Angel One LimitedQuarter ended 30 September 2026 Results & Financial Update
Angel One Limited: Quarter ended 30 September 2026 consolidated results and company financials – revenue ₹1,426.99 Cr, PAT ₹334.97 Cr. Explore reported YoY/QoQ movements, margins, business drivers and management commentary. This page does not provide a rating, target price or investment recommendation.
Quarter at a glanceReported figures and period changes.Changes compare like-for-like reported periods where available.
Find an answer
Ask this result
Chart · Market context
Angel One price & chart
Market priceLoading…
1Y return—Price return
Loading market chart…
TradingView Lightweight Charts™ · Copyright © 2025 TradingView, Inc.TradingView
Market chartPrice chart temporarily unavailableThe price chart could not be loaded right now. The reported financial results remain available above.
Spotted a factual error?Tell us the number, date or statement and we will re-check the underlying records and calculations.Report an error
Quarterly Results AnalysisExplore Angel One Quarter ended 30 September 2026 quarterly results and earnings: revenue, profit (PAT), EBITDA, margins, YoY and QoQ growth, order book or business updates where reported, financial performance and management commentary. Reported figures and Nivata calculations are shown separately; no buy, sell or hold recommendation is provided.
Quarter overview
Quarterly earnings analysis
Angel One reported total consolidated income of ₹1,431.54 crore for the quarter ended 30 September 2026 (Q2 FY27), remaining stable compared to ₹1,433.72 crore in the previous quarter while registering a robust 18.9% increase from ₹1,204.20 crore in the corresponding period of the previous year.
Profit after tax (PAT) for Q2 FY27 expanded significantly to ₹334.97 crore, representing a 44.8% sequential growth over Q1 FY27 and a 58.2% surge compared to Q2 FY26. Earnings per share (EPS) for the quarter stood at ₹3.67.
The robust bottom-line expansion was achieved despite moderation in core broking order volumes, as lower user trading activity due to softer market conditions was effectively offset by expanding margins, optimized employee expenses, and strong growth in high-yield interest-earning assets.
Total expenses for the quarter were successfully contained at ₹973.0 crore, down from ₹1,109.0 crore in Q1 FY27, largely driven by lower operational outlays and optimized employee benefits expenses alongside disciplined headcount management.
The client funding book reached a record high average of ₹74.5 billion during Q2 FY27, expanding 21.4% sequentially, which drove a notable rise in interest income contribution to total gross revenues up to 35.6%.
Distribution revenue momentum accelerated during the quarter, contributing 4.8% to total gross revenues, supported by significant growth in mutual fund SIP registrations and digital credit distribution partnerships.
Consolidated EBDAT (Earnings Before Depreciation, Amortisation, and Tax, less employee cost and other opex) reached ₹493.3 crore, reflecting a 37.1% sequential and 52.0% year-on-year increase, with normalised EBDAT margin holding steady at 43.8%.
01 · Business model
What does Angel One do?
Angel One Limited operates as a technology-led financial services platform in India, offering a comprehensive ecosystem spanning stock broking, mutual fund distribution, margin trading facilities, wealth management, asset management, and credit distribution.
The company serves an extensive digital client base totaling 40 million users, leveraging a high-engagement super app model designed to capture and monetize customer financial journeys across their lifetimes.
Revenue streams are diversified across brokerage fees from cash, equity derivatives, and commodity segments, interest income from the client funding book, and growing distribution revenues from mutual funds, credit, and insurance partnerships.
Angel One maintains a strong retail footprint, capturing 19.7% overall retail equity turnover market share and expanding its presence into tier-2, tier-3, and beyond cities where the vast majority of its new user acquisitions originate.
02 · Historical context
What shaped the business before this quarter
Previously known primarily as a traditional discount broker, the company re-branded to Angel One in FY22, successfully transitioning from a single-product brokerage into a multi-product digital financial ecosystem.
Since FY24, Angel One has steadily onboarded industry veterans and established dedicated business verticals, launching Ionic Wealth for HNI/UHNI clients and setting up an asset management company (AMC) with 11 approved schemes.
03 · Financial snapshot
Current quarter vs the two useful baselines
| Metric | Quarter ended 30 September 2026 | Year-ago | Previous quarter |
|---|---|---|---|
| Revenue from operations | ₹1,426.99 Cr | ₹1,201.76 Cr | ₹1,429.69 Cr |
| Total income | ₹1,431.54 Cr | ₹1,204.20 Cr | ₹1,433.72 Cr |
| Profit before tax | ₹458.50 Cr | ₹294.00 Cr | ₹324.67 Cr |
| Profit after tax | ₹334.97 Cr | ₹211.73 Cr | ₹231.40 Cr |
| EPS | ₹3.67 | ₹2.34 | ₹2.46 |
04 · Why it moved
Why the quarter looked the way it did
What drove revenue
Interest income, comprising earnings from the margin trading facility (MTF) and client lending activities, grew strongly, contributing 35.6% to total gross revenues during Q2 FY27 as the average client funding book expanded to ₹74.5 billion.
Gross broking accounted for approximately 54.5% of total gross revenues in Q2 FY27, underpinned by 366 million total orders executed during the quarter across cash, F&O, and commodity segments.
Distribution revenue contribution rose to 4.8% of total gross revenues in Q2 FY27, driven by rising adoption of mutual fund SIPs (reaching 1.9 million unique SIPs registered) and expanding digital credit distribution.
What drove margins
Employee benefits expenses reduced sequentially to ₹209.5 crore in Q2 FY27 from ₹229.7 crore in Q1 FY27 due to ongoing headcount optimization, while other expenses decreased to ₹344.3 crore.
Normalised EBDAT margin expanded by 25 basis points sequentially to reach 43.8% in Q2 FY27, reflecting disciplined operating cost management amidst fluctuating user trading volumes.
05 · Demand, customers & order book
Where demand is coming from
The platform's total user base reached 40.0 million, with 1.5 million gross customer acquisitions recorded during Q2 FY27 and about 45% of new users aged under 25 years.
06 · Segments, products & geography
Which parts of the business are doing the work
Segments and products
Processed 366 million orders during Q2 FY27, maintaining a 19.7% overall retail equity turnover market share and achieving a 16.6% demat market share as of September 2026.
Average client funding book scaled to a record high of ₹74.5 billion (+21.4% QoQ), with the period-ending book reaching ₹82.1 billion across more than 437,000 active users.
Total Wealth AUM grew 19.1% sequentially to ₹160.0 billion as of September 2026, with UHNI AUM accounting for ₹102.6 billion and approximately 86% comprising ARR AUM.
AMC business established a presence across 11 schemes, accumulating ₹5.7 billion in AUM and engaging over 259,000 folios spanning 17,800 pincodes.
Geography and market mix
Approximately 90% of new user additions originate from tier 2, tier 3, and smaller cities, supported by extensive rural and urban smartphone penetration.
07 · Strategy & new businesses
How the company is trying to change its growth mix
Embedded advanced AI use cases across user discovery, conversational assistants ('Ask Angel'), customer onboarding with KYC face match, and internal productivity workflows.
Expanded international offerings following authorization as a Global Access Provider in IFSC for U.S. stock investing, alongside the previously announced tech-led life insurance joint venture with LivWell Holdings.
08 · Reported developments
What changed operationally
Reported PAT grew by 44.8% QoQ and 58.2% YoY to reach ₹334.97 crore, driven by robust interest income from the client funding book and cost efficiencies.
Average client funding book expanded to ₹74.5 billion, reflecting robust demand for margin trading facilities among retail investors.
09 · Pressure points & risks
What is not going smoothly
Total orders declined 9.8% QoQ to 366 million during Q2 FY27, reflecting softer market activity and regulatory changes impacting retail trading volumes.
10 · Items worth noticing
The line items that can distort a quick read
Employee benefits expenses included ₹46.0 crore in expenses related to Employee Stock Option Schemes following fresh grant issuances during Q2 FY27.
11 · Cash flow & balance sheet
Profit is one thing. Cash and funding tell another part of the story.
The client funding book exhibits high granularity, with 84% of participating users having exposures under ₹0.1 million and 82% of the period-ending book having an ageing of less than 30 days.
Capital allocation & funding
Consolidated balance sheet borrowings stood at ₹75,549 million as of 30 September 2026, compared to ₹78,791 million as of March 2026.
12 · Beyond the numbers
What changed beyond the numbers
Reported update
Digital Infrastructure and Security Certifications
Platform security infrastructure maintains ISO/IEC 27001:2022 and ISO 22301:2019 certifications, with data-privacy governance aligned with the DPDPA framework.
13 · Previous-quarter changes
What changed since the previous quarter
Normalised EBDAT margin improved by 25 basis points sequentially to 43.8% in Q2 FY27, supported by optimized employee expenses and operating leverage.
14 · Key Q&A
The quarter, answered directly
What does Angel One do?
Angel One Limited operates as a technology-led financial services platform in India, offering a comprehensive ecosystem spanning stock broking, mutual fund distribution, margin trading facilities, wealth management, asset management, and credit distribution.
What is the clearest takeaway from Quarter ended 30 September 2026?
Angel One reported total consolidated income of ₹1,431.54 crore for the quarter ended 30 September 2026 (Q2 FY27), remaining stable compared to ₹1,433.72 crore in the previous quarter while registering a robust 18.9% increase from ₹1,204.20 crore in the corresponding period of the previous year.
What drove revenue or demand?
Interest income, comprising earnings from the margin trading facility (MTF) and client lending activities, grew strongly, contributing 35.6% to total gross revenues during Q2 FY27 as the average client funding book expanded to ₹74.5 billion.
What mattered most for margins or profitability?
Employee benefits expenses reduced sequentially to ₹209.5 crore in Q2 FY27 from ₹229.7 crore in Q1 FY27 due to ongoing headcount optimization, while other expenses decreased to ₹344.3 crore.
What changed operationally beyond the headline numbers?
Embedded advanced AI use cases across user discovery, conversational assistants ('Ask Angel'), customer onboarding with KYC face match, and internal productivity workflows.
What are the main pressure points disclosed for the quarter?
Total orders declined 9.8% QoQ to 366 million during Q2 FY27, reflecting softer market activity and regulatory changes impacting retail trading volumes.
15 · Scenario calculator
Earnings sensitivity: what if growth and margins change?
Starting point
Build your own next-quarter scenario
Reported values are prefilled where a comparable basis is available. Otherwise, the field starts at 0. You can overwrite every field.
Example: enter 10 for 10% revenue growth. Enter -100 for a 1 percentage-point margin decline.
Scenario output
Scenario revenue / income₹0 cr
Scenario profit after tax₹0 cr
Profit change vs base₹0 cr (0%)
Scenario margin0%
Growth needed to keep profit flat after this margin move0%
The calculator holds the selected margin basis constant except for the basis-point adjustment you enter. It does not estimate tax, finance cost, dilution, working capital, valuation or share price.
16 · Next filing checkpoints
What the next disclosure can confirm or change
- 01
New Business Scaling: Track adoption rates and AUM accumulation across newer verticals including Wealth Management, Asset Management, and digital credit distribution.
Learn the metrics
Need the concepts first?
Use Nivata’s plain-English guides to understand the accounting terms used in this brief before interpreting them.