Angel One Ltd logo

Angel One Ltd

ANGELONE NSE

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]

AI Verdict: HOLD Confidence: 5%

Angel One has a strong long-term growth track record with 5-year sales CAGR of 32% and 5-year ROE of 29%, but recent deterioration with TTM sales declining 2% and profits falling 22% YoY warrants caution. The 7.29% dividend yield provides downside support, but at a PE of 33.9x amid shrinking earnings, the valuation looks stretched until growth resumes.

Key Fundamentals

Volatility
Moderate
P/E Ratio
33.29
EBITDA
₹1,834 Cr
Return on Equity
37.04%
Debt to Equity
0.97
EPS
₹132.93
52W High
₹360.45
52W Low
₹208.63

Technical Indicators

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: -9.68%

Growth Rate

Revenue Growth
-1.82% ↘
Net Income Growth
-21.93% ↘
Cash Flow Change
-122.69% ↘
ROE
-28.39% ↘
ROCE
-18.02% ↘
EBITDA Margin (Avg.)
-6.17% ↘

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 9d ago
HOLD
Risk high

Angel One has a strong long-term growth track record with 5-year sales CAGR of 32% and 5-year ROE of 29%, but recent deterioration with TTM sales declining 2% and profits falling 22% YoY warrants caution. The 7.29% dividend yield provides downside support, but at a PE of 33.9x amid shrinking earnings, the valuation looks stretched until growth resumes.

Bull Case 8
  • Exceptional 5-year compounded sales growth of 32% demonstrates strong secular tailwinds in Indian capital markets digitization
  • 3-year average ROE of 25.1% indicates highly efficient capital allocation and asset-light business model
  • Dividend yield of 7.29% with payout ratio of 103% provides significant downside protection and income
  • 72.73% of analysts (8 out of 11) have a Buy rating, reflecting broad Street confidence in recovery
  • 5-year stock CAGR of 32% shows sustained wealth creation for long-term shareholders
  • Median sales growth of 26.8% over last 10 years confirms consistent market share gains in broking industry
  • 10-year compounded profit growth of 40% highlights the operating leverage inherent in the platform model
  • Market cap of Rs 31,871 Cr positions Angel One as a mid-large cap with institutional ownership potential and liquidity
Bear Case 8
  • TTM compounded profit growth of -22% signals sharp earnings contraction, likely from regulatory headwinds on F&O volumes
  • TTM sales growth of -2% indicates revenue has started declining after years of expansion, raising questions on growth sustainability
  • PE ratio of 33.9x is expensive for a company with negative near-term earnings growth, implying market is pricing in a recovery that may not materialize
  • Promoter holding has decreased by 9.68% over last 3 years, signaling potential lack of insider confidence
  • Last year ROE dropped sharply to 16% from a 3-year average of 25%, indicating deteriorating profitability
  • 3-year compounded profit growth of just 1% shows earnings stagnation well before the recent TTM decline
  • Dividend payout ratio of 103% exceeding net profits is unsustainable and may face cuts if earnings remain weak
  • Price-to-book of 5.07x is elevated for a financial services firm facing cyclical headwinds in derivatives volumes

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

AI News Digest

Anthropic anthropic claude-opus-4.6 3d ago
Headwinds 2
  • SEBI settlement Rs 4.28 Cr Jun 15

    Angel One settled SEBI adjudication proceedings by paying Rs 4.28 Cr for alleged violations regarding supervision of Authorised Persons.

  • Asset management CEO resigns May 26

    Hemen Bhatia resigned as CEO of Angel One's Asset Management Business effective June 18, 2026.

Positives 3
  • Client base grows 19.5% YoY Jun 4

    Client base rose 19.5% YoY to 38.17 million in May 2026. Average client funding book surged 57.5% YoY to Rs 63.09 billion.

  • New CTO for AI-led growth Jun 4

    Ajit Narayanan appointed CTO effective June 8, 2026, bringing 25+ years of experience from Myntra, Reliance Retail, and Licious to drive AI integration and platform scalability.

  • Rs 24.75 dividend approved at AGM Jun 12

    Shareholders approved Rs 24.75 per share dividend at the 30th AGM held on June 12, 2026.

Neutral 3
  • 7.35 lakh RSUs granted to employee Jun 20

    Angel One granted 7,34,576 RSUs to one employee under LTI Plan 2021 at Re 1 exercise price, vesting over four years.

  • 4.93 lakh RSUs to 10 employees Jun 3

    Angel One granted 4,92,871 RSUs to 10 employees under LTI Plan 2021, vesting over 4 years.

  • Investor meets scheduled May-June May 26

    Angel One scheduled analyst and investor meetings from May 29 to June 8, 2026, relying on publicly available information.

TL;DR: Angel One is executing well on growth with a 19.5% YoY client base expansion to 38.17 million and a robust 57.5% surge in funding book. The new CTO appointment signals a serious push into AI-driven platforms. Risks are limited to a minor SEBI settlement and leadership churn in the asset management vertical. The trend is positive with strong operational momentum and strategic technology investment positioning the company for its next growth phase.

Quarterly Results

  Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales
826
808
1,048
1,059
1,357
1,405
1,515
1,262
1,056
1,141
1,202
1,335
1,459
Expenses
440
487
605
661
827
935
843
766
713
866
786
806
861
Operating Profit
386
320
443
398
530
470
672
496
343
275
415
529
599
OPM %
47%
40%
42%
38%
39%
33%
44%
39%
32%
24%
35%
40%
41%
Other Income
5
4
1
2
1
5
1
2
2
3
2
3
8
Interest
21
18
26
36
56
56
75
84
80
83
93
127
134
Depreciation
9
9
11
13
17
23
26
27
29
30
31
32
33
PBT
362
297
407
351
459
397
572
387
236
164
294
373
440
Tax %
26%
26%
25%
26%
26%
26%
26%
27%
26%
30%
28%
28%
27%
Net Profit
267
221
304
260
340
293
423
281
175
114
212
269
320
EPS in Rs
3.2
2.63
3.63
3.1
4.05
3.25
4.7
3.12
1.93
1.26
2.33
2.96
3.52
Figures in ₹ Crores

Profit & Loss

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Sales
450
451
440
770
778
748
1,289
2,292
3,002
4,272
5,239
5,138
Expenses
339
362
437
516
575
570
828
1,366
1,708
2,579
3,256
3,318
Operating Profit
112
90
3
254
203
178
460
926
1,294
1,693
1,983
1,820
OPM %
25%
20%
1%
33%
26%
24%
36%
40%
43%
40%
38%
35%
Other Income
11
11
112
14
11
7
10
5
18
7
8
15
Interest
38
36
54
95
70
50
42
76
91
137
296
438
Depreciation
10
13
14
15
20
21
18
19
30
50
103
125
PBT
74
52
48
159
124
114
410
836
1,192
1,514
1,592
1,272
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
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
Div. Payout %
13%
25%
31%
91%
24%
24%
35%
36%
37%
26%
37%
246%
Figures in ₹ Crores

Balance Sheet

  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

  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

  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%

Shareholding Pattern

As of Mar 2026
Public 39.52%
Promoters 28.80%
DIIs 18.88%
FIIs 12.81%
Total 100.01%
  Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters
38.30%
38.26%
38.23%
38.21%
35.63%
35.61%
35.57%
35.55%
28.97%
28.92%
28.87%
28.80%
FIIs
17.04%
16.82%
19.11%
17.27%
15.36%
12.27%
13.81%
13.05%
14.66%
13.11%
12.45%
12.81%
DIIs
10.25%
10.41%
9.32%
9.49%
14.03%
12.73%
14.32%
14.27%
16.43%
14.87%
18.11%
18.88%
Public
34.42%
34.52%
33.33%
35.02%
34.99%
39.39%
36.28%
37.12%
39.93%
43.11%
40.57%
39.52%
No. of Shareholders
1,29,211
1,31,876
1,55,194
2,00,355
2,70,528
3,81,346
3,55,598
4,02,193
3,25,965
3,83,581
3,27,994
3,59,235

Documents

Frequently Asked Questions about Angel One Ltd

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 is listed on the Indian stock exchanges. It is listed on NSE: ANGELONE and BSE: 543235. You can view its live share price, financials, and ratios on Tapetide.
Which sector does Angel One Ltd belong to?
Angel One Ltd operates in the Financial Services sector within the Capital Markets industry. Sector classification helps investors compare companies affected by similar economic conditions and regulatory changes.
What is the PE ratio of Angel One Ltd?
The Price-to-Earnings (PE) ratio of Angel One Ltd is 33.29. The PE ratio compares a company's share price to its earnings per share and is commonly used to assess whether a stock is overvalued or undervalued relative to its peers.
What is the 52-week high and low of Angel One Ltd?
Over the past 52 weeks, Angel One Ltd has traded between a low of ₹208.63 and a high of ₹360.45. This range helps investors understand the stock's price volatility and recent trading levels.
What is the Return on Equity (ROE) of Angel One Ltd?
Angel One Ltd has a Return on Equity (ROE) of 37.04%. ROE measures how effectively a company uses shareholders' equity to generate profits. A higher ROE generally indicates better capital efficiency.
How can I research Angel One Ltd on Tapetide?
On Tapetide, you can view Angel One Ltd's live share price, quarterly results, profit & loss statements, balance sheet, cash flow, key ratios, shareholding pattern, technical indicators, analyst ratings, and forecasts — all on a single page without needing to sign up.

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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