Angel One Q4 results: Check earnings previews; ratings, targets & more

Angel One is scheduled to announce its results for the quarter and financial year ended on March 31, 2025 on Wednesday, April 16. Analysts tracking the counter expect that the leading discount brokerage firm is likely to report a muted set of performance in the March 2025 quarter on the back of market volatility.

Analysts tracking the counter believe that the company will report a steep fall in the stock on both year-on-year (YoY) and quarter-on-quarter (QoQ) basis. The company has reported muted volumes growth and commission and brokerage fees is also likely to take a hit. Ebitda margins may also contract sharply they expect.

YES Securities expects order volume growth for the whole of 4QFY25 to be broadly along similar lines. It estimates order volume to decrease by -22.8% QoQ, based on which we arrive at fees and commission income de-growth of 19 per cent QoQ. The average client funding book is estimated to have grown by 0.8 per cent QoQ.

"We arrive at 4.8 per cent QoQ de-growth in interest income, factoring in MTF interest rate revision. We assume decrease in fees and commission expense in line with the respective revenue items, while factoring in IPL related marketing expenses in other operating expenses, to arrive at 41.2 per cent QoQ degrowth in operating profit. We finally arrive at a PAT de-growth of -52.5 per cent QoQ," YES added.

Angel One is likely to report weak earnings due to revenue pressures and high expenses. The rating business is also likely to have a decent quarter, given mid-teens QoQ growth in bond/CP issuances, while non-ratings revenue growth remains uncertain, said Kotak Institutional Equities, which has a 'buy' rating on the stock with fair price value of Rs 2,800.

Ahead of its Q4 results, shares of Angel One dropped more than 1.25 per cent on Wednesday to Rs 2,290, commanding a total market capitalization below Rs 21,000 crore. The stock had settled at Rs 2,319.40 on Tuesday. The stock has tumbled nearly 35 per cent from its 52-week high at Rs 3,502.60 in December 2024.

Motilal Oswal, which has a 'buy' rating on Angel One, expects it to report a revenue decline of 31 per cent QoQ due to a 22 per cent QoQ dip in the number of orders. The order flow is expected to remain weak during the quarter due to muted activity and a decline in retail participation. Lower customer acquisitions, and consequently lower opex, will offset the impact partially.

Angel Ones order flow is expected to remain weak during the quarter due to the full impact of F&O regulations, said Motilal Oswal Financial Services. "We maintain our view that the current weak trends are transitory in nature and will reset the base for long-term growth," it said.

B&K Securities, which has a 'hold' rating on Angel One expects the company to report a revenue of Rs 1,048.2 crore in the March 2024 quarter, falling 22.8 per cent YoY and 17.1 per cent sequentially. Ebitda margins may contract sharply to 31.6 per cent from 44.6 per cent a year ago. Its net profit may halve on a yearly comparison to Rs 170.9 crore in the given quarter.