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Angel One Q2 25/26 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 25/26 earnings summary16 Oct, 2025
Executive summary
Achieved Q2 FY26 gross revenue of INR 12 billion, up 5.3% QoQ, and PAT of INR 2.1 billion, up 85% QoQ, with strong client additions and diversified revenue streams across broking, mutual funds, credit, and wealth management.
Board approved unaudited standalone and consolidated financial results for the quarter and half year ended September 30, 2025.
Continued investment in AI and digital platforms, including the launch of the Ask Angel chatbot, driving efficiency and client engagement.
Entered a joint venture for digital-led life insurance, expanding the product suite and deepening financial inclusion.
Board approved setting up a business unit in GIFT City, Gandhinagar, subject to regulatory approvals.
Financial highlights
Gross revenues up 5.3% QoQ to INR 12 billion; net revenues up 5.6% QoQ to INR 9.4 billion; consolidated net profit for Q2 FY26 was INR 2.1 billion, up from INR 1.1 billion in Q1 FY26.
EBITDA margin at 34.5%, up 1,270 bps QoQ; normalized EBITDA up 6.1% QoQ to INR 3.2 billion.
Client funding book averaged INR 53 billion, up 26.1% QoQ; period-end at INR 59.5 billion, with negligible NPAs.
Asset management AUM rose 16.8% QoQ to INR 4 billion; wealth management AUM up 21.3% QoQ to INR 61.4 billion.
Cost to net income ratio improved to 68.8% from 81.6% in Q1'26.
Outlook and guidance
Maintains guidance for 40%-45% operating profit margin (OPM) exit by Q4 FY26, supported by revenue growth and cost efficiencies.
Focus on expanding digital-first insurance via JV with LivWell, targeting India's under-penetrated protection market.
Broking expected to remain the main growth driver, with distribution and new businesses contributing increasingly.
Wealth business expected to break even in 2.5-3 years; AMC business in 7-8 years.
Ongoing business restructuring with transfer of broking and related businesses to a wholly owned subsidiary.
GIFT City branch: target opportunities?
Life insurance JV: expected synergy/impact?
IPL sponsorship: ROI or justification?
New businesses' profitability timeline?
Drivers for 40-45% OPM target?
Life insurance JV strategy and role?
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Q3 25/2616 Jan, 2026
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Frequently asked questions
Angel One Limited is an Indian financial services company offering a range of solutions including online brokerage, wealth management, and investment advisory services. The company provides platforms for trading in equities, derivatives, commodities, and currencies, as well as mutual funds and insurance products. Angel One serves individual investors and traders, focusing on technology-driven financial empowerment. The company is headquartered in Mumbai, India, and its shares are listed on the NSE and BSE.
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