Angel One Q1 Review: SEBI RA Says Tech-Led Strategy Holds Firm, But Flags Margin Squeeze, F&O Risks

Angel One’s first-quarter performance for FY26 showed steady topline and profit growth despite tighter margins. 

The company’s total income rose 10.9% quarter-on-quarter and 33% year-on-year to ₹1,405 crore, while net profit grew 67% year-on-year to ₹293 crore.

According to SEBI-registered analyst Rajneesh Sharma, the core profit margin slipped to 33% from 39% in the previous quarter due to regulatory volume headwinds and infrastructure spending; however, profitability was maintained through scale and cost control. 

Earnings per share (EPS) improved sequentially to ₹32.49. 

He flagged a strong client base expansion, growing traction in mutual funds, ETFs, and personal loans, and deepening tech adoption via LLM bots and ML onboarding tools.

Sharma added that Angel One’s broader asset footprint, hybrid distribution model, and long-term focus on lifetime value (LTV) over trading volumes continue to differentiate the strategy. 

On the technical front, he identified a bearish near-term bias with lower highs and support at ₹2,600–₹2,700. 

A breakout above ₹2,900 could lead to a retest of ₹3,200, while a break below support may drag the stock to ₹2,032.

He highlighted the firm’s strong return on capital employed (ROCE) of 25.8%, low debt, and increasing FII/DII interest as positives but cautioned about high promoter dilution and regulatory uncertainty in F&O. 

Angel One’s ongoing expansion in AMC, GIFT City, and app-driven ecosystems points to long-term fintech transformation, Sharma said.

On Stocktwits, retail sentiment was ‘bullish’ amid ‘extremely high’ message volume.

Angel One’s stock has declined 9.1% so far in 2025.

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