Angel One Limited reported a strong financial performance for the second quarter of FY27, supported by higher profitability, growth in its client funding business, and expansion in wealth management and credit distribution. The results for the quarter ended September 30, 2026, highlight the company’s progress in building a broader digital financial-services platform beyond traditional stock broking.

Angel One reported consolidated gross revenue of ₹1,431.5 crore in Q2 FY27, registering year-on-year growth of 18.9%. Standalone gross revenue stood at ₹1,400.7 crore, an increase of 18.5% compared with the corresponding quarter of the previous financial year.

Profitability improved at a faster pace than revenue. Consolidated reported profit after tax, or PAT, reached ₹335 crore, rising 58.2% year-on-year. Standalone PAT increased 55.2% to ₹366.7 crore.

The company also delivered substantial growth in its reported EBDAT, a profitability measure used in its results presentation. Consolidated EBDAT stood at ₹493.3 crore, up 52% year-on-year, while standalone EBDAT increased 50.1% to ₹519.4 crore.

Operating profitability strengthened significantly. Angel One reported a consolidated EBDAT margin of 45.1%, improving by 1,064 basis points year-on-year. The standalone EBDAT margin reached 48.9%, an improvement of 1,123 basis points. These figures indicate a substantial improvement in reported profitability, although the sustainability of the margins will remain important in subsequent quarters.

Angel One’s user base continued to expand. Total users reached 40 million at the end of the reported period, up 17.3% year-on-year and 3.6% sequentially. This growing customer base provides the company with a larger audience for trading, investing, wealth management and credit-related products.

However, new customer acquisition presented a more mixed picture. Gross acquisitions were approximately 1.5 million during Q2 FY27, down 14.1% year-on-year but up 11.6% quarter-on-quarter. The next few quarters will help show whether the company can accelerate customer additions while maintaining engagement among existing users.

Angel One accounted for 16.6% of India’s demat accounts, increasing its share by 16 basis points year-on-year. Its assets under custody across equity and mutual funds stood at approximately ₹1.7 lakh crore, growing 16.1% year-on-year. Sequentially, these assets declined 2.9%, making market movements and customer asset flows important factors to monitor.

Trading activity remained substantial. The company processed approximately 366 million orders during the quarter, up 1.7% year-on-year but down 9.8% sequentially. The quarterly total included around 256 million futures and options orders, 66 million cash-market orders and 45 million commodity orders, subject to rounding.

Average daily turnover on a premium basis reached approximately ₹2.6 lakh crore, increasing 91.3% year-on-year and 0.9% quarter-on-quarter. This indicates a sharp rise in the reported turnover measure compared with the previous year, although turnover alone does not determine brokerage revenue or profitability.

Market-share trends were mixed across trading segments. Angel One’s retail overall equity turnover market share was 19.7%, compared with 20.5% a year earlier. Its futures and options market share was 22.1%, slightly above the year-ago level of 21.7%, while cash-market share declined to 16.8% from 18.7%.

Commodity market share stood at 44%, compared with 65.1% in the corresponding quarter last year. These figures suggest that maintaining market share across different trading products remains an important business priority, particularly as competition and changes in customer trading behaviour can affect brokerage activity.

The client funding book was a key area of growth. It reached a record ₹745 crore? The reported figure was ₹74.5 billion, equivalent to ₹7,450 crore, representing year-on-year growth of 40.5%. A larger funding book can strengthen client engagement and provide another source of business activity, while also requiring careful attention to funding costs, collateral and risk controls.

Angel One continued to expand its distribution business. Credit distribution reached ₹690 crore during Q2 FY27, increasing 51.8% year-on-year and 30.2% quarter-on-quarter. September 2026 recorded the highest-ever monthly credit distribution for the company, at nearly ₹280 crore.

Mutual fund acquisition metrics were more subdued. Unique SIP registrations stood at 1.9 million during the quarter, down 19% year-on-year, although they increased 11.8% sequentially. The year-on-year decline makes mutual fund engagement and recurring investment adoption important indicators to watch as Angel One expands its investment offerings.

Wealth management continued to grow rapidly. Assets under management in this business reached ₹160 billion, or ₹16,000 crore, representing year-on-year growth of 160.5%. The wealth-management client base exceeded 2,975 by the end of September 2026, while AUM also increased 19.1% quarter-on-quarter.

The company’s asset management business reported AUM of ₹5.7 billion, equivalent to ₹570 crore, up 41.3% year-on-year. However, this figure declined 8.7% sequentially. The longer-term opportunity depends on the company’s ability to expand products, attract investor assets and build recurring customer relationships.

Angel One’s broader strategy is to serve more of each customer’s financial needs through a single digital platform. Its investor presentation highlights opportunities across equity investing, mutual funds, wealth management, credit, fixed-income products and other financial services. This approach could help the company diversify its business mix and deepen engagement beyond frequent trading.

India’s growing digital-finance ecosystem provides a potential structural opportunity. Wider digital access, rising financial participation and relatively low household allocation to equities and mutual funds may support long-term industry growth. However, the benefits available to Angel One will depend on execution, competition, regulation and its ability to convert its large user base into sustainable revenue.

A key consideration is the relationship between market activity and financial performance. Brokerage businesses can be affected by trading volumes, market volatility, regulatory changes, pricing competition and customer participation. Strong year-on-year profitability growth in this quarter should therefore be assessed alongside market-share trends, customer additions and sequential order volumes.

Investors following the company’s next results may wish to monitor revenue growth, reported EBDAT margins, customer acquisition, client funding, trading volumes, SIP registrations, wealth-management AUM and credit distribution. Regulatory developments affecting derivatives trading and brokerage economics are also relevant to the outlook.

Overall, Angel One delivered strong year-on-year growth in reported revenue and profit in Q2 FY27, alongside significant expansion in wealth management and credit distribution. The results also reveal areas to monitor, including slower year-on-year customer acquisition, softer SIP registrations and lower market share in some trading segments. The next phase of performance will depend on sustaining profitability while expanding its wider financial-services ecosystem.

This article is for informational and educational purposes only. It is not investment advice or a recommendation to buy, sell or hold any security.

Highlights in Short

• Consolidated gross revenue: ₹1,431.5 crore, up 18.9% YoY.
• Consolidated PAT: ₹335 crore, up 58.2% YoY.
• Standalone PAT: ₹366.7 crore, up 55.2% YoY.
• Consolidated EBDAT: ₹493.3 crore, up 52% YoY.
• Consolidated EBDAT margin: 45.1%, up 1,064 basis points YoY.
• Total user base: 4 crore, up 17.3% YoY.
• Gross customer acquisitions: 1.5 million, down 14.1% YoY.
• Assets under custody: ₹1.7 lakh crore, up 16.1% YoY.
• Client funding book: ₹7,450 crore, up 40.5% YoY.
• Credit distribution: ₹690 crore, up 51.8% YoY.
• Wealth management AUM: ₹16,000 crore, up 160.5% YoY.
• Asset management AUM: ₹570 crore, up 41.3% YoY.
• Unique SIP registrations: 1.9 million, down 19% YoY.
• Total orders: 366 million, up 1.7% YoY but down 9.8% QoQ.
• Average daily turnover: ₹2.6 lakh crore, up 91.3% YoY.
• Key watchpoints: Customer acquisition, trading market share, SIP growth, regulatory changes and margin sustainability.