ANGELONE's Q2 FY27 numbers came in mixed, with revenue of Rs. 1,426.99 Cr (+18.80% YoY) and PAT growth of +58.20% YoY. Here's a quick read of what worked, what to watch, and what management said.
Quick Details| Results date | October 15, 2026 |
|---|
| Quarter | Q2 FY 2026-2027 |
|---|
| Revenue (Q2) | Rs. 1,426.99 Cr (+18.80% YoY) |
|---|
| PAT (Q2) | Rs. 334.97 Cr (+58.20% YoY) |
|---|
| EBITDA margin | 44.59% (+1002 bps YoY) |
|---|
| EPS (Q2) | Rs. 3.67 (+56.80% YoY) |
|---|
| Market cap | Rs. 28,668.97 Cr |
|---|
| CMP | Rs. 313.00 |
|---|
Quarter Snapshot
Angel One delivered 58.2% YoY consolidated PAT growth to Rs.3,349.72 Mn with EBITDA margin up ~1,000 bps YoY to 44.59%, driven by an 11.9 pp revenue-to-expense growth spread and a 34.4% YoY rise in interest income from the MTF book (average funding book Rs.74.53 Bn, +21.4% QoQ). However, the company is behind its own 40-45% standalone operating margin target (H1 at 30.33%), equity market share slipped 51 bps QoQ to 19.7%, orders fell 9.8% QoQ, and finance costs rose 58.2% YoY alongside an 80% increase in NCDs outstanding. Cash generation improved markedly with H1 CFO of Rs.9,296.35 Mn versus a negative Rs.11,819.04 Mn a year ago.
Key Investment Insights
Key Positives
- Consolidated PAT grew 58.2% YoY to Rs.3,349.72 Mn and 44.8% QoQ; basic EPS up 56.8% YoY to Rs.3.67
- Revenue from operations grew 18.8% YoY to Rs.14,269.89 Mn
- EBITDA margin expanded ~1,000 bps YoY to 44.59% (from 34.57% in Q2 FY26)
- Interest income grew 34.4% YoY to Rs.5,100.31 Mn, now 35.7% of revenue; average MTF funding book rose 21.4% QoQ to Rs.74.53 Bn
- Employee costs declined 6.9% YoY; other expenses fell 27.1% QoQ; total expenses fell 12.3% QoQ on flat revenue
- H1 FY27 CFO turned positive at Rs.9,296.35 Mn vs negative Rs.11,819.04 Mn in H1 FY26; CFO/PAT at 1.64x
- Normalized H1 PAT (excluding Rs.127.26 Mn fair value gains) grew 70.8% YoY
- Client base reached 39.98 Mn; standalone PBT margin improved QoQ from 25.71% to 34.90%; debt-equity improved from 1.28x to 1.13x
Risk Factors
- Overall equity market share fell 51 bps QoQ to 19.7%; retail equity share declined from 20.5% (Q2 FY26) to 19.7%; commodity share down 204 bps MoM
- Orders declined 9.8% QoQ to 366.46 Mn; fees and commission income fell 5.0% QoQ
- Finance costs rose 58.2% YoY to Rs.1,474.60 Mn; NCDs outstanding up 80% since Mar 2026 to Rs.53,188.78 Mn
- H1 FY27 standalone operating margin of 30.33% is behind the 40-45% FY27 target; H2 would need ~45%+ margin
- Consolidated PAT was Rs.317.70 Mn (8.7%) lower than standalone in Q2 and Rs.711.11 Mn (12.6%) lower in H1 due to subsidiary drag
- Sep 2026 gross client acquisition of 0.45 Mn was down 19.6% MoM