New Delhi, July 21 -- Angel One's halo has dimmed in the latest reported quarter. The largest listed stock broking house in India reported a massive 60% year-on-year decline in profits in Q1FY26.

While its client base expanded by 31% during the quarter, revenue tanked by 19%. Thanks to EBDAT margin compressing from 38% to 22%, EBDAT saw an even sharper fall of 54% year-on-year, and profit after tax (PAT) dropped from Rs.293 crore to Rs.115 crore. EBDAT stands for earnings before depreciation, amortization, and taxes.

As one of the top five digital brokers in India, Angel's performance raises questions about the overall industry's health. Are the latest quarter's troubles unique to Angel, or do they signal industry-wide stress?

What dro...