Angel One Limited · NSE:ANGELONE
Angel One — Q3 FY2026 Earnings Presentation
42 slides from Angel One's earnings presentation, Jan 15, 2026
Slide 1: Cover letter to stock exchanges
Classified as Internal To, Listing Department Department of Corporate Service National Stock Exchange of India Limited BSE Limited Exchange Plaza, C-1, G Block, Phiroze Jeejeebhoy Towers, Bandra Kurla Complex, Dalal Street, Bandra (East), Mumbai - 400 051. Mumbai - 400 001. Symbol: ANGELONE Scrip Co
Slide 2: Q3 '26 Investor Presentation
Classified as Internal ONE PLATFORM. COUNTLESS JOURNEYS. A BILLION STORIES. Q3 ‘26 Investor Presentation 15th January 2026
Slide 3: Safe Harbour
Classified as Internal Safe Harbour This presentation and the accompanying slides (the “Presentation”), which have been prepared by Angel One Limited (the “Company”), have been prepared solely for information purposes and do not constitute any offer, recommendation or invitation to purchase or subsc
Slide 4: Table Of Contents
Classified as Internal Table Of Contents 01 Angel One: A Fintech Platform 02 Business Model: Angel’s Advantage 03 Industry Landscape 04 Financial Overview 05 About Us 06 Annexures 3
Slide 5: Q3 '26 Key Highlights
Classified as Internal Q3 ‘26 Key Highlights Platform Metrics 35.7 Mn (+4.8% QoQ) 1.7 Mn (+0.5% QoQ) ₹ 1.5 Trn (+5.6% QoQ) Total Client Base Gross Client Acquisition Assets Under Custody Brokerage - Cash, 8% Brokerage - F&O, (8.7 Mn No of Clients) 44% Other Income, 1% Distribution, 4% Broking ₹ 13.4
Slide 6: A Full Stack Fintech Platform
Classified as Internal A Full Stack Fintech Platform Scaling digitally through Strengthening leadership Enhancing engagement with Growing profitably and omnichannel approach position client first focus sustainably A Holistic Financial Ecosystem Designed to Serve Every Client: Building a healthy mix
Slide 7: Angel One Platform: Technology Deepening India's Financialisation Journey
Classified as Internal Angel One Platform: Technology Deepening India’s Financialisation Journey ISO/IEC 27001:2022 ISO 22301:2019 Tech that elevates every interaction Information Security Business Continuity Management Management Client experience System Systems AI/ML personalization & advisory eng
Slide 8: AI: Proprietary Models Developed To Enhance Efficiency
Classified as Internal AI: Proprietary Models Developed To Enhance Efficiency Client-Centric AI Solutions Organisation Focused AI Solutions “Data Analyst Agent (DAA) ”: AI-powered data assistant (Beta) • A conversational analytics tool built in-house to enhance data 1.5x >90% >80% driven decision ma
Slide 9: Brand & Product Suite: Evolved To Serve All Financial Needs Of India
Classified as Internal Brand & Product Suite: Evolved To Serve All Financial Needs Of India Maximizing client lifetime value FY20 FY21 FY22 FY23 FY24 FY25 FY26 Digital Successful Redefining Super App Foray Into Wealth & Deepening Expanding Foundation IPO Brand & MF Launch Asset Management Engagement
Slide 10: A. Broking: Core Scale Digital Engine
Classified as Internal A. Broking: Core Scale Digital Engine Balanced Omnichannel Mix In Client Base Demat Market Share Order Trajectory (Mn) Large and growing +61 bps Direct Clients Assisted Business 1,700 YoY gap in orders is client base 16.5% 16.1% 15.9% 1,409 narrowing every quarter 23% 23% 22%
Slide 11: A. Broking: Business Maturing With Regulations
Classified as Internal A. Broking: Business Maturing With Regulations Business Has Demonstrated Better Growth Post All Regulatory Changes (Mn) Continuing regulations like cash-collateral segregation, upstreaming of Peak Margin Norms In Cash Segment F&O regulations client funds, quarterly payout, ASB
Slide 12: B. Powering Lifetime Value Through Platform-Led Multi-Product Engagement
Classified as Internal B. Powering Lifetime Value Through Platform-Led Multi-Product Engagement Credit: Right Partners + Data Driven Approach 7 Partnerships Live Credit Disbursal NBFCs Banks (₹ Bn) ₹ 28 bn ARR 7.1 +56% 4.6 QoQ 1.2 1.9 2.4 2.3 0.4 1.0 Q2 '26 Q2 '25 Q4 '24 Q4 '25 Q1 '26 Q1 '25 Q3 '26
Slide 13: Performance Of Broking & Distribution (MF + Credit) Businesses
Classified as Internal Performance Of Broking & Distribution (MF + Credit) Businesses (Standalone Financials) (₹ Mn) Gross Revenues EBDAT Profit After Tax Margin 44.3% 33.4% 24.3% 37.7% 43.0% 13,173 12,480 4,301 4,336 3,010 3,010 11,823 11,203 10,334 3,461 2,363 2,703 1,803 2,110 1,339 Q3 '25 Q4 '25
Slide 14: C. WealthTech: Omnichannel Proposition Defining Growth
Classified as Internal C. WealthTech: Omnichannel Proposition Defining Growth Key Highlights Brand campaign - Your wealth is your first start-up ₹ 82.2 Bn AUM (+33.7% QoQ) Portfolios Analysed # 4,053 Active Assets: ₹ 77.5 Bn ₹ 103.5 Bn Custody Assets: ₹ 4.7 Bn >80% - ARR: Total AUM Digital Transacti
Slide 15: C. WealthTech: Leveraging AI
Classified as Internal C. WealthTech: Leveraging AI Avatar: Innovation in client engagement Live: Enhancing digital experience for clients & RMs 14 Avatar Innovation is a prototype. Features, design, and performance are subject to change and may not reflect the final product. No guarantees are made
Slide 16: D. Asset Management: Building An Annuity Business
Classified as Internal D. Asset Management: Building An Annuity Business Key Highlights Angel One AMC’s Product Offerings – 9 Schemes Live Angel One Schemes Index Fund ETF ETF FOF Equity ₹ 4.7 Bn 193 k 16.9 k Angel One Nifty Total Market ✓ ✓ (+16.7% QoQ) (+39.2% QoQ) Angel One Nifty 50 ✓ ✓ Pincodes
Slide 17: Table Of Contents
Classified as Internal Table Of Contents 01 Angel One: A Fintech Platform 02 Business Model: Angel’s Advantage 03 Industry Landscape 04 Financial Overview 05 About Us 06 Annexures 16
Slide 18: Compounding Trust Into Scalable Monetisation
Classified as Internal Compounding Trust Into Scalable Monetisation High Client Trust x High Platform Sophistication: A Top-Right Quadrant Fintech Platform Trust Flywheel Growth Engines Long-Term Outcomes + High customer trust built on transparency, + Diversified revenue stack: Broking, Wealth, ✓ In
Slide 19: Client Maturity: Expanding Vertical & Horizontal Stack
Classified as Internal Expanding Vertical & Horizontal Stack ✓ HNI Client Base (Mn) 35.7 ✓ Deeper engagement ✓ Affluent Client Maturity Mature ✓ Investor ✓ Higher trust 0.7 FY20 9M '26 ✓ Traders ✓ Thicker and Longer Lifetime Value New to ✓ Angel One’s Offerings Market (# of Products) Mutual Trading
Slide 20: Client Demography And Engagement Journey
Classified as Internal Client Demography And Engagement Journey Acquiring Healthy Mix Of Gen X, Millennials And Gen Z ~90% Of Gross Client Addition Contributed By Tier 2, 3 & Beyond Cities In Q3 ’26 Tier-1 Tier-2 Tier-3+ (Mn) <25 years >25 years 5.3 4.7 8.8 9.3 1.5 1.7 1.7 54% 52% 52% 58% 55% 2.9 2.
Slide 21: Sustainable Revenues From Clients
Classified as Internal Sustainable Revenues From Clients Consistent Total Net Income From Every Cohort Actuals (₹ Mn) Gross Acquisition (Mn) FY20 FY21 FY22 FY23 FY24 FY25 • Behaviour of the acquired cohort is seen to be consistent, from 24th month after Pre-FY20 3,589 3,358 3,606 3,439 3,681 3,816 a
Slide 22: Table Of Contents
Classified as Internal Table Of Contents 01 Angel One: A Fintech Platform 02 Business Model: Angel’s Advantage 03 Industry Landscape 04 Financial Overview 05 About Us 06 Annexures 21
Slide 23: Fintech Model Enabling Penetration Of Vast Addressable Market
Classified as Internal Fintech Model Enabling Penetration Of Vast Addressable Market India Population India Working Age Population India Median Age India Per Capita Income (Bn) 1.6 (Bn) (Yrs) 35 (US$ ‘000) 1.1 29 31 1.5 1.1 1.5 1.0 4.5 2.9 2025E 2030E 2040E 2025E 2030E 2040E 2025E 2030E 2040E 2025E
Slide 24: Market Expansion Driven By Younger And Regional Cohorts
Classified as Internal Market Expansion Driven By Younger And Regional Cohorts Rising Share Of Investors On NSE From Beyond Top 5 States Younger Investors Powering Growth (Nov 2025) (April-Nov 2025) <30 yrs: Investors in registered base on <30 yrs: New investors added in registered 52% NSE base on N
Slide 25: Trade Volumes Immune To Market Cycles
Classified as Internal Trade Volumes Immune To Market Cycles FY25: Geopolitical Tensions Consistent Improvement In NSE Trade Volumes Despite Market Volatility Over Last 18 Years Nifty 50: +5% Trades: +11% 28,000 FY23: Geopolitical 120 Tensions 110 24,000 Nifty 50: -1% 100 FY16: Slowing China Trades:
Slide 26: Regulations Have Strengthened Guardrails And Built Retail Confidence
Classified as Internal Regulations Have Strengthened Guardrails And Built Retail Confidence Regulations Create Greater Trust And Safety Leading To Long Term Growth Continuing regulations like cash-collateral segregation, upstreaming of Peak Margin Norms In Cash Segment F&O regulations client funds,
Slide 27: Rising Holding Of Retail Investors In NSE Listed Companies
Classified as Internal Rising Holding Of Retail Investors In NSE Listed Companies Ownership Pattern In NSE-listed universe Promoter (Indian Promoter (Indian Promoter (Indian Promoter (Indian • Individual investors’ direct 51.0% 50.4% 51.9% 50.5% + Govt + Foreign) + Govt + Foreign) + Govt + Foreign)
Slide 28: Table Of Contents
Classified as Internal Table Of Contents 01 Angel One: A Fintech Platform 02 Business Model: Angel’s Advantage 03 Industry Landscape 04 Financial Overview 05 About Us 06 Annexures 27
Slide 29: Consolidated Financial Performance: Steady QoQ Improvement
Classified as Internal Consolidated Financial Performance: Steady QoQ Improvement (₹ Mn) Consolidated Gross Revenues Consolidated EBDAT Consolidated Profit After Tax Gross Broking Interest Income Other Margin 42.0% 31.8% 21.8% 34.5% 39.4% 4,140 2,815 4,050 2,687 13,377 12,638 12,042 1,192 962 11,431
Slide 30: Revenue Diversity Supporting Long Term Growth
Classified as Internal Revenue Diversity Supporting Long Term Growth Monetisation Of Multi-Product Offerings On The Platform Gross Broking Contributes 58% In Total Revenues Declining Share Of F&O In Total Revenues 68% Broking-F&O Broking-Cash Broking-Commodity 67% 65% 70% 40% 65% 56% 58% 55% 60% 50%
Slide 31: Client Funding: A Fast-Emerging Engine of Growth
Classified as Internal Client Funding: A Fast-Emerging Engine of Growth Client Funding Book Size Low Exposure Per Client Client Funding Book Segmentation (% of clients using the facility) (₹ Mn) (₹) +37% <₹ 0.1mn ₹ 0.1-0.5mn >₹ 0.5mn 172,784 176,508 59,474 59,173 156,277 6.4% 6.5% 5.7% 9.6% 9.8% 8.6
Slide 32: Consolidated Profit & Loss Statement
Classified as Internal Consolidated Profit & Loss Statement Particulars (₹ Mn) Q3 FY26 Q2 FY26 Q3 FY25 FY25 FY24 # of Trading Days 61 64 61 247 244 (a) Interest Income 4,409 3,794 3,494 13,410 7,859 (b) Fees and commission income 8,896 8,167 9,053 38,739 34,792 (c) Net gain on fair value changes 44
Slide 33: Summary Of Consolidated Balance Sheet
Classified as Internal Summary Of Consolidated Balance Sheet Particulars (₹ Mn) Dec ’25 Mar ’25 Financial Assets (a) Cash, cash equivalents and Bank Balance 1,35,764 1,18,044 (b) Other Trade Receivables 3,709 1,396 (c) Client Funding Book 59,173 38,588 (d) Investments 2,919 2,016 (e) Other financial
Slide 34: Table Of Contents
Classified as Internal Table Of Contents 01 Angel One: A Fintech Platform 02 Business Model: Angel’s Advantage 03 Industry Landscape 04 Financial Overview 05 About Us 06 Annexures 33
Slide 35: Board Of Directors & Experienced Management Team
Classified as Internal Board Of Directors & Experienced Management Team Board of Directors Dinesh Thakkar Chairman and Managing Director Muralidharan Mala Todarwal Krishnaswamy Sridhar Kalyan Prasath Ramachandran Independent Director Independent Director Independent Director Independent Director N T
Slide 36: People Practices & Social Empowerment
Classified as Internal People Practices & Social Empowerment Robust Employee Engagement Angel One’s CSR Programmes Diversity Equity & Inclusion Partner Non-Profit Organisations ✓ Jombay leadership program ✓ Launched Women ERG-led EmpowerHer Bootcamp, a 2-month career accelerator program for women ✓
Slide 37: Awards & Accolades
Classified as Internal Awards & Accolades Technology Industry Marketing Best CX Strategy of the Year at CX ET Brand Equity Trendies Award for Best Performer in Equity Derivatives Strategy Summit & Awards Excellence in Social Media Marketing – (Retail) by BSE 2025 2025 by UBS Forums Fintech category
Slide 38: Table Of Contents
Classified as Internal Table Of Contents 01 Angel One: A Fintech Platform 02 Business Model: Angel’s Advantage 03 Industry Landscape 04 Financial Overview 05 About Us 06 Annexures 37
Slide 39: Robust Client Additions
Classified as Internal Robust Client Additions India: Incremental Demat Accounts Angel: Incremental Client Base (Mn) +11% +4% (Mn) +86% +49% +142% 41.1 -28% 8.8 8.5 36.9 34.6 +121% -10% 24.8 23.5 5.1 +188% 4.6 4.7 +341% 14.3 2.3 5.0 0.5 FY20 FY21 FY22 FY23 FY24 FY25 9M '26 FY20 FY21 FY22 FY23 FY24 F
Slide 40: Angel One's Average Orders Increased In >75% Instances
39 -60% -30% 90% 60% 30% 0% 18 Apr - 15 May 2019 28 4 Jun - 19 Jun 2019 5 Jul - 5 Aug 2019 37 24 Sep - 7 Oct 2019 3 Jan - 1 Feb 2020 12 Feb - 23 Mar 2020 30 Mar - 3 Apr 2020 4 May - 18 May 2020 8 Jul - 15 Jul 2020 24 Jul - 3 Aug 2020 31 Aug - 24 Sep 2020 Fall in Nifty50 15 Jan - 29 Jan 2021 16 Feb -
Slide 41: Fintech Business Drives Multifold Increase In Client Activity
Classified as Internal Fintech Business Drives Multifold Increase In Client Activity F&O Turnover Market Share Cash Turnover Market Share Commodity Turnover Market Share Overall Equity Market Share (%) (%) (%) (%) 18.3% 21.9% 17.4% 59.6% 17.3% 21.4% 21.4% 21.0% 16.9% 58.1% 57.5% 21.8% 21.3% 20.2% 18
Slide 42: Investor Relations Contacts
Classified as Internal Company : Investor Relations Advisors : http://www.sgapl.net/images/sgapl_logo.jpg Angel One Ltd. Strategic Growth Advisors Pvt. Ltd. CIN – L67120MH1996PLC101709 CIN - U74140MH2010PTC204285 Mr. Hitul Gutka – Head IR Mr. Shogun Jain / Mr. Shrikant Sangani Email Id – hitul.gutka