Angel One Ltd.PAT +58% to ₹3.35 bn, standalone margin 48.9%

Angel One reported Q2 FY27 consolidated gross revenue of ₹14.3 billion, up 18.9% year-on-year and broadly stable sequentially, as regulatory changes reduced trading volumes.

Consolidated operating profit rose 52% to ₹4.9 billion and profit after tax rose 58% to ₹3.35 billion. Standalone operating margin was 48.9%, above the guided 40% to 45% range, and consolidated margin was 45.1%, or 43.8% after normalising for IPL spend and ESOP reversals. The average client funding book reached a record ₹74.5 billion, up about 40% from a year ago, and interest income grew 34% to ₹5.1 billion. September daily orders rebounded to 5.8 million, up nearly 12% from August, and credit distribution hit a record with an annualised run rate of ₹33 billion.

Management kept its employee cost guidance of about ₹1,100 crore and said it will aim for about 45% standalone margin over the year, while the drag from new businesses has risen to 3.5% to 4% of margin. It is piloting U.S. stocks through its IFSC licence and expects a SEBI circular on closing auctions to help volumes.