Angel One
Angel One
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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: -9.67%
Growth Rate
AI Analysis — Bull vs Bear
Angel One Ltd has a market capitalisation of about ₹26,227 crore and trades at a P/E of 25.8x and a P/B of 4.35x. Over time it has grown quickly, with 5-year sales CAGR of 32% and 10-year profit CAGR of 40%. Recent momentum has slowed sharply: 3-year profit CAGR is 1%, TTM profit growth is 4%, and ROE fell to 16% last year from a 3-year average of 25%, largely because SEBI's F&O trading rules have weighed on derivatives brokerage revenue.
- Long-term growth is strong: 10-year compounded profit growth is 40% and 10-year sales CAGR is 28%, with median sales growth of 26.8% over the last decade.
- Returns on capital have historically been high, with ROE of 29% over 5 years, 28% over 10 years and 25.1% over 3 years, which points to an asset-light, scalable broking model.
- Top-line growth has held up at 20% 3-year sales CAGR and 9% TTM sales growth even after regulatory tightening in derivatives.
- Shareholder payouts are generous, with a dividend payout ratio of about 103% of earnings, which suggests strong cash generation and low reinvestment needs.
- The stock has returned 35% over the past year and 18% CAGR over 5 years, showing market confidence in how the business is recovering and diversifying.
- The client base is sticky: active clients stayed roughly stable at about 7.6 million in Q4 FY25 even though gross client acquisition fell 22% to 1.6 million. This gives a large base for cross-selling wealth, asset management and distribution products.
- India's retail participation in capital markets is structurally underpenetrated, and Angel One's 5-year sales CAGR of 32% shows it can capture that growth when conditions are favourable.
- Profit growth has nearly stalled, with 3-year compounded profit growth of just 1% and TTM profit growth of 4%, well below the 25% 5-year rate.
- ROE fell to 16% last year from a 3-year average of 25% and a 5-year average of 29%, showing weaker profitability.
- Regulation is a major risk. SEBI's F&O curbs contributed to a 34% QoQ drop in Q3 FY25 net profit to about ₹281 crore, and F&O brokerage, the largest revenue line, fell about 33% YoY in Q1 FY26.
- Promoter holding has fallen by 9.71 percentage points over the last 3 years, which some investors read as a negative signal about insider confidence.
- The valuation is not cheap for a company growing profits at 1% over 3 years: P/E is 25.8x and P/B is 4.35x, versus last-year ROE of 16%.
- A 103% dividend payout ratio is above earnings and may not be sustainable if profits stay under pressure. The dividend yield is also modest at 0.34%.
- Earnings are cyclical and depend on market volumes. The gap between 5-year sales CAGR of 32% and TTM sales growth of 9% shows how sensitive revenue is to trading activity and market sentiment.
- Stock returns have been uneven, with a 3-year CAGR of 14% against a 1-year return of 35%, reflecting volatility tied to regulatory and market-cycle news.
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
- Weak market weighs on broking sentiment Sep 7
Nifty fell for a fourth straight week, losing 1.15% to close at 23,897, and a bearish 20 DEMA/50 DEMA crossover points to further weakness, with key support at 23,750–23,600. A long market downturn could cut retail trading activity and volumes, which drive broking revenue.
- Client base up 17.8% YoY Sep 4
Angel One's client base grew 17.8% YoY to 39.56Mn in August 2026, so its customer acquisition is still strong.
- Record funding book, options surge Sep 4
The average client funding book hit an all-time high of ₹74.21Bn in August 2026, and option premium turnover rose 116.6% YoY. Both point to rising interest income and transaction revenue.
- Q2FY27 earnings call on Oct 16 Sep 21
Angel One will hold an earnings call on October 16, 2026, to discuss unaudited standalone and consolidated results for the quarter and half-year ended September 30, 2026.
- Investor meetings in Mumbai Sep 7
Angel One scheduled meetings with analysts and institutional investors in Mumbai on September 10 and 23, 2026. Discussions are limited to public information.
TL;DR: Angel One's August 2026 business numbers are strong: clients up 17.8% YoY to 39.56Mn, a record ₹74.21Bn funding book, and option premium turnover up 116.6% YoY. The main risk is the wider market, since Nifty has fallen four weeks in a row and technical signals are bearish, which could reduce retail trading activity. Company fundamentals are improving even though the market backdrop is getting worse. The Q2FY27 results on October 16 will show whether the operating momentum turns into earnings growth despite weaker markets.
Quarterly Results
| Particulars | 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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 |
Profit & Loss
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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% | — |
Balance Sheet
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 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 |
Cash Flow
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 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 |
Ratios
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 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
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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59 extracted metrics + investor summaries across FY15–FY27.
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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]
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