# Angel One (ANGELONE) — Stock analysis

> Faxioms all-in-one stock review. Canonical page: https://faxioms.com/stocks/angelone

## Current market snapshot

- Exchange: NSE
- Country: India
- Price: ₹331
- Change: +1.49%
- As of: 2026-11-06
- 1D return: +1.49%
- 5D return: +17.27%
- 1M return: +12.20%
- Latest complete quarter: fy27_q2

## Faxioms Analysis

_As of 2026-11-06_

### Technical Outlook

ANGELONE closed at ₹326.15 on 2026-11-05, reflecting a +4.5% daily gain and an extreme weekly anomaly with a +14.0% intraday range. The stock is positioned near the upper end of its recent trading ranges (+96.7% in the 20-day range), supported by a bullish Supertrend and price levels above all key moving averages across daily, weekly, and monthly timeframes. However, trend strength remains weak, with ADX readings below 18 on all horizons, suggesting low conviction despite the upward bias. A monthly Morning Star pattern has formed, corroborating the recent upward momentum. Immediate resistance sits at ₹327.89 (0.53% above), while support is found at ₹319.60 (2.01% below). With annualized volatility at +42.8% and a current drawdown of -8.1%, the setup requires confirmation through sustained volume and price action above the nearest resistance to validate continuation.

- Price Structure: Bullish alignment across daily, weekly, and monthly charts; price trades above all major moving averages and the Supertrend indicator.
- Momentum & Range: Stock is near the top of its 20-day (+96.7%) and 50-day (+97.0%) ranges; ADX values (13.96–17.8) indicate weak trend strength despite positive directional indicators.
- Key Levels: Immediate resistance at ₹327.89 (+0.53%); first support at ₹319.60 (-2.01%).
- Risk Profile: High volatility (+42.8% annualized) and significant maximum drawdown (-35.3%) persist; current drawdown is -8.1%.

- Morning Star
- Inside Bar
- Harami
- Outside Bar
- Bearish Engulfing Reversal
- Evening Star

### News Context

Angel One has overtaken Zerodha to become India's second-largest stockbroker by active NSE investors, adding 2.43 lakh clients in October 2026 to reach 69.98 lakh active users, while Groww retained the top spot with 1.37 crore. This ranking shift occurred as India’s total demat account base approached 19.7 crore, reflecting sustained retail participation despite regulatory tightening in derivatives trading. Financially, Angel One reported an 18.7% year-on-year revenue increase to ₹1,427 crore in Q2 FY27. However, the company faces a broader slowdown in retail trading activity, particularly in the futures and options segment, which contributed to its shares trading slightly lower on the NSE following the client data release. Additionally, Angel One shares rose up to 7% on November 3, 2026, after Finance Minister Nirmala Sitharaman indicated openness to reviewing concerns regarding equity taxation, highlighting sensitivity to policy adjustments.

- Ranking Shift: Angel One became the second-largest broker by active NSE investors (69.98 lakh) in October 2026, surpassing Zerodha (67.6 lakh), driven by 2.43 lakh new clients added that month.
- Financial Growth: Revenue increased 18.7% year-on-year to ₹1,427 crore in Q2 FY27, contrasting with a noted slowdown in retail trading activity, especially in F&O segments.
- Policy Sensitivity: Shares rose up to 7% on November 3, 2026, following statements from Finance Minister Nirmala Sitharaman about potentially reviewing equity tax concerns.

- [Angel One edges past Zerodha in NSE active investors, claims second spot; Groww leads](https://economictimes.indiatimes.com/markets/stocks/news/angel-one-edges-past-zerodha-in-nse-active-investors-claims-second-spot-groww-leads/articleshow/135601919.cms)
- [Angel One overtakes Zerodha to become India's second-largest stockbroker as demat accounts near 20 crore](https://www.businesstoday.in/markets/story/angel-one-overtakes-zerodha-to-become-indias-second-largest-stockbroker-as-demat-accounts-near-20-crore-566180-2026-11-06)
- [Nifty crosses 23,800 after months! 2 key factors behind the rally](https://www.thehindubusinessline.com/markets/nifty-crosses-23800-for-first-time-since-august-on-falling-crude-prices-earnings-boost/article71660642.ece)
- [Angel One, CDSL, Motilal Oswal shares rise up to 7% as FM Sitharaman says open to reviewing equity tax concerns](https://www.moneycontrol.com/news/business/markets/angel-one-cdsl-motilal-oswal-shares-rise-up-to-7-as-fm-sitharaman-says-open-to-reviewing-equity-tax-concerns-14067376.html)

### What Changed

Angel One has materially shifted its market position, overtaking Zerodha to become India's second-largest stockbroker by active NSE investors as of October 2026. This ranking change follows the addition of 2.43 lakh clients in October, marking the broker's highest monthly client additions in nine months and representing the first reshuffle among the top three discount brokers in three years. Despite this growth in active user base and an 18.7% year-on-year revenue increase to ₹1,427 crore in Q2 FY27, the company faces headwinds from a broader slowdown in retail trading activity, particularly in the futures and options segment. Reflecting these mixed dynamics, Angel One's shares traded at ₹326.15 on November 5, 2026, up from ₹312.1 previously, even as the stock edged lower on recent trading days amid the sectoral cooling.

- Market Position Shift: Angel One surpassed Zerodha (67.6 lakh active investors) to claim the second spot with 69.98 lakh active NSE investors in October 2026, while Groww retained the top position with 1.37 crore users.
- Client Growth Momentum: The broker added 2.43 lakh clients in October 2026, its highest monthly addition in nine months, contributing to the industry-wide demat account base nearing 19.7 crore.
- Financial Performance: Revenue increased 18.7% year-on-year to ₹1,427 crore in Q2 FY27, indicating strong underlying business growth despite regulatory tightening in derivatives.
- Trading Headwinds & Price Action: Retail trading activity, especially in F&O, is slowing; shares were observed at ₹326.15 on November 5, 2026, having risen from a previous level of ₹312.1.

- [Angel One edges past Zerodha in NSE active investors, claims second spot; Groww leads](https://economictimes.indiatimes.com/markets/stocks/news/angel-one-edges-past-zerodha-in-nse-active-investors-claims-second-spot-groww-leads/articleshow/135601919.cms)
- [Angel One overtakes Zerodha to become India's second-largest stockbroker as demat accounts near 20 crore](https://www.businesstoday.in/markets/story/angel-one-overtakes-zerodha-to-become-indias-second-largest-stockbroker-as-demat-accounts-near-20-crore-566180-2026-11-06)

### Official Filings

Angel One Limited reported strong operational momentum for October 2026, with its client base reaching 40.60 million and gross additions hitting a nine-month high of 0.66 million. Trading activity surged, with total orders at 139.31 million and average daily turnover rising, driven by record highs in commodity notional turnover and F&O market share. On the capital front, the company redeemed ₹200 crore each of two commercial paper issues on November 3 and 4, 2026, following record dates set in late October. Additionally, Angel One increased its paid-up capital to ₹91.51 crore (91.51 million shares) via the allotment of 524,942 shares from employee incentive plans and granted new RSUs to three employees, reflecting ongoing equity-based compensation activities.

- October 2026 client base grew 1.6% month-on-month to 40.60 million, with gross additions of 0.66 million (+44.7% MoM), marking the highest addition rate in nine months.
- Total orders reached 139.31 million (+13.9% MoM), while commodity ADTO and F&O market share achieved all-time highs, indicating improved trading engagement.
- The company redeemed ₹200 crore commercial papers (ISINs INE732I14DS2 and INE732I14DR4) on maturity dates of November 4 and November 3, 2026, respectively.
- Paid-up capital increased to ₹91.51 crore following the allotment of 524,942 equity shares under the LTI Plan 2021, alongside new RSU grants to key employees.

- [Angel One Limited has informed the Exchange regarding Monthly Business Updates for the month of October 2026 |SUBJECT: Monthly Business Updates](https://nsearchives.nseindia.com/corporate/ANGEL8896_04112026074624_November042026_Intimation_of_Monthly_Business_Update.pdf)
- [Confirmation of Redemption/Payment of Interest and Principal |SUBJECT: Confirmation of Redemption/Payment of Interest and Principal](https://nsearchives.nseindia.com/content/debt/WDM/ANGEL8896_04112026191239_paymentconfirmation04112026.pdf)
- [ANGEL ONE LIMITED has informed the Exchange about Options to purchase securities ESOPS (Sub-para 10-Para B) |SUBJECT: Options to purchase securities ESOPS (Sub-para 10-Para B)](https://nsearchives.nseindia.com/corporate/xbrl/REG30_PARA_B_18748_WebXMLFile_20261103_165055223.xml)
- [Angel One Limited has informed the Exchange regarding Grant of 19671 Options. |SUBJECT: ESOP/ESOS/ESPS](https://nsearchives.nseindia.com/corporate/ANGEL8896_03112026165356_November032026_Intimation_of_grants.pdf)
- [Confirmation of Redemption/Payment of Interest and Principal |SUBJECT: Confirmation of Redemption/Payment of Interest and Principal](https://nsearchives.nseindia.com/content/debt/WDM/ANGEL8896_03112026190156_paymentconfirmation03112026.pdf)
- [Angel One Limited has informed the Exchange regarding Allotment of 524942 Shares. |SUBJECT: ESOP/ESOS/ESPS](https://nsearchives.nseindia.com/corporate/ANGEL8896_30102026172445_October302026intimationofallotment.pdf)
- [ANGEL ONE LIMITED has informed the Exchange regarding Allotment of Securities |SUBJECT: Alteration Of Capital and Fund Raising-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/ALTERATION_OF_CAPITAL_AND_FUND_RAISING_18748_WebXMLFile_20261030_172730821.xml)
- [Record Date Updates |SUBJECT: Record Date Updates](https://nsearchives.nseindia.com/content/debt/WDM/ANGEL8896_23102026170017_Recorddate23102026.pdf)

### Fundamentals

Angel One’s FY2026-27 trajectory shows a sharp improvement in profitability and efficiency, though cash generation remains a concern. In Q2 FY2026-27 (Sep 2026), Net Profit rose to ₹334.97 crore from ₹231.40 crore in Q1, driven by a significant drop in Other Expenses to ₹344.33 crore from ₹472.57 crore. While Income remained stable at ~₹1,431 crore, Interest Earned increased sequentially to ₹510.03 crore, indicating stronger core yield or volume. Year-on-year, TTM Sales grew 21% and TTM Operating Profit surged to ₹2,249 crore from ₹1,820 crore in Mar 2026.

However, earnings quality faces headwinds from cash flow dynamics. Cash from Operating Activity turned deeply negative at -₹4,142 crore for the year ended Mar 2026, down from -₹1,860 crore previously, with CFO/EBITDA at -209%. This suggests working capital absorption or timing differences despite profit growth. Borrowings rose sharply to ₹7,951 crore in Mar 2026 before easing slightly to ₹7,632 crore in Sep 2026. ROCE declined to 15% in Mar 2026 from 26% a year prior, reflecting lower returns on expanded capital base. Promoter holding diluted to 28.55% in Sep 2026, while DIIs increased to 19.59%. The key checkpoint is whether operating cash flows normalize as borrowings stabilize and expense efficiencies persist.

- Q2 FY2026-27 Net Profit improved 45% sequentially to ₹334.97 crore, supported by a 27% drop in Other Expenses to ₹344.33 crore.
- TTM Operating Profit grew 23.5% to ₹2,249 crore, but CFO/EBITDA ratio deteriorated to -209%, signaling weak cash conversion relative to profits.
- ROCE fell to 15% in Mar 2026 from 26% in Mar 2025, while total assets expanded 23.6% to ₹22,677 crore by Sep 2026.
- Promoter stake decreased to 28.55% in Sep 2026; DII holding rose to 19.59%, offsetting FII stability at 12.51%.

### Bull Case

Angel One presents a conditional upside case anchored by accelerating market share gains and improving technical structure, even as it navigates broader retail trading slowdowns. In October 2026, the broker added 2.43 lakh clients, its highest monthly addition in nine months, allowing it to overtake Zerodha (67.6 lakh active investors) to become India’s second-largest stockbroker by active NSE investors with 69.98 lakh users. This operational momentum is supported by financial growth, with Q2 FY27 revenue rising 18.7% year-on-year to ₹1,427 crore. Technically, the stock shows bullish signals across daily, weekly, and monthly timeframes, with the Supertrend indicator confirming an upward bias. The shares have gained +38.0% year-to-date and +29.5% over the past year, closing at ₹326.15 on November 5, 2026. A potential policy catalyst emerged when Finance Minister Nirmala Sitharaman signaled openness to reviewing equity taxation concerns, triggering a sector-wide rally where Angel One shares rose up to 7%. The constructive case holds if client acquisition trends persist and regulatory clarity supports trading volumes.

- Market Share Shift: Added 2.43 lakh active clients in October 2026, overtaking Zerodha (67.6 lakh) to secure the #2 spot with 69.98 lakh active NSE investors.
- Financial Growth: Reported an 18.7% year-on-year revenue increase to ₹1,427 crore in Q2 FY27.
- Technical Strength: Bullish Supertrend direction confirmed across daily, weekly, and monthly charts; YTD return stands at +38.0%.
- Policy Catalyst: Shares rallied up to 7% following indications of potential review on equity taxation concerns.

- [Angel One edges past Zerodha in NSE active investors, claims second spot; Groww leads](https://economictimes.indiatimes.com/markets/stocks/news/angel-one-edges-past-zerodha-in-nse-active-investors-claims-second-spot-groww-leads/articleshow/135601919.cms)
- [Angel One overtakes Zerodha to become India's second-largest stockbroker as demat accounts near 20 crore](https://www.businesstoday.in/markets/story/angel-one-overtakes-zerodha-to-become-indias-second-largest-stockbroker-as-demat-accounts-near-20-crore-566180-2026-11-06)
- [Nifty crosses 23,800 after months! 2 key factors behind the rally](https://www.thehindubusinessline.com/markets/nifty-crosses-23800-for-first-time-since-august-on-falling-crude-prices-earnings-boost/article71660642.ece)
- [Angel One, CDSL, Motilal Oswal shares rise up to 7% as FM Sitharaman says open to reviewing equity tax concerns](https://www.moneycontrol.com/news/business/markets/angel-one-cdsl-motilal-oswal-shares-rise-up-to-7-as-fm-sitharaman-says-open-to-reviewing-equity-tax-concerns-14067376.html)
- [Angel One Limited has informed the Exchange regarding Monthly Business Updates for the month of October 2026 |SUBJECT: Monthly Business Updates](https://nsearchives.nseindia.com/corporate/ANGEL8896_04112026074624_November042026_Intimation_of_Monthly_Business_Update.pdf)
- [Confirmation of Redemption/Payment of Interest and Principal |SUBJECT: Confirmation of Redemption/Payment of Interest and Principal](https://nsearchives.nseindia.com/content/debt/WDM/ANGEL8896_04112026191239_paymentconfirmation04112026.pdf)
- [ANGEL ONE LIMITED has informed the Exchange about Options to purchase securities ESOPS (Sub-para 10-Para B) |SUBJECT: Options to purchase securities ESOPS (Sub-para 10-Para B)](https://nsearchives.nseindia.com/corporate/xbrl/REG30_PARA_B_18748_WebXMLFile_20261103_165055223.xml)
- [Angel One Limited has informed the Exchange regarding Grant of 19671 Options. |SUBJECT: ESOP/ESOS/ESPS](https://nsearchives.nseindia.com/corporate/ANGEL8896_03112026165356_November032026_Intimation_of_grants.pdf)
- [Confirmation of Redemption/Payment of Interest and Principal |SUBJECT: Confirmation of Redemption/Payment of Interest and Principal](https://nsearchives.nseindia.com/content/debt/WDM/ANGEL8896_03112026190156_paymentconfirmation03112026.pdf)
- [Angel One Limited has informed the Exchange regarding Allotment of 524942 Shares. |SUBJECT: ESOP/ESOS/ESPS](https://nsearchives.nseindia.com/corporate/ANGEL8896_30102026172445_October302026intimationofallotment.pdf)

### Bear Case

Angel One’s recent operational gains in client acquisition are offset by significant volatility and structural headwinds in trading activity. While the company added 2.43 lakh clients in October 2026 to overtake Zerodha as the second-largest broker by active NSE investors, its shares traded lower due to a broader slowdown in retail trading, particularly in the high-margin futures and options (F&O) segment. This divergence between user growth and revenue quality highlights a constraint in sustaining profitability amid regulatory tightening. Financially, the stock exhibits elevated risk, with an annualized volatility of +42.8% and a maximum drawdown of -35.3%. Although the price recovered to ₹326.15 on November 5, 2026, it remains within a narrow range near resistance at ₹327.89, suggesting limited immediate upside momentum despite a year-to-date return of +38.0%.

- Trading Activity Slowdown: Shares declined despite client growth due to reduced retail participation in the F&O segment, indicating margin pressure from regulatory tightening.
- Elevated Volatility: The stock carries an annualized volatility of +42.8% and has experienced a maximum drawdown of -35.3%, reflecting significant price instability.
- Technical Resistance: Trading at ₹326.15 on November 5, 2026, the stock faces immediate resistance just 0.53% higher at ₹327.89, limiting short-term breakout potential.

- [Angel One edges past Zerodha in NSE active investors, claims second spot; Groww leads](https://economictimes.indiatimes.com/markets/stocks/news/angel-one-edges-past-zerodha-in-nse-active-investors-claims-second-spot-groww-leads/articleshow/135601919.cms)
- [Angel One overtakes Zerodha to become India's second-largest stockbroker as demat accounts near 20 crore](https://www.businesstoday.in/markets/story/angel-one-overtakes-zerodha-to-become-indias-second-largest-stockbroker-as-demat-accounts-near-20-crore-566180-2026-11-06)
- [Nifty crosses 23,800 after months! 2 key factors behind the rally](https://www.thehindubusinessline.com/markets/nifty-crosses-23800-for-first-time-since-august-on-falling-crude-prices-earnings-boost/article71660642.ece)
- [Angel One, CDSL, Motilal Oswal shares rise up to 7% as FM Sitharaman says open to reviewing equity tax concerns](https://www.moneycontrol.com/news/business/markets/angel-one-cdsl-motilal-oswal-shares-rise-up-to-7-as-fm-sitharaman-says-open-to-reviewing-equity-tax-concerns-14067376.html)
- [Angel One Limited has informed the Exchange regarding Monthly Business Updates for the month of October 2026 |SUBJECT: Monthly Business Updates](https://nsearchives.nseindia.com/corporate/ANGEL8896_04112026074624_November042026_Intimation_of_Monthly_Business_Update.pdf)
- [Confirmation of Redemption/Payment of Interest and Principal |SUBJECT: Confirmation of Redemption/Payment of Interest and Principal](https://nsearchives.nseindia.com/content/debt/WDM/ANGEL8896_04112026191239_paymentconfirmation04112026.pdf)
- [ANGEL ONE LIMITED has informed the Exchange about Options to purchase securities ESOPS (Sub-para 10-Para B) |SUBJECT: Options to purchase securities ESOPS (Sub-para 10-Para B)](https://nsearchives.nseindia.com/corporate/xbrl/REG30_PARA_B_18748_WebXMLFile_20261103_165055223.xml)
- [Angel One Limited has informed the Exchange regarding Grant of 19671 Options. |SUBJECT: ESOP/ESOS/ESPS](https://nsearchives.nseindia.com/corporate/ANGEL8896_03112026165356_November032026_Intimation_of_grants.pdf)
- [Confirmation of Redemption/Payment of Interest and Principal |SUBJECT: Confirmation of Redemption/Payment of Interest and Principal](https://nsearchives.nseindia.com/content/debt/WDM/ANGEL8896_03112026190156_paymentconfirmation03112026.pdf)
- [Angel One Limited has informed the Exchange regarding Allotment of 524942 Shares. |SUBJECT: ESOP/ESOS/ESPS](https://nsearchives.nseindia.com/corporate/ANGEL8896_30102026172445_October302026intimationofallotment.pdf)

### FAQs

**Has Angel One's market position changed recently?**

Yes. In October 2026, Angel One overtook Zerodha to become India’s second-largest stockbroker by active NSE investors, with 69.98 lakh active users compared to Zerodha’s 67.6 lakh. Groww remains the largest with 1.37 crore active investors.

**What were the key business metrics for October 2026?**

Angel One reported a client base of 40.60 million (+1.6% month-on-month) and gross client additions of 0.66 million (the highest in nine months). Total orders reached 139.31 million, hitting a seven-month high, while F&O market share also reached an all-time high.

**How has the stock performed technically and financially?**

The stock closed at ₹326.15 on November 5, 2026, with a YTD return of +38.0%. Financially, revenue increased 18.7% year-on-year to ₹1,427 crore in Q2 FY27. The technical trend is bullish, though annualized volatility stands at +42.8%.

- [Angel One edges past Zerodha in NSE active investors, claims second spot; Groww leads](https://economictimes.indiatimes.com/markets/stocks/news/angel-one-edges-past-zerodha-in-nse-active-investors-claims-second-spot-groww-leads/articleshow/135601919.cms)
- [Angel One overtakes Zerodha to become India's second-largest stockbroker as demat accounts near 20 crore](https://www.businesstoday.in/markets/story/angel-one-overtakes-zerodha-to-become-indias-second-largest-stockbroker-as-demat-accounts-near-20-crore-566180-2026-11-06)
- [Nifty crosses 23,800 after months! 2 key factors behind the rally](https://www.thehindubusinessline.com/markets/nifty-crosses-23800-for-first-time-since-august-on-falling-crude-prices-earnings-boost/article71660642.ece)
- [Angel One, CDSL, Motilal Oswal shares rise up to 7% as FM Sitharaman says open to reviewing equity tax concerns](https://www.moneycontrol.com/news/business/markets/angel-one-cdsl-motilal-oswal-shares-rise-up-to-7-as-fm-sitharaman-says-open-to-reviewing-equity-tax-concerns-14067376.html)
- [Angel One Limited has informed the Exchange regarding Monthly Business Updates for the month of October 2026 |SUBJECT: Monthly Business Updates](https://nsearchives.nseindia.com/corporate/ANGEL8896_04112026074624_November042026_Intimation_of_Monthly_Business_Update.pdf)
- [Confirmation of Redemption/Payment of Interest and Principal |SUBJECT: Confirmation of Redemption/Payment of Interest and Principal](https://nsearchives.nseindia.com/content/debt/WDM/ANGEL8896_04112026191239_paymentconfirmation04112026.pdf)
- [ANGEL ONE LIMITED has informed the Exchange about Options to purchase securities ESOPS (Sub-para 10-Para B) |SUBJECT: Options to purchase securities ESOPS (Sub-para 10-Para B)](https://nsearchives.nseindia.com/corporate/xbrl/REG30_PARA_B_18748_WebXMLFile_20261103_165055223.xml)
- [Angel One Limited has informed the Exchange regarding Grant of 19671 Options. |SUBJECT: ESOP/ESOS/ESPS](https://nsearchives.nseindia.com/corporate/ANGEL8896_03112026165356_November032026_Intimation_of_grants.pdf)
- [Confirmation of Redemption/Payment of Interest and Principal |SUBJECT: Confirmation of Redemption/Payment of Interest and Principal](https://nsearchives.nseindia.com/content/debt/WDM/ANGEL8896_03112026190156_paymentconfirmation03112026.pdf)
- [Angel One Limited has informed the Exchange regarding Allotment of 524942 Shares. |SUBJECT: ESOP/ESOS/ESPS](https://nsearchives.nseindia.com/corporate/ANGEL8896_30102026172445_October302026intimationofallotment.pdf)
## Technical analytics

- As of: 2026-11-06
- Daily trend: Strong Uptrend
- Weekly trend: Weak Uptrend
- Pivot point: ₹324.03
- Risk regime: Price Risk Requires Attention

### Support levels
- 274.7875
- 232.07
- 227.063125

### Resistance levels
- 334.95
- 352.775
- 358.6

### Return and range metrics

| Metric | Value |
| --- | --- |
| return_1 | +1.49% |
| return_10 | +18.64% |
| return_1m | +12.20% |
| return_1y | +33.12% |
| return_20 | +12.20% |
| return_3m | +11.41% |
| return_5 | +17.27% |
| return_6m | +4.47% |
| return_since_start | +9.70% |
| return_ytd | +40.09% |

### Risk and volatility metrics

| Metric | Value |
| --- | --- |
| state | elevated_risk |
| label | Price risk requires attention |
| summary | Recent drawdown or price variability is high enough to warrant closer monitoring. |
| maximum_drawdown | -35.26% |
| annualized_volatility | +42.81% |

## Quarterly financials

- Latest complete quarter: fy27_q2

# Angel One Reports Higher Q2 Profit as Expenses Fall and Interest Income Rises

Angel One Limited’s consolidated profit before tax rose 41.2% quarter on quarter to ₹458.50 crore in Q2 FY2026-27, while revenue from operations was nearly flat at ₹1,426.99 crore. Lower expenses and higher interest earned supported the sequential profit increase. Compared with Q2 a year earlier, revenue from operations grew 18.7% and profit before tax rose 56.0%.

## Revenue was steady sequentially, with interest income growing

Revenue from operations slipped 0.2% from the previous quarter and increased 18.7% year on year. Total income was ₹1,431.54 crore, down 0.2% sequentially and up 18.9% year on year.

Interest earned rose 9.2% quarter on quarter to ₹510.03 crore, an increase of 34.4% from Q2 a year earlier. Fees and commission income from operations was ₹909.50 crore, while net gains on fair value changes contributed ₹7.42 crore. Other income was ₹4.55 crore.

## Lower expenses lifted pre-tax profit

Total expenses fell 12.3% sequentially to ₹973.04 crore, although they were 6.9% higher than in the year-ago quarter. Other expenses declined 27.1% from the previous quarter to ₹344.33 crore. Employee benefit expense was ₹255.51 crore and fees and commission expense was ₹191.09 crore.

Finance costs increased 14.1% sequentially to ₹147.46 crore and were 58.2% higher year on year. Impairment on financial instruments was a net reversal of ₹19.70 lakh, compared with a ₹55.10 lakh charge in the previous quarter.

## Net profit and earnings per share increased sequentially

Profit for the period attributable to owners of the parent was ₹334.97 crore, up 44.8% quarter on quarter and 58.2% year on year. Tax expense was ₹123.52 crore, up from ₹93.27 crore in the previous quarter.

Basic earnings per share from continuing operations were ₹3.67, compared with ₹2.54 in the previous quarter; diluted earnings per share were ₹3.57, against ₹2.46. The equity share face value was ₹1 at quarter-end, compared with ₹10 in Q2 a year earlier.

## Loans expanded as total assets declined

Loans stood at ₹7,958.23 crore on 30 September 2026, up 55.2% from 30 June. Interest earned also increased sequentially, although the reported figures do not establish how much of that increase came from loan growth.

Total assets declined 5.1% from the end of June to ₹22,677.05 crore. Bank balances other than cash and cash equivalents fell to ₹12,993.17 crore from ₹16,398.13 crore. Cash and cash equivalents were ₹87.38 crore, down from ₹162.36 crore.

Borrowings decreased to ₹2,236.02 crore from ₹4,926.25 crore, while debt securities rose to ₹5,318.88 crore from ₹2,952.81 crore. Total liabilities fell to ₹15,964.65 crore. Equity increased to ₹6,712.40 crore, including ₹6,667.47 crore attributable to owners of the parent.

## Management Commentary

Management said revised bank funding norms and the introduction of the Closing Auction Session in cash equities temporarily weighed on broking activity, while client engagement recovered steadily, with average daily orders reaching 5.8 million in September 2026. The average client funding book reached a record ₹74.5 billion in Q2 FY27, up 40.5% year on year. Credit distribution of ₹6.9 billion rose 51.8% year on year, supported by AI and ML-powered underwriting and risk models, and the company began an early beta of Loan Against Securities within its NBFC.

## Key Takeaway
Q2 was marked by a sharp sequential profit recovery despite nearly flat revenue, as total expenses fell and interest earned increased. The loan balance expanded substantially, while total assets and borrowings declined and debt securities rose. Investors will be watching whether the stronger interest-income contribution and lower sequential expense base persist as the lending book grows.

### Ratios

## Shareholding pattern

- Quarter: FY2027-Q2
- As of: 2026-09-30
- Promoter holding: +28.55%
- FII holding: +12.51%
- DII holding: +19.59%
- Mutual fund holding: +16.95%
- Retail holding: +12.87%
- Promoter pledged: +0.00%

### Major reported shareholders

- Dinesh Dariyanumal Thakkar — +18.33%
- Nirwan Monetary Services Pvt Ltd — +6.63% (Bodies Corporate)
- MUKESH RAMANLAL GANDHI — +5.02%
- ICICI PRUDENTIAL S&P BSE 500 ETF — +2.87%
- DEEPAK TARACHAND THAKKAR — +2.81%
- NIPPON LIFE INDIA TRUSTEE LTD-A/C NIPPON INDIA ELSS TAX SAVER FUND — +2.78%
- Ashok Daryanimal Thakkar — +2.72%
- LALIT TARACHAND THAKKAR — +2.44%
- BOFA SECURITIES EUROPE SA — +2.39%
- ANURADHA LALIT THAKKAR — +2.30%

## Official filings

- 2026-11-04 — Generic Announcement: Angel One Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/ANGEL8896_04112026074624_November042026_Intimation_of_Monthly_Business_Update.pdf)
- 2026-11-04 — Generic Announcement: Angel One Limited — [Official attachment](https://nsearchives.nseindia.com/content/debt/WDM/ANGEL8896_04112026191239_paymentconfirmation04112026.pdf)
- 2026-11-03 — Generic Announcement: Angel One Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/REG30_PARA_B_18748_WebXMLFile_20261103_165055223.xml)
- 2026-11-03 — Generic Announcement: Angel One Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/ANGEL8896_03112026165356_November032026_Intimation_of_grants.pdf)
- 2026-11-03 — Generic Announcement: Angel One Limited — [Official attachment](https://nsearchives.nseindia.com/content/debt/WDM/ANGEL8896_03112026190156_paymentconfirmation03112026.pdf)
- 2026-10-30 — Generic Announcement: Angel One Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/ANGEL8896_30102026172445_October302026intimationofallotment.pdf)
- 2026-10-30 — Generic Announcement: Angel One Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/ALTERATION_OF_CAPITAL_AND_FUND_RAISING_18748_WebXMLFile_20261030_172730821.xml)
- 2026-10-23 — Generic Announcement: Angel One Limited — [Official attachment](https://nsearchives.nseindia.com/content/debt/WDM/ANGEL8896_23102026170017_Recorddate23102026.pdf)
- 2026-10-23 — Generic Announcement: Angel One Limited — [Official attachment](https://nsearchives.nseindia.com/content/debt/WDM/ANGEL8896_23102026170017_Recorddate23102026.pdf)
- 2026-10-23 — Generic Announcement: Angel One Limited — [Official attachment](https://nsearchives.nseindia.com/content/debt/WDM/ANGEL8896_23102026170017_Recorddate23102026.pdf)
- 2026-10-22 — Corporate Action Notice: Angel One Limited - Ex-Date: 22-Oct-2026 — [Official attachment](https://www.nseindia.com/companies-listing/corporate-filings-actions)
- 2026-10-22 — Corporate Action Notice: Angel One Limited - Ex-Date: 22-Oct-2026 — [Official attachment](https://www.nseindia.com/companies-listing/corporate-filings-actions)
- 2026-10-22 — Corporate Action Notice: Angel One Limited - Ex-Date: 22-Oct-2026 — [Official attachment](https://www.nseindia.com/companies-listing/corporate-filings-actions)
- 2026-10-22 — Generic Announcement: Angel One Limited — [Official attachment](https://nsearchives.nseindia.com/content/debt/WDM/ANGEL8896_22102026172641_paymentconfirmation22102026.pdf)
- 2026-10-21 — Corporate Action Notice: Angel One Limited - Ex-Date: 22-Oct-2026 — [Official attachment](https://www.nseindia.com/companies-listing/corporate-filings-actions)
- 2026-10-21 — Corporate Action Notice: Angel One Limited - Ex-Date: 22-Oct-2026 — [Official attachment](https://www.nseindia.com/companies-listing/corporate-filings-actions)
- 2026-10-21 — Corporate Action Notice: Angel One Limited - Ex-Date: 22-Oct-2026 — [Official attachment](https://www.nseindia.com/companies-listing/corporate-filings-actions)
- 2026-10-21 — Generic Announcement: Angel One Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/ANGEL8896_21102026122919_21102026Intimationforearningscalltranscript.pdf)
- 2026-10-19 — Generic Announcement: Angel One Limited — [Official attachment](https://nsearchives.nseindia.com/content/debt/WDM/ANGEL8896_19102026134930_Boardcommentsonfine19102026.pdf)
- 2026-10-16 — Generic Announcement: Angel One Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/ANGEL8896_16102026120540_October162026_Newspaper_advertisements.pdf)
- 2026-10-15 — Generic Announcement: Angel One Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/ANGEL8896_15102026171541_Outcome.pdf)
- 2026-10-15 — Generic Announcement: Angel One Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/ANGEL8896_15102026172120_Outcome.pdf)
- 2026-10-15 — Generic Announcement: Angel One Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/ANGEL8896_15102026172717_OutcomeoftheBoardmeeting15102026.pdf)
- 2026-10-15 — Generic Announcement: Angel One Limited — [Official attachment](https://nsearchives.nseindia.com/content/debt/WDM/ANGEL8896_15102026174312_OutcomeoftheBoardmeeting15102026.pdf)
- 2026-10-15 — Generic Announcement: Angel One Limited — [Official attachment](https://nsearchives.nseindia.com/content/debt/WDM/ANGEL8896_15102026173950_OutcomeoftheBoardmeeting15102026.pdf)

## News and market events

- 2026-11-06 — MONEYCONTROL: **Tech3 | Angel One edges past Zerodha in active investors; foreign investors cash out of startup stocks, and more** — Angel One has overtaken Zerodha to become India's second-largest brokerage by active investors, marking a shift in the discount broking market. Concurrently, foreign investors are reducing their exposure to India's new-age tech stocks, while the government is clearing additional electronics manufacturing projects with stricter scrutiny on applicant seriousness. — [Source](https://www.moneycontrol.com/news/podcast/tech3-angel-one-edges-past-zerodha-in-active-investors-foreign-investors-cash-out-of-startup-stocks-and-more-14073827.html)
- 2026-11-06 — Economic Times: **Angel One edges past Zerodha in NSE active investors, claims second spot; Groww leads** — Angel One has overtaken Zerodha to become India's second-largest stockbroker by active NSE investors, adding 2.43 lakh clients in October 2026 while Groww retained the top position with 1.37 crore active users. This marks the first reshuffle among the top three discount brokers in three years, driven by Angel One's highest monthly client additions in nine months and improved trading activity metrics. Despite these gains, Angel One's shares traded slightly lower on the NSE as the company navigated a broader slowdown in retail trading, particularly in the futures and options segment. — [Source](https://economictimes.indiatimes.com/markets/stocks/news/angel-one-edges-past-zerodha-in-nse-active-investors-claims-second-spot-groww-leads/articleshow/135601919.cms)
- 2026-11-06 — BUSINESSTODAY: **Angel One overtakes Zerodha to become India's second-largest stockbroker as demat accounts near 20 crore** — Angel One has overtaken Zerodha to become India's second-largest stockbroker by active investors on the National Stock Exchange, with October 2026 data showing Angel One at 69.98 lakh active investors compared to Zerodha's 67.6 lakh. This ranking shift occurs as India's total demat account base approaches 19.7 crore, reflecting sustained retail participation despite regulatory tightening in derivatives trading. Groww retains its position as the largest broker with 1.37 crore active investors, while Angel One reported an 18.7% year-on-year revenue increase to ₹1,427 crore in Q2 FY27. — [Source](https://www.businesstoday.in/markets/story/angel-one-overtakes-zerodha-to-become-indias-second-largest-stockbroker-as-demat-accounts-near-20-crore-566180-2026-11-06)
- 2026-11-03 — The Hindu: **Nifty crosses 23,800 after months! 2 key factors behind the rally** — The Nifty index closed above 23,800 for the first time since August 2026, driven by falling crude prices and strong corporate earnings, while the Sensex rose 1.62 per cent. The Indian rupee extended gains against the US dollar, though crude oil rebounded on geopolitical reports, sustaining market volatility. — [Source](https://www.thehindubusinessline.com/markets/nifty-crosses-23800-for-first-time-since-august-on-falling-crude-prices-earnings-boost/article71660642.ece)
- 2026-11-03 — MONEYCONTROL: **Angel One, CDSL, Motilal Oswal shares rise up to 7% as FM Sitharaman says open to reviewing equity tax concerns** — Shares of Angel One, CDSL, and Motilal Oswal rose by up to 7% after Finance Minister Nirmala Sitharaman indicated openness to reviewing concerns regarding equity taxation. The market movement reflects investor reaction to the Finance Minister's statement on potential policy adjustments. — [Source](https://www.moneycontrol.com/news/business/markets/angel-one-cdsl-motilal-oswal-shares-rise-up-to-7-as-fm-sitharaman-says-open-to-reviewing-equity-tax-concerns-14067376.html)
- 2026-10-23 — The Hindu: **Angel One rolls out US stock investing for investors** — The company is rolling out the facility in phases, with access currently available to select users — [Source](https://www.thehindubusinessline.com/markets/angel-one-rolls-out-us-stock-investing-for-investors/article71615692.ece)
- 2026-10-20 — Mint: **Dividend, stock split, buyback: Last chance to buy today - VRL Logistics, JSW Dulux, Angel One shares** — Investors will track several corporate actions on October 21. VRL Logistics moved its buyback record date to October 22, 2026; JSW Dulux set the same date for its proposed 1:10 stock split. Tips Music announced a ₹6.50 interim dividend, while Angel One declared ₹1.40 per share. — [Source](https://www.livemint.com/market/stock-market-news/dividend-stock-split-buyback-last-chance-to-buy-today-vrl-logistics-jsw-dulux-angel-one-shares-11792511128048.html)
- 2026-10-19 — MONEYCONTROL: **Angel One to rollout US stock investing to everyone in 45 days, to launch corporate bonds in a fortnight, says CEO Ambarish Kenghe** — Fintech, Angel One, investment, US Stocks, Bonds, Ambarish Kenghe, Groww, Zerodha — [Source](https://www.moneycontrol.com/technology/angel-one-to-rollout-us-stock-investing-to-everyone-in-45-days-to-launch-corporate-bonds-in-a-fortnight-says-ceo-ambarish-kenghe-article-14055688.html)
- 2026-10-19 — The Hindu: **Sensex today | Stock Market Highlights: Sensex, Nifty close over 1% lower; private bank, IT stocks push markets lower** — Sensex, Nifty, Share Prices : Markets closed over 1 per cent lower on Monday as losses in private banks and IT stocks overwhelmed gains in metals and public-sector lenders. — [Source](https://www.thehindubusinessline.com/markets/sensex-nifty50-today-stock-market-highlights-19th-october-2026/article71600731.ece)
- 2026-10-19 — MONEYCONTROL: **Buy Angel One; target of Rs 347: ICICI Securities** — ICICI Securities, Angel One, buy, Recommendations — [Source](https://www.moneycontrol.com/news/business/earnings/buy-angel-one-target-of-rs-347-icici-securities-14055496.html)
- 2026-10-19 — MONEYCONTROL: **Buy Angel One; target of Rs 380: Motilal Oswal** — Angel One, Motilal Oswal, Recommendations, Buy — [Source](https://www.moneycontrol.com/news/business/buy-angel-one-target-of-rs-380-motilal-oswal-14055332.html)
- 2026-10-19 — FEEDS: **From LTM To Angel One: HDFC Securities Sees Up To 30% Upside After Q2 Results; Check Target Prices** — Angel One, L&T Finance, LTM and Federal Bank are in focus after their Q2 FY27 earnings as HDFC Securities sees further upside across the four stocks. — [Source](https://www.ndtvprofit.com/markets/ltm-federal-bank-l-t-finance-angel-one-in-focus-after-q2-results-hdfc-securities-sees-up-to-30-percent-upside-details-inside-12204546)
- 2026-10-18 — CNBC-TV18: **Record Dates This Week: JSW Dulux, Tech Mahindra among 13 important names with corporate actions lined up** — As many as 13 stocks, including Tech Mahindra, VRL Logistics, JSW Dulux among others will see record dates for their dividends, stock splits and share buybacks this week. Details follow in the story. — [Source](https://www.cnbctv18.com/market/record-dates-this-week-tech-mahindra-jsw-dulux-ltm-vrl-logistics-share-price-stock-split-dividend-buybacks-20014547.htm)
- 2026-10-18 — Mint: **Stock split, bonus, dividend, buyback record date in 19-25Oct week: Angel One, JSW, IRFC, Tech Mahindra, Modison, others** — Several companies have upcoming corporate actions between October 19 and 25. Titan Biotech announced a bonus share issue, while VRL Logistics set October 22 as the record date for its share buyback. Other companies have scheduled dividend, stock split and bonus share record dates. — [Source](https://www.livemint.com/market/stock-market-news/stock-split-bonus-dividend-buyback-record-date-in-19-25oct-week-angel-one-jsw-irfc-tech-mahindra-modison-others-11792308900697.html)
- 2026-10-18 — Economic Times: **Bonus issues, stock splits & dividends: HDB Financial, IRFC, TechM among 19 stocks turning ex-record date this week** — Around 19 companies including LTIMindtree, Tech Mahindra, IRFC, HDB Financial Services, and Angel One have fixed their record dates for dividends, stock splits, and bonus issues during the week of October 19-23. Investors must hold shares in their demat accounts by the record date to qualify. — [Source](https://economictimes.indiatimes.com/markets/stocks/news/bonus-issues-stock-splits-dividends-hdb-financial-irfc-techm-among-19-stocks-turning-ex-record-date-this-week/articleshow/135024511.cms)
- 2026-10-16 — CNBC-TV18: **FIIs return to buying Indian stocks with ₹1,166 crore net inflows; DIIs sell ₹3,661 crore** — Foreign investors returned to net buying after Thursday’s sell-off, while IT stocks led the market rally and domestic institutions booked net outflows. — [Source](https://www.cnbctv18.com/market/fiis-return-to-buying-indian-stocks-with-rs1166-crore-net-inflows-diis-sell-rs3661-crore-20013872.htm)
- 2026-10-16 — Mint: **Angel One Dividend 2026: Check amount, record date, yield, history, returns of broking stock** — Angel One Dividend 2026: The company announced the dividend payout on Thursday, 15 October, along with financial results for the quarter ending on 30 September, 2026. — [Source](https://www.livemint.com/market/stock-market-news/angel-one-dividend-2026-check-amount-record-date-yield-history-returns-of-broking-stock-11792131987175.html)
- 2026-10-16 — CNBC-TV18: **BSE, NSE, Angel One shares will react to the new SEBI CAS rules - Details here** — The reference price for CAS will be determined based on the Volume Weighted Average price during the last 15 minutes of the Continuous Trading Session, as per the new norms released by SEBI in its circular. — [Source](https://www.cnbctv18.com/market/bse-nse-angel-one-motilal-oswal-share-price-new-sebi-cas-rules-circular-impact-volumes-returns-20013110.htm)
- 2026-10-06 — CNBC-TV18: **Angel One shares gain after trading activity recovers in September, MTF book growth continues** — Even as Angel One lost 240 basis points worth of market share within the commodity segment, it managed to partially offset that through a 80 basis points market share gain in F&O and 17 basis points gain in equity. — [Source](https://www.cnbctv18.com/market/angel-one-share-price-september-q2-update-daily-orders-sip-registrations-mtf-book-fno-equity-market-share-20005277.htm)
- 2026-10-06 — BUSINESSTODAY: **Angel One client funding book at Rs 7,453 crore in Q2, IEX shares Q2 volume growth figures** — Angel One share price, IEX share price, Angel One shares, IEX shares, Angel One Q2 update, IEX Q2 update — [Source](https://www.businesstoday.in/markets/stocks/story/angel-one-client-funding-book-at-rs-7453-crore-in-q2-iex-shares-q2-volume-growth-figures-559703-2026-10-06)
- 2026-09-30 — BUSINESSTODAY: **Titan vs BSE: Angel One's Hitesh Rathi prefers Titan for fresh positions; here's why** — Titan vs BSE, Titan stock, BSE stock, Titan stock recommendation, BSE stock recommendation, Titan vs BSE stock, Titan share price,, BSE share price, Titan technical analysis, BSE technical analysis, Titan stock buy, BSE stock buy, Titan festive season demand, Titan jewellery stocks, Titan vs BSE which stock to buy, Titan stock technical analysis, BSE stock technical analysis — [Source](https://www.businesstoday.in/markets/stocks/story/titan-vs-bse-angel-ones-hitesh-rathi-prefers-titan-for-fresh-positions-heres-why-558798-2026-09-30)
- 2026-09-29 — Mint: **26% dip in YTD! Jio Financial Services shares hit 52-week low — will trend reverse? Target price, support, resistance** — Jio Financial Services shares fell over 2% on 29 September, reaching a 52-week low as overall market conditions worsened. Year-to-date, the stock has dropped over 25%, raising concerns over further declines amid technical signals indicating potential support and resistance levels. — [Source](https://www.livemint.com/market/stock-market-news/26-dip-in-ytd-jio-financial-services-shares-hit-52-week-low-will-trend-reverse-target-price-support-resistance-11790658322060.html)
- 2026-09-29 — FREEPRESSJOURNAL.IN: **Groww Rolls Out US Stock Investing Amid AI Wave** — Groww has started rolling out US stock investing on its platform after securing a GIFT City licence for global investments. Partnering with Alpaca Securities, the platform will allow users to invest in over 10,000 US-listed stocks and ETFs, including major technology companies, with fractional investing options — [Source](https://www.freepressjournal.in/business/groww-rolls-out-us-stock-investing-amid-ai-wave)
- 2026-09-29 — MONEYCONTROL: **Groww starts a gradual rollout of US investing to users, likely to reach all customers in a month** — Fintech, startups, Groww, US investing, global investing, Zerodha, Upstox, AI, Nasdaq — [Source](https://www.moneycontrol.com/technology/groww-starts-a-gradual-rollout-of-us-investing-to-users-likely-to-reach-all-customers-in-a-month-article-14040563.html)
- 2026-09-28 — Mint: **Angel One sees 25% upside in this newly listed stock | Target price, time horizon, rationale** — LCC Projects Limited shares are trading down after a recent brief recovery. Despite this, the company expects significant revenue growth in metro-rail and mining sectors and a positive EBITDA margin. A brokerage report suggests a target price of ₹181, indicating a 25% upside potential. — [Source](https://www.livemint.com/market/stock-market-news/angel-one-sees-25-upside-in-this-newly-listed-stock-target-price-time-horizon-rationale-11790590857770.html)

## Business profile

**Strategic vision:** Digital-first investment platform for trading and financial products.

### Business segments
- **Stock, Commodity, and Currency Broking:** Core business offering clients the ability to trade across various financial markets.
- **Institutional Broking:** Services provided to institutional clients for their investment and trading needs.
- **Depository Services:** Facilitating the holding and transfer of securities for clients.
- **Margin Trading and Funding:** Providing clients with funding solutions to facilitate trading activities.
- **Third-Party Financial Product Distribution:** Distributing a range of financial products from other providers.
- **Wealth Management:** Offering wealth management solutions including portfolio advisory services.
- **Insurance Agency:** Acting as a corporate agent for insurance companies to distribute insurance products.

### Competitive strengths
- Digital-first platform with a comprehensive SuperApp
- Extensive network of membership across major Indian exchanges
- Focus on personalized financial journeys and user experience

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## Freshness and sources

- Data as of: 2026-11-06
- Source: Faxioms public stock analysis API

Canonical: https://faxioms.com/stocks/angelone
Markdown representation: https://faxioms.com/stocks/angelone?render=md