Angel One logo

Angel One

ANGELONE NSE

Key Fundamentals

SmallcapStock BrokingCapital Markets
Market Cap
₹26,601 Cr
Volatility
Moderate
P/E Ratio
26.9
EBITDA
₹1,834 Cr
Return on Equity
14.88%
Debt to Equity
1.3
Book Value
₹66.94
EPS
₹132.93
52W High
₹360.45
52W Low
₹208.63

Tapetide Score

Data-driven rating, 0–100. How it works →

Key Insights

Strengths

3
  • Company has a good return on equity (ROE) track record: 3 Years ROE 25.1%
  • Company has been maintaining a healthy dividend payout of 103%
  • Company's median sales growth is 26.8% of last 10 years

Weaknesses

1
  • Promoter holding has decreased over last 3 years: -9.71%

Growth Rate

Revenue Growth
-1.82% lower than 3Y
Net Income Growth
-21.93% lower than 3Y
Cash Flow Change
-123%
ROE
-28.39% lower than 3Y
ROCE
-18.02% higher than 3Y
EBITDA Margin (Avg.)
-6.17% higher than 3Y

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 2d ago
AI opinion · based on fundamentals
Risk high

Angel One Ltd is a leading Indian retail stockbroker with a market cap of ₹26,601 Cr trading at a PE of 26.5x. The company has delivered strong long-term growth with 10-year compounded sales CAGR of 28% and profit CAGR of 40%, though recent momentum has slowed with TTM sales growth at 9% and TTM profit growth at just 4%, while last-year ROE has declined to 16% from a 3-year average of 25%.

Bull Case 7
  • Strong long-term revenue growth track record with 10-year compounded sales CAGR of 28% and median sales growth of 26.8% over the last 10 years
  • Exceptional long-term profit compounding at 40% CAGR over 10 years, demonstrating scalability of the digital broking model
  • Healthy 3-year ROE of 25.1% and 5-year ROE of 29%, indicating efficient capital allocation and strong profitability
  • Generous dividend payout ratio of 103%, returning substantial capital to shareholders with a current dividend yield of 0.34%
  • Stock has delivered 34% returns over the past 1 year, outperforming broader market indices
  • Price-to-book ratio of 4.48x is reasonable for a high-ROE financial services company that has historically generated 25-29% returns on equity
  • 5-year compounded sales CAGR of 32% and profit CAGR of 25% show the company has sustained growth through multiple market cycles
Bear Case 7
  • Sharp deceleration in revenue growth from 5-year CAGR of 32% to TTM growth of just 9%, signaling potential saturation or competitive pressure
  • Profit growth has collapsed to 4% TTM and 1% on a 3-year CAGR basis, compared to 25% over 5 years, indicating margin compression
  • ROE has dropped sharply from 25% (3-year) and 29% (5-year) to just 16% in the last year, a significant deterioration in return profile
  • Promoter holding has decreased by 9.71% over the last 3 years, which may signal reduced insider confidence or dilution concerns
  • PE of 26.5x appears elevated given the current single-digit earnings growth of 4% TTM, implying a PEG ratio well above 1x
  • Capital markets sector is inherently cyclical and dependent on retail trading volumes, which are subject to regulatory changes such as SEBI's tightening of F&O regulations
  • Dividend payout ratio of 103% exceeding net profits is unsustainable long-term and limits reinvestment capacity for future growth

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

Anthropic anthropic claude-opus-4.6 2h ago
Headwinds 6
  • Derivatives volumes down 23% MoM Aug 27

    Average daily derivatives contracts fell 23% MoM in August due to CAS disruption. Investec expects Q2 to be a washout and cut revenue/PAT estimates by 4%/9% for FY27E-29E.

  • Total orders fell 18.7% MoM Aug 31

    Total orders dropped to 109.50Mn in August, down 18.7% MoM with average daily orders declining 11% from July and 9.8% YoY.

  • Nifty bearish technical structure Sep 7

    Nifty settled at 23,897 with a 1.15% weekly loss for the fourth consecutive week. Bearish 20 DEMA/50 DEMA crossover signals further deterioration with support at 23,750-23,600.

  • Derivatives trader base shrinking Aug 27

    Individual derivatives traders grew 62% CAGR in FY20-24 but slowed to 11% in FY25, then declined 18% in FY26 amid regulatory tightening on lot sizes, STT, and weekly expiries.

  • Stock down 5% in one month Aug 31

    Angel One shares remain down 5% over the past month, trimming 2026 gains to 21% amid ongoing uncertainty around derivatives market structure changes.

  • Market caution, avoid aggressive longs Aug 17

    Angel One's own technical analysis warns against aggressive positioning, noting a 38.20% Fibonacci retracement and risk of breakdown below 24,265 shifting outlook to bearish.

Positives 6
  • Client base up 17.8% to 39.56Mn Sep 4

    Angel One's client base grew 17.8% YoY to 39.56Mn in August 2026 with gross client additions at a six-month high of 0.57Mn, up 19.9% MoM.

  • Funding book hits all-time high Sep 4

    Average client funding book reached a record ₹74.21Bn, up 4.8% MoM and 40.2% YoY, reflecting strong investment-led engagement.

  • Stock surges 8% on SEBI CAS review Aug 31

    Shares rallied 8% to ₹308.35 after SEBI announced a comprehensive review of CAS settlement methodology, with over 1 crore shares traded at 2.44x the 10-day average.

  • Option premium ADTO up 116.6% YoY Aug 31

    Option premium turnover-based ADTO jumped 55.1% MoM and 116.6% YoY to ₹3,151Bn. Commodity ADTO more than doubled at 134.4% YoY.

  • SIP registrations at six-month high Aug 31

    Unique mutual fund SIP registrations rose 15.9% MoM to 7,20,680, reaching a six-month high and 2% higher YoY.

  • Investec retains Buy rating Aug 27

    Investec maintained its Buy rating at 22x P/E, expecting activity to normalise to Q1FY27 levels by Q4FY27, viewing CAS disruption as teething problems rather than permanent reset.

Neutral 2
  • Investor meetings scheduled in September Sep 7

    Angel One scheduled analyst and institutional investor meetings on September 10 and 23 in Mumbai, relying on publicly available information.

  • Lincoln Pharma buy recommendation Aug 19

    Angel One issued a buy call on Lincoln Pharmaceuticals with a ₹845 target price representing 39% upside, valued at 15x FY27E EPS of ₹56.

TL;DR: Angel One's client acquisition engine remains strong with 17.8% YoY growth to 39.56Mn clients and a record funding book of ₹74.21Bn, but derivatives volumes are under significant pressure with a 23% MoM decline driven by CAS disruption and regulatory tightening. SEBI's announced review of CAS settlement methodology provided a near-term catalyst, sparking an 8% rally. The key forward-looking question is whether August's depressed derivatives activity is temporary or the new normal — Investec sees recovery by Q4FY27, but a 14% PAT downgrade risk looms if volumes don't recover.

Quarterly Results

Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
808
1,048
1,059
1,357
1,405
1,515
1,262
1,056
1,141
1,202
1,335
1,459
1,430
Expenses
487
605
661
827
935
843
766
713
866
786
806
861
945
Operating Profit
320
443
398
530
470
672
496
343
275
415
529
599
485
OPM %
40%
42%
38%
39%
33%
44%
39%
32%
24%
35%
40%
41%
34%
Other Income
4
1
2
1
5
1
2
2
3
2
3
8
4
Interest
18
26
36
56
56
75
84
80
83
93
127
134
129
Depreciation
9
11
13
17
23
26
27
29
30
31
32
33
35
PBT
297
407
351
459
397
572
387
236
164
294
373
440
325
Tax %
26%
25%
26%
26%
26%
26%
27%
26%
30%
28%
28%
27%
29%
Net Profit
221
304
260
340
293
423
281
175
114
212
269
320
231
EPS in Rs
2.63
3.63
3.1
4.05
3.25
4.7
3.12
1.93
1.26
2.33
2.96
3.52
2.53
Figures in ₹ Crores

Profit & Loss

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
450
451
440
770
778
748
1,289
2,292
3,002
4,272
5,239
5,138
5,426
Expenses
339
362
437
516
575
570
828
1,366
1,708
2,579
3,256
3,318
3,398
Operating Profit
112
90
3
254
203
178
460
926
1,294
1,693
1,983
1,820
2,028
OPM %
25%
20%
0.7%
33%
26%
24%
36%
40%
43%
40%
38%
35%
37%
Other Income
11
11
112
14
11
7
10
5
18
7
8
15
17
Interest
38
36
54
95
70
50
42
76
91
137
296
438
483
Depreciation
10
13
14
15
20
21
18
19
30
50
103
125
130
PBT
74
52
48
159
124
114
410
836
1,192
1,514
1,592
1,272
1,432
Tax %
37%
39%
35%
32%
36%
28%
28%
25%
25%
26%
26%
28%
—
Net Profit
47
32
31
108
80
82
297
625
890
1,126
1,172
915
1,032
EPS in Rs
3.27
2.21
2.16
1.5
1.11
1.14
3.63
7.54
10.67
13.4
12.98
10.05
11.34
Div. Payout %
13%
25%
31%
91%
24%
24%
35%
36%
37%
26%
37%
246%
—
Figures in ₹ Crores

Balance Sheet

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
14
14
14
72
72
72
82
83
83
84
90
91
Reserves
332
355
375
403
459
519
1,049
1,502
2,078
2,955
5,531
6,027
Borrowings
333
358
772
1,125
872
491
1,171
1,258
788
2,541
3,414
7,951
Other Liabilities
295
411
641
767
805
1,108
2,511
4,378
4,528
7,674
7,853
9,835
Total Liabilities
974
1,139
1,803
2,367
2,209
2,190
4,814
7,220
7,478
13,254
16,889
23,904
Fixed Assets
121
122
123
116
134
124
115
152
187
409
499
505
CWIP
1
3
1
0
1
2
0
12
62
1
4
10
Investments
0
0
50
6
15
35
6
19
109
0
202
257
Other Assets
852
1,014
1,630
2,246
2,059
2,029
4,693
7,037
7,120
12,844
16,184
23,132
Total Assets
974
1,139
1,803
2,367
2,209
2,190
4,814
7,220
7,478
13,254
16,889
23,904
Figures in ₹ Crores

Cash Flow

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
11
-77
-210
-309
689
643
-1,199
558
804
-330
-1,860
-4,142
Investing
-7
-13
-50
47
-6
-28
25
-52
-185
-91
-341
-111
Financing
2
40
350
239
-361
-449
894
-165
-908
1,331
1,917
3,656
Net Cash Flow
5
-51
91
-23
323
166
-280
340
-289
910
-284
-597
Free Cash Flow
0
-94
-222
-316
678
631
-1,213
488
704
-537
-2,023
-4,222
CFO/OP
28
-109
-6,159
-100
364
378
-239
84
84
3
-73
-209
Figures in ₹ Crores

Ratios

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
218
361
712
75
101
19
64
90
45
42
21
31
Cash Conversion Cycle
218
361
712
75
101
19
64
90
45
42
21
31
Working Capital Days
122
119
-343
-284
127
-380
-235
-569
-474
-525
-497
-592
ROCE %
—
12%
11%
18%
13%
14%
27%
35%
44%
39%
26%
15%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

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Shareholding Pattern

Govt.0.01%Public34.87%Promot.28.59%Others2.43%FIIs13.76%DIIs20.35%As ofJun 2026

Documents

Frequently Asked Questions about Angel One

What does Angel One Ltd do?
Angel One Ltd is a diversified financial services company and is primarily engaged in the business of stock, commodity and currency broking, institutional broking, providing margin trading facility, depository services and distribution of mutual funds, lending as a NBFC and corporate agents of i...
Where is Angel One Ltd (ANGELONE) listed?
Angel One Ltd trades as ANGELONE on the NSE and under code 543235 on the BSE.
Which sector does Angel One Ltd belong to?
Angel One Ltd is classified under the Capital Markets sector, in the Stock Broking industry.
What is the market capitalisation of Angel One Ltd?
Angel One Ltd has a market capitalisation of ₹26,601 Cr, which places it in the Large Cap band.
What is the PE ratio of Angel One Ltd?
Angel One Ltd trades at a PE ratio of 26.90, on earnings per share of ₹132.93, against a book value of ₹66.94 per share.
What is the 52-week high and low of Angel One Ltd?
Over the last 52 weeks Angel One Ltd has traded between ₹208.63 and ₹360.45.
Does Angel One Ltd pay dividends?
Angel One Ltd has a dividend yield of 0.34%.
What is the Return on Equity (ROE) of Angel One Ltd?
Angel One Ltd reported a return on equity of 14.88%. Its debt-to-equity ratio is 1.30.

Company Information

Angel One Ltd is a diversified financial services company and is primarily engaged in the business of stock, commodity and currency broking, institutional broking, providing margin trading facility, depository services and distribution of mutual funds, lending as a NBFC and corporate agents of insurance companies.[1]

Website angelbroking.com
CEO Mr. Dinesh Dariyanumal Thakkar
Employees 3,823
Listed 2020-10-05
Face Value ₹ 1
Issued Size 9,08,55,479

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