Angel One Ltd. makes a corporate announcement

The exact October 2024 allotment total cannot be established from the cited allotment notices: the available Q3 FY25 records begin with the 68,271 shares allotted on 28 November 2024 and 2,608 shares allotted on 27 December 2024 ^{[1] [2]}.

• Closest verified increase: those two allotments added 70,879 equity shares. At the stated face value of Rs 10 per share, the derived increase in paid-up capital was Rs 7,08,790, or approximately Rs 0.071 Crore.
• EPS impact: the shares enter the weighted-average denominator only from their respective allotment dates, rather than being counted for the entire quarter. Therefore, their effect on Q3 FY25 basic EPS is marginal and time-weighted; any October allotments would have had a larger quarter impact than the November or December issuances.
• Observed dilution: Q3 FY25 basic EPS was Rs 31.25 ^[3], while diluted EPS was Rs 30.70 ^[4]. Using Q3 PAT of Rs 281.47 Crores ^[5], these figures imply approximately 9.007 Crore basic weighted-average shares and 9.169 Crore diluted weighted-average shares—a derived denominator uplift of roughly 1.80%. This difference includes all dilutive potential shares under the EPS calculation, not only the October ESOP allotments.

Accordingly, the precise October-specific capital increase and its exact weighted-average-share contribution require the October allotment notices or the unrounded share count immediately before and after those allotments.

The weighted-average exercise price for an October 2024 allotment cannot be established from the cited filings: the October 2024 corporate-action record available here concerns incorporation of Angel One Foundation, not an ESOP share allotment. The subsequent ESOP allotments disclosed were in November and December 2024, and those notices report share counts and face value but not the exercise price or a weighted average.^[1]

The most recent audited FY26 financial statements also do not separately disclose the fair value of options. They report aggregate employee-benefit expenses of Rs 9,350.18 million, or Rs 935.02 Crores, for FY26; this is total employee benefits, not an identifiable per-option fair value.^[6]

Accordingly, the two figures cannot be compared numerically. An exercise price is a per-share amount, whereas the employee-benefit expense is an aggregate accounting charge that may include the amortisation of fair values of multiple option grants and other employee costs. A per-option fair value and the October 2024 allotment’s weighted-average exercise price would need to be separately disclosed in the relevant ESOP note or allotment filing.

Verdict: After incorporating the latest disclosed allotments and post-FY26 grants, Angel One has approximately 2.08 crore LTI Plan 2021 awards still outstanding. This is the gross unexercised pool of options, RSUs and PSUs; the company does not separately disclose the exact split between unvested awards and vested-but-unexercised awards. The current disclosed exercise pace is running at roughly 78 lakh awards annualised, broadly in line with FY26 but about 42% above the average burn rate of the last three fiscal years.

Remaining outstanding pool

The FY26 annual report reported the following LTI Plan 2021 balances at 31 March 2026:

Subsequent disclosed allotments total 25,95,997 shares: 13,50,620 in May, 1,69,561 in June, 1,68,488 in July, 3,49,058 in August and 5,58,270 in September 2026 ^{[8] [9] [10]}. Post-FY26 grants added 5,18,037 RSUs, comprising 4,92,871 units in June and 25,166 units in July 2026 ^{[8] [11]}.

Accordingly, the derived balance is:

2,29,24,866 − 25,95,997 + 5,18,037 = 2,08,46,906 awards, or approximately 2.08 crore awards.

The latest exact exercisable versus unvested split cannot be updated because the subsequent allotments are not mapped by the company to award class or vesting status. At 31 March 2026, the closest disclosed proxy was 2,13,74,739 awards not yet exercisable, calculated as total outstanding less exercisable awards ^[7].

The older ESOP Plan 2018 appears exhausted: its 1,44,868 opening options were fully exercised in FY24, leaving no reported closing balance ^[12]. The LTI Plan 2021 had an original approved pool of 81,80,399 options ^[13]; the share split increased this approved capacity tenfold to an adjusted equivalent of 8,18,03,990 options ^[14]. That approved capacity should not be confused with the remaining unallocated grant capacity, which is not separately disclosed.

Exercise pace versus historical burn

For comparability, FY24 exercise numbers are restated to post-split equivalents because the company retrospectively adjusted option counts by 10x after the share split ^[14].

† FY24 originally reported 1,84,337 options and 2,59,242 RSUs exercised; these are multiplied by 10 for post-split comparability ^{[12] [14]}.

The latest disclosed post-FY26 allotments of 25,95,997 shares between 27 May and 25 September 2026 equate to approximately 78 lakh awards on a simple annualised basis. This is:

• broadly in line with FY26's 79.19 lakh exercise volume;
• approximately 1.42x the FY24-FY26 average of 55.02 lakh; and
• materially above the FY25 trough, when exercise volume was 41.50 lakh.

Implication: the burn rate accelerated sharply in FY26 and has so far remained elevated in FY27. However, the remaining pool is dominated by RSUs, while the post-year-end allotments are not disclosed by instrument type; therefore, the recent exercise pace should not be extrapolated into a precise depletion date for the unvested portion.