Angel One Limited · NSE:ANGELONE
Angel One — Q2 FY27 Earnings Presentation
34 slides from Angel One's earnings presentation, Oct 15, 2026
Slide 1: Covering letter to stock exchanges
Classified as Internal 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 Co
Slide 2: One Platform For Every Financial Journey Of India
One Platform For Every Financial Journey Of India From a first investment to a family's wealth — one ecosystem for every stage of life 40.0 Mn 1.5 Mn ₹ 1.7 Trn users gross acquisitions assets under custody Q2 ‘27 | Investor Presentation 15th October 2026
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: A generational opportunity
CHAPTER 1 A generational opportunity A billion-person economy becoming digital — under-penetrated in finance and compounding for decades Large population Significantly under served Rising incomes Increasing financial needs Digital-led fulfilment 1. OPPORTUNITY 2. PLATFORM 3. ENGINES 4. ABOUT US 5. P
Slide 5: A billion people market, sustained runway of growth
A billion people market, sustained runway of growth RISING INCOME à RISING SAVINGS à RISING INVESTMENTS INDIA POPULATION FUNNEL · HIGHLY UNDERPENETRATED EQUITY + MF SHARE OF HOUSEHOLD GROSS FINANCIAL ASSETS (FY26) ~ 1 .5 B n Total population · median age ~29 yrs Flows of Equity + MF 13.2% ~ 1 .0 B n
Slide 6: Wealth and Credit: Large and growing pool
Wealth and Credit: Large and growing pool IN DIA ’ S WE A L T H MA N A G E ME N T IN DUST R Y DIG IT A L N B FC s E N A B L IN G C R E DIT A C C E SS CAGR Expected: 25-30% over 10 years Personal Loan Sanction Value (₹ Trn) ₹ 2.6 Trn at 2.1 Q1‘27 run rate 2.4x US$ 1.1 trn 1.5 1.3 FY24 0.9 0.6 T R IPL
Slide 7: One ecosystem, every journey
CHAPTER 2 One ecosystem, every journey Win the user once, then serve every financial need across their lifetime, leveraging technology Starting out Building Establishing Accumulating Preserving 1. OPPORTUNITY 2. PLATFORM 3. ENGINES 4. ABOUT US 5. PERFORMANCE 6. ANNEXURE
Slide 8: Angel One platform's engagement flywheel
Angel One platform’s engagement flywheel One use r · Many f inancial j our ne y s · C ompounding lif e time v alue The platform moat User scale Acquire at scale Large, fast-growing base = distribution advantage Grow Engage High engagement wallet share frequently Multiple touchpoints create more inte
Slide 9: Partner for every stage of life
Partner for every stage of life A s use r ’s lif e e v olv e s, the ir f inancial ne e ds div e r sif y — A nge l One has the r ight of f e r ing f or e v e r y stage Illustrative product engagement across various stages of life Early career Building up Family & assets Peak wealth Preservation • Fir
Slide 10: Several monetisation layers, expanding LTV
Several monetisation layers · Expanding LTV A r chite cte d ar ound use r s ne e ds (Q2 ‘27) +Trade +Invest +Wealth +Save +Borrow +Protect BROKING MUTUAL FUNDS WEALTH MANAGEMENT AMC CREDIT INSURANCE Equity Cash, Equity Derivatives Personalised investing & SIP Wealth platform for UHNI, HNI Asset mana
Slide 11: One platform compounded
One platform compounded E v olv ing to se r v e India’s f inancial ne e ds FY20 FY21 FY22 FY23 FY24 FY25 FY26 FY27 Digital foundation Successful fund raise Redefining the brand Platform expansion Entered new Deepening AI-led ecosystem & Investing in U.S. & scale up adjacencies engagement & brand exp
Slide 12: The ONE ecosystem powered by AI
The ONE ecosystem powered by AI AI across the user & operating stack · Q2 ‘27 SECURITY & HUMAN RESOURCES EFFICIENCY & PRODUCTIVITY • Leveraging AI for Security Assurance Ask Angel Snapshot • IRIS: Conversational HR support • AI code generation chatbot AI-powered Conversational Assistant • Data analy
Slide 13: Security & resilience, engineered for regulated scale
Security & resilience, engineered for regulated scale Layered platform security · governed data · privacy-first program · audit-ready against SEBI CSCRF and ISO frameworks. CERTIFIED ISO/IEC 27001:2022 · ISO 22301:2019 MULTI-LAYERED SECURITY CONTROLS DATA SECURITY & PRIVACY Data at rest & in motion
Slide 14: Users broaden and deepen, as they mature
Users broaden and deepen, as they mature Use r ’ s e v olution dr iv ing consiste nt r e v e nue s Revenue contribution from every cohort · ₹ Mn · Total Net Income Changes like True to Label, F&O Every cohort keeps compounding total net income regulations and softer macro impacted revenues in FY26 C
Slide 15: Many engines, one user
CHAPTER 3 Many engines, one user Multi-product engine offers potential revenue scaling from every user Trade Credit Distribution Wealth Management Asset Management Cash · F&O · Client funding book MF · Personal loans · IPO · PMS · AIF · Bonds · Unlisted Index funds · ETFs · Fund-of- Commodity · Curr
Slide 16: Broking: The acquisition layer
Broking: The acquisition layer LIFECYCLE STAGE A low-friction, high-frequency product that brings millions onto the platform – the entry point, not the whole story Start of career 366 Mn 19.7% 16.6% 1 Mass-market reach Facilitates deeper penetration in Tier 2, 3 and beyond cities overall retail equi
Slide 17: Client funding book: A fast-emerging growth opportunity
Client funding book: A fast-emerging growth opportunity Record Average client funding book: A rapidly growing engine · ₹ BN High BOOK SEGMENTATION - % OF USERS TAKING THIS PRODUCT (As of Sep ’26) 74.5 ₹ 0.1- >₹ 61.4 <₹ 0.1mn - 84% 0.5mn - 0.5mn - 53.0 9% 7% 10.5x 36.5 84% of users have an exposure o
Slide 18: Mutual fund distribution: The retention layer
Mutual fund distribution: The retention layer LIFECYCLE STAGE A high-engagement, recurring product that keeps users invested on the platform Across all stages #2 ~3.7 Mn ~70% >39% Position in India’s incremental SIPs # of MF ever users More than 1 SIP Of MF ever users were activated by MF BUILDING S
Slide 19: Credit distribution: A large untapped layer
Credit distribution: A large untapped layer LIFECYCLE STAGE An embedded credit layer that deepens customer relationships—expanding monetization beyond investing Establishing BROADENING CREDIT PLATFORM MOAT MARKET OPPORTUNITY · WITHIN OUR USER POOL OPPORTUNITY Large, underserved pool · low penetratio
Slide 20: Wealth management: Capturing the affluent stage
Wealth management: Capturing the affluent stage LIFECYCLE STAGE Ionic Wealth: Building scale through domain expertise & tech Accumulating Ionic Wealth AI for clients · Wealth intelligence at your convenience An agent that It doesn’t just Pick up exactly Thinks with you, TOTAL AUM understands your we
Slide 21: Asset management: the annuity foundation
Asset management: the annuity foundation LIFECYCLE STAGE Asset Management – Building a presence in India’s growing long-term investment ecosystem Across all stages ₹ 5.7 Bn 259+ k 17.8 k 11 AUM as on 30 September 2026 th # of folios Pincodes # of schemes INDIA MUTUAL FUND: GROWTH & COMPOSITION AUM ·
Slide 22: The people behind the platform
CHAPTER 4 The people behind the platform A seasoned leadership team, a deep talent bench and a culture built to scale responsibly Trust Collaboration Innovation Think Big Speed Customer centricity 1. OPPORTUNITY 2. PLATFORM 3. ENGINES 4. ABOUT US 5. PERFORMANCE 6. ANNEXURE
Slide 23: Builders for the billion
Builders for the billion BOARD OF DIRECTORS ARCHITECTS OF GROWTH Dinesh Thakkar Mala Todarwal Dinesh Thakkar Ambarish Kenghe Vineet Agrawal Amit Majumdar Chairman and Managing Independent Director Managing Director Group Chief Executive Group Chief Financial Group Chief Strategy Officer Director Off
Slide 24: Q2 '27 performance
CHAPTER 5 Q2 ’27 performance Monetising every opportunity, profitably through cycles Q2 ‘27 Highlights Standalone Performance Consolidated Performance EBDAT Bridge Profit & Loss Balance Sheet 1. OPPORTUNITY 2. PLATFORM 3. ENGINES 4. ABOUT US 5. PERFORMANCE 6. ANNEXURE
Slide 25: Q2 '27 key highlights
Q2 ’27 key highlights T O T A L G R O S S I N C O M E S P L I T · ₹ 14.3 Bn ( - 0 . 2 % Q o Q / + 1 8 . 9 % Y o Y ) EBDAT PAT 9% 39% 7% 36% 4% 5% 1% ₹ 4.9 Bn ₹ 3.3 Bn (+37.1% QoQ) (+44.8% QoQ) (+52.0% YoY) (+58.2% YoY) Brokerage - Cash Brokerage - F&O Brokerage - Commodity Interest Depository Distri
Slide 26: Performance of broking & distribution businesses
Performance of broking & distribution (MF + credit) businesses (Standalone Financials) TOTAL GROSS REVENUES · ₹ Mn · +18.5% YoY EBDAT · ₹ Mn · MARGIN % · +50.1% YoY PROFIT AFTER TAX · ₹ Mn· +55.2% YoY 37.7% 43.0% 44.6% 36.6% 48.9% 14,519 3,667 14,135 14,007 5,194 3,514 13,173 4,996 11,823 3,010 4,33
Slide 27: Consolidated financial performance
Consolidated financial performance · TTM PAT ₹11.6 Bn · TTM EPS ₹ 12.7 CONSOLIDATED GROSS REVENUES · ₹ Mn · +18.9% YoY C O N S O L I D A T E D E B D A T · ₹ M n · M A R G I N % · + 5 2 .0 % Y oY CONSOLIDATED PAT · ₹ Mn · +58.2% YoY Gross Broking Interest Income Other 34.5% 39.4% 41.7% 32.7% 45.1% 14
Slide 28: EBDAT bridge
EBDAT bridge (₹ Mn) 43.6% 43.8% Normalised +25bps Normalised EBDAT Margin EBDAT Margin Q2 ‘27 Reported EBDAT movement: +1,366 -165 +202 +145 • Decrease in revenues as user activity moderated -85 -51 -76 4,933 4,799 4,789 owing to subdued market activity, partly offset by improving client funding boo
Slide 29: Consolidated profit & loss statement
Consolidated profit & loss statement Particulars (₹ Mn) Q2 FY27 Q1 FY27 Q2 FY26 FY26 FY25 # of Trading Days 65 60 64 246 247 (a) Interest Income 5,100 4,669 3,794 16,317 13,410 (b) Fees and commission income 9,095 9,575 8,167 34,842 38,739 (c) Net gain on fair value changes 74 53 57 207 235 Total Re
Slide 30: Summary of consolidated balance sheet
Summary of consolidated balance sheet Particulars (₹ Mn) Sep ’26 Mar ’26 Financial Assets (a) Cash, cash equivalents and Bank Balance 1,30,805 1,65,605 (b) Other Trade Receivables 1,200 1,131 (c) Client Funding Book 82,118 54,494 (d) Investments 5,607 2,574 (e) Other financial assets 990 8,198 Non-f
Slide 31: Revenue diversity supporting long-term growth
Revenue diversity supporting long-term growth Gross broking contributes ~55% in total gross revenues · % Composition of broking revenue in total gross revenues · % 64.7% Broking - F&O Broking - Cash Broking - Commodity 61.7% 50.2% 52.5% 40.0% 60.7% 46.3% 45.2% 45.7% 46.9% 59.9% 60.4% 59.7% 60.1% 50.
Slide 32: Annexure
CHAPTER 6 Annexure 1. OPPORTUNITY 2. PLATFORM 3. ENGINES 4. ABOUT US 5. PERFORMANCE 6. ANNEXURE
Slide 33: Trading momentum dashboard
Trading momentum dashboard F&O CASH COMMODITY OVERALL Retail turnover market share · % Retail turnover market share · % Retail turnover market share · % Retail equity turnover market share · % 18.7% 65.1% 18.3% 22.2% 22.2% 22.1% 17.4% 21.7% 21.7% 17.2% 16.8% 20.5% 20.4% 20.4% 20.2% 19.7% 54.1% 53.1%
Slide 34: India is going to invest more. We're the platform they'll use.
India is going to invest more. We’re the platform they’ll use. COMPANY INVESTOR RELATIONS CONSULTANTS Angel One Ltd. Strategic Growth Advisors CIN – L67120MH1996PLC101709 CIN - U74140MH2010PTC204285 Mr. Hitul Gutka – Head IR Mr. Shogun Jain / Mr. Shrikant Sangani hitul.gutka@angelone.in shogun.jain@