Angel One Ltd.

•

angelone.inBSE: 543235NSE: ANGELONE

Market Cap₹ 27,366 Cr.

Current Price

High / Low₹ 360 / 209

Stock P/E26.5

Book Value₹ 67

Price to Book3.51

Dividend Yield1.35 %

ROCE14.9 %

ROE16.1 %

Face Value₹ 1

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ABOUT

KEY POINTS

Revenue Breakup Mar 2023 • Broking & Related Services: 99.9% • Finance & Investing Activities: 0.1%

AI Sector View

AI GENERATED

Financial Services

Buy

Financials remain one of the clearest macro beneficiaries. Loan growth was 18.3% (Aug/26) versus deposit growth 14.7% (Aug/26), SCB credit growth was 17.5% YoY (2026-07), UPI transactions rose 22.0% YoY (2026-07), and M3 money supply grew 15.0% YoY (2026-07). Sector flows have also turned meaningfully supportive, with INR 13171 crore net FPI inflow over 3 months to 2026-08-31 after INR -114652 crore in the prior 3 months.

Confidence

84%

View full sector analysis →

PROS

Company has delivered good profit growth of 25.2% CAGR over last 5 years
Company has a good return on equity (ROE) track record: 3 Years ROE 29.5%
Company has a healthy return on capital (ROCE) of 26.5%
Solid return on assets for a lender - ROA of 4.7%
Asset quality is healthy - gross NPA of just 0.0%

CONS

Capital adequacy is tight at 0.0% - limited headroom to grow
Promoter holding has decreased over last 2 years: -7.0pp
Free cash flow has been persistently negative
Operating margins have contracted to 35.4% from 43.7%
Thin net interest margin of 0.0%

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

Financial ServicesFinanceFinance - Stock Broking

Part ofNIFTY DIV OPPS 50 NIFTY SMLCAP 250 NIFTY SMLCAP 50 NIFTY 500 NIFTY TOTAL MKT

S.No.	Name
1.	MCX	3340.05	55.24	85168.55	0.24	413.44	103.47	702.00	88.10	48.10	70.40
2.	MOTILALOFS	1023.00	31.12	61617.67	0.59	1273.71	9.53	3425.76	25.49	12.68	57.49
3.	360ONE	1096.25	35.40	44679.26	1.09	330.53	16.11	1226.09	26.85	12.28	63.01
4.	NUVAMA	1784.20	30.39	32909.41	1.56	305.64	15.83	1376.22	22.59	17.52	52.80
5.	ANGELONE	299.40	26.52	27366.25	1.35	2313.98	1921.51	14296.91	1153.53	14.87	33.92
6.	CHOICEIN	749.85	70.28	16704.90	0.00	60.61	26.37	309.79	32.46	19.43	33.83
7.	IIFLCAPS	337.65	18.67	10642.01	0.89	184.16	4.92	631.48	3.13	23.27	35.76
8.	SHAREINDIA	189.75	11.42	4152.21	0.84	124.41	47.45	448.09	31.25	21.00	44.76
9.	ARSSBL	505.70	24.57	3189.27	0.99	23.35	2.35	246.10	22.37	19.72	39.54
10.	MONARCH	370.95	16.24	2941.94	0.27	45.18	-0.15	90.89	-7.25	33.26	66.00
11.	GEOJITFSL	80.02	30.80	2233.54	1.87	19.83	-30.83	160.40	7.46	9.35	20.55
12.	ALGOQUANT	63.80	39.47	1793.39	0.00	164.80	3610.04	778.70	1328.81	33.57	33.64

Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	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
	487	605	661	827	935	843	766	713	866	786	806	861	1,109
Operating Profit	320	443	398	530	470	672	496	343	275	415	529	599	485
OPM %	39.68%	42.31%	37.57%	39.04%	33.47%	44.35%	39.29%	32.46%	24.08%	34.57%	39.65%	41.02%	33.92%
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
	297	407	351	459	397	572	387	236	164	294	374	440	325
Tax %	25.57%	25.23%	25.84%	25.90%	26.23%	25.99%	27.33%	25.97%	30.39%	27.98%	28.05%	27.20%	28.73%
Net Profit	0	0	0	0	293	423	281	175	114	212	269	320	231
	26	36	31	40	33	47	31	2	1	23	30	4	0

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	431	765	763	725	1,264	2,291	3,002	4,272	5,238	5,137	5,426
	437	517	575	565	827	1,366	1,709	2,579	3,256	3,318	3,562
Operating Profit	-6	248	188	160	437	925	1,292	1,692	1,982	1,819	1,864
OPM %	-1.42%	32.46%	24.61%	22.02%	34.55%	40.39%	43.06%	39.62%	37.84%	35.41%	34.35%
	121	20	26	30	35	6	21	8	9	16	17
Interest	54	95	70	50	42	76	91	137	296	438	483
Depreciation	14	15	20	21	18	19	30	50	103	125	130
Profit before Tax	48	159	124	119	411	837	1,192	1,514	1,592	1,272	1,432
Tax %	35.26%	31.99%	35.84%	26.92%	27.51%	25.30%	25.31%	25.64%	26.37%	28.04%	27.93%
Net Profit	31	108	80	87	298	625	890	1,126	1,172	915	1,032
EPS	4.32	15.03	11.09	11.44	38.32	74.44	105.09	133.98	129.81	10.05	—
Dividend Payout %	31.49%	90.72%	24.35%	23.61%	35.45%	35.94%	37.35%	25.86%	36.98%	40.31%	—

COMPOUNDED SALES GROWTH

10 Years:: 28%
5 Years:: 32%
3 Years:: 20%

COMPOUNDED PROFIT GROWTH

10 Years:: 40%
5 Years:: 25%
3 Years:: 1%

STOCK PRICE CAGR

10 Years:: —
5 Years:: 19%
3 Years:: 16%
1 Year:: 27%

RETURN ON EQUITY

10 Years:: 28%
5 Years:: 37%
3 Years:: 29%
Last Year:: 16%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	14	72	72	72	82	83	83	84	90	91
Minority Interest	0	0	0	0	0	0	0	0	18	31
	375	403	458	516	1,045	1,488	2,020	2,873	5,387	5,818
	784	1,143	872	491	1,172	1,258	787	2,537	3,396	7,927
Trade Payables	532	615	638	939	2,276	4,067	4,072	7,197	7,318	9,170
	186	264	331	327	506	803	1,116	1,290	2,026	2,025
Total Liabilities	1,891	2,497	2,371	2,346	5,081	7,698	8,078	13,981	18,235	25,063
	123	116	134	124	111	148	183	406	496	502
Capital Work in Progress	0	0	0	0	0	0	62	0	0	1
	50	6	15	35	6	19	109	0	202	257
	0	0	0	0	0	0	0	487	300	434
Cash & Bank	618	927	986	1,414	1,877	4,875	5,491	6,840	7,748	15,224
	1,101	1,448	1,236	773	3,086	2,656	2,233	6,249	9,490	8,645
Total Assets	1,891	2,497	2,371	2,346	5,081	7,698	8,078	13,981	18,235	25,063

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	-191	-256	758	673	-1,100	779	1,092	-330	-1,860	-4,142
Cash from Investing	-50	47	-19	-28	25	-52	-185	-91	-341	-111
Cash from Financing	350	239	-365	-449	894	-165	-908	1,331	1,917	3,656
	91	-23	324	166	-280	340	-289	910	-284	-597

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026

Shareholding Pattern

Numbers in percentages

Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
35.63	35.61	35.57	35.55	28.97	28.91	28.87	28.80	28.59
15.36	12.27	13.81	13.05	14.66	13.11	12.45	12.81	13.76
14.03	12.73	14.32	14.27	16.43	14.87	18.11	18.88	20.34
0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.01
34.99	39.39	36.30	37.11	39.94	43.11	40.56	39.52	37.30

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-09-07

Analysts/Institutional Investor Meet/Con. Call Updates

2026-09-07 - Angel One Limited has informed the Exchange about Schedule of meet

2026-09-07

Analysts/Institutional Investor Meet/Con. Call Updates

2026-09-07 - Angel One Limited has informed the Exchange about Schedule of meet

2026-09-04

Monthly Business Updates

2026-09-04 - Angel One Limited has informed the Exchange regarding Monthly Business Updates for the month of August 2026

2026-09-02

ESOP/ESOS/ESPS

2026-09-02 - Angel One Limited has informed the Exchange regarding Grant of 48210 (RSU)

2026-08-28

Allotment of Securities

2026-08-28 - Angel One Limited has informed the Exchange regarding allotment of 349058 securities pursuant to ESOP/ESPS at its meeting held on August 28, 2026

2026-08-07

Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-07 - Angel One Limited has informed the Exchange about Schedule of meet

2026-08-07

Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-07 - Angel One Limited has informed the Exchange about Schedule of meet

2026-08-05

Monthly Business Updates

2026-08-05 - Angel One Limited has informed the Exchange regarding Monthly Business Updates for the month of July 2026

2026-07-31

ESOP/ESOS/ESPS

2026-07-31 - Angel One Limited has informed the Exchange regarding Allotment of 168488 Shares.