Angel One Limited · NSE:ANGELONE
Angel One — Q1 FY2026 Earnings Presentation
37 slides from Angel One's earnings presentation, Jul 16, 2025
Slide 1: Letter to stock exchanges: Investor Presentation
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 Code: 543235 Dear Sirs/ M
Slide 2: One Platform. Countless Journeys. A Billion Stories - Q1 '26 Investor Presentation
ONE PLATFORM. COUNTLESS JOURNEYS. A BILLION STORIES Q1 ‘26 Investor Presentation 16th July 2025
Slide 3: Safe Harbour
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 subscribe for any securities
Slide 4: Table Of Contents
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: Scaling As A Full Stack Fintech Platform
Scaling As A Full Stack Fintech Platform Expanding digital reach Strengthening Scaling client Growing profitably and across Bharat leadership position engagement sustainably Strategic Expansion In Product Suite: From Transactions To Life Cycle Engagement Broking Wealth Management Asset Management Mu
Slide 6: A. Broking: Tech-Led High Engagement Platform
A. Broking: Tech-Led High Engagement Platform A Tech-first Platform Driven Client-Centric Solutions Backed by Data Order Trajectory • Focused on building long term, annuity business ✓ Behavioural insights 1,700 1,409 (Mn) • Deployed advanced AI/ML models and behavioural analytics to acquire ✓ Intell
Slide 7: B. Powering Lifetime Value Through Platform-Led Multi-Product Engagement
B. Powering Lifetime Value Through Platform-Led Multi-Product Engagement Mutual Fund Unique SIPs Registered (Mn) • Formidable share in incremental SIP registrations, reinforcing Achieving High Engagement With Clients 1.9 leadership • Resilient SIP flows sustained through market cycles # of Unique MF
Slide 8: C. WealthTech: Creating A Modern Approach To Wealth Management
C. WealthTech: Creating A Modern Approach To Wealth Management Key Highlights Ramping Tech Capabilities To Build An Omni Channel Proposition 1,000+ Clients via relationship managers, website & mobile app 6 Licenses ARN, PMS, RIA, RA, Domestic AIF ₹ 50.7 Bn & GIFT CITY FME AUM 184 team members Compri
Slide 9: D. Asset Management: Building An Annuity Business
D. Asset Management: Building An Annuity Business Huge Runway Of Growth For Passive Investing In India Angel One AMC’s Product Offerings USA: Passive AUM vs Active AUM India: Passive AUM vs Active AUM Index Scheme ETFs Fund ₹ 12.0 17% trn Equity 17% US$ 16.2 1st in 41% trn 17% Angel One Nifty Total
Slide 10: Angel One Platform: Technology Deepening India's Financialisation Journey
Angel One Platform: Technology Deepening India’s Financialisation Journey Tech that elevates every interaction Client experience AI/ML personalization & advisory engine Curated investment ideas across assets Real-time analytics and insights Low-latency, high-efficiency platform Open source & API int
Slide 11: Table Of Contents
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 10
Slide 12: Sustainable Revenues From Clients
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 acquisition FY20 0.6 1,1
Slide 13: Client Demography And Engagement Journey
Client Demography And Engagement Journey Healthy Mix Of Gen X, Millennials And Gen Z >88% Of Gross Client Addition Contributed By Tier 2, 3 & Beyond Cities In Q1 ’26 Tier-1 Tier-2 Tier-3+ (Mn) <25 years >25 years 5.3 4.7 8.8 9.3 1.5 54% 52% 52% 58% 57% 2.9 2.9 5.8 6.1 1.0 46% 48% 48% 1.7 1.4 2.1 42%
Slide 14: Exploring Growth Opportunities To Further Deepen Engagement On The Platform
Exploring Growth Opportunities To Further Deepen Engagement On The Platform 01. Manufacturing Platforms: 07. Talent / IP Acquisition: Strategic investments across consumer financial Onboard strategic IP’s & entrepreneurial teams to build services landscape from scaled businesses to early- differenti
Slide 15: Table Of Contents
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 14
Slide 16: Fintech Model Enabling Penetration Of Vast Addressable Market
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 2030E 2040E Rising popu
Slide 17: Digital Brokers At The Forefront Of Driving Penetration
Digital Brokers At The Forefront Of Driving Penetration India Demat Accounts (Mn) 192 199 185 175 162 151 130 139 121 Q1 '24 Q2 '24 Q3 '24 Q4 '2 4 Q1 '25 Q2 '25 Q3 '25 Q4 '2 5 Q1 '26 Top 5 Digital Brokers Constitute 65% In Total NSE Active Clients Base Top 5 Digital Brokers* Others (Mn) 47.9 50.2 49
Slide 18: Trade Volumes De-linked To Market Cycles
Trade Volumes De-linked To Market Cycles FY25: Geopolitical Consistent Improvement In NSE Trade Volumes Despite Market Volatility Over Last 18 Years Tensions Nifty 50: +5% Trades: +11% 28,000 FY23: Geopolitical 120 Tensions 110 24,000 Nifty 50: -1% 100 Number of Trades (Bn) FY16: Slowing China Trade
Slide 19: Rising Holding Of Retail Investors In NSE Listed Companies
Rising Holding Of Retail Investors In NSE Listed Companies Ownership Pattern In NSE-listed universe Promoter (Indian Promoter (Indian Promoter (Indian Promoter (Indian 51.0% 50.4% 51.9% 50.5% • Individual investors’ direct + Govt + Foreign) + Govt + Foreign) + Govt + Foreign) + Govt + Foreign) holdi
Slide 20: Regulations Have Strengthened Guardrails And Built Retail Confidence
Regulations Have Strengthened Guardrails And Built Retail Confidence Regulations Create Greater Trust And Safety Leading To Long Term Growth 6.0 Growth 250.0 Growth 2.1x Demat 1.4x Demat 5.1 5.0 199.1 192.4 200.0 185.3 175.4 Up-streaming of Phase 1 of 4.0 3.8 3.7 4.0 3.8 Index Options Client Funds r
Slide 21: Table Of Contents
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 20
Slide 22: Q1 '26 Performance
Q1 ‘26 Performance Platform Metrics 32.5 Mn (+4.7% QoQ) 1.5 Mn (-4.4% QoQ) ₹ 1.4 Trn (+16.9% QoQ) Gross Brokerage - Cash, 10% Total Client Base Gross Client Acquisition Assets Under Custody Gross Brokerage (9.1 Mn No of Clients) Other Income, 1% - F&O, 45% Broking Distribution, 3% 343 Mn (+4.8% QoQ)
Slide 23: Financial Performance Impacted Due To One Offs
Financial Performance Impacted Due To One Offs (₹ Mn) Gross Revenues Normalised Financial Performance Gross Broking Interest Income Other Q1 ‘26 Q4 ’25 Q1 ’25 QoQ Growth (%) YoY Growth (%) Total Reported Gross Income 11,431 10,578 14,101 8% -19% -19% (-) Ancilliary Transaction Income 0 0 -1,126 Tota
Slide 24: EBDAT Bridge
EBDAT Bridge 28.2% 34.3% Q1 ‘26 Reported EBDAT movement: Normalised +610 bps Normalised • Upfront booking of IPL related expenses EBDAT Margin EBDAT Margin • 12.5% of Q1 ‘26 Total Net Income (₹ Mn) • Q4 ‘25 employee cost lower due to variable 341 -1,117 pay reversal 344 -641 605 -103 -128 • Adjustin
Slide 25: Client Funding: A Fast-Emerging Engine of Growth
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) (₹) +40% <₹ 0.1mn ₹ 0.1-0.5mn >₹ 0.5mn 179,868 47,876 160,877 6.4% 5.7% 5.9% 145,713 9.6% 9.9% 9.3% 38,588 34,094 84.0% 84.4% 84
Slide 26: Consolidated Profit & Loss Statement
Consolidated Profit & Loss Statement Particulars (₹ Mn) Q1 FY26 Q4 FY25 Q1 FY25 FY25 FY24 (a) Interest Income 3,564 3,378 2,944 13,410 7,859 Ancillary transaction income is NIL from Q3 ’25 (b) Fees and commission income 7,780 7,110 11,080 38,739 34,792 onwards (c) Net gain on fair value changes 62 7
Slide 27: Summary Of Consolidated Balance Sheet
Summary Of Consolidated Balance Sheet Particulars (₹ Mn) Jun ’25 Mar ’25 Financial Assets (a) Cash, cash equivalents and Bank Balance 1,21,510 1,18,044 (b) Other Trade Receivables 663 1,396 (c) Client Funding Book 47,876 38,588 (d) Investments 3,232 2,016 (e) Other financial assets 3,993 1,985 Non-f
Slide 28: Table Of Contents
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: Board Of Directors & Experienced Management Team
Board Of Directors & Experienced Management Team Board of Directors Dinesh Thakkar Chairman and Managing Director Muralidharan Mala Todarwal Krishnaswamy Sridhar Kalyan Prasath N T Arunkumar Ramachandran Independent Director Independent Director Independent Director Independent Director Independent
Slide 30: People Practices & Social Empowerment
People Practices & Social Empowerment Robust Employee Engagement Angel One’s CSR Programmes GPTW Ranking 20 25 52 Jharkhand Assam 92 Manipur Delhi West Bengal 2022 2023 2024 2025 Rajasthan Meghalaya Our Gold Standard Culture ✓ Certified for 9 years in a row, being in top 100 Best Companies to Work f
Slide 31: Awards & Accolades
Awards & Accolades Technology Industry Marketing Angel One secured Rank 20 in India’s ET Brand Equity Trendies Award for The Great Indian BFSI Mobile App Excellence in Social Media Marketing – Best Companies to Work For by Great Award of the Year 2025 Fintech category Place to Work 2025 The Great In
Slide 32: Table Of Contents
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 31
Slide 33: Robust Client Additions
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 5.1 +188% 4.6 +341% 14.3 2.3 6.7 1.5 5.0 0.5 FY20 FY21 FY22 FY23 FY24 FY25 Q1 '26 FY20 FY21 FY22 FY23 FY24 FY25 Q1 '26 Angel’s marke
Slide 34: Angel One Gaining Market Share In NSE Active Client Base
Angel One Gaining Market Share In NSE Active Client Base Expanding Market Share In NSE Active Client Base 100 bps Expansion In Market Share 14.8% 15.0% 15.2% 15.4% 15.5% 15.4% 15.3% 14.3% 14.6% Q1 '24 Q2 '24 Q3 '24 Q4 '2 4 Q1 '25 Q2 '25 Q3 '25 Q4 '2 5 Q1 '26 Angel One’s Ranking In Incremental NSE Ac
Slide 35: Fintech Model Successfully Weathering Market Volatility
34 90% 30% 60% -60% -30% 0% 18 Apr - 15 May 2019 27 4 Jun - 19 Jun 2019 5 Jul - 5 Aug 2019 36 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 36: Fintech Business Drives Multifold Increase In Client Activity
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 (Mn) (%) (%) (%) 18.0% 21.9% 17.4% 59.6% 21.4% 17.3% 21.0% 21.0% 21.8% 58.1% 57.0% 21.3% 16.9% 19.5% 19.7% 18.5% 51.4% 14.6%
Slide 37: Investor Relations Contacts
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@angelbroking.com shogu