Restrictive Stock Units (RSUs) to Eligible Employee

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 06 Feb 2026, 06:42 PM

Angel One Limited has approved the grant of 3,586 Restrictive Stock Units (RSUs) to a single eligible employee under its 2021 Long Term Incentive Plan. These RSUs are convertible into an equal number of equity shares with a face value of Rs. 10 each. The exercise price is set at Rs. 10 per share, and the units will vest over a period of four years. This move is part of the company's ongoing strategy to retain and incentivize key talent through share-based benefits.

Grant of 3,586 RSUs to one eligible employee under the LTI Plan 2021
Exercise price fixed at Rs. 10 per share, matching the face value
RSUs to vest over a 4-year period with a 10-year exercise window from the grant date
Each RSU is convertible into one equity share of Angel One Limited

💡 No immediate action is required as the grant size is negligible relative to the company's total equity. This is a routine administrative matter for employee retention.

Angel One Grants 1,602 RSUs to Employee at Rs 10 Exercise Price

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 04 Feb 2026, 12:50 PM

Angel One Limited has announced the grant of 1,602 Restrictive Stock Units (RSUs) to a single eligible employee under its 2021 Long Term Incentive Plan. Each RSU is convertible into one equity share of face value Rs 10, with the exercise price also set at Rs 10 per share. These units are scheduled to vest over a four-year period, aimed at long-term talent retention. Due to the extremely small volume of shares, there is no meaningful impact on the company's capital structure or earnings per share.

Grant of 1,602 Restrictive Stock Units (RSUs) to one eligible employee.
Exercise price fixed at Rs 10 per share, equal to the face value.
RSUs will vest over a period of 4 years from the grant date.
Exercise period extends up to 10 years from the date of grant.
The grant is issued under the Angel Broking Employee Long Term Incentive Plan 2021.

💡 No action is required as this is a routine administrative grant with negligible equity dilution. Investors should remain focused on the company's core brokerage volumes and market share metrics.

Angel One Jan 2026: Client Base Hits 36.4 Mn, Average Daily Orders Surge 25% MoM

🟢 POSITIVE ⭐ 7/10

ROUTINE 📅 04 Feb 2026, 07:21 AM

Angel One reported strong operational growth in January 2026, with its total client base expanding to 36.39 million, marking a 20.8% YoY increase. Average daily orders saw a significant jump of 25.1% MoM to 7.33 million, indicating high platform engagement despite fewer trading days. The company successfully increased its retail F&O market share to 22.4%, while the average client funding book grew 45.7% YoY to ₹61.18 billion. Mutual fund SIP registrations also showed healthy momentum, growing 13% MoM.

Client base grew 20.8% YoY to 36.39 million with 0.74 million new acquisitions in Jan
Average Daily Orders (ADO) surged 25.1% MoM to 7.33 million
F&O market share increased to 22.4%, up 40 bps MoM
Average Client Funding Book reached ₹61.18 billion, a 45.7% YoY growth
Unique MF SIP registrations grew 13% MoM to 868.82 thousand

💡 Investors should maintain a positive outlook as the company continues to gain market share in the high-yield F&O segment and expand its margin funding book. Monitor the sustainability of these growth rates in the context of broader market volatility.

Angel One to Raise ₹50 Crore via Private Placement of 8.75% Secured NCDs

🟡 NEUTRAL ⭐ 4/10

FUNDRAISE 📅 03 Feb 2026, 02:54 PM

Angel One Limited has approved the issuance of Senior, Rated, Secured, Redeemable Non-Convertible Debentures (NCDs) worth ₹50 crore. These NCDs carry a coupon rate of 8.75% per annum and have a tenure of 18 months. The issue is on a private placement basis and will be listed on the Wholesale Debt Market segment of the NSE. The funds are secured by a first pari-passu charge on the company's trade receivables and margin trading facility loans.

Total issue size of ₹50 crore consisting of 5,000 NCDs with a face value of ₹1,00,000 each
Fixed coupon rate of 8.75% per annum with a tenure of 18 months from allotment
Secured by a 1.00x cover on trade receivables and margin trading facility (MTF) loans
Additional interest of 2% per annum payable in case of default on principal or interest payments
NCDs to be listed on the National Stock Exchange (NSE) Wholesale Debt Market

💡 This is a relatively small fundraise for Angel One and is considered a routine treasury activity to manage liquidity. No immediate action is required as this does not significantly alter the company's capital structure or risk profile.

Angel One to Raise ₹50 Crore via Private Placement of NCDs at 8.75% Interest

🟡 NEUTRAL ⭐ 6/10

FUNDRAISE 📅 03 Feb 2026, 02:46 PM

Angel One's Loan, Investment and Borrowings Committee has approved the issuance of 5,000 Senior, Rated, Secured, Listed, Redeemable Non-Convertible Debentures (NCDs). The total fundraise amounts to ₹50 crore with a face value of ₹1,00,000 per debenture. These instruments carry a coupon rate of 8.75% per annum and have a tenure of 18 months. The issuance is secured by trade receivables and margin trading facility loans, aimed at supporting the company's operational liquidity.

Approved issuance of 5,000 NCDs totaling ₹50 crore on a private placement basis
Fixed coupon rate set at 8.75% per annum with a tenure of 18 months
Secured by first pari-passu charge on trade receivables and MTF loans with 1.0x cover
NCDs to be listed on the Wholesale Debt Market Segment of the National Stock Exchange
Default penalty clause includes an additional 2% interest rate per annum above the coupon

💡 This is a routine operational fundraise to support the company's margin trading book; investors should monitor if the cost of debt remains competitive. No immediate action is required as the quantum is relatively small compared to the company's overall balance sheet.

Angel One Allots 24,851 Equity Shares Under Employee Long Term Incentive Plan

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 30 Jan 2026, 12:58 PM

Angel One Limited has approved the allotment of 24,851 equity shares to eligible employees under the Angel Broking Employee Long Term Incentive Plan 2021. The allotment was finalized by the Securities Allotment Committee on January 30, 2026. Consequently, the company's paid-up share capital has increased to Rs. 90,88,03,300. This represents a very minor expansion of the total share base, which now consists of 9,08,80,330 equity shares.

Allotment of 24,851 equity shares of face value Rs. 10 each
Issued pursuant to the Angel Broking Employee Long Term Incentive Plan 2021
Total paid-up capital increased to Rs. 908,803,300
Total number of equity shares post-allotment stands at 90,880,330
The allotment committee meeting concluded at 11:10 a.m. on January 30, 2026

💡 This is a routine administrative update regarding ESOP exercises. No action is required as the equity dilution is negligible.

Angel One Q3 FY26: 43% EBITDA Margin, ₹23 Dividend, and 1:10 Stock Split Announced

🟢 POSITIVE ⭐ 9/10

EARNINGS 📅 21 Jan 2026, 08:48 PM

Angel One reported a resilient Q3 FY26 with stand-alone EBITDA margins reaching 43% despite recent regulatory changes in the F&O segment. The company demonstrated a strong recovery in broking operations, with average daily orders rising to 6.2 million from a February low of 4.9 million. Shareholder value was prioritized through the announcement of a ₹23 per share interim dividend and a 1:10 stock split. Significant growth was also noted in emerging verticals, particularly credit disbursements which grew 56% quarter-over-quarter to ₹7.1 billion.

Stand-alone EBITDA margin improved to 43% reflecting strong operating leverage in the core business.
Average daily orders (ADO) recovered to 6.2 million in Q3 FY26, up from 4.9 million post-regulatory changes.
Credit business disbursements reached ₹7.1 billion, marking a 56% QoQ growth with an annual run rate of ₹28 billion.
Wealth management (Ionic) AUM crossed ₹82 billion, while Mutual Fund AUM reached ₹171 billion.
Board approved a 1:10 stock split and an interim dividend of ₹23 per share to reward shareholders.

💡 Investors should take confidence in the company's ability to maintain high margins and recover order volumes despite regulatory headwinds. The diversification into credit and wealth management provides a long-term growth runway beyond pure-play broking.

Angel One Publishes Newspaper Ads for Postal Ballot Notice and Remote E-voting

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 20 Jan 2026, 12:46 PM

Angel One Limited has issued newspaper advertisements in Financial Express and Mumbai Lakshadeep regarding the dispatch of a Postal Ballot Notice. This follows the company's initial intimation on January 19, 2026, regarding shareholder voting via remote e-voting. The move is a mandatory compliance step under SEBI Regulations 30 and 47 to ensure transparent communication with shareholders. Investors are encouraged to review the specific resolutions mentioned in the full Postal Ballot Notice available on the company's website.

Advertisements published on January 20, 2026, in English and Marathi newspapers.
Confirms completion of dispatch of Postal Ballot Notice to all eligible members.
Complies with SEBI Listing Obligations and Disclosure Requirements (LODR) Regulations.
Remote e-voting facility provided to shareholders for the proposed resolutions.

💡 Investors should review the Postal Ballot Notice to understand the resolutions being voted upon and exercise their voting rights through the e-voting platform.

View All ANGELONE Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Total Gross Income reached INR 12.0 Bn in Q2 FY26, growing 5.3% QoQ. Segment contributions: F&O broking commissions (46%), Interest income from client funding and FDs (32%), Cash segment (8%), Commodity derivatives (6%), and the balance from depository, distribution, and wealth management. Net broking income grew 5.4% QoQ to INR 5.5 Bn, while distribution income surged 28% QoQ driven by credit products and IPO activity.

Geographic Revenue Split

Not disclosed in available documents; however, the company operates as a pan-India digital fintech platform serving diverse demographics across generations.

Profitability Margins

Profitability has moderated due to regulatory changes; H1 FY26 PBT/NOI stood at 25% and RoNW at 11%, compared to historical averages (FY21-FY25) of 47% and 40% respectively. Average PBT/NOI for Q4 FY25-Q1 FY26 was 23% with RoNW at 10%. The company targets an exit operating margin of 40%+ for Q4 FY26 and long-term margins of 45-50%.

EBITDA Margin

The Cost to Net Income ratio was 68.8% in Q2 FY26, compared to 52.3% in Q2 FY25, reflecting margin pressure. Operating margins are currently hovering around 34-35%, with a management target to reach 40% by Q4 FY26 through increased order run rates and cost stabilization.

Capital Expenditure

While specific future CapEx figures are not detailed, the company raised INR 1,500 Cr in equity capital in Q1 FY25 to support growth. It is incubating new Asset Management and Wealth Management businesses with an annual burn rate of approximately INR 100 Cr.

Credit Rating & Borrowing

The company maintains a comfortable capitalisation profile with a gearing of 0.6 times as of June 30, 2025. Finance costs increased 12.4% QoQ to INR 932 Mn in Q2 FY26 due to higher borrowings for the Margin Trade Funding (MTF) book, though partially offset by a reduction in average borrowing rates.

⚙️ Operational Drivers

Raw Materials

As a fintech, 'raw materials' consist of Technology Infrastructure and Human Capital. Employee benefit expenses were INR 2,275 Mn in Q2 FY26. Marketing and branding (including major sports sponsorships) represent significant variable costs, with branding spends accounted for fully in the period of acquisition.

Key Suppliers

Not applicable; however, the company relies on Exchanges (NSE, BSE, MCX) for trade execution and technology vendors for its end-to-end digital presence.

Capacity Expansion

The platform demonstrated 1.6x growth in Demat accounts over recent periods. The Margin Trading Funding (MTF) book reached a new high of INR 5,900 Cr by the end of Q2 FY26, with the average client funding book growing 26.1% QoQ to INR 53 Bn.

Raw Material Costs

Employee expenses and ESOP costs totaled INR 2,745 Mn in Q2 FY26. Marketing and promotion expenses weighed on profitability in Q4 FY25 and Q1 FY26 due to upfront booking of sports event sponsorships.

Manufacturing Efficiency

The share of direct business in net broking revenue expanded by 84 basis points to 77% in Q2 FY26, indicating higher efficiency and scalability of the digital platform.

Logistics & Distribution

Distribution income grew 28% QoQ, driven by a two-fold jump in credit product sales and a robust IPO market.

📈 Strategic Growth

Expected Growth Rate

69.40%

Growth Strategy

Growth will be driven by scaling the Margin Trade Funding (MTF) book (currently INR 5,900 Cr), expanding the distribution of third-party products (Mutual Funds, Insurance, Credit), and incubating Wealth and Asset Management businesses. The company aims to increase order run rates and leverage its 18.7% F&O market share to drive broking revenue while using new segments to reduce cyclicality.

Products & Services

Equity broking (Cash, F&O, Commodity), Margin Trade Funding (MTF), Mutual Funds, Insurance policies, Fixed Deposits, Credit products, Wealth Management services, and Asset Management products.

Brand Portfolio

Angel One

New Products/Services

New forays into Wealth Management and Asset Management are expected to contribute to revenue linearity, with a current annual investment/burn of INR 100 Cr in these segments.

Market Expansion

Focusing on organic and content-based customer acquisition to lower acquisition costs and increase market share in the retail ADTO segment.

Market Share & Ranking

F&O Premium Market Share: 18.7% (Q2 FY26); Commodity Market Share: 65.1% (Q2 FY26); Cash Turnover Market Share: 17.3% (Q2 FY26).

Strategic Alliances

The company works with 'Authorized Persons' (partners) who contribute 23% of net broking revenue.

🌍 External Factors

Industry Trends

The industry is shifting toward discount brokers who now command 60% of NSE active clients. There is an increasing regulatory focus on strengthening the index derivatives framework, which has caused a material decline in industry-wide trading volumes.

Competitive Landscape

Intense competition from other discount brokers and new entrants. Angel One competes by leveraging its established franchise to cross-sell wealth and asset management services.

Competitive Moat

Moat is built on a robust digital fintech model with high scalability (77% direct business) and a dominant 65.1% share in the commodity segment. Sustainability is supported by the 'ecosystem lock-in' strategy where clients are offered a full stack of financial products.

Macro Economic Sensitivity

Highly sensitive to capital market movements; a 31% decline in industry-wide trading activity following regulatory measures led to a 21% YoY decline in Angel's net operating income in H1 FY26.

Consumer Behavior

Heightened retail trading activity in index derivatives has been a major driver, though recent regulatory changes have elongated the client payback period.

Geopolitical Risks

Revenue remains sensitive to broader market movements both locally and globally, which can impact retail trading sentiment and order volumes.

⚖️ Regulatory & Governance

Industry Regulations

Impacted by 'True to Label' (uniform exchange charges) which reduced ancillary income to zero from Q3 FY25. Also affected by SEBI measures to strengthen the index derivatives framework, leading to a 31% drop in order volumes from peak levels. Other regulations include cash-collateral segregation and upstreaming of client funds.

Environmental Compliance

Not disclosed in available documents; as a digital service, ESG focus is likely on governance and social impact.

Taxation Policy Impact

Not specifically detailed, but the company maintains a dividend payout policy of at least 35% of net profit.

Legal Contingencies

The company states it has evaluated internal controls over financial reporting and disclosed any deficiencies to auditors; no specific pending high-value court cases were detailed in the provided text.

⚠️ Risk Analysis

Key Uncertainties

High dependency on the F&O segment (81% of broking income) makes the company vulnerable to further regulatory tightening, which could impact revenue by 20% or more if trading volumes continue to moderate.

Geographic Concentration Risk

Primarily focused on the Indian retail market; specific regional concentration within India is not disclosed.

Third Party Dependencies

Significant reliance on Authorized Persons for 23% of net broking revenue and on stock exchanges for operational infrastructure.

Technology Obsolescence Risk

High risk due to end-to-end digital presence; technical failures pose reputational risks. The company mitigates this by positioning itself as a 'Fintech Platform' with continuous AI integration.