Angel One Q1 FY27 Results (NSE: ANGELONE)
Signal: Margin expansion
The read
Consolidated profit doubled YoY to ₹2,314 Mn, but slipped 28% QoQ from a seasonally strong Q4; operating margin expanded 1,137 bps YoY to 25.8%, though sequentially it contracted 435 bps as IPL marketing spend weighed. Standalone profit is higher, indicating that subsidiaries (wealth management, asset management) are in investment phase and dragging group profit. The net debt equity ratio improved to 0.98x from 1.27x QoQ.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,429.69 Cr | 25.4% | -2.0% |
| Net profit | ₹231.4 Cr | 102.1% | |
| EPS | ₹2.54 | ||
| EBIT margin | 25.79% |
P&L walk
Revenue grew 25% YoY driven by strong interest income (+31%) and fees (+23%), but PAT growth of 102% was aided by low base and operating leverage; QoQ decline of 28% reflects seasonal moderation and higher IPL marketing spend (₹1,366 Mn) in Q1.
Key positives
- Revenue +25% YoY, with fees and commission income up 23% and interest income up 31%.
- PAT more than doubled YoY, EPS at ₹2.54 (vs ₹1.27).
- Operating margin improved to 25.8% from 14.4% YoY, reflecting operating leverage.
- Net worth grew to ₹65,077 Mn (+4.9% QoQ), debt-equity ratio improved to 0.98x.
Key concerns
- Sequential decline in revenue (-2%) and PAT (-28%), partly seasonal.
- Other expenses high at ₹4,726 Mn, including ₹1,366 Mn IPL sponsorship cost.
- Consolidated profit lower than standalone, indicating subsidiary losses/expenses.
- Employee cost and ESOP grants continue to dilute equity (share count increased 0.9% YoY).
Research and educational content only. Not investment advice.