Angel One Q2 FY27: consolidated PAT jumps 58% YoY to ₹335 Cr as NPM expands to 23.4%

Angel One's consolidated Q2 FY27 (quarter ended September 30, 2026) PAT came in at ₹334.97 Cr, up 58.2% YoY from ₹211.73 Cr and up 44.8% QoQ from ₹231.40 Cr — its strongest print since the regulatory-driven profit slump through FY26. Total income rose 18.9% YoY to ₹1,431.54 Cr, while revenue from operations was essentially flat QoQ at ₹1,426.99 Cr (-0.2%) against ₹1,429.69 Cr in Q1 FY27. Net profit margin expanded sharply to 23.4%, from 17.6% a year ago and 16.1% last quarter. Basic EPS was ₹3.67 versus ₹2.34 a year ago (split-adjusted). Standalone PAT was ₹366.74 Cr on revenue of ₹1,400.66 Cr — higher than the consolidated figure, with the gap reflecting continued investment-stage drag from Angel One Wealth, the AMC arm and other subsidiaries that consolidate into Group numbers; consolidated remains the primary basis here. Interest income — largely margin-funding interest — was the biggest swing factor, up 34.4% YoY to ₹510.03 Cr, as the consolidated loan book grew 55.2% since March 2026 to ₹7,958.23 Cr, funded by an 80.1% rise in debt securities to ₹5,318.88 Cr. That funding trade-off also pushed consolidated finance costs up 58.2% YoY to ₹147.46 Cr. Despite that, total expenses grew just 6.9% YoY to ₹973.04 Cr — well below 18.9% income growth — which is what drove the margin expansion: employee benefit expense actually fell 6.9% YoY to ₹255.51 Cr, and other expenses were roughly flat YoY at ₹344.33 Cr. Sequentially, other expenses fell 27.1% QoQ (₹472.57 Cr to ₹344.33 Cr), largely because the IPL sponsorship cost (₹136.66 Cr booked over H1 FY27 per the filing's notes) front-loads into Q1, flattering the Q2 opex base. No street consensus PAT estimate for this specific quarter could be confirmed via search, unlike some past quarters with hard brokerage previews — vsStreet is recorded as unknown rather than guessed. No management press release was available in our records to quote directly for this result. Against the qualitative guidance from the July 16, 2026 concall — sustained profitable growth via ecosystem expansion into wealth, credit and asset management, while maintaining "healthy operating margins (43-45% adjusted)" — this quarter's NPM expansion to 23.4% and 58% YoY PAT growth is directionally consistent, though the company's own 43-45% "adjusted operating margin" band uses a metric not disclosed in this filing and cannot be independently verified here. Client base grew 17.3% YoY to 39.98 Mn per the October 6 business update, even as gross additions, SIP registrations and average daily turnover softened in the same update — a client-engagement-versus-activity divergence worth watching. The board also declared a second interim FY27 dividend of ₹1.40/share (record date October 22, 2026), the company's second payout this fiscal year, alongside the results.