Angel One (ANGELONE) Q2 24/25 earnings summary

Executive summary

• Q2 FY2025 featured robust growth, with the client base reaching 27.5 million, up 11.2% sequentially, and NSE active clients at 7.4 million, up 9.6% QoQ.

• Regulatory changes, including SEBI's True-to-Label regulation and derivatives tightening, prompted strategic tariff adjustments and new product launches.

• Expanded product suite included credit distribution, fixed deposits, mutual funds, and enhanced Super App capabilities, with significant offtake in mutual fund SIPs.

• 89% of gross client additions came from Tier 2, 3 & beyond cities, with continued focus on young client acquisition.

• Board approved reclassification of certain Promoter/Promoter Group members to Public category, subject to approvals.

Financial highlights

• Q2 FY25 consolidated revenue from operations was ₹15,147.06 million, up from ₹11,496.00 million in Q1 FY25 and ₹11,080.32 million in Q2 FY24.

• Consolidated net profit for Q2 FY25 was ₹4,233.80 million, up 44.6% QoQ.

• Gross revenues for Q2'25 were ₹15.2 billion, up 44% YoY; TTM PAT stood at ₹13.2 billion, with TTM EPS of ₹151.4/share.

• Aggregate orders grew 5.8% sequentially to nearly 490 million, aided by more trading days.

• Book value as of Sep 30, 2024, was ₹585.5 per share.

Outlook and guidance

• Management remains optimistic about long-term client lifetime value despite short-term softness from regulatory changes.

• EBITDA margin guidance of 43–44% for the full year is maintained, with expectations of improvement as new products scale.

• Group restructuring underway to enhance operational efficiency and prepare for long-term strategy.

• No change in consolidated financials or dividend policy post-restructuring.

• New business verticals (loans, insurance, wealth management) are expected to break even in 1.5–3 years.