Angel One Surges: Client Growth & Funding Hit New Highs

Angel One Ltd has reported a robust performance in Q1 FY '26, with gross revenues climbing by 8.1% to Rs. 11.4 billion. The company achieved significant client acquisition, adding over 1.5 million new users, with an impressive 88% originating from tier 2, 3, and smaller urban areas, demonstrating expanding reach beyond major metropolises.

Furthermore, the client funding book marked an all-time high of Rs. 48 billion, reflecting increased trust and engagement on the Angel One platform. The company is strategically integrating artificial intelligence and machine learning technologies to enhance client experiences and streamline operations, which is anticipated to be a key driver for future expansion.

Despite these positive strides, the company's operating margin was affected by significant expenses, including those related to the Indian Premier League and a prior quarter variable pay reversal, leading to a reported operating margin of 21.8%. New ventures in wealth and asset management are in their early stages, impacting short-term profitability, with the asset management AUM exceeding Rs. 3.4 billion as of June 30, 2025.

The effective tax rate saw an increase to 30% due to losses in nascent businesses and non-deductible corporate social responsibility contributions. Competitive pressures in the margin trading sector and the dynamic nature of retail investor activity, coupled with regulatory shifts, pose ongoing challenges that Angel One is navigating.