Angel One Limited — Q2FY27 earnings call summary

Filed 21 October 2026 · Official transcript

Employee costs guidance flat at ₹1,100 Cr for FY27; attrition and productivity improvements noted
Brand spend expected to decline as % of revenue over time with scale
Stand-alone operating margin at 48.9%, above guided range of 40-45%; annual margin guidance ~45%
Normalized consolidated EBITDA margin guidance 40-45%, with growth as dominant driver
Consolidated revenue grew 18.9% y-y to ₹14.3bn; PAT up 58.2% y-y to ₹3.35bn in Q2 FY27
Market share: F&O stable at 22.1-22.5%, commodities turnover doubled but share declined due to market expansion
Credit distribution annualized run rate at ₹33bn, highest ever; AI/ML models enhanced risk assessment
Operating leverage evident as operating profit grew 52% y-y despite subdued market