Results reported 15 October 2026 | Stock broking and fintech
The Quick Take
Angel One’s net profit rose 58% year on year to Rs 334.97 cr, and 45% quarter on quarter. Revenue from operations was flat at Rs 1,427 cr. The profit jump coincides with a very large gross fair-value gain of Rs 2,472 cr in Q2, against Rs 5.3 cr in Q1. The net impact of those gains has not been analysed here.
Q2 FY27 snapshot (consolidated, Rs crore)
| Metric | Q2 FY27 | Q1 FY27 | Q2 FY26 |
|---|---|---|---|
| Revenue from operations | 1,426.99 | 1,429.69 | 1,207.46 |
| Total income | 1,431.5 | 1,433.7 | 1,204.2 |
| PBT | 458.5 | 324.7 | 294.0 |
| Net profit (PAT) | 334.97 | 231.40 | 211.73 |
| EPS (basic / diluted, Rs) | 3.67 / 3.57 | Not available | Not available |
What drove the quarter
- Costs: Total expenses fell to Rs 973 cr from Rs 1,209 cr in Q1.
- Finance cost: Rs 147.5 cr, up from Rs 93.2 cr a year earlier.
- Activity: Orders fell 9.8% QoQ to 366 million, and retail equity turnover share was 19.7%.
- Half-year: H1 FY27 PAT was Rs 566.40 cr, against Rs 325.11 cr in H1 FY26.
Balance sheet
Total assets Rs 22,677 cr, net worth Rs 6,712 cr, borrowings about Rs 7,555 cr. The client funding book was Rs 8,212 cr. The current ratio fell to 0.97x from 1.24x in March. ICRA rates the company IND AA-, Stable.
Initiatives
AI across onboarding and support, a focus on Tier 2 and 3 cities and under-25s, the Ionic Wealth AUM of Rs 16,000 cr, and a planned US stocks offering in FY27.
Risks
- Trading activity sensitivity and F&O regulation.
- A growing credit book and rising finance cost.
- Reliance on fair-value gains for profit.
Setup
Strong year-on-year profit growth. Quality of earnings and funding costs are the points to watch.
This is educational analysis, not personalized investment advice. Do your own research before investing.
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