Angel One Q2 FY26 – Weak Quarter with Sharp Drop in Profitability

Angel One reported a soft performance in Q2 FY26 as market activity moderated. Sales declined 21% YoY to ₹1,202 crore, reflecting lower brokerage income and reduced client trading volumes. Operating profit (EBIDT) fell 38% YoY to ₹415 crore, while net profit dropped 50% YoY to ₹212 crore, indicating margin pressure. EPS also declined 50% to ₹23.34, compared to ₹46.96 a year ago, highlighting a sharp contraction in earnings. At a stock price of ₹2,445, with a market cap of ₹22,182 crore and a PE ratio of 28.4, Angel One faces near-term profitability challenges despite its strong digital franchise.