Angel One543235Earnings call transcript
Q2 FY27 earnings call transcript shared: revenue up 18.9%, PAT up 58.2%
Transcript of the Q2 FY27 earnings call held on 16 October 2026 has been shared.
By ScoutQuest · · 2 min read
- Consolidated gross revenue
- ₹ 14.3 billion, up 18.9% year-on-year
- PAT growth
- up 58.2%
- Stand-alone OPM
- 48.9%
Quarter at a glance
- Consolidated gross revenue: ₹ 14.3 billion, up 18.9% year-on-year and broadly stable sequentially despite moderation in trading activity
- Consolidated PAT grew 58.2% year-on-year
- Stand-alone operating margin (OPM): 48.9%, above the range management has been guiding
- Management described the quarter as not a typical one, with regulatory changes impacting market volumes
Clients and activity
- About 40 million Indians have chosen the platform
- Nearly 1.5 million new clients welcomed in the quarter, 11.6% more than Q1
- September average daily orders rebounded to 5.8 million, up nearly 12% from August
- Average client funding book reached a lifetime high of ₹ 74.5 billion, up about 40.5% from a year ago
- NSE active client base grew, with active client market share expanding month-on-month in each month of the quarter
Market share
- Overall equity retail market share based on option premium turnover: 19.7%
- Derivatives retail turnover share: 22.1% for the quarter, rising to 22.5% in September
- Cash segment market share moderated
- Commodities turnover more than doubled over last year, while share came down to 44% as more participants entered the market
Adjacent businesses
- Ionic Wealth AUM at ₹ 160 billion, up 19.1% over Q1 FY27
- Asset Management AUM at nearly ₹ 6 billion; management is evaluating a comprehensive play in this business, including bringing in a new leader, with more to be shared in future quarters
- SIP registrations grew nearly 12% over Q1
- Credit: highest ever credit distribution delivered in September, taking the annualised run rate to ₹ 33 billion; probability of default model upgraded and early beta of loan against securities launched
What management said about the road ahead
- The SEBI circular on updates to the closing auction session is expected to bring greater clarity to traders and create some tailwind
- The credit business will be scaled with discipline and responsibility
- The platform is described as product agnostic, allowing it to go deeper across capital markets, wealth, credit and other financial services
- AI is being used as a shared intelligence layer across products and operations, with governance and security frameworks around it
Regulatory and other developments mentioned
- SEBI's Board has approved new portfolio manager regulations, which management said widens the product shelf for platforms
- Authorisation received to operate as a Global Access Provider in the IFSC; U.S. stocks are being piloted on the platform
- IRDAI's September consultation paper proposes a reset of insurance commissions; management noted it is still a proposal and said a lower cost, more transparent model favours digital platforms
- Cybersecurity stack strengthened this quarter with AI-driven vulnerability detection and automated remediation workflows
Note
- The call carried forward-looking statements based on management's current beliefs and expectations, which are not guarantees of future performance and involve risks and uncertainties.
Also from Angel One
Angel One reported strong quarterly operating margins and discussed recovery in derivative/options volumes after new cash market regulations and growth in lending, insurance and wealth management businesses
19 Oct 2026
Audio recording of earnings call with analysts and investors put up on company website
16 Oct 2026
Angel One posted a mixed quarter with flat revenue but strong EBITDA and profit growth and margin expansion
16 Oct 2026
More numbers
- Consolidated gross revenue₹ 14.3 billion
- Consolidated revenue growth year-on-year18.9%
- Consolidated PAT growth year-on-year58.2%
- Stand-alone operating margin (OPM)48.9%
- Average client funding book (lifetime high)₹ 74.5 billion
- New clients added in the quarter1.5 million
- September average daily orders5.8 million
- Credit distribution annualised run rate₹ 33 billion
Source: BSE · 21 Oct 2026
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