India's Angel One posts fall in quarterly profit on derivative trading curbs

Billionbrains Garage Ventures

15/01/2026 13:34

Jan 15 (Reuters) - Indian brokerage Angel One ANGO.NS reported a drop in third-quarter profit on Thursday, as regulatory curbs on equity derivatives designed to prevent speculative trading dampened retail investor participation.

The Mumbai-based company reported a 4.5% fall in its consolidated profit to 2.69 billion rupees ($29.78 million) for the period ended December 31.

Angel One recorded its fourth consecutive quarter of profit decline after markets regulator Securities and Exchange Board of India in late 2024 reduced the number of weekly options contracts and increased the minimum trading amount.

The nearly 30-year-old company, which competes with market leaders such as Zerodha, Groww BILO.NS and Upstox, derives more than 75% of its revenue from derivatives trading.

Angel One said the total number of orders in the December quarter fell about 10% year-on-year, while gross client acquisition dropped 16.3%.

Since the curbs, the company has stepped up its efforts to diversify into margin funding, wealth management, insurance, loan distribution and asset management.

The brokerage's fees and commission income fell 1.7% during the third quarter. However, its total quarterly revenue from operations rose 5.8% to 13.35 billion rupees, helped by an increase in interest income.

Angel One also approved an interim dividend of 23 rupees per share and a share split in 1:10 ratio, according to the exchange filing.

($1 = 90.3340 Indian rupees)

 (Reporting by Anuran Sadhu and Meenakshi Maidas in Bengaluru; Editing by Harikrishnan Nair and Shreya Biswas)

 ((Anuran.Sadhu@thomsonreuters.com; +91 8697274436;))