Angel One Ltd (ANGELONE) Q1 FY27 Results Analysis: PAT Jumps 102%, Operating Margin Compresses 743 bps

Angel One Ltd's Q1 FY27 numbers came in mixed, with revenue of Rs. 1,429.69 Cr (+25.35% YoY) and PAT growth of +102.15% YoY. Here's a quick read of what worked, what to watch, and what management said.

Quarter Snapshot

ANGELONE reported strong YoY growth in Q1FY27 with revenue up 25% and PAT up 102%, but sequential metrics deteriorated significantly due to regulatory changes (STT hike, cash-margin rule) effective April 2026. Fees & commission income declined 4.24% QoQ and operating margin compressed from 30.14% to 22.71% QoQ. The balance sheet improved with debt/equity falling to 0.99x, but subsidiary losses remain a drag.

Key Investment Insights

Key Positives

• Revenue grew 25.35% YoY to Rs.1,429.69cr.
• PAT grew 102.15% YoY to Rs.231.40cr.
• Operating margin improved from 14.42% to 22.71% YoY.
• Cost-to-Income ratio improved from 81.72% to 72.38% YoY.
• Debt/Equity improved from 1.28x to 0.99x, indicating deleveraging.

Risk Factors

• Revenue declined 2.04% QoQ and fees & commission income declined 4.24% QoQ due to regulatory headwinds (STT hike, cash-margin rule).
• Operating margin compressed from 30.14% to 22.71% QoQ and Cost-to-Income deteriorated from 64.34% to 72.38% QoQ.
• Finance costs grew 55.87% YoY, far outpacing interest income growth of 31.00% YoY, compressing interest spread.
• Subsidiaries contributed a PAT drag of Rs.39.34cr (17% of consolidated PAT), making consolidated business less profitable than standalone.