Angel One Limited (NSE: ANGELONE, BSE: 543235), India’s largest listed retail stock broking house, announced its audited financial results for Q4 FY25 and the fiscal year ending March 31, 2025. The company faced regulatory changes in the Futures & Options (F&O) segment and market volatility, impacting Q4 results.
Financial Performance
Q4 FY25 Financial Metrics (QoQ and YoY Comparison)
Angel One’s Q4 FY25 financials reflect regulatory impacts and lower trading volumes, with declines QoQ but growth YoY in annual metrics. Below is a comparison based on standalone financial results:
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Total Income:
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Q4 FY25: ₹1,033.44 crore
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Q3 FY25: ₹1,247.99 crore (QoQ decline: -17.2%)
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Q4 FY24: ₹1,348.61 crore (YoY decline: -23.4%)
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Analysis: The QoQ decline stems from reduced fees and commission income (₹692.13 crore in Q4 FY25 vs. ₹898.68 crore in Q3 FY25) due to lower trading volumes. The YoY decline reflects a high base in Q4 FY24 with significant fair value gains.
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Profit Before Tax (PBT):
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Q4 FY25: ₹243.15 crore
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Q3 FY25: ₹404.51 crore (QoQ decline: -39.9%)
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Q4 FY24: ₹463.36 crore (YoY decline: -47.5%)
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Analysis: PBT declined due to lower income and higher expenses, including employee benefits (₹164.46 crore in Q4 FY25 vs. ₹211.50 crore in Q3 FY25) and IPL sponsorship costs.
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Profit After Tax (PAT):
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Q4 FY25: ₹180.26 crore
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Q3 FY25: ₹301.03 crore (QoQ decline: -40.1%)
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Q4 FY24: ₹346.02 crore (YoY decline: -47.9%)
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Analysis: PAT followed PBT trends. Full-year FY25 PAT was ₹1,215.95 crore, up 7.3% YoY from ₹1,133.07 crore in FY24.
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Earnings Per Share (EPS):
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Q4 FY25 Basic EPS: ₹19.97
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Q3 FY25 Basic EPS: ₹33.37 (QoQ decline: -40.2%)
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Q4 FY24 Basic EPS: ₹41.20 (YoY decline: -51.5%)
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Analysis: EPS declined due to lower PAT. Full-year FY25 EPS was ₹134.91, slightly down from ₹135.11 in FY24.
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Consolidated Total Gross Revenues:
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Q4 FY25: ₹1,057.80 crore
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Q3 FY25: ₹1,263.80 crore (QoQ decline: -16.3%)
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Analysis: Consolidated revenue declined due to reduced trading activity.
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Consolidated EBDAT:
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Q4 FY25: ₹264.30 crore
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Q3 FY25: ₹414.00 crore (QoQ decline: -36.2%)
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Analysis: EBDAT margins fell to 31.8% in Q4 FY25 due to higher costs and lower revenues.
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Full-Year FY25 Performance (YoY Comparison)
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Total Income: ₹5,183.31 crore in FY25 vs. ₹4,254.90 crore in FY24 (YoY growth: 21.8%)
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Profit Before Tax: ₹1,634.42 crore in FY25 vs. ₹1,518.52 crore in FY24 (YoY growth: 7.6%)
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Profit After Tax: ₹1,215.95 crore in FY25 vs. ₹1,133.07 crore in FY24 (YoY growth: 7.3%)
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Client Base: 31.0 million in FY25 vs. 23.7 million in FY24 (YoY growth: 30.8%)
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Client Acquisitions: 9.3 million in FY25 vs. 7.0 million in FY24 (YoY growth: 32.9%)
Annual results show growth in income and client metrics despite Q4 challenges.
Business Performance Metrics
Turnover Market Share (Q4 FY25 vs. Q3 FY25)
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Overall Equity: 19.9% (down 16 bps QoQ from 20.1%)
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F&O: 21.4% (down 40 bps QoQ from 21.8%)
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Cash: 17.5% (up 10 bps QoQ from 17.4%)
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Commodity: 57.7% (down 254 bps QoQ from 60.3%)
Declines in F&O and commodity market share reflect regulatory changes, while the cash segment improved slightly
Number of Orders
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Total Orders: 327 million in Q4 FY25 vs. 422 million in Q3 FY25 (QoQ decline: -22.4%)
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F&O Orders: 230 million vs. 309 million (QoQ decline: -25.5%)
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Cash Orders: 75 million vs. 89 million (QoQ decline: -16.6%)
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Commodity Orders: 22 million vs. 23 million (QoQ decline: -2.8%)
The drop in F&O orders aligns with regulatory impacts on derivatives trading.
Average Daily Turnover (ADTO)
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Notional Basis: ₹32.1 trillion in Q4 FY25 vs. ₹40.0 trillion in Q3 FY25 (QoQ decline: -19.7%)
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Premium Basis (Equity Options): ₹85,000 crore in Q4 FY25 vs. ₹85,400 crore in Q3 FY25 (QoQ decline: -0.4%)
Notional ADTO declined significantly, while premium basis remained stable.
Client Metrics
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Client Additions: 1.6 million in Q4 FY25, down 22.4% QoQ from 2.1 million in Q3 FY25.
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Client Base: 31.0 million, up 5.1% QoQ and 30.8% YoY.
Operational Developments
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Dividend: The Board recommended a final dividend of ₹26 per equity share.
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Leadership Changes: Mr. Ambarish Kenghe, Group CEO, was appointed Whole-time Director effective April 16, 2025, for five years, subject to shareholder approval.
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Auditor Appointments:
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Secretarial Auditor: M/s. U Hedge & Associates appointed for FY 2025-26 to FY 2029-30.
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Internal Auditor: M/s. KPMG Assurance and Consulting Services LLP appointed for FY 2025-26.
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Digital Platforms: The Super App uses AI and ML to enhance user experiences.
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Regulatory Context: F&O regulations impacted trading volumes, but Angel One maintained market share in demat accounts and active clients.
Leadership Commentary
Dinesh Thakkar, Chairman & Managing Director, stated, “FY25 faced F&O regulations and geopolitical volatility. We closed with a total gross income of ₹5,200 crore and PAT of ₹1,200 crore, with 9.3 million client acquisitions and a 31 million client base.” Ambarish Kenghe, Group CEO, noted, “FY25 saw high client acquisitions and order execution. Our digital products and AI focus aim to meet client needs in the fintech industry.”
Balance Sheet and Cash Flow
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Total Assets: ₹16,823.01 crore as of March 31, 2025, up 26.3% from ₹13,320.62 crore in FY24, driven by bank balances (₹10,961.57 crore) and loans (₹3,698.78 crore).
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Cash Flow from Operations: Negative ₹1,811.59 crore in FY25 vs. negative ₹238.62 crore in FY24, due to increased working capital needs.
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Financing Activities: Net cash inflow of ₹1,745.93 crore, supported by ₹1,500.00 crore from a Qualified Institutional Placement in April 2024.
Outlook
Angel One views regulatory changes as steps toward a transparent ecosystem. The company plans to invest in client acquisition, technology, and AI to support its Super App and digital platforms. With a 31 million client base, Angel One aims to maintain its position in the broking industry.
Safe Harbor: Forward-looking statements are subject to risks and uncertainties, and actual results may differ due to market or regulatory changes.
Conclusion : Angel One’s Q4 FY25 performance shows declines in revenue, PAT, and orders due to regulatory and market challenges. However, FY25 annual results indicate growth in income and client base, supported by digital strategies.