Angel One also said its wealth management business is progressing as planned but will require continued investment
Angel One expects its lending, wealth management and asset management businesses to play a bigger role in growth over the next few quarters, with the company saying nearly 40 per cent of its revenue now comes from businesses outside its core broking operations.
Speaking during the company’s first quarter earnings call, the management said the business mix is becoming more diversified, helping reduce dependence on trading activity. Broking continues to account for about 60 per cent of gross revenue, while the balance comes from client funding, distribution, depository services, wealth management and asset management.
Funding growth
The company said its client funding book reached a record ₹7,150 crore at the end of the June quarter, while average client funding during the quarter stood at ₹6,140 crore.
The loan-against-securities (LAS) product is currently in the pilot stage and is expected to be scaled up over the next two to three quarters. Credit distribution during the quarter grew 130 per cent year-on-year to ₹530 crore, aided by AI-based customer selection and lender matching.
Investment push
Angel One also said its wealth management business is progressing as planned but will require continued investment. The company expects the business to break even over the next three to four years. Ionic WealthTech’s assets under management crossed ₹3,230 crore during the quarter, while total assets under management across wealth and asset management businesses rose to ₹13,440 crore.
The company has also received a GIFT City licence for offering US equity products and plans to strengthen its existing investment offerings.
On margins, management reiterated its guidance of maintaining normalised EBITDA margins in the 40-50 per cent range despite continued investments in technology and new businesses.
Group CFO Vineet Agrawal said the company would continue investing in product development while maintaining profitability. “We are not pursuing growth at the expense of returns,” he said.
Responding to questions on the impact of recent RBI regulations, the management said there were no liquidity concerns and described the impact as temporary.
The company also sees significant room to increase mutual fund penetration among its existing customer base. Management said AI-led product recommendations, improved customer journeys and expansion of distributor channels are expected to improve cross-selling over time.
Angel One said it has no immediate plans to enter the stock advisory business and will continue focusing on execution, wealth management and research-led offerings.
Published on July 16, 2026
