We report the results of photometry of the intermediate polar V515 And. Observations were obtained over 33 nights in 2008 and 2009. The total duration of the observations was 233 h. We clearly detected two oscillations with periods of 465.484 93 ± 0.000 07 and 488.618 22 ± 0.000 09 s, which may be the white dwarf spin period and the orbital sideband. The semi-amplitudes of the oscillations are accordingly 25 and 20 mmag. The oscillation with a period of 465.484 93 s has a stable smooth asymmetric pulse profile, whereas the pulse profile of the oscillation with a period of 488.618 22 s reveals significant changes from a quasi-sinusoidal shape to a shape somewhat resembling a light curve of an eclipsing binary. Two detected oscillations imply an orbital period of 2.73 h. V515 And is one of the most rapidly spinning intermediate polars with orbital periods less than 3 h and may not be in spin equilibrium. This could be proved by future observations. For this purpose, we obtained oscillation ephemerides with a formal shelf life of about 100 yr (a 1σ confidence level).