Angel One Q2 FY27 results: net profit up 58.2% to ₹334.97 crore, revenue up 18.7%

How did Angel One perform in Q2 FY27?

Angel One’s consolidated revenue was ₹1,427 crore in Q2 FY27, against ₹1,202 crore in Q2 FY26 and ₹1,430 crore in Q1 FY27. Revenue was up 18.7% year on year and down 0.2% from the previous quarter. Total income was ₹1,431.54 crore, compared with ₹1,204.20 crore a year earlier and ₹1,433.72 crore in Q1 FY27.

EBITDA was ₹636.26 crore, compared with ₹415.40 crore in Q2 FY26 and ₹484.89 crore in Q1 FY27. The EBITDA margin was 44.6%, against 34.6% a year ago and 33.9% in the previous quarter, while profit before tax was ₹458.50 crore. Net profit was ₹334.97 crore, compared with ₹211.73 crore in Q2 FY26 and ₹231.40 crore in Q1 FY27; basic EPS was ₹3.67.

On the standalone basis, revenue was ₹1,398.14 crore and net profit was ₹366.74 crore, compared with ₹236.31 crore in the year-ago quarter. The board approved the unaudited standalone and consolidated results, together with the auditors’ limited review report, for the quarter and half year ended 30 September 2026.

What changed in Angel One's costs and profit?

Total expenses were ₹973.04 crore in Q2 FY27, up ₹62.84 crore or 6.9% from Q2 FY26. Employee cost fell by ₹18.96 crore to ₹255.51 crore, while finance costs rose by ₹54.27 crore to ₹147.46 crore. Depreciation increased by ₹4.19 crore to ₹34.84 crore and other expenses were higher by ₹1.65 crore at ₹344.33 crore; there was no exceptional item.

Other income increased by ₹2.11 crore to ₹4.55 crore. Profit before tax rose by ₹164.50 crore to ₹458.50 crore, while tax expense increased by ₹41.25 crore to ₹123.52 crore. Net profit consequently increased by ₹123.24 crore to ₹334.97 crore, and the PAT margin widened to 23.5% from 17.6%.

Against Q1 FY27, total expenses fell by ₹136.01 crore to ₹973.04 crore. Other expenses declined by ₹128.24 crore to ₹344.33 crore and employee cost fell by ₹13.11 crore to ₹255.51 crore, partly offset by a ₹18.28 crore rise in finance costs to ₹147.46 crore. Tax was higher by ₹30.25 crore at ₹123.52 crore, and net profit increased by ₹103.57 crore to ₹334.97 crore.

How did the first half of FY27 go?

In H1 FY27, Angel One reported revenue of ₹2,856.68 crore, total income of ₹2,865.25 crore and profit before tax of ₹783.17 crore. Revenue increased by ₹514.39 crore or 22.0% from H1 FY26, while total income rose by ₹517.96 crore or 22.1%.

Net profit for the first half was ₹566.37 crore, up ₹240.17 crore or 73.6% from H1 FY26. Profit before tax increased by ₹324.74 crore or 70.8%. EPS for the half was ₹6.2, compared with ₹36.04 in H1 FY26, as reported in the supplied figures.

What do the balance sheet and cash flow show?

Total assets were ₹22,677.05 crore at 30 September 2026, compared with ₹23,903.79 crore at 31 March 2026. Total equity was ₹6,712.4 crore, against ₹6,148.93 crore at the previous balance-sheet date, while cash and cash equivalents were ₹87.38 crore against ₹162.36 crore. Borrowings were not reported in the supplied figures.

Operating cash flow for H1 FY27 was ₹929.63 crore, compared with an outflow of ₹1,181.9 crore in H1 FY26. Investing cash flow was negative ₹324.44 crore against negative ₹124.33 crore, while financing cash flow was negative ₹679.37 crore against positive ₹646.38 crore. Capital expenditure was ₹24.31 crore, compared with ₹23.29 crore.

How has Angel One done over the last 8 quarters?

Revenue rose in each of the last four quarters on a year-on-year basis, while profit rose year on year in each of the last three quarters. Q2 FY27 revenue was ₹1,426.99 crore, compared with ₹1,429.69 crore in Q1 FY27, so revenue was slightly lower sequentially after reaching ₹1,459.42 crore in Q4 FY26.

Net profit increased to ₹334.97 crore in Q2 FY27 from ₹231.40 crore in Q1 FY27, after reaching ₹320.24 crore in Q4 FY26. The EBITDA margin rose to 44.6% from 33.9% in Q1 FY27 and was higher than the 39.7% recorded in Q3 FY26. Revenue had earlier bottomed at ₹1,056.01 crore in Q4 FY25, while net profit bottomed at ₹114.47 crore in Q1 FY26.

What else did the company announce?

The board approved the unaudited standalone and consolidated financial results for the quarter and half year ended 30 September 2026. It also approved a statement of utilisation of issue proceeds and a statement of deviation or variation in use of issue proceeds for the quarter ended 30 September 2026, along with the security cover statement as on that date.

The company declared its second interim dividend for FY27 at ₹1.40 per equity share of ₹1 face value. The record date was set at 22 October 2026, with payment due on or before 14 November 2026 for shareholders recorded as eligible on that date. The same-day filings also included an investor presentation and a press release on the quarter’s business performance.

What did Angel One's management say?

Management maintained standalone operating margin guidance of around 45% on an annual basis, including IPL expenditure, and consolidated operating margin guidance of 40% to 45% in the near term. Employee cost guidance was held at around ₹1,100 crores for FY27, including ESOP, while the new-business margin drag was raised to 3.5% to 4% of consolidated EBITDA. Management also said distribution revenue was expected to reach a low-double-digit share of total revenue over the next 2–3 years.

Management said the client funding book reached a record ₹74.5 billion average and ₹82.1 billion closing, funded clients rose 30% to 437k, and credit distribution reached a ₹33 billion annualised run rate in September. The company was piloting US stocks through its GIFT City Global Access Provider licence and was scaling credit distribution with AI and ML-led underwriting, while focusing on activation quality and lifetime value rather than acquisition volume.

The company identified quarterly margin fluctuations from market activity, seasonality and investment timing; new-business EBITDA drag; regulatory changes affecting F&O and the client activity mix; moderated customer acquisition; and future regulatory resets as risks. Group CEO Ambarish Kenghe said the platform held up amid regulatory changes, while Group CFO Vineet Agrawal said the company remained confident of sustaining standalone operating margins of around 45% annually.

How did Angel One shares react?

Angel One’s shares were down 4.2% on the reaction day from the pre-results close of ₹313.00. The stock was down 0.9% after five minutes, 3.1% after 15 minutes and 3.7% after 30 minutes following the filing. By the next day’s close, it was down 3.2% from the pre-results close, and by five sessions it was down 9.7%.

How did other Stockbroking & Allied companies do?

Twenty-seven Stockbroking & Allied companies had filed for the quarter as of 4 November 2026. Their median revenue growth was 11.8%, compared with Angel One’s 18.7% consolidated revenue growth in the quarter. Of the other companies, 15 grew more slowly than Angel One and 12 grew faster.

Among the 26 peers for which profit was compared, 15 reported higher profit. The peer comparison covered the companies that had filed their quarterly results by 4 November 2026.