Angel One Limited · NSE:ANGELONE
Angel One — Q2 FY2026 Earnings Presentation
38 slides from Angel One's earnings presentation, Oct 15, 2025
Slide 1: Investor Presentation filing letter to stock exchanges
To, Listing Department Department of Corporate Service National Stock Exchange of India Limited BSE Limited Exchange Plaza, C-1, G Block, Phiroze Jeejeebhoy Towers, Bandra Kurla Complex, Dalal Street, Bandra (East), Mumbai - 400 051. Mumbai - 400 001. Symbol: ANGELONE Scrip Code: 543235 Dear Sirs/ M
Slide 2: Q2 '26 Investor Presentation
ONE PLATFORM. COUNTLESS JOURNEYS. A BILLION STORIES. Q2 ‘26 Investor Presentation 15th October 2025
Slide 3: Safe Harbour
Safe Harbour This presentation and the accompanying slides (the “Presentation”), which have been prepared by Angel One Limited (the “Company”), have been prepared solely for information purposes and do not constitute any offer, recommendation or invitation to purchase or subscribe for any securities
Slide 4: Table Of Contents
Table Of Contents 01 Angel One: A Fintech Platform 02 Business Model: Angel’s Advantage 03 Industry Landscape 04 Financial Overview 05 About Us 06 Annexures 3
Slide 5: A Full Stack Fintech Platform
A Full Stack Fintech Platform Scaling reach through digital Strengthening leadership Enhancing engagement with Growing profitably and and assisted channels position client first focus sustainably A Holistic Financial Ecosystem Designed to Serve Every Client: Building a healthy mix of fee based and a
Slide 6: Brand & Product Suite: Evolved To Serve All Financial Needs Of India
Brand & Product Suite: Evolved To Serve All Financial Needs Of India Maximizing client lifetime value FY20 FY21 FY22 FY23 FY24 FY25 FY26 Digital Successful Redefining Super App Foray Into Wealth & Deepening Expanding Foundation IPO Brand & MF Launch Asset Management Engagement & Brand Horizons Visib
Slide 7: Entering JV To Build A Tech-led Life Insurance Platform
Entering JV To Build A Tech-led Life Insurance Platform India To Be 5th Largest Life Insurance Market By 2032 Holding Pattern In Angel One LivWell Life Insurance Limited Protection gap Sum assured as a % of GDP1 Ratio of protection lacking / protection needed2 Angel One, 26% JV’s Total Equity Invest
Slide 8: A. Broking: Digital Engine Powering Client Engagement
A. Broking: Digital Engine Powering Client Engagement Demat Market Share Order Trajectory Average Client Funding Book +79 bps 1,700 (Mn) (₹ Bn) 16.5% +36% 16.1% 1,409 15.7% 53.1 -26% 36.5 38.9 14.7% 489 360 16.0 FY24 FY25 Q2 '2 5 Q2 '2 6 FY24 FY25 Q2 '2 5 Q2 '2 6 FY24 FY25 Q2 '2 5 Q2 '2 6 Client Cen
Slide 9: B. Powering Lifetime Value Through Platform-Led Multi-Product Engagement
B. Powering Lifetime Value Through Platform-Led Multi-Product Engagement Credit Credit Disbursal (₹ Bn) • Rising affinity for credit on the platform; customers see us as a credit 7 Partnerships Live ₹ 18 bn ARR 4.6 destination NBFCs Banks • Strong traction and expanding scale - Disbursals grew 97% Q
Slide 10: C. WealthTech: Omnichannel Proposition Defining Growth
C. WealthTech: Omnichannel Proposition Defining Growth Key Highlights Tech-Led Omnichannel Proposition Ionic AI Agent Beta version live for clients. AI powered feature empowers 1,250+ Clients clients to review portfolios, plan via relationship managers, website & goals, and explore investments via m
Slide 11: D. Asset Management: Building An Annuity Business
D. Asset Management: Building An Annuity Business Key Highlights Angel One AMC’s Product Offerings – 7 Schemes Live Equity Debt • Angel One Nifty Total Market Index • Angel One Nifty 1D Rate Liquid ETF ₹ 4.0 Bn 138 k 15.7 k Fund – Growth (+16.8% QoQ) (+50.4% QoQ) • Angel One Nifty Total Market ETF C
Slide 12: Angel One Platform: Technology Deepening India's Financialisation Journey
Angel One Platform: Technology Deepening India’s Financialisation Journey Tech that elevates every interaction Client experience AI/ML personalization & advisory engine Curated investment ideas across assets Real-time analytics and insights Low-latency, high-efficiency platform Open source & API int
Slide 13: AI: Proprietary Models Developed To Serve Clients Better
AI: Proprietary Models Developed To Serve Clients Better 1.5x >90% >80% Volume of Users resolve Answer accuracy traditional calls queries on rate handled “Ask Angel” “Ask Angel”: Captively Developed, AI-powered chatbot • Offers fast and reliable query resolution in mutual funds and equities segments
Slide 14: Table Of Contents
Table Of Contents 01 Angel One: A Fintech Platform 02 Business Model: Angel’s Advantage 03 Industry Landscape 04 Financial Overview 05 About Us 06 Annexures 13
Slide 15: Sustainable Revenues From Clients
Sustainable Revenues From Clients Consistent Total Net Income From Every Cohort Actuals (₹ Mn) Gross Acquisition (Mn) FY20 FY21 FY22 FY23 FY24 FY25 • Behaviour of the acquired cohort is seen to be consistent, from 24th month after Pre-FY20 3,589 3,358 3,606 3,439 3,681 3,816 acquisition FY20 0.6 1,1
Slide 16: Client Demography And Engagement Journey
Client Demography And Engagement Journey Acquiring Healthy Mix Of Gen X, Millennials And Gen Z ~90% Of Gross Client Addition Contributed By Tier 2, 3 & Beyond Cities In Q2 ’26 Tier-1 Tier-2 Tier-3+ (Mn) <25 years >25 years 5.3 4.7 8.8 9.3 1.5 1.7 54% 52% 52% 58% 56% 2.9 2.9 5.8 6.1 1.0 1.2 46% 48% 4
Slide 17: Table Of Contents
Table Of Contents 01 Angel One: A Fintech Platform 02 Business Model: Angel’s Advantage 03 Industry Landscape 04 Financial Overview 05 About Us 06 Annexures 16
Slide 18: Fintech Model Enabling Penetration Of Vast Addressable Market
Fintech Model Enabling Penetration Of Vast Addressable Market India Population India Working Age Population India Median Age India Per Capita Income (Bn) 1.6 (Bn) (Yrs) 35 (US$ ‘000) 1.1 29 31 1.5 1.1 1.5 1.0 4.5 2.9 2025E 2030E 2040E 2025E 2030E 2040E 2025E 2030E 2040E 2025E 2030E 2040E (2025E - Ja
Slide 19: Demat Expansion Driven By Younger And Regional Cohorts
Demat Expansion Driven By Younger And Regional Cohorts Rising Share Of Investors On NSE From Beyond Top 5 States Younger Investors Powering Growth (April-July 2025) <30 yrs investors in registered base on NSE <30 yrs investors in new investors on NSE 52% 52% 52% 51% 51% 49% 39% 33 yrs 56% 28 yrs 48%
Slide 20: Trade Volumes Immune To Market Cycles
Trade Volumes Immune To Market Cycles FY25: Geopolitical Consistent Improvement In NSE Trade Volumes Despite Market Volatility Over Last 18 Years Tensions Nifty 50: +5% Trades: +11% 28,000 FY23: Geopolitical 120 Tensions 110 24,000 Nifty 50: -1% 100 Number of Trades (Bn) FY16: Slowing China Trades:
Slide 21: Rising Holding Of Retail Investors In NSE Listed Companies
Rising Holding Of Retail Investors In NSE Listed Companies Ownership Pattern In NSE-listed universe Promoter (Indian Promoter (Indian Promoter (Indian Promoter (Indian • Individual investors’ direct 51.0% 50.4% 51.9% 50.5% + Govt + Foreign) + Govt + Foreign) + Govt + Foreign) + Govt + Foreign) holdi
Slide 22: Regulations Have Strengthened Guardrails And Built Retail Confidence
Regulations Have Strengthened Guardrails And Built Retail Confidence Regulations Create Greater Trust And Safety Leading To Long Term Growth Continuing regulations like cash-collateral segregation, upstreaming of Peak Margin Norms In Cash Segment True-to-label, F&O regulations client funds, quarterl
Slide 23: Table Of Contents
Table Of Contents 01 Angel One: A Fintech Platform 02 Business Model: Angel’s Advantage 03 Industry Landscape 04 Financial Overview 05 About Us 06 Annexures 22
Slide 24: Q2 '26 Performance
Q2 ‘26 Performance Platform Metrics 34.1 Mn (+4.9% QoQ) 1.7 Mn (12.2% QoQ) ₹ 1.4 Trn (-0.2% QoQ) Total Client Base Gross Client Acquisition Assets Under Custody Brokerage - Cash, 8% (9.4 Mn No of Clients) Brokerage - F&O, Other Income, 1% 46% Broking Distribution, 4% ₹ 12.0 Bn 360 Mn (+5.0% QoQ) ₹ 5
Slide 25: Financial Performance: Steady QoQ Improvement
Financial Performance: Steady QoQ Improvement Gross Revenues Normalised Financial Performance Gross Broking Interest Income Other QoQ Chg YoY Chg YoY Chg (₹ Mn) Q2 ’26 Q1 ’26 Q2 ’25 H1 ’26 H1 ’25 -21% (%) (%) (%) (₹ Mn) Total Reported Gross Income 12,042 11,431 15,160 5% -21% 23,473 29,260 -20% (-)
Slide 26: Client Funding: A Fast-Emerging Engine of Growth
Client Funding: A Fast-Emerging Engine of Growth Client Funding Book Size Low Exposure Per Client Client Funding Book Segmentation (% of clients using the facility) (₹ Mn) (₹) +40% <₹ 0.1mn ₹ 0.1-0.5mn >₹ 0.5mn 59,474 207,896 6.4% 5.9% 6.5% 9.6% 9.3% 9.8% 176,508 47,876 160,877 42,628 84.0% 84.8% 83
Slide 27: Consolidated Profit & Loss Statement
Consolidated Profit & Loss Statement Particulars (₹ Mn) Q2 FY26 Q1 FY26 Q2 FY25 FY25 FY24 (a) Interest Income 3,794 3,564 3,594 13,410 7,859 Ancillary transaction income is NIL from Q3 ’25 (b) Fees and commission income 8,167 7,780 11,496 38,739 34,792 onwards (c) Net gain on fair value changes 57 6
Slide 28: Summary Of Consolidated Balance Sheet
Summary Of Consolidated Balance Sheet Particulars (₹ Mn) Sep ’25 Mar ’25 Financial Assets (a) Cash, cash equivalents and Bank Balance 1,09,634 1,18,044 (b) Other Trade Receivables 600 1,396 (c) Client Funding Book 59,474 38,588 (d) Investments 3,047 2,016 (e) Other financial assets 4,551 1,985 Non-f
Slide 29: Table Of Contents
Table Of Contents 01 Angel One: A Fintech Platform 02 Business Model: Angel’s Advantage 03 Industry Landscape 04 Financial Overview 05 About Us 06 Annexures 28
Slide 30: Board Of Directors & Experienced Management Team
Board Of Directors & Experienced Management Team Board of Directors Dinesh Thakkar Chairman and Managing Director Muralidharan Mala Todarwal Krishnaswamy Sridhar Kalyan Prasath Ramachandran Independent Director Independent Director Independent Director Independent Director N T Arunkumar Krishna Iyer
Slide 31: People Practices & Social Empowerment
People Practices & Social Empowerment Robust Employee Engagement Angel One’s CSR Programmes GPTW Ranking 20 25 52 92 2022 2023 2024 2025 Our Gold Standard Culture ✓ Certified for 9 yrs in a row, being in top 100 Best Companies to Work for in India for last 4 yrs ✓ Top 20 Best Companies to work for i
Slide 32: Awards & Accolades
Awards & Accolades Technology Industry Marketing Financial Inclusion Initiative of the ET Brand Equity Trendies Award for FinTech Leader of the year by Golden year by National Awards for Excellence in Social Media Marketing – Star Awards 2025 Excellence Awards 2025 Fintech category Innovation and Em
Slide 33: Table Of Contents
Table Of Contents 01 Angel One: A Fintech Platform 02 Business Model: Angel’s Advantage 03 Industry Landscape 04 Financial Overview 05 About Us 06 Annexures 32
Slide 34: Robust Client Additions
Robust Client Additions India: Incremental Demat Accounts Angel: Incremental Client Base (Mn) +11% +4% (Mn) +86% +49% +142% 41.1 -28% 8.8 8.5 36.9 34.6 +121% -10% 24.8 5.1 +188% 4.6 +341% 14.3 14.6 3.1 2.3 5.0 0.5 FY20 FY21 FY22 FY23 FY24 FY25 H1 '26 FY20 FY21 FY22 FY23 FY24 FY25 H1 '26 Angel’s mark
Slide 35: Angel One Gaining Market Share In NSE Active Client Base
Angel One Gaining Market Share In NSE Active Client Base Expanding Market Share In NSE Active Client Base 64 bps Expansion In Market Share 14.8% 15.0% 15.2% 15.4% 15.5% 15.4% 15.3% 15.2% 14.6% Q2 '24 Q3 '24 Q4 '2 4 Q1 '25 Q2 '25 Q3 '25 Q4 '2 5 Q1 '26 Q2 '26 Angel One’s Ranking In Incremental NSE Act
Slide 36: Fintech Model Successfully Weathering Market Volatility
35 90% 30% 60% -60% -30% 0% 18 Apr - 15 May 2019 28 4 Jun - 19 Jun 2019 5 Jul - 5 Aug 2019 37 24 Sep - 7 Oct 2019 3 Jan - 1 Feb 2020 12 Feb - 23 Mar 2020 30 Mar - 3 Apr 2020 4 May - 18 May 2020 8 Jul - 15 Jul 2020 24 Jul - 3 Aug 2020 31 Aug - 24 Sep 2020 Fall in Nifty50 15 Jan - 29 Jan 2021 16 Feb -
Slide 37: Fintech Business Drives Multifold Increase In Client Activity
Fintech Business Drives Multifold Increase In Client Activity F&O Turnover Market Share Cash Turnover Market Share Commodity Turnover Market Share Overall Equity Market Share (%) (%) (%) (%) 65.1% 18.7% 18.0% 21.9% 21.7% 17.4% 59.6% 21.4% 21.0% 17.3% 21.0% 16.9% 57.0% 58.1% 21.8% 21.3% 20.5% 18.5% 5
Slide 38: Company and Investor Relations Advisors contacts
Company : Investor Relations Advisors : http://www.sgapl.net/images/sgapl_logo.jpg Angel One Ltd. Strategic Growth Advisors Pvt. Ltd. CIN – L67120MH1996PLC101709 CIN - U74140MH2010PTC204285 Mr. Hitul Gutka – Head IR Mr. Shogun Jain / Mr. Shrikant Sangani Email Id – hitul.gutka@angelbroking.com shogu