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Potential regulatory changes to F&O expiry structure
View Risks →Angel One Limited — Q2 FY26
Angel One reported a healthy Q2 FY26 with gross revenues of ₹12B, up 5.3% QoQ, and PAT of ₹2.1B, up 85% QoQ (normalized PAT up 10.1% QoQ).
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Angel One reported a healthy Q2 FY26 with gross revenues of ₹12B, up 5.3% QoQ, and PAT of ₹2.1B, up 85% QoQ (normalized PAT up 10.1% QoQ). EBITDA margin improved to 34.5% (normalized 34.5%), aided by absence of IPL expenses. Key drivers include strong client additions (1.7M new, total 34M), DMAT market share rising to 16.5%, and retail equity turnover share up 71bps to 20.5%. Credit disbursals surged 97% QoQ to ₹4.6B, and mutual fund AUM crossed ₹15,000Cr. Management reiterated guidance for 40-45% operating margin by Q4 FY26, driven by revenue growth and cost discipline. New businesses (wealth, AMC, insurance JV) are scaling but remain in investment phase. Risk: potential regulatory changes to F&O expiry structure could impact broking revenues.
एंजेल वन ने Q2 FY26 में अच्छा प्रदर्शन किया। कुल कमाई ₹12 बिलियन रही, जो पिछली तिमाही से 5.3% ज्यादा है। मुनाफा (PAT) ₹2.1 बिलियन रहा, जो 85% बढ़ा (सामान्य मुनाफा 10.1% बढ़ा)। कंपनी का खर्च घटने से मार्जिन 34.5% सुधरा, क्योंकि IPL का खर्च नहीं था। 1.7 मिलियन नए ग्राहक जुड़े, कुल 34 मिलियन हुए। डीमैट खातों में बाजार हिस्सेदारी 16.5% पहुंची। रिटेल शेयर कारोबार में हिस्सा 20.5% हो गया। कर्ज वितरण 97% बढ़कर ₹4.6 बिलियन हुआ। म्यूचुअल फंड में निवेश ₹15,000 करोड़ पार कर गया। कंपनी ने Q4 FY26 तक 40-45% मार्जिन का लक्ष्य रखा है। नए कारोबार (धन प्रबंधन, एएमसी, बीमा) बढ़ रहे हैं, लेकिन अभी निवेश चरण में हैं। जोखिम: एफएंडओ नियमों में बदलाव से कमाई प्रभावित हो सकती है।
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Total Clients
34M
+1.7M QoQ
Client base crossed 34 million with 1.7 million new clients added in Q2, up 12.2% sequentially.
DMAT Market Share
16.5%
+71bps QoQ
DMAT market share rose to 16.5%, reflecting strong digital acquisition and platform stickiness.
Credit Disbursals
₹4.6B
+97% QoQ
Credit disbursals nearly doubled sequentially to ₹4.6B, annualizing at ₹18B run rate.
Mutual Fund AUM
₹15,000Cr
+72% YoY
Mutual fund AUM grew from ₹8,700Cr to over ₹15,000Cr, with 2.4M new SIPs registered.
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Guidance and risk preview
Management reiterated guidance to exit FY26 with operating profit margin between 40% and 45%, driven by revenue growth and stable costs.
Analyst raised concern about SEBI potentially reducing weekly expiries, which could impact F&O broking revenues.
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