Angel One Q1 FY27 net profit falls 28% QoQ to ₹231 crore on margin squeeze
Synopsis
Angel One's Q1 FY27 profit fell 28% sequentially to ₹231 crore as EBITDA margins collapsed by 710 basis points — yet its wealth management AUM surged 165% and credit distribution more than doubled year-on-year. The divergence between weak headline earnings and strong business-line growth makes this a pivotal quarter for the broking firm's diversification story.
Key Takeaways
Angel One posted a consolidated net profit of ₹231 crore in Q1 FY27 , down 27.8 per cent from ₹320 crore in Q4 FY26.
Revenue from operations fell 2.1 per cent sequentially to ₹1,430 crore .
EBITDA declined 19 per cent to ₹485 crore ; EBITDA margin contracted 710 basis points to 33.9 per cent .
Wealth management AUM surged 165.3 per cent year-on-year to ₹134.4 billion ; credit distribution jumped 129.7 per cent to ₹5.3 billion .
An interim dividend of Re 1 per share was declared, with record date set for 21 July and payout by 14 August .
Unique SIP registrations declined 10.3 per cent to 1.7 million during the quarter.
Angel One Limited, the Mumbai-based fintech and broking firm, reported a 27.8 per cent quarter-on-quarter decline in consolidated net profit for Q1 FY27 (April–June 2026), as lower revenue and a sharp contraction in operating margins weighed on earnings. The company posted a net profit of ₹231 crore, down from ₹320 crore in the preceding quarter (Q4 FY26), according to its stock exchange filing on Wednesday, 15 July 2026.
Revenue and Operating Performance
Revenue from operations slipped 2.1 per cent sequentially to ₹1,430 crore from ₹1,459 crore in the January–March quarter. Operating pressure was more pronounced at the earnings level, with EBITDA (earnings before interest, taxes, depreciation, and amortisation) falling 19 per cent to ₹485 crore from ₹599 crore in Q4 FY26.
The EBITDA margin narrowed to 33.9 per cent from 41 per cent in the preceding quarter — a contraction of 710 basis points — signalling that cost pressures outpaced the revenue decline during the quarter.
Dividend Declared for FY27
Alongside its quarterly results, Angel One declared an interim dividend of Re 1 per equity share, marking its first dividend announcement for FY27. The company has fixed 21 July as the record date to determine eligible shareholders. The payout is scheduled on or before 14 August to shareholders on the register of members or depository records as of the record date.
Business Metrics Show Robust Growth
Despite the softer headline earnings, several underlying business indicators recorded strong year-on-year expansion. The average client funding book rose 45.9 per cent year-on-year to a record ₹61.4 billion during the quarter. Credit distribution surged 129.7 per cent year-on-year to ₹5.3 billion, while wealth management assets under management (AUM) jumped 165.3 per cent to ₹134.4 billion as of June 2026.
The company reported more than 2,400 wealth management clients at the quarter's end. Asset management AUM also climbed 81.4 per cent year-on-year to ₹6.2 billion. However, unique systematic investment plan (SIP) registrations declined 10.3 per cent during the quarter to 1.7 million, a metric that industry observers will watch closely given the broader retail participation trend.
Context and What to Watch
The sequential profit decline comes against a backdrop of subdued trading volumes and tighter margins across the broking industry in Q1 FY27. Angel One's margin compression mirrors a sector-wide trend, as regulatory changes and competitive pricing have squeezed brokerage income. Notably, the firm's strong AUM and credit distribution growth suggest its diversification into wealth and lending is gaining traction, even as core broking faces headwinds.
Investors and analysts will be watching whether the margin recovery materialises in Q2 FY27, and whether the SIP registration decline reverses as market sentiment stabilises.
Point of View
But these segments are not yet large enough to cushion a core broking downturn. The SIP registration dip is a quiet red flag: if retail investor momentum softens, the AUM growth story could face a tougher test in Q2. The Re 1 dividend, while symbolic, signals management confidence — but the market will want margin recovery, not just signals.
NationPress
15 Jul 2026
Frequently Asked Questions
What was Angel One's net profit in Q1 FY27?
Angel One reported a consolidated net profit of ₹231 crore in Q1 FY27 (April–June 2026), a 27.8 per cent decline from ₹320 crore in the preceding quarter (Q4 FY26). The fall was attributed to lower revenue and a contraction in operating margins.
Why did Angel One's EBITDA margin fall in Q1 FY27?
Angel One's EBITDA margin narrowed to 33.9 per cent from 41 per cent in Q4 FY26, a contraction of 710 basis points. EBITDA itself fell 19 per cent to ₹485 crore, reflecting cost pressures that outpaced the 2.1 per cent sequential revenue decline.
What interim dividend has Angel One declared?
Angel One declared an interim dividend of Re 1 per equity share — its first dividend announcement for FY27. The record date is 21 July, and the payout is scheduled on or before 14 August 2026.
Which business segments showed strong growth for Angel One?
Despite weaker headline earnings, wealth management AUM surged 165.3 per cent year-on-year to ₹134.4 billion, credit distribution jumped 129.7 per cent to ₹5.3 billion, and the average client funding book rose 45.9 per cent to a record ₹61.4 billion. Asset management AUM also grew 81.4 per cent year-on-year.
Did Angel One's SIP registrations grow in Q1 FY27?
No. Unique SIP registrations declined 10.3 per cent during Q1 FY27 to 1.7 million, even as broader business metrics showed strong year-on-year growth. This is a metric analysts are likely to monitor in the coming quarters.
