Revenue and Profit Growth
Angel One’s net sales have exhibited a remarkable upward trend, rising from ₹724.62 crores in March 2020 to ₹5,238.38 crores by March 2025. This represents a more than sevenfold increase in top-line revenue over the six-year period, reflecting strong market demand and effective business expansion. Correspondingly, the total operating income mirrored this growth, as other operating income remained negligible throughout.
Operating profit before depreciation, interest, and tax (PBDIT) excluding other income surged from ₹158.45 crores in March 2020 to ₹1,980.88 crores in March 2025. Including other income, operating profit reached ₹1,990.17 crores in the latest fiscal year, up from ₹188.54 crores five years prior. This substantial increase underscores improved operational efficiency and scale.
Profit before tax climbed steadily from ₹118.77 crores in March 2020 to ₹1,591.95 crores in March 2025, while profit after tax (PAT) rose from ₹86.79 crores to ₹1,172.08 crores over the same period. The PAT margin, although showing a slight decline from a peak of 29.66% in March 2023 to 22.37% in March 2025, remains healthy and well above the 11.98% recorded in March 2020.
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Cost Structure and Margins
Employee costs and manufacturing expenses have increased in absolute terms, consistent with the company’s growth. Employee costs rose from ₹159.80 crores in March 2020 to ₹855.20 crores in March 2025, while manufacturing expenses increased from ₹230.44 crores to ₹824.64 crores. Other expenses also expanded significantly, reflecting the scaling of operations.
Despite rising costs, Angel One maintained strong operating profit margins, with the operating profit margin excluding other income holding above 34% since March 2021 and peaking at 43.07% in March 2023. Gross profit margins similarly remained robust, though they have moderated slightly from 40.71% in March 2023 to 32.36% in March 2025.
Balance Sheet Strength and Shareholder Value
The company’s balance sheet has strengthened considerably, with shareholder’s funds increasing from ₹591.42 crores in March 2020 to ₹5,621.40 crores in March 2025. This growth was supported by a rise in reserves from ₹519.42 crores to ₹5,531.10 crores, indicating strong retained earnings and capital accumulation.
Book value per share has nearly octupled, moving from ₹82.15 in March 2020 to ₹622.57 in March 2025, reflecting enhanced net asset value per share. Total liabilities have also increased, primarily due to higher trade payables and short-term borrowings, which rose to ₹7,317.72 crores and ₹3,382.83 crores respectively by March 2025. However, the company has maintained a debt-free position in terms of long-term borrowings.
Cash Flow Dynamics
Cash flow from operating activities has been volatile, with positive inflows in earlier years turning negative in the latest fiscal year, reflecting significant changes in working capital. The company’s net cash inflow/outflow fluctuated, with a net outflow of ₹283 crores in March 2025 after a peak inflow of ₹909 crores in March 2024. Despite this, cash and bank balances have grown substantially, reaching ₹11,804.42 crores in March 2025, underscoring strong liquidity.
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Summary of Historical Performance
Over the six-year period ending March 2025, Angel One has transformed from a modestly sized enterprise into a substantial player with a diversified and growing revenue base. The company’s ability to scale revenues by over 600% and increase net profit by more than 14 times highlights effective management and market positioning.
While margins have experienced some compression in recent years, they remain strong relative to industry standards. The balance sheet shows a solid foundation with increasing shareholder equity and prudent management of liabilities. Cash reserves have grown impressively, providing a buffer for future investments or market uncertainties.
Investors analysing Angel One’s historical performance can note the company’s consistent upward trajectory in key financial metrics, balanced by manageable risks related to working capital and short-term borrowings. The firm’s earnings per share have also shown a steady rise, reinforcing its value creation for shareholders.
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