Angel One’s operating margin rebounds 10.67 percentage points sequentially
Revenue was nearly flat, but expenses fell 16.31%; higher interest costs still offset part of the operating gain.
Filed 15 Oct 2026, 17:18 IST · after market close · Angel One Ltd (ANGELONE)
Key takeaways
- Consolidated operating margin rebounded 10.67 percentage points sequentially to 44.59% as expenses fell 16.31% while revenue declined only 0.19%.
- Year-on-year revenue grew 18.74% against a 0.56% rise in expenses, lifting operating profit 53.17% despite interest costs rising 58.24%.
- Operating margin of 44.59% matched the Financial Services median across five reported peers, while other income contributed only 0.99% of pre-tax profit.
Price around the results
Expense reduction drives the Q2FY27 margin rebound
Angel One’s consolidated revenue declined 0.19% sequentially, but expenses fell 16.31%, expanding operating margin by 10.67 percentage points. The margin recovery reverses the decline to 33.92% in Q1FY27 and takes it to 44.59% in Q2FY27. Year on year, revenue grew 18.74% while expenses rose only 0.56%, supporting a 53.17% increase in operating profit.
Higher interest costs temper the operating improvement
Interest expense rose 14.15% sequentially and 58.24% year on year, limiting the conversion of operating profit into pre-tax profit. The sequential tax rate fell 1.79 percentage points, and the year-on-year rate fell 1.04 percentage points, which also supported net profit growth. Other income was only 0.99% of pre-tax profit, so reported profit was not materially dependent on that source.
Margin trend remains higher despite the Q1FY27 dip
Operating margin has risen from 24.08% in Q1FY26 to 44.59% in Q2FY27, although it fell to 33.92% in the immediately preceding quarter. The current margin matched the median of five Financial Services peers that had reported, placing Angel One at the sector median rather than materially above it.
Results were filed after market hours
The consolidated results were filed after market close, so there is no reported market reaction to this quarter yet. Across the previous eight results, the stock rose after five and fell after three, with a median absolute move of 3.11%, providing the relevant historical reaction range.
Q2FY27 at a glance
Consolidated figures as filed with NSE — filed ahead of third-party databases, not yet independently cross-checked.
| Line item | Q2FY27 | Q1FY27 | QoQ | YoY |
|---|---|---|---|---|
| Revenue | ₹1,427 cr | ₹1,430 cr | -0.19% | +18.74% |
| Other income | ₹5 cr | ₹4 cr | +12.66% | +86.07% |
| Expenses | ₹791 cr | ₹945 cr | -16.31% | +0.56% |
| Operating profit | ₹636 cr | ₹485 cr | +31.22% | +53.17% |
| Operating margin (%) | 44.59% | 33.92% | — | — |
| Interest | ₹147 cr | ₹129 cr | +14.15% | +58.24% |
| Depreciation | ₹35 cr | ₹35 cr | -0.63% | +13.67% |
| Profit before tax | ₹459 cr | ₹325 cr | +41.22% | +55.95% |
| Tax | ₹124 cr | ₹93 cr | +32.43% | +50.14% |
| Net profit | ₹335 cr | ₹231 cr | +44.76% | +58.21% |
| EPS (₹) | ₹3.67 | ₹2.54 | +44.49% | -84.31% |
Operating margin of 44.59% compares with a Financial Services sector median of 44.59% across 5 peers that have reported Q2FY27.
What to watch
- Whether operating margin holds above 44.59% after the 10.67-percentage-point sequential rebound.
- Whether interest-cost growth moderates from 14.15% sequentially and 58.24% year on year.
- Whether expenses remain below the Q1FY27 level after falling 16.31% sequentially.