Angel One Q2 FY27 Share Price & Earnings Call Analysis
- Market cap
- ₹26,857 Cr
- P/E
- 23.26
- ROE
- 15.59%
- PEG
- 19.06
- Price to sales
- 4.76
- Debt to equity
- 1.14
- 52W high / low
- ₹2,847 / ₹213
- Sales growth (5Y)
- 31.86%
- EBITDA margin
- 39.80%
- Net profit margin
- 17.81%
- Promoter holding
- 28.55%
- Sales (last year)
- ₹5,651 Cr
Angel One Ltd is a diversified financial services company and is primarily engaged in the business of stock, commodity and currency broking, institutional broking, providing margin trading facility, depository services and distribution of mutual funds, lending as a NBFC and corporate agents of insurance companies.[1]
Guidance scorecard · Q2 FY27 call
What Angel One Ltd's management guided
and where it ranks in Capital Markets
Capital Markets
RevenueQ2 FY27 call
10–20%- The company expects strong long-term growth driven by diverse businesses beyond broking, targeting low double-digit revenue growth in the next 2-3 years, particularly in distribution and wealth management segments.
- Commodities segment is growing handsomely, contributing to improved price realization despite volume fluctuations.
- Broking volumes saw a 10% quarter-on-quarter dip, but fees declined only 5%, partly due to growth in commodities trading and segmental mix.
- Credit distribution and IPO-related activities have shown robust momentum, supporting revenue growth.
- The company aims to maintain or improve margins (around 40-45% consolidated EBDAT margin) without compromising growth or investment opportunities.
- Employee count is stable/slightly reduced; increasing talent density and productivity remains a key focus for scaling.
2 more points from Angel One Ltd's call on revenue
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MarginsQ2 FY27 call
FlatSee what Angel One Ltd said on margins — free account, 30 seconds.
CapexQ2 FY27 call
Planned- Angel One is investing strategically to build its wealth management business, focusing on ultra-HNI and emerging HNI segments by leveraging strong investment and research capabilities and advanced technology such as AI-driven campaigns.
- The company is expanding its international investing offerings, already piloting U.S. stocks trading through GIFT City with partnerships, tapping into the growing interest from Indian customers for global investing.
- Continuous investments are made in improving operational efficiency and productivity, including employee-related productivity initiatives and optimizing customer acquisition channels.
2 more points from Angel One Ltd's call on capex
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FundraisingQ2 FY27 call
See what Angel One Ltd said on fundraising — free account, 30 seconds.
Order bookQ2 FY27 call
- Ambarish Kenghe and Arief Mohamad discussed broking order volumes and revenue; there was a 10% QoQ decline in broking volumes but only a 5% decline in fees revenue, partly due to growth in commodities segment.
- Commodities segment showed strong growth, increasing order activity and contributing to better price realizations.
- The broader market is expanding, particularly in commodities, with increasing Average Daily Turnover (ADTO).
- The market outlook appears positive with regulatory tailwinds (CAS circular), supporting increased order flows.
Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.
Potential multibaggers · Q2 FY27
Potential multibaggers in Capital Markets
on management's own guidance
- Nippon Life Ind.Good growth2
- BSEGood growth1
- Motil.Oswal.Fin.Good growth3
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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.
Peers
Capital Markets companies ranked on guidance
| # | Company | Revenue guided | Margin guided | Market cap | P/E |
|---|---|---|---|---|---|
| 1 | BSE | 20–40% | Flat | ₹1.37L Cr | 48.4 |
| 2 | Nippon Life Ind. | 20–40% | Flat | ₹68,184 Cr | 41.6 |
| 3 | Motil.Oswal.Fin. | 20–40% | Flat | ₹63,771 Cr | 32.2 |
| 4 | 20–40% | Flat | ₹31,481 Cr | 29.1 | |
| 5 | 20–40% | Flat | ₹15,334 Cr | 43.8 | |
| 6 | 20–40% | Flat | ₹12,638 Cr | 51.6 |
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Pro shows every company guiding 40%+ revenue growth →Full Capital Markets rankingFinancials of Angel One Ltd
Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.
Shareholder Pattern
Angel One Ltd
Shareholding breakup across reporting periods.
| Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Promoters + | 38.23% | 38.21% | 35.63% | 35.61% | 35.57% | 35.55% | 28.97% | 28.92% | 28.87% | 28.80% | 28.59% | 28.55% |
| FIIs + | 19.11% | 17.27% | 15.36% | 12.27% | 13.81% | 13.05% | 14.66% | 13.11% | 12.45% | 12.81% | 13.76% | 12.51% |
| DIIs + | 9.32% | 9.49% | 14.03% | 12.73% | 14.32% | 14.27% | 16.43% | 14.87% | 18.11% | 18.88% | 20.34% | 19.59% |
| Government + | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.01% | 0.00% |
| Public + | 33.33% | 35.02% | 34.99% | 39.39% | 36.28% | 37.12% | 39.93% | 43.11% | 40.57% | 39.52% | 37.30% | 39.35% |
| No. of Shareholders | 1,55,194 | 2,00,355 | 2,70,528 | 3,81,346 | 3,55,598 | 4,02,193 | 3,25,965 | 3,83,581 | 3,27,994 | 3,59,235 | 3,56,468 | 3,82,893 |
Financials of Angel One Ltd
Quarterly Results
Quarter-by-quarter operating performance
| Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 1,048 | 1,059 | 1,357 | 1,405 | 1,515 | 1,262 | 1,056 | 1,141 | 1,202 | 1,335 | 1,459 | 1,430 | 1,427 |
| Expenses + | 605 | 661 | 827 | 935 | 843 | 766 | 713 | 866 | 786 | 806 | 861 | 945 | 791 |
| Operating Profit | 443 | 398 | 530 | 470 | 672 | 496 | 343 | 275 | 415 | 529 | 599 | 485 | 636 |
| OPM % | 42% | 38% | 39% | 33% | 44% | 39% | 32% | 24% | 35% | 40% | 41% | 34% | 45% |
| Other Income + | 1 | 2 | 1 | 5 | 1 | 2 | 2 | 3 | 2 | 3 | 8 | 4 | 5 |
| Interest | 26 | 36 | 56 | 56 | 75 | 84 | 80 | 83 | 93 | 127 | 134 | 129 | 147 |
| Depreciation | 11 | 13 | 17 | 23 | 26 | 27 | 29 | 30 | 31 | 32 | 33 | 35 | 35 |
| Profit before tax | 407 | 351 | 459 | 397 | 572 | 387 | 236 | 164 | 294 | 373 | 440 | 325 | 458 |
| Tax % | 25% | 26% | 26% | 26% | 26% | 27% | 26% | 30% | 28% | 28% | 27% | 29% | 27% |
| Net Profit + | 304 | 260 | 340 | 293 | 423 | 281 | 175 | 114 | 212 | 269 | 320 | 231 | 335 |
| EPS in Rs | 3.63 | 3.10 | 4.05 | 3.25 | 4.70 | 3.12 | 1.93 | 1.26 | 2.33 | 2.96 | 3.52 | 2.53 | 3.66 |
Financials of Angel One Ltd
Profit & Loss
Annual income statement trend
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 450 | 451 | 440 | 770 | 778 | 748 | 1,289 | 2,292 | 3,002 | 4,272 | 5,239 | 5,138 | 5,651 |
| Expenses + | 339 | 362 | 437 | 516 | 575 | 570 | 828 | 1,366 | 1,708 | 2,579 | 3,256 | 3,318 | 3,402 |
| Operating Profit | 112 | 90 | 3 | 254 | 203 | 178 | 460 | 926 | 1,294 | 1,693 | 1,983 | 1,820 | 2,249 |
| OPM % | 25% | 20% | 0.7% | 33% | 26% | 24% | 36% | 40% | 43% | 40% | 38% | 35% | 40% |
| Other Income + | 11 | 11 | 112 | 14 | 11 | 7 | 10 | 5 | 18 | 7 | 8 | 15 | 19 |
| Interest | 38 | 36 | 54 | 95 | 70 | 50 | 42 | 76 | 91 | 137 | 296 | 438 | 537 |
| Depreciation | 10 | 13 | 14 | 15 | 20 | 21 | 18 | 19 | 30 | 50 | 103 | 125 | 134 |
| Profit before tax | 74 | 52 | 48 | 159 | 124 | 114 | 410 | 836 | 1,192 | 1,514 | 1,592 | 1,272 | 1,596 |
| Tax % | 37% | 39% | 35% | 32% | 36% | 28% | 28% | 25% | 25% | 26% | 26% | 28% | |
| Net Profit + | 47 | 32 | 31 | 108 | 80 | 82 | 297 | 625 | 890 | 1,126 | 1,172 | 915 | 1,155 |
| EPS in Rs | 0.65 | 0.44 | 0.43 | 1.50 | 1.11 | 1.14 | 3.63 | 7.54 | 10.67 | 13.40 | 12.98 | 10.05 | 12.67 |
| Dividend Payout % | 13% | 25% | 31% | 91% | 24% | 24% | 35% | 36% | 37% | 26% | 37% | 246% |
Financials of Angel One Ltd
Balance Sheet
Capital structure and asset base
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | Sep 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 14 | 14 | 14 | 72 | 72 | 72 | 82 | 83 | 83 | 84 | 90 | 91 | 91 |
| Reserves | 332 | 355 | 375 | 403 | 459 | 519 | 1,049 | 1,502 | 2,078 | 2,955 | 5,531 | 6,027 | 6,576 |
| Borrowings + | 333 | 358 | 772 | 1,125 | 872 | 491 | 1,171 | 1,258 | 788 | 2,541 | 3,414 | 7,951 | 7,632 |
| Other Liabilities + | 295 | 411 | 641 | 767 | 805 | 1,108 | 2,511 | 4,378 | 4,528 | 7,674 | 7,853 | 9,835 | 8,377 |
| Total Liabilities | 974 | 1,139 | 1,803 | 2,367 | 2,209 | 2,190 | 4,814 | 7,220 | 7,478 | 13,254 | 16,889 | 23,904 | 22,677 |
| Fixed Assets + | 121 | 122 | 123 | 116 | 134 | 124 | 115 | 152 | 187 | 409 | 499 | 505 | 495 |
| CWIP | 1 | 3 | 1 | 0 | 1 | 2 | 0 | 12 | 62 | 1 | 4 | 10 | 1 |
| Investments | 0 | 0 | 50 | 6 | 15 | 35 | 6 | 19 | 109 | 0 | 202 | 257 | 561 |
| Other Assets + | 852 | 1,014 | 1,630 | 2,246 | 2,059 | 2,029 | 4,693 | 7,037 | 7,120 | 12,844 | 16,184 | 23,132 | 21,621 |
| Total Assets | 974 | 1,139 | 1,803 | 2,367 | 2,209 | 2,190 | 4,814 | 7,220 | 7,478 | 13,254 | 16,889 | 23,904 | 22,677 |
Financials of Angel One Ltd
Cash Flows
Operating, investing and financing cash movement
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash from Operating Activity + | 11 | -77 | -210 | -309 | 689 | 643 | -1,199 | 558 | 804 | -330 | -1,860 | -4,142 |
| Cash from Investing Activity + | -7 | -13 | -50 | 47 | -6 | -28 | 25 | -52 | -185 | -91 | -341 | -111 |
| Cash from Financing Activity + | 2 | 40 | 350 | 239 | -361 | -449 | 894 | -165 | -908 | 1,331 | 1,917 | 3,656 |
| Net Cash Flow | 5 | -51 | 91 | -23 | 323 | 166 | -280 | 340 | -289 | 910 | -284 | -597 |
| Free Cash Flow | -0 | -94 | -222 | -316 | 678 | 631 | -1,213 | 488 | 704 | -537 | -2,023 | -4,222 |
| CFO/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit | 28% | -109% | -6,159% | -100% | 364% | 378% | -239% | 84% | 84% | 3% | -73% | -209% |
Financials of Angel One Ltd
Ratios
Working capital efficiency and return ratios
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 218 | 361 | 712 | 75 | 101 | 19 | 64 | 90 | 45 | 42 | 21 | 31 |
| Inventory Days | ||||||||||||
| Days Payable | ||||||||||||
| Cash Conversion Cycle | 218 | 361 | 712 | 75 | 101 | 19 | 64 | 90 | 45 | 42 | 21 | 31 |
| Working Capital Days | 122 | 119 | -343 | -284 | 127 | -380 | -235 | -569 | -474 | -525 | -497 | -592 |
| ROCE % | 12% | 11% | 18% | 13% | 14% | 27% | 35% | 44% | 39% | 26% | 15% |
Guidance history
How Angel One Ltd's guidance has moved, call by call
| Call | Revenue | Margins | Capex | Fundraising | Order book |
|---|---|---|---|---|---|
| Q2 FY27 call → | 10–20% | Flat | Planned | — | — |
| Q1 FY27 call → | 10–20% | Flat | Planned | — | — |
| Q4 FY26 call → | 10–20% | Flat | Planned | Planned | Rising |
| Q3 FY26 call → | 20–40% | Flat | Planned | — | Rising |
What management guided on each call, newest first. Not investment advice, and not a forecast of returns.
Momentum score · price trend
28 out of 100 — Cooling
Over the past year its share price has done worse than most of the stocks we track.
| Period | Share price change | Better than … of 1,910 stocks |
|---|---|---|
| Last 12 months | +20.8% | 74% |
| Last 6 months | −7.0% | 42% |
| Last 3 months | −8.8% | 43% |
The price is 21% below its all-time high of ₹379.6 (12 Jan 2024). Stocks more than 20% below their peak have their score halved, so 55 became 28.
How we calculate it
“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).
The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For Angel One Ltd: 0.4 × 74 + 0.4 × 42 + 0.2 × 43 = 55, halved to 28 because the price is more than 20% below its all-time high.
Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.
Full methodology →This describes only how the share price has moved up to 16 Oct 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.
Continue your research
What Angel One Ltd's management said in earlier quarters
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