Angel One is a technology-led financial-services platform spanning online broking, wealth management, mutual funds, credit distribution and asset management. This quarter's print will speak to a tug-of-war between a record client funding book and a broking-fee drag, after the NSE Closing Auction Session went live on August 3, 2026 and combined F&O turnover hit a 14-month low in August.
| Results date | October 15, 2026 |
|---|---|
| Quarter | Q2 FY 2026-2027 |
| Previous quarter revenue | Rs. 14.3 Bn (Q1 FY27 consolidated gross income) |
| Previous quarter PAT | Rs. 2.3 Bn (Q1 FY27 consolidated) |
| Market cap | Rs. 26,706 Cr |
| CMP | Rs. 292.0 |
The board was scheduled to meet on October 15, 2026, to consider unaudited results for the quarter ended September 30, 2026, and a second interim dividend for FY 2026-27.
Alongside the second interim dividend for FY 2026-27, the record date was set at October 22, 2026. The trading window was closed from October 1 until 48 hours after results declaration.
The quarter's central question is how Angel One's fee income absorbed the August F&O disruption — the Closing Auction Session went live on NSE from August 3, 2026, and combined F&O average daily turnover fell to a 14-month low of Rs. 346.9 trillion in August, down 22% month-on-month. The company's own Q2 business update already flagged the direction: orders fell 9.8% QoQ to 366.46 Mn and overall equity share slipped 51 bps QoQ to 19.7%, even as exchange-level cash-market turnover held broadly steady at Rs. 1.20 trillion in July and Rs. 1.19 trillion in August. The offset is interest income from the client funding book, which averaged Rs. 74.53 Bn in Q2, up 21.4% QoQ, with the September monthly average hitting a record Rs. 78.71 Bn — against Q1 interest income of Rs. 466.87 Cr. Commodity was a bright spot, with Q2 ADTO of Rs. 2,438 Bn, up 105.5% YoY. On costs, the RBI kept the repo rate unchanged at 5.25% at its August 3-5, 2026 meeting, a neutral signal for funding costs within the quarter, while management has reiterated its 40%-45% standalone margin target and guided employee costs at the FY26 run rate of approximately Rs. 11 Bn. The upcoming call is expected to cover the margin tracking, the fees-versus-interest revenue mix, and management's read on whether the August F&O disruption was a one-month adjustment or a lasting structural drag.
Standalone margin target tracking: The single most important number for the quarter.
Orders, market share and client acquisition
Client funding book and MTF funding sources
Distribution, AMC strategy and wealth/AI initiatives
Proposed capital infusions
Management said internal targets exist but it could not disclose a specific near-term number such as Rs. 100 Bn while the strategy was still being developed. It expects to share more detail in coming quarters.
Management pointed to exchange-prescribed margin requirements and additional internal safeguards, and described client-funding penetration among its client base as low. It declined to give a specific FY27 MTF book-size number.
Yes — management reiterated in Q1 FY27 that the 40%-45% standalone operating margin target remains intact. It also acknowledged that customer acquisition cost can remain aggressive where opportunities arise, with possible short-term margin dilution.
Management said monthly changes reflected market conditions and emphasised quality acquisition and high client-acquisition share. It anticipated greater investor participation as IPOs and market activity pick up.
Q2 FY27 orders were 366.46 Mn, down 9.8% QoQ, with overall equity share at 19.7%, down 51 bps QoQ. The average client funding book rose 21.4% QoQ to a record Rs. 74.53 Bn, and commodity ADTO was Rs. 2,438 Bn, up 105.5% YoY.