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One Platform For EveryFinancial Journey Of IndiaFrom a first investment to a family's wealth — one ecosystem for every stage of life 40.0 Mnusers 1.5 Mngross acquisitions₹ 1.7 Trnassets under custody Q2 ‘27 | Investor Presentation15th October 2026
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2 This presentation and the accompanying slides (the “Presentation”), which have been prepared by Angel One Limited (the “Company”), have been prepared solely for information purposes and do not constitute any offer, recommendation or invitation to purchase or subscribe for any securities, and shall not form the basis or be relied on in connection with any contract or binding commitment whatsoever. No offering of securities of the Company will be made except by means of a statutory offering document containing detailed information about the Company.This Presentation has been prepared by the Company based on information and data which the Company considers reliable, but the Company makes no representation or warranty, express or implied, whatsoever, and no reliance shall be placed on, the truth, accuracy, completeness, fairness and reasonableness of the contents of this Presentation. This Presentation may not be all inclusive and may not contain all of the information that you may consider material. Any liability in respect of the contents of, or any omission from, this Presentation is expressly excluded.Certain matters discussed in this Presentation may contain statements regarding the Company’s market opportunity and business prospects that are individually and collectively forward-looking statements. Such forward-looking statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties and assumptions that are difficult to predict. These risks and uncertainties include, but are not limited to, the performance of the Indian economy and of the economies of various international markets, the performance of the broking industry in India, competition, the company’s ability to successfully implement its strategy, the Company’s future levels of growth and expansion, technological implementation, changes and advancements, changes in revenue, income or cash flows, the Company’s market preferences and its exposure to market risks, as well as other risks. The Company’s actual results, levels of activity, performance or achievements could differ materially and adversely from results expressed in or implied by this Presentation. The Company assumes no obligation to update any forward-looking information contained in this Presentation. Any forward-looking statements and projections made by third parties included in this Presentation are not adopted by the Company and the Company is not responsible for such third-party statements and projections. Safe Harbour
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CHAPTER 1 A generational opportunityA billion-person economy becoming digital — under-penetrated in finance and compounding for decades Large populationSignificantly under servedRising incomesIncreasing financial needsDigital-led fulfilment 1. OPPORTUNITY 2. PLATFORM 3. ENGINES 4. ABOUT US 5. PERFORMANCE 6. ANNEXURE
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4 A billion people market, sustained runway of growth Source: RBI, United Nations (Population Division), NSE, IMF, MOSPI, TRAI, PIB Smartphone penetration2025 (for 15+ years of age)Rural 76% Urban 86% DIGITAL INFRASTRUCTURE ENABLING THE SHIFT 97%Cost of data, per GB₹ 308 (Mar’14) à ₹ 8 (Mar’26) 4.3xInternet connections252 Mn (Mar’14) à 1,093 Mn (Mar’26) 3.2% equity penetration of total population · Structural multi-decadal compounding opportunity INDIA POPULATION FUNNEL · HIGHLY UNDERPENETRATED~1.5 Bn Total population · median age ~29 yrs ~1.0 Bn Working-age population >135 MnUnique demat accounts on NSE (Aug’26) >46 MnNSE active clients (Sep’26) RISING INCOME à RISING SAVINGS à RISING INVESTMENTS ~US$ 4.5 TrnINDIA’S GDP – DOUBLED IN LAST 10 YEARSEconomic Engine 13.2%EQUITY + MF SHARE OF HOUSEHOLD GROSS FINANCIAL ASSETS (FY26)Flows of Equity + MF WITHIN HOUSEHOLD SAVINGS (FY25)Financial Savings Rate11.8%(% of GNDI)
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5 Growing HNI base Wealth and Credit: Large and growing pool US$ 1.1 trnFY24 INDIA’S WEALTH MANAGEMENT INDUSTRYCAGR Expected: 25-30% over 10 years TRIPLE MULTIPLIER GROWTH DRIVERS •Portfolio approach•Tech enabled delivery – Scalable, Low-cost model•Broaden access to professional, institutional-level advice STRATEGIC SUCCESS DRIVERS Source: Deloitte: Financial wealth management services in India: A US$1.6 trillion AUM growth opportunity over FY24–29, FACE: Digital Personal LoansApr-Jun 2026(1) Numbers are rounded off to the nearest number / decimal DIGITAL NBFCs ENABLING CREDIT ACCESS 0.91.31.5 2.1 0.6 FY 23FY 24FY 25FY 26Q1 '27 Personal Loan Sanction Value(₹ Trn) Asset appreciationIncremental savings ADOPTION - LED BY YOUNGER & BEYOND METRO BORROWERS Q1’27 sanction value <35 years58%Q1’27 share from Tier 2 and beyond68% ₹ 2.6 Trn at Q1‘27 run rate2.4x
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CHAPTER 2 One ecosystem, every journeyWin the user once, then serve every financial need across their lifetime, leveraging technology 1. OPPORTUNITY 2. PLATFORM 3. ENGINES 4. ABOUT US 5. PERFORMANCE 6. ANNEXURE Starting outBuildingEstablishingAccumulatingPreserving
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7 One user · Many financial journeys · Compounding lifetime value ANGEL ONEPLATFORMUser · Data · Engagement Acquireat scale Engagefrequently Capturefirst-party data Personalisewith AI Expandproduct adoption Growwallet share The platform moat User scaleLarge, fast-growing base = distribution advantage High engagementMultiple touchpoints create more interactions Data advantageEvery trade, SIP, login & transaction sharpens insight Built-in intelligenceAI lifts engagement, servicing & retention Multi-product depthEnabling cross sell across the entire lifecycle of the user 40.0 Mnusers on the platform ₹ 1.7 Trnusers assets held on the platform 3.7 MnMF ever users, of which >39% were activated by MF Highoperating leverage from second year CompoundingLTV for every cohort over time ↻ Higher engagement → richer data → smarter AI → more profitable monetisationRevenue compounds from deeper relationships, not just new users. Angel One platform’s engagement flywheel (1) Numbers are rounded off to the nearest number / decimal
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8 Partner for every stage of lifeAs user’s life evolves, their financial needs diversify — Angel One has the right offering for every stage Early career•First SIP•Cash equity Building up•Equities & commodities•Mutual funds•Personal loans•FDs Family & assets•Investing•Credit•Insurance•Wealth onboarding Peak wealth•Domestic & global investing•Wealth products•Fixed income•Credit Preservation•Fixed income•Bonds•Advisory•Estate & legacy Illustrative product engagement across various stages of life CONSISTENT MONETISATIONEach life stage unlocks a new product — and a new revenue stream — at near-zero incremental acquisition cost
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9 Several monetisation layers · Expanding LTV (Q2 ‘27)Architected around users needs ONE IDENTITY · ONE WALLET · MULTIPLE OPPORTUNITIESLeveraging data & AI to expand LTV - embed intelligence in every product journey - drive retention via ecosystem lock-in Market Share is the ratio of Angel ADTO divided by Retail ADTO of NSE and BSE for overall equity. Overall retail turnover market share is calculated based on turnover for cash segment, notional turnover for equity futures and premium turnover for options segments.Numbers are rounded off to the nearest number / decimal +TradeBROKINGEquity Cash, Equity Derivatives & Commodities 19.7%Overall retail equity turnover market share +InvestMUTUAL FUNDSPersonalised investing & SIP journeys for the long-term saver 3.7 MnMF ever users · #2 in incremental SIPs +WealthWEALTH MANAGEMENTWealth platform for UHNI, HNI & Affluent - PMS, GIFT City, advisory ₹160.0BnWealth AUM · +19% YoY +SaveAMCAsset management products for simplified access to investments 11Schemes +ProtectINSURANCEJV with LivWell Holdings - tech-led, curated life insurance products, while also distributing insurance products for other manufacturers 2026JV announced +Borrow ~₹7 BnCredit distributed₹82+ BnPeriod ending client funding book CREDITClient Funding · Data-led, pre-approved lending via 7 partners
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10 One platform compoundedEvolving to serve India’s financial needs * S.T.A.R.S: Simplicity, Transparency, Availability, Reliability, Swiftness FY23Platform expansion Architected & productised on the S.T.A.R.S* pillars - eases investments across various asset classes - multifold MF SIP growth FY24Entered new adjacencies Onboarded industry veterans - experienced team to steering wealth & asset management strategy FY25Deepening engagement & brand visibility Expanded product suite: credit, fixed income, captive MF schemes & wealth management.Invested in strengthening Angel One brand FY26AI-led ecosystem & expanding horizons Leveraging AI to enhance every platform journey - formed a JV with LivWell Holdings to build a tech-led, AI-powered life insurance business Received authorization to operate as a Global Access Provider in IFSC—a key step toward expanding investment offerings beyond domestic markets. FY27Investing in U.S. stocksFY22Redefining the brand Re-branded to Angel One - resonating shift from single product to multi-product offerings FY21Successful fund raise & scale up Raised ₹6 Bn - accelerated product development - scaled-up MTF book - strategic tech investment FY20Digital foundation Digitised journeys to improve user experience MAXIMISING LIFETIME RELATIONSHIPBuilding an ecosystem to scale financial services
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11 AI across the user & operating stack · Q2 ‘27The ONE ecosystem powered by AI COMPLIANCE-FIRST BY DESIGNEvery use case operates within the applicable regulatory and data-privacy frameworks Ask Angel Snapshot AI-powered Conversational Assistant 63% asked finance related queries37% asked support related queriesUSER MIX ~1.3 MnUsers visitedDISCOVERY 61% guided prompts 39% free flowQUERY MIX Image designed by Magnific: www.magnific.comNumbers are rounded off to the nearest number / decimal •AI code generation•Data analyst agent + Self serve agent•Ionic agent (Users + RMs) EFFICIENCY & PRODUCTIVITY•Leveraging AI for Security Assurance•IRIS: Conversational HR support chatbot SECURITY & HUMAN RESOURCES •Ask Angel•Email & ticket automation•Voice of customer analyzer•Gen AI stock market videos ENGAGEMENT & SUPPORT•KYC face match•Real-time signature validation•Voice intelligence for sales process ONBOARDING & ACTIVATION
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12 Layered platform security · governed data · privacy-first program · audit-ready against SEBI CSCRF and ISO frameworks. 15 Security & resilience, engineered for regulated scale Data at rest & in motionEnd to end encryption across app, web & supporting systems Secure login & 2FAOTP-based login and two-factor authentication for every sessionSession securityProtected information exchange from interception and tamperingLayered platform securityMulti-layered controls reduce single safeguard dependency ISO/IEC 27001:2022 · ISO 22301:2019CERTIFIED Access & authorisationStrong access controls · need-to-know · regular access reviewsMonitoring & threat detectionSecurity monitoring, logging & alerting for early detection and rapid responseSecurity testingRegular vulnerability assessment, security reviews and remediation tracking on app & web platforms Strengthened data securityTighter controls over information sharing, storage, and access DATA SECURITY & PRIVACYGuarding data at every boundary Enhanced communication safeguardsGuardrails on social media & non-approved comms channels Advancing privacy governance · DPDPA alignedUser-data governance evolving with regulation MULTI-LAYERED SECURITY CONTROLS
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13 3,589 3,358 3,606 3,439 3,681 3,816 3,550 1,116 2,066 1,801 1,743 1,894 1,842 1,542 3,472 6,455 5,760 6,037 5,779 4,901 4,885 8,233 8,483 7,924 6,596 3,728 7,081 5,825 4,602 6,156 10,942 7,994 5,154 7,215 3,126 FY20 FY26 Pre-FY20FY20FY21FY22FY23FY24FY25FY26 Revenue Contribution from every cohort Cohorts Acquired In Pre-FY20FY20FY21 FY22FY23 FY24 FY25FY26 Changes like True to Label, F&O regulations and softer macro impacted revenues in FY26 Users broaden and deepen, as they matureUser’s evolution driving consistent revenues Every cohort keeps compounding total net income CAC is incurred onceMinimal cost to serve from year 2 onward ~90% of new users from Tier 2, 3 & beyond~45% acquired are under 25 — long runway Mature cohorts create a consistent and recurring revenue baseGives ability to reinvest in growth Greater product adoption lifts LTVDeeper engagement à higher revenue + high margin potential Revenue contribution from every cohort · ₹ Mn · Total Net Income 1) Total Net Income = Total Gross Income – Fees & Commission Exp – Finance CostTotal Net Income excludes income from AMC and Wealth Management businessNumbers are rounded off to the nearest number / decimal THE SIGNATURE OF A WORKING FLYWHEELUsers keep engaging even long after acquisition is paid for
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CHAPTER 3 Many engines, one userMulti-product engine offers potential revenue scaling from every user 1. OPPORTUNITY 2. PLATFORM 3. ENGINES 4. ABOUT US 5. PERFORMANCE 6. ANNEXURE TradeCash · F&O · Commodity · CurrencyCreditClient funding bookDistributionMF · Personal loans · IPO · SGB · FDs · InsuranceWealth ManagementPMS · AIF · Bonds · Unlisted Privates · Offshore · GIFT City · Equity Smallcase · Advisory Asset ManagementIndex funds · ETFs · Fund-of-funds
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15 A low-friction, high-frequency product that brings millions onto the platform – the entry point, not the whole story Broking: The acquisition layer LIFECYCLE STAGEStart of career Share of cohort doing Cash / Cash + F&O(Taken for acquisitions from FY21) 10% 5%90% 95% 1st Yr2n d Yr3r d Yr4th Yr5th Yr6th YrOnly F&OCash & Cash + F&O 1Mass-market reachFacilitates deeper penetration in Tier 2, 3 and beyond cities 2Young baseCreating a longer time association — decades of LTV ahead 3Durable acquisitionHigh retention relationships with long-term engagement 4Gateway to the platformFirst product that opens access to MF, credit, wealth & protection 5Builds trustConsistently delivering simple, transparent and reliable experiences 366 Mnorders in Q2 ‘27 (-10% QoQ) 19.7%overall retail equity turnover market share 16.6%demat market share as of September 2026 (1) Numbers are rounded off to the nearest number / decimal
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16 Client funding book: A fast-emerging growth opportunity (1) Client funding book includes trade receivables (net of non-interest bearing receivables) and loans for margin trading facility (2) Numbers are rounded off to the nearest number / decimal Negligible riskIn the client funding book Secured by demat holdingsSelf-collateralized through users’ holdings Robust risk managementControls delinquencies even as book scales RISK & QUALITY <₹ 0.1mn - 84% ₹ 0.1-0.5mn - 9%>₹ 0.5mn - 7% BOOK SEGMENTATION - % OF USERS TAKING THIS PRODUCT (As of Sep ’26) 84% of users have an exposure of under ₹ 0.1 Mn - indicates granular, mass retail driven book with very low concentration 5%4%10%11%18% 53% 91 +61 - 9031 - 6016 - 307 - 15<6 daysBOOK AGEING - % OF PERIOD ENDING BOOK 82% of the period ending book is less than 30 days 7.1 7.2 15.0 14.8 16.0 36.5 53.0 61.4 74.5 FY20FY21FY22FY23FY24FY25FY26Q1 '27Q2 '27 Average client funding book: A rapidly growing engine · ₹ BN ₹ 82.1 BnPERIOD ENDING CLIENT FUNDING BOOK 437+ kUSER TAKING THIS PRODUCT (as on 30th Sep 2026) 10.5x Record High
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17 Mutual fund distribution: The retention layer LIFECYCLE STAGEAcross all stages Position in India’s incremental SIPs#2# of MF ever users~3.7 MnMore than 1 SIP~70%Of MF ever users were activated by MF>39% 19 45 111 167 219 Mar-23Mar-24Mar-25Mar-26Sep-26 BUILDING SCALE IN MF AUM · ₹ BnUNIQUE SIPs REGISTERED · Mn 2.4 2.3 2.1 1.7 1.9 Q2 '26Q3 '26Q4 '26Q1 '27Q2 '27 SIMPLIFYING THE INVESTING JOURNEY Driving EngagementMicro-video content · SIP streaksIndic communication · Portfolio rebalancing tools AI-led Personalisation & DiscoveryAI-powered chatbot · Curated fund selectionPersonalised nudges Frictionless ExperienceLow ticket entry (₹ 10 daily SIP now live)Instant SIP setup (~5 seconds) A high-engagement, recurring product that keeps users invested on the platform (1) Numbers are rounded off to the nearest number / decimal
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18 Credit distribution: A large untapped layer LIFECYCLE STAGEEstablishingAn embedded credit layer that deepens customer relationships—expanding monetization beyond investing MARKET OPPORTUNITY · WITHIN OUR USER POOLLarge, underserved pool · low penetration of digital players >₹ 1,000 Bn(FY26)Loans taken by our users from the market 40.0 MnAngel One user base179+ kEver taken credit user count(as of 30th September 2026) •Monetisation at attractive take rates•Seamless discovery and fulfillment experience•Early in a large structural growth opportunity•Trusted ecosystem of leading lenders, delivering broad credit access PARTNERSHIPS 7Live API integrations with leading lenders Credit Saison · Aditya Birla Capital · SMFG India · IDFC First · Poonawala Fincorp · Finnable · Fibe BROADENING CREDIT OPPORTUNITYSecured Loans (Beta)Loan Against SecuritiesUpgraded PD modelDriving credit adoption Multiple lenders: deep API integration for better control over user experienceAI-driven scoring: propensity · PD · lender approval score PLATFORM MOATProprietary data: rich first-behavioural data & engagement signalsInstant & frictionless: pre-approved offer, zero-friction 1.9 2.4 1.0 2.3 4.6 7.1 6.1 5.3 6.9 Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26Q3 '26Q4 '26Q1 '27Q2 '27 CREDIT DISTRIBUTED · ₹ Bn Lifetime distribution · ₹ 39.4 Bn ₹ 2.8 Bn (Sep’26)Highest monthly distribution 30.2% | 51.8%(QoQ) | (YoY) x (1) Numbers are rounded off to the nearest number / decimal
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19 Wealth management: Capturing the affluent stage LIFECYCLE STAGEAccumulatingIonic Wealth: Building scale through domain expertise & tech ₹ 160.0 Bn(+19.1% QoQ) TOTAL AUM ~86% ARR AUM ₹ 158.8 BnActive assets ₹ 1.3 BnCustody Assets 2,975+Clients · Omnichannel (RM + Digital) 275Team (Sales 118) •Fractionalizing access: For clients to invest in India or Globally•Regulatory tailwind: PMS guidelines lower entry barriers & expand wealth-tech’s addressable market UHNI Deepeninglong-term client relationships through bespoke solutions ₹ 102.6 Bn AUM (+17.5% QoQ) ₹ 17.6 BnAUM (+19.1% QoQ) Early bet on GIFT City Fund and multi asset discretionary solution seeing success WEALTH TECH An omnichannel model that combines technology and personalised advice 83 RMs 2,448 Clients (1) Numbers are rounded off to the nearest number / decimal Ionic Wealth AI for clients · Wealth intelligence at your convenience Answers client queries in the context of their wealth, understands their financial journey and combines it with Ionic’s investment expertise An agent that understands your wealth Pick up exactly where you left off Thinks with you,for you It doesn’t just agree with you Awareness driving adoption Improved engagement RM Productivity
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20 Asset management: the annuity foundation LIFECYCLE STAGEAcross all stagesAsset Management – Building a presence in India’s growing long-term investment ecosystem ₹ 5.7 BnAUM as on 30th September 2026 259+ k# of folios 17.8 kPincodes Source: AMFI(1) Numbers are rounded off to the nearest number / decimal A LONG-TERM EXTENSION OF OUR INVESTMENT ECOSYSTEMExpanding investment choice · Enabling long-term savings · Building enduring user relationships 11# of schemes AUM · ₹ Trn 37.6 39.4 53.4 65.7 73.7 82.6 Mar -22Mar -23Mar -24Mar -25Mar -26Sep-26 5.8 6.8 10.7 13.4 15.1 17.9 Mar -22Mar -23Mar -24Mar -25Mar -26Sep-26 SIP AUM · ₹ Trn T30, 69.4 B30, 16.4 Individual AUM, 53.4Institutional AUM, 32.3 REGIONAL & INVESTOR MIX · ₹ TrnINDIA MUTUAL FUND: GROWTH & COMPOSITION (July 2026)
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CHAPTER 4 The people behind the platformA seasoned leadership team, a deep talent bench and a culture built to scale responsibly 1. OPPORTUNITY 2. PLATFORM 3. ENGINES 4. ABOUT US 5. PERFORMANCE 6. ANNEXURE TrustCollaborationInnovationThink Big Customer centricitySpeed
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22 Builders for the billion Dinesh ThakkarChairman and Managing Director BOARD OF DIRECTORSMala TodarwalIndependent Director Krishnaswamy SridharIndependent Director Kalyan PrasathIndependent Director N T ArunkumarIndependent Director Krishna IyerNon-Executive Director Amit MajumdarWhole-time Director Muralidharan RamachandranIndependent Director Dinesh ThakkarManaging Director Sridhar GovardhanGroup Chief Information Security Officer Nishant JainChief Business Officer – Assisted Business Saurabh AgarwalChief Business Officer – New Business Bhavin ParekhChief Product Operations Officer Shobhit MathurCo-founder – Ionic Wealth Dharmendra JainCo-founder – Ionic Wealth Srikanth SubramanianCo-founder & Chief Executive Officer – Ionic Wealth Subhash MenonGroup Chief Human Resources Officer Manmohan SinghGroup Chief Risk Officer Arief MohamadChief Business Officer – Direct Business Ambarish KengheGroup Chief Executive Officer Rohit ChatterChief AI Officer Manoj AgarwalGroup Chief Compliance Officer Vineet AgrawalGroup Chief Financial Officer Ajit SinhaGeneral Counsel ARCHITECTS OF GROWTHAmit MajumdarGroup Chief Strategy Officer Ajit NarayananChief Technology Officer Anand AgrawalHead of Product Murali RamasubramanianInterim Chief Executive Officer – AMC Ambarish KengheWhole-time Director
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CHAPTER 5 Q2 ’27 performanceMonetising every opportunity, profitably through cycles 1. OPPORTUNITY 2. PLATFORM 3. ENGINES 4. ABOUT US 5. PERFORMANCE 6. ANNEXURE Q2 ‘27 HighlightsStandalone PerformanceConsolidated PerformanceEBDAT Bridge Balance SheetProfit & Loss
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24 Q2 ’27 key highlights BROKING DISTRIBUTIONCREDIT WEALTH MANAGEMENTASSET MANAGEMENT 19.7%Overall Retail Equity T/o Market Share* (-51 bps QoQ) 366 MnNumber of Orders(-9.8% QoQ) ₹ 160.0 BnAUM(+19.1% QoQ) 2,975+# of clients ₹ 5.7 BnAUM(-8.7% QoQ)₹ 74.5 BnAvg. client funding book(+21.4% QoQ) 437+ k# of users 1.9 MnUnique SIPs Registered(+11.8% QoQ) ₹ 6.9 BnCredit distributed(+30.2% QoQ) 179+ k# of credit user ever 9% 39% 7% 36% 4%5%1%Brokerage - C ashBrokerage - F&OBrokerage - C ommodi tyInteres tDepositoryDistributionOther Income TOTAL GROSS INCOME SPLIT · ₹ 14.3 Bn (-0.2% QoQ / +18.9% YoY)₹ 4.9 Bn(+37.1% QoQ)(+52.0% YoY) EBDAT₹ 3.3 Bn(+44.8% QoQ)(+58.2% YoY) PAT ₹ 1.4 TrnEquity AUC(-4.1% QoQ) 259+ kFolios 17.8kPincodes Financials for consolidated entityTotal Net Income = Total Gross Income – Fees & Commission Exp – Finance CostEBDAT = Total Net Income - Emp. Cost - Other OpexEBDAT = Earnings Before Depreciation, Amortisation and Tax *Market share in Overall Retail Equity Turnover is based on retail turnover in cash segment, notional turnover in equity futures and premium turnover in equity options segmentAUM of Asset Management is as on 30th September 2026Equity AUC is as on 30th September 2026Numbers are rounded off to the nearest number / decimal ₹ 82.1 BnPeriod ending client funding book(+14.8% QoQ) ₹ 39.9 BnWealth Tech AUM
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25 Performance of broking & distribution (MF + credit) businesses (1) Gross Revenues represents total revenue from operations and other income (2) EBDAT = Total Net Income - Emp. Cost - Other Opex; EBDAT Margin = EBDAT / Total Net Income (3) Profit after tax represents reported profit for the period (4) Numbers are rounded off to the nearest number / decimal (Standalone Financials) EBDAT · ₹ Mn · MARGIN % · +50.1% YoY 3,461 4,336 4,996 3,959 5,194 Q2 '26Q3 '26Q4 '26Q1 '27Q2 '27 43.0%36.6%37.7%44.6% Includes IPL Impact 48.9% TOTAL GROSS REVENUES · ₹ Mn · +18.5% YoY 11,823 13,173 14,519 14,135 14,007 Q2 '26Q3 '26Q4 '26Q1 '27Q2 '27 PROFIT AFTER TAX · ₹ Mn· +55.2% YoY 2,363 3,010 3,514 2,707 3,667 Q2 '26Q3 '26Q4 '26Q1 '27Q2 '27Includes IPL Impact Strong performance, beyond the guided range of 40-45% despite headwinds
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26 Consolidated financial performance · TTM PAT ₹11.6 Bn · TTM EPS ₹ 12.7 (1) Interest Income includes interest on margin trading fund, income from lending activities, interest on FD under lien with stock exchanges, interest on delayed payment by customers and other Interest (2) Other includes balance portion of our revenues (3) EBDAT = Total Net Income - Emp. Cost - Other Opex; EBDAT Margin = EBDAT / Total Net Income (4) Consolidated profit after tax is on reported basis (5) Numbers are rounded off to the nearest number / decimal CONSOLIDATED PAT · ₹ Mn · +58.2% YoY 2,117 2,687 3,202 2,314 3,350 Q2 '26Q3 '26Q4 '26Q1 '27Q2 '27 7,191 7,776 8,911 8,615 7,804 3,794 4,409 4,550 4,669 5,100 1,056 1,192 1,212 1,053 1,411 Q2 '26Q3 '26Q4 '26Q1 '27Q2 '27 CONSOLIDATED GROSS REVENUES · ₹ Mn · +18.9% YoYGross BrokingInterest IncomeOther 14,31512,04214,33713,37714,672 CONSOLIDATED EBDAT · ₹ Mn · MARGIN % · +52.0% YoY 3,247 4,050 4,728 3,597 4,933 Q2 '26Q3 '26Q4 '26Q1 '27Q2 '27 39.4%32.7%34.5%41.7% Standalone EBDAT Margin43.0%36.6%37.7%44.6%48.9% 45.1% Includes IPL Impact Includes IPL Impact
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27 Q2 ‘27 Reported EBDAT movement:•Decrease in revenues as user activity moderated owing to subdued market activity, partly offset by improving client funding book and distribution income•Lower employee cost on account of headcount optimisation•Higher ESOP expense, net of reversals, on account of issuance of fresh grants during Q2 ‘27•Increase in opex (ex-IPL) driven by higher client acquisitions during the quarter Q2 ‘27 Normalised EBDAT:•Q2 ‘27 normalised EBDAT stable at ₹ 4.8 bn Reported EBDAT = Total Net Income - Emp. Cost - Other Opex; Reported EBDAT Margin = Reported EBDAT / Total Net IncomeNormalised EBDAT = Total Net Income - Emp. Cost - Other Opex (excluding IPL); Normalised EBDAT Margin = Normalised EBDAT / Total Net IncomeNumbers are rounded off to the nearest number / decimal +25bps (₹ Mn) 43.6%Normalised EBDAT Margin43.8%Normalised EBDAT Margin EBDAT bridge 3,597 4,799 4,789 4,933 Q1 '27 EBDAT(reported) Q1 '27 IPL cost ESOP reve rsal Q1 '27 EDBAT(normalised) Dec. in totalnet revenue Dec. inemp cost Inc. inESOP cost Inc. inother exp. (ex-IPL) Q2 '27 EBDAT(normalised) ESOP reve rsal Q2 '27 EBDAT(reported) +1,366 -85+202-165 +145-51-76
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28 Particulars (₹ Mn)Q2 FY27Q1 FY27Q2 FY26FY26FY25# of Trading Days 65 60 64 246 247 (a) Interest Income5,100 4,669 3,794 16,317 13,410 (b) Fees and commission income9,095 9,575 8,167 34,842 38,739 (c) Net gain on fair value changes74 53 57 207 235 Total Revenue from operations (I)14,270 14,297 12,018 51,366 52,384 (d) Other Income (II)46 40 24 156 93 Total Income (I+II=III)14,315 14,337 12,042 51,522 52,477 YoY Growth (%) 18.9%25.4%-20.6%-1.8%22.6%Expenses(a) Finance costs 1,475 1,292 932 4,367 2,948 (b) Fees and commission expense1,911 2,031 1,700 7,202 8,246 (c) Impairment on financial instruments-2 6 -8 31 25 (d) Employee benefits expenses2,095 2,297 2,275 8,839 7,496 (e) Expense on Employee Stock Option Scheme460 389 470 1,832 1,056 (f) Depreciation, amortization and impairment348 351 307 1,250 1,034 (g) Other expenses3,443 4,726 3,427 15,282 15,752 Total Expenses (IV)9,730 11,090 9,102 38,803 36,557 Share of profit /(loss) of associate company (V)-0 -0 0 -1 0 Profit before tax (III-IV+V=VI) 4,585 3,247 2,940 12,718 15,920 Total Income tax expense (VII)1,235 933 823 3,579 4,199 Profit for the period / year (VI-VII=VIII) 3,350 2,314 2,117 9,138 11,721 YoY Growth (%) 58.2%102.1%-50.0%-22.0%4.2%Tax For Previous Years (IX)0 -0 -0 -13 -0 Profit for the period / year (VIII-IX=X) 3,350 2,314 2,117 9,151 11,721 YoY Growth (%) 58.2%102.1%-50.0%-21.9%4.1%(1) Numbers are rounded off to the nearest number / decimal Consolidated profit & loss statement
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29 Particulars (₹ Mn) Sep ’26Mar ’26Financial Assets(a) Cash, cash equivalents and Bank Balance1,30,8051,65,605(b) Other Trade Receivables1,2001,131(c) Client Funding Book 82,11854,494(d) Investments 5,6072,574(e) Other financial assets 9908,198Non-financial Assets(a) Fixed Assets 4,9505,146(b) Current and Deferred Tax Assets (Net)89 73(c) Other non-financial assets 1,0091,817Total Assets 2,26,7712,39,038LIABILITIESFinancial Liabilities(a) Trade Payables 78,10191,703(b) Borrowings 75,54978,791(c) Lease Liabilities 776723(d) Other financial liabilities3,1745,009Non-Financial Liabilities(a) Current & Deferred tax liabilities (Net)743370(b) Provisions 576512(c) Other non-financial liabilities 727441Networth 67,12461,489Total Liabilities and Equity2,26,7712,39,038 (1) Other trade receivables includes only non-interest bearing receivables (2) Client funding book includes period ending trade receivables (net of non-interest bearing receivables) and loans for margin trading facility (3) Fixed assets include investment property, property, plant & equipment, capital work in progress, intangible assets under development, intangible assets and right to use assets (4) Networth includes equity share capital, other equity and Non controlling interest (5) TTM EPS is calculated as Profit After Tax for the period / weighted average number of equity shares for the TTM period (6) Book value is calculated as period ending networth / period ending number of equity shares (6) Numbers are rounded off to the nearest number / decimal Summary of consolidated balance sheet TTM EPS: ₹ 12.7 Book Value: ₹ 73.4 as on September 30, 2026
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30 Composition of broking revenue in total gross revenues · % 50.2%52.5%46.3%45.2%45.7%44.3%46.9%45.1%38.7% 7.8%7.8%8.4%9.7%8.4%7.7%7.3%8.6%8.7%3.7%4.4%5.2%5.5%5.6%6.1%6.5%6.4%7.1%0.0 %5.0 %10 .0%15 .0%20 .0%25 .0%30 .0%35 .0%40 .0% 0.0 %10 .0%20 .0%30 .0%40 .0%50 .0% Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26Q3 '26Q4 '26Q1 '27Q2 '27 Broking - F&OBroking - CashBroking - Commodity Revenue diversity supporting long-term growth Gross broking contributes ~55% in total gross revenues · % 61.7%64.7% 59.9%60.4%59.7%58.1%60.7%60.1% 54.5% Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26Q3 '26Q4 '26Q1 '27Q2 '27 Share of distribution revenue in total gross revenues · % 1.7%2.4%3.0%3.1%3.7%4.3%3.7%3.0% 4.8% Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26Q3 '26Q4 '26Q1 '27Q2 '27 Contribution of interest income to total gross revenues · % 23.7%27.6%31.9%31.2%31.5%33.0%31.0%32.6%35.6% Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26Q3 '26Q4 '26Q1 '27Q2 '27 Continuously improving engagement is driving distribution revenuesStrategy solidifies the structural growth leversEvolving revenue segments, through diverse product offerings(1) Numbers are rounded off to the nearest number / decimal
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CHAPTER 6 Annexure 1. OPPORTUNITY 2. PLATFORM 3. ENGINES 4. ABOUT US 5. PERFORMANCE 6. ANNEXURE
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32 Trading momentum dashboard F&O Retail turnover market share · %21.7% 21.7% 22.2% 22.2% 22.1% Q2 '26Q3 '26Q4 '26Q1 '27Q2 '27 258 277 320 300 256 Q2 '26Q3 '26Q4 '26Q1 '27Q2 '27 Orders · Mn CASH Retail turnover market share · %18.7% 18.3% 17.2% 17.4% 16.8% Q2 '26Q3 '26Q4 '26Q1 '27Q2 '27 73 68 67 67 66 Q2 '26Q3 '26Q4 '26Q1 '27Q2 '27 Orders · Mn COMMODITY Retail turnover market share · %65.1% 53.1% 54.1% 52.3% 44.0% Q2 '26Q3 '26Q4 '26Q1 '27Q2 '27 29 35 43 40 45 Q2 '26Q3 '26Q4 '26Q1 '27Q2 '27 Orders · Mn OVERALL Retail equity turnover market share · %20.5% 20.4% 20.4% 20.2% 19.7% Q2 '26Q3 '26Q4 '26Q1 '27Q2 '27 360 380 431 406 366 Q2 '26Q3 '26Q4 '26Q1 '27Q2 '27 Orders · Mn Market Share is the ratio of Angel ADTO divided by Retail ADTO of NSE and BSE for overall equity, cash and F&O segments and MCX for commodity segment.Numbers are rounded off to the nearest number / decimal
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India is going to invest more. We’re the platform they’ll use.COMPANYAngel One Ltd.CIN – L67120MH1996PLC101709Mr. Hitul Gutka – Head IRhitul.gutka@angelone.inwww.angelone.in INVESTOR RELATIONS CONSULTANTSStrategic Growth AdvisorsCIN - U74140MH2010PTC204285Mr. Shogun Jain / Mr. Shrikant Sanganishogun.jain@sgapl.net / shrikant.sangani@sgapl.net +91 77383 77756 / +91 96195 95686