Angel One Q2 results: Profit halves on lower revenue, margin compression

Brokerage firm Angel One Ltd on Wednesday reported a 50% year-on-year drop in net profit for the September quarter, as declining revenue and narrowing margins weighed on performance amid softer retail trading volumes.

Net profit for the quarter fell to ₹212 crore, down from ₹423 crore in the same period a year earlier.

Revenue from operations declined 20% to ₹1,201 crore, compared to ₹1,514 crore in the year-ago quarter, reflecting muted trading activity and reduced client participation in high-margin segments.

Earnings before interest, tax, depreciation and amortisation (EBITDA) dropped 38.2% to ₹415.2 crore, from ₹671.9 crore a year earlier. The company’s EBITDA margin also contracted significantly, falling to 34.5% from 44.7% in Q2 FY25.

Adjusted for one-off advertising expenses related to the Indian Premier League (IPL) in Q1, EBDAT grew 6.1% and margins remained steady at 34.5%.

Founded in 1996, Angel One (formerly Angel Broking) is a leading full-service retail stockbroking firm in India, offering trading, investment, and advisory services via its digital platform. The company has been aggressively expanding its client base, particularly in Tier II and III cities, through digital onboarding and low-cost offerings.

Shares of Angel One closed up 1.7% ahead of the earnings announcement. The stock is down 19% year-to-date.

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