Angel One (ANGELONE) investor relations material

Executive summary

• Delivered strong Q2 FY26 performance with growth in revenue, profit, and client base, despite macro headwinds and regulatory changes.

• Continued investment in AI-driven technology, digital platforms, and product expansion across broking, mutual funds, credit, and insurance.

• Launched AI-powered chatbot and enhanced digital platforms, driving higher client engagement and operational efficiency.

• Entered a joint venture for digital-led life insurance, expanding the financial services ecosystem.

• Board approved setting up a business unit in GIFT City, Gandhinagar, subject to regulatory approvals.

Financial highlights

• Gross revenues rose 5.3% QoQ to INR 12 billion; net revenues up 5.6% to INR 9.4 billion; PAT grew 85% QoQ to INR 2.1 billion.

• EBITDA margin at 34.5%, up 1270 bps over Q1 FY26; EBDAT of INR 3.2 billion, up 67% QoQ.

• Client funding book averaged INR 53 billion, up 26.1% QoQ; net worth at INR 58.3 billion as of September 30, 2025.

• Distribution income grew nearly 28% QoQ, driven by credit products, IPOs, and mutual funds.

• Basic EPS (consolidated) for Q2 FY26 was Rs. 23.39, up from Rs. 12.66 in Q1 FY26.

Outlook and guidance

• Reiterated exit operating profit margin (OPM) guidance of 40–45% for FY26, supported by stable costs and growing order run rate.

• Focus on expanding digital-first insurance via JV, targeting India's under-penetrated protection market.

• Wealth business expected to break even in 2.5–3 years; AMC business in 7–8 years.

• Long-term revenue diversification targeted, with new businesses expected to contribute double-digit share in 3–5 years.

• Ongoing business restructuring with transfer of broking and related businesses to a wholly owned subsidiary.