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Revenue
₹1,200 Cr
verified against source
Revenue YoY
—
reported change
EBITDA
Pending
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
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.
Colored figures show movement against the previous available record.
Guidance to track
- Management reiterated guidance to exit FY26 with operating profit margin between 40% and 45%, driven by revenue growth and stable costs.
- Over the long term, Angel One aims to achieve 45-50% operating margins as new businesses scale and efficiencies improve.
- Distribution, wealth, and asset management businesses are expected to contribute double-digit percentage to total revenue within 3-5 years.
- The wealth management business is expected to turn incrementally profitable in about 2.5-3 years, while the AMC business will take 7-8 years.
Risks flagged
- Analyst raised concern about SEBI potentially reducing weekly expiries, which could impact F&O broking revenues. Management declined to provide sensitivity analysis.
- Customer acquisition costs have remained elevated for several quarters, pressuring near-term margins. Management expects stable to slightly declining costs but no specific timeline.
- Gross revenues declined YoY due to the removal of turnover charge arbitrage and lower market activity. Management termed it a one-year aberration.
- Wealth and AMC businesses are burning ~₹100Cr annually and will take years to turn profitable, weighing on consolidated margins.
Key quotes
- Our vision remains clear to touch a billion lives and serve their financial needs in one integrated digital ecosystem.
- We are not just building products. We are creating habits of making investing simple, accessible and rewarding for every Indian.
- We are methodically building out every aspect of customers' financial needs — wealth, credit and protection — each with a long-term view.
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