Angel One Limited reported consolidated net profit of ₹3,349.72 million for the quarter ended September 30, 2026, up 58% from ₹2,117.30 million in the same quarter of the previous year. The result beat market estimates of ₹3,100 million.

The board of directors approved the unaudited standalone and consolidated financial results at its meeting held on October 15, 2026, along with a limited review report by auditors S.R. Batliboi & Co. LLP. A second interim dividend of ₹1.40 per equity share for FY27 was also declared, with a record date of October 22, 2026.

Consolidated financial performance

The following table summarises key consolidated income statement metrics for the quarter and six months ended September 30, 2026.

Revenue from operations for Q2FY27 stood at ₹14,269.89 million, compared with ₹12,017.58 million in Q2FY26. Interest income rose to ₹5,100.31 million from ₹3,794.29 million, while fees and commission income reached ₹9,095.04 million against ₹8,166.67 million in the year-ago quarter. Total expenses for the quarter were ₹9,730.37 million, lower than ₹11,090.46 million in Q1FY27, driven by a decline in other expenses to ₹3,443.27 million from ₹4,725.73 million sequentially.

Standalone financial performance

On a standalone basis, Angel One posted net profit of ₹3,667.42 million for Q2FY27, compared with ₹2,363.13 million in Q2FY26. Total revenue from operations stood at ₹13,981.39 million versus ₹11,792.63 million in the year-ago quarter.

Business metrics and market share

The company's user base grew to 40.0 million, a 17.3% increase YoY, while gross acquisition stood at 1.5 million. The average client funding book reached a record high of ₹74.5 billion, growing 40.5% YoY. Wealth management AUM surged 160.5% YoY to ₹160.0 billion, and asset management company AUM rose 41.3% YoY to ₹5.7 billion.

Credit distribution registered 51.8% YoY growth at ₹6.9 billion, with September 2026 recording the highest-ever monthly credit distribution of nearly ₹2.8 billion. However, unique SIP registrations degrew 19.0% YoY to 1.9 million.

Order volume and turnover share

Total orders declined 9.8% QoQ to 366 million but remained up 1.7% YoY. F&O orders fell to 256 million from 300 million in Q1FY27. Despite the dip in order volumes, the overall average daily turnover on a premium basis rose 91.3% YoY to ₹2.6 trillion.

Key financial ratios and balance sheet highlights

On a standalone basis, Angel One's net worth stood at ₹68,240.82 million as at September 30, 2026, compared with ₹62,019.79 million as at March 31, 2026. The standalone operating margin expanded to 30.33% for the six months ended September 30, 2026 from 27.17% for the year ended March 31, 2026, while net profit margin rose to 22.70% from 20.24% over the same periods.

Consolidated total assets stood at ₹2,26,770.51 million as at September 30, 2026, against ₹2,39,037.91 million as at March 31, 2026. Loans on the consolidated balance sheet grew to ₹79,582.26 million from ₹51,280.67 million over the same period, reflecting expansion in the margin trading facility book.

What the Numbers Show

The divergence between declining order volumes (-9.8% QoQ) and rising average daily turnover (+0.9% QoQ, +91.3% YoY) indicates a shift towards higher-value transactions per order. While total orders dropped, the premium-based turnover suggests clients are executing larger trades or shifting toward high-value segments like F&O, where Angel One's market share increased 43 bps YoY to 22.1%. This aligns with the significant expansion in the client funding book (+40.5% YoY), suggesting deeper capital deployment by existing users rather than just new user acquisition driving revenue.

The investor presentation further clarifies this trend by highlighting that 84% of users have an exposure of under ₹0.1 million in the client funding book, indicating a granular, mass-retail driven book with very low concentration risk. Additionally, 82% of the period-ending book is less than 30 days old, reflecting high liquidity and low delinquency risk despite the rapid scaling of the credit product.

Dividend and other board decisions

The board declared a second interim dividend of ₹1.40 per equity share of face value ₹1 each for FY27. The record date is October 22, 2026, and the dividend will be paid on or before November 14, 2026 to shareholders whose names appear in the register of members or depository records as on that date.

Other expenses for the six months ended September 30, 2026 included Indian Premier League sponsorship and related expenses of ₹1,366.63 million, compared with ₹1,267.25 million during the year ended March 31, 2026. ICRA Limited has assigned a credit rating of IND AA- (Stable) to the company's redeemable non-convertible debentures, with no change in the rating during the quarter ended September 30, 2026. The company confirmed that outstanding secured NCDs are fully secured by a pari-passu charge on present and future receivables, maintaining an asset cover of 1.00 time as stipulated in the respective offer documents.

Angel One added 37,000 new active clients in September 2026, reinforcing its position as a leading retail broker in India.

The company disclosed key business parameters for the month, reporting a total client base of 39.98 Mn, up 17.3% YoY. The average client funding book expanded significantly by 41.7% YoY to ₹78.71 Bn, indicating deeper engagement and higher capital deployment per user despite mixed trading volumes.

Monthly performance: September 2026

Angel One's monthly metrics for September 2026 reflect mixed trends across trading activity and client acquisition. While the active client count rose, gross client acquisition fell 17.1% YoY to 0.45 Mn. The number of orders reached 122.29 Mn, down 4.1% YoY. Average daily orders stood at 5.82 Mn, nearly flat YoY at 0.4% growth. Unique MF SIPs registered declined 25.3% YoY to 587.45 thousand.

The following table summarises the key monthly business parameters:

ADTO and market share: September 2026

On a notional turnover basis, overall ADTO stood at ₹44,879 Bn in September 2026, down 6.9% YoY but up 8.4% MoM. F&O ADTO on notional turnover was ₹42,205 Bn, down 9.6% YoY. Commodity ADTO rose sharply, up 86.4% YoY to ₹2,600 Bn, while cash ADTO declined 2.8% YoY to ₹74 Bn.

Retail turnover market share based on option premium turnover for overall equity stood at 19.6%, down 101 bps YoY. F&O market share improved 66 bps YoY to 22.5%. Cash turnover market share fell 275 bps YoY to 16.2%, while commodity turnover market share contracted 2264 bps YoY to 41.7%.

Quarterly performance: Q2FY27

For Q2FY27, Angel One's client base stood at 39.98 Mn, up 17.3% YoY and 3.6% QoQ. Gross client acquisition reached 1.49 Mn, up 11.6% QoQ but down 14.1% YoY. The average client funding book expanded 40.5% YoY and 21.4% QoQ to ₹74.53 Bn. Unique MF SIPs registered totalled 1,929.89 thousand, down 19.0% YoY but up 11.8% QoQ.

Q2FY27 ADTO and market share

On a notional turnover basis, overall ADTO for Q2FY27 was ₹45,134 Bn, nearly flat YoY at 0.1% growth and down 13.9% QoQ. F&O ADTO on notional turnover stood at ₹42,617 Bn, down 2.8% YoY. Commodity ADTO rose 105.5% YoY to ₹2,438 Bn. Cash ADTO grew 7.4% YoY to ₹79 Bn.

Overall equity retail market share based on option premium turnover was 19.7%, down 76 bps YoY. F&O market share stood at 22.1%, up 43 bps YoY. Cash turnover market share declined 191 bps YoY to 16.8%, while commodity turnover market share contracted 2115 bps YoY to 44.0%.

The data was filed with exchanges on October 6, 2026, and is based on a limited review by the management team. Angel One intends to provide these updates on a monthly basis.