Angelone Quarterly Results Analysis Q2FY2027

Operating Revenue for Q2FY27 is Rs. 1,427 Crs., 18.74% growth YoY, Total Income is Rs. 1,432 Crs., 18.88% growth YoY, EBDAT is Rs. 493 Crs., 51.92% growth YoY, EBDAT Margin is 45.1% also improved by 1060 Basis points YoY, PBT Rs. 459 Crs., 55.96% growth YoY, PAT Rs. 335 Crs. 58.21% growth YoY. On QoQ basis Op. Revenue is flat negatively by 0.19%, Total Income is also flat negatively by 0.15%, EBDTA is up by 37.14%, PBT is up by 41.22% and PAT is also up by 44.76%. Broking is declining as a share: “Gross broking income now 55% of total revenues vs 60% a year ago.” Interest and distribution are scaling. Regulatory impact, volume shock, then recovery : Orders recovery: September average daily orders 5.8m, +12% vs Aug. Client additions: 1.5m new clients in Q2 (+11.6% vs Q1) while keeping acquisition costs “well under control.” Average client funding book: Rs 74.5bn (+40.5% YoY); closing book: Rs 82.1bn.