Intimation for earnings call transcript

Classified as Internal 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 Code: 543235 Sub: Disclosure under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Further to our intimation on September 21, 2026, intimating of the earnings call with analysts and investors to be hosted by the Company on October 16, 2026, please find enclosed herewith the transcript of the said earnings call for your reference and records. The transcript of the earnings call will be posted on the Company’s website at www.angelone.in. Thanking You, For Angel One Limited Naheed Patel Company Secretary and Compliance Officer ACS: 22506 Date: October 21, 2026 Place: Mumbai Corporate & Regd Office: Angel One Limited 601, 6th Floor, Ackruti Star, Central Road, MIDC, CIN: L67120MH1996PLC101709, Andheri (E), Mumbai - 400093. SEBI Registration No Stock Broker:INZ000161534, T: (022) 4000 3600 CDSL: IN-DP-384-2018, PMS:INP000001546, F: (022) 4000 3609 Research Analyst: INH000000164, Investment Advisor: INA000008172, E: support@angelone.in AMFI Regn. No. ARN–77404, PFRDA, Regn. No.-19092018. www.angelone.in Classified as Public Classified as Internal Angel One Limited Q2 FY’27 Earnings Conference Call October 16, 2026 MANAGEMENT: Ambarish Kenghe Group Chief Executive Officer Vineet Agrawal Group Chief Financial Officer Amit Majumdar Group Chief Strategy Officer Ajit Narayanan Chief Technology Officer Chief Business Officer – Direct Anand Agrawal Head of Product Arief Mohamad Business Chief Business Officer – Chief Business Officer - New Nishant Jain Saurabh Agarwal Assisted Business Business Group Chief Information Rohit Chatter Chief AI Officer Sridhar Govardhan Security Officer Manmohan Singh Group Chief Risk Officer Ajit Sinha General Counsel Group Chief Compliance Chief Product Operations Manoj Agarwal Bhavin Parekh Officer Officer Shobhit Mathur Co-founder – Ionic Wealth Dharmendra Jain Co-founder – Ionic Wealth Interim CEO – Asset Murali Management – Angel One Hitul Gutka Head of Investor Relations Ramasubramanian Asset Management Company E&OE - This transcript is edited for factual errors. In case of discrepancy, the audio recordings uploaded on the stock exchange on 16th October 2026 will prevail. Page 1 of 21 Classified as Internal Angel One Limited October 16, 2026 Moderator: Ladies and gentlemen, good day, and welcome to the Q2 and FY27 Earnings Conference Call hosted by Angel One Limited. This conference call may contain forward-looking statements about the company, which are based on the beliefs, opinions and expectations of the company as on the date of this call. These statements are not the guarantees of the future performance and involve risks and uncertainties that are difficult to predict. As a reminder, all participants' lines will be in the listen-only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference call, please signal an operator by pressing star then zero on your touch-tone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Hitul Gutka from Angel One Limited. Thank you, and over to you, Mr. Gutka. Hitul Gutka: Good morning, and welcome, everyone. Thank you for joining us today to discuss Angel One's Q2 FY27 financial and business performance. The recording of today's earnings call and transcript will be uploaded on our website under the Investor Relations section. The financial results, investor presentation, press release and data book are also uploaded on the website. We would like to inform that Mr. Dinesh Thakkar, Chairman and Managing Director of Angel One, is unable to join today's call. Angel One will be represented today by Ambarish Kenghe, Group CEO; Vineet Agrawal, Group CFO, along with the senior management team of Angel One and SGA, our IR consultants. The leadership team will give us a brief overview of the operational and the financial performance of the quarter gone by, followed by a Q&A session. Please note that there may be certain forward-looking statements during the call which must be viewed in aggregate with the risks that the company faces. With this brief introduction, I now invite Mr. Ambarish Kenghe for his opening remarks. Ambarish Kenghe: Thank you, Hitul. Good morning, everyone, and thank you for joining us today. This wasn't a typical quarter, but I am very proud of how our teams and partners handled it to deliver a very strong performance. As you know, there have been some regulatory changes that have impacted the market volumes. However, as we have always maintained, regulatory changes are designed to make our markets stronger, even if sometimes the refinement and the ecosystem adjusting to it may take time. You saw a bit of it this quarter. However, the Indian capital markets and the economy continue to be strong with the GDP growing at 7.8% last quarter. No mean feat at this scale. As I mentioned earlier, I am very proud that our users, partners and teams adapted fast. In September, average daily orders rebounded to 5.8 million, up nearly 12% from August. Despite the regulatory environment, our consolidated revenue and PAT grew 18.9% and 58.2% year- over-year, respectively. Page 2 of 21 Classified as Internal Angel One Limited October 16, 2026 And the stand-alone OPM was at 48.9%, which is above the range we have been guiding. This is a proof point of our strategy and execution. And of course, the strength of capital markets ecosystem in India. The road ahead is also getting clearer with SEBI circular yesterday evening on updates to closing auction session, CAS. This will bring greater clarity to traders, and we expect that to create some tailwind for us. 40 million Indians have chosen Angel One as their way into the markets. We welcomed nearly 1.5 million new clients this quarter, 11.6% more than Q1, and we did it while keeping acquisition costs well under control. We also witnessed growth in our NSE active client base, leading to an expansion in our active clients market share month-over-month in each month of this quarter. And here's another interesting number you'd like to take away. Our average client funding book reached a lifetime high of ₹ 74.5 billion, up about 40.5% from a year ago. Our overall equity retail market share based on option premium turnover stood at 19.7%. In the derivatives, we held our position with a retail turnover share of 22.1% for the quarter, and it rose to 22.5% in September, even as our market share in cash moderated. In commodities, our turnover more than doubled over last year. Our share came down to 44% because of market expansion owing to more participants entering the market, which is a sign of how fast the segment is growing. We are one of the leading players now in a much bigger market. On investing, our SIP registrations grew nearly 12% over Q1. For many of our clients, mutual funds becomes the first engagement on the platform. Credit is where I'm especially excited. Responsible credit is a tremendous opportunity for India, and the journey is just getting started. In September, we delivered our highest ever credit distribution, taking our annualized run rate to ₹ 33 billion. That is powered by continuous advances in our AI and ML capabilities. Our credit models run on a continuous data flywheel of learning, iteration and refinement. This helps us sharpen risk assessment, making sure that we show loan offers to the appropriate cohorts, reducing risk for consumers as well as our lending partners. We upgraded our probability of default model and launched the early beta of our loan against securities offering. As we have always guided, we will scale this business with discipline and resp [Showing first 8,000 characters — download PDF for full document]