For the March quarter, the company reported a 83.5% year-on-year surge in its net profit to ₹320 crore. Revenue increased by 38.2% to ₹1,459 crore from ₹1,056 crore in the year-ago quarter, while rising 9% quarter-on-quarter.
The asset management business also showed improvement in its operating performance, with EBITDA growing 74.6% to ₹598 crore from ₹343 crore a year earlier. EBITDA margins expanded to 41% from 32% in Q4FY25.
The adjusted EBITDA rose 23% sequentially to ₹498 crore, with margins expanding by around 400 basis points.
On the cost front, employee expenses declined 11% sequentially due to reversals. In comparison, other expenses rose 20% quarter-on-quarter, including ₹11.5 crore in IPL-related promotional spends and ₹19.2 crore in customer reimbursements linked to exchange disruptions.
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Citi maintained its “Buy” rating on the stock with a price target of ₹340 per share, noting that core PBT rose 19% sequentially excluding one-offs.
The brokerage said growth was driven by higher trading volumes, with trading orders rising 31% year-on-year and 13% from the December quarter, while realisations per order improved slightly across segments.
The company also announced a ₹300 crore strategic investment in Angel One Wealth and Angel Fincap as part of its diversification plans.
Angel One’s management in its earnings call said that brand marketing including IPL expenses is a long-term play, while adding that the 431 million orders that the company saw in the fourth quarter was at a six-quarter high.
Shares of Angel One are trading 2.4% higher on Friday, slightly off the highs of the day at ₹299.6. The stock has risen nearly 40% in the last one month.
