Angel One (ANGELONE) Q2 26/27 earnings summary

Executive summary

• Q2 FY27 total income was ₹14.315bn, up 18.9% YoY; consolidated PAT rose 58.2% to ₹3.350bn and EBDAT increased 52.0% to ₹4.933bn.

• Client franchise approached 40m, with 1.5m new clients added in Q2; average client funding book reached a lifetime high of ₹74.5bn.

• A multi-product platform spanning broking, credit, mutual funds, wealth and asset management is intended to deepen engagement and monetise more user needs.

Financial highlights

• Consolidated revenue from operations was ₹14.270bn, up 18.7% YoY; Q2 PBT was ₹4.585bn versus ₹2.940bn a year earlier.

• Interest income rose 34% YoY and 9% QoQ to ₹5.1bn; broking contributed ~55% of revenue versus nearly 60% a year earlier.

• Consolidated EBDAT margin was 45.1%; standalone EBDAT was ₹5.194bn with a 48.9% margin, above the 40%–45% guided range.

• Consolidated H1 revenue from operations was ₹28.567bn and net profit ₹5.664bn, versus ₹23.473bn and ₹3.262bn in H1 FY26.

Outlook and guidance

• Annual operating margin guidance remains ~45% for broking and distribution, including IPL costs; quarterly margins may fluctuate.

• Employee costs, including stock options, are guided at ₹1,100 crore for FY27, flat YoY; new-business costs remain 3.5%–4% of EBITDA margin.

• Non-broking businesses are expected to contribute low-double-digit revenue over 2–3 years; distribution revenue was ~5% in Q2.

• India's wealth management industry is projected to grow at a 25%–30% CAGR over 10 years.