Angel One Limited (ANGELONE) AI Stock Analysis

• Market Cap: ₹230.64B
• Dividend Yield: 1.88%
• Average Volume (3M): 74.76K
• Price to Earnings (P/E): 30.5
• Beta (1Y): 2.16
• Revenue Growth: -12.65%
• EPS Growth: -42.72%
• Country: IN
• Employees: 3,650
• Sector: Technology
• Sector Strength: 88
• Industry: Financial - Capital Markets
• EPS (TTM): 29.26
• Shares Outstanding: 90,855,480
• 10 Day Avg. Volume: 120,727
• 30 Day Avg. Volume: 74,757
• PEG Ratio: -5.75
• Price to Book (P/B): 3.72
• Price to Sales (P/S): 4.92
• P/FCF Ratio: -10.32
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 72 Outperform
• Price Target: ₹3,059.00 ▲(27.35% Upside)

The score is driven primarily by strong financial performance (growth and profitability with a solid balance sheet), offset by cash flow quality concerns. Technicals show an established uptrend but mixed momentum indicators, while valuation is a headwind due to a relatively high P/E and only modest dividend yield.

Positive Factors

Market Position

Angel One's leadership in retail broking and broad suite of trading and advisory services creates durable network effects and scale. A large retail franchise supports recurring brokerage revenue, deep client relationships and high customer acquisition efficiency over a 2-6 month horizon.

Diversified Revenue Streams

Multiple revenue pillars—brokerage, advisory, mutual funds and subscriptions—reduce single-source risk and enable cross-selling. This diversification supports steadier top-line resilience and long-term customer monetization versus pure-commission peers.

Profitability and Improving ROE

Sustained gross and net margins combined with rising ROE indicate efficient cost management and capital use. This margin durability underpins internal cash generation potential and supports reinvestment or shareholder returns over multiple quarters.

Negative Factors

Volatile Operating Cash Flow

Inconsistent operating cash conversion raises questions about earnings quality and working capital management. Durable concerns over cash reliability can constrain capital allocation, increase reliance on external funding, and limit strategic flexibility.

Negative Free Cash Flow

Persistent negative free cash flow implies ongoing high investment needs or aggressive growth spending. Over time this can pressure liquidity, require additional financing, and delay returns to shareholders if investments fail to generate expected payback.

Recent Revenue and EPS Contraction

Material declines in reported revenue and EPS signal underlying demand or margin pressures. If these trends persist, they can erode competitive positioning, limit reinvestment capacity, and indicate structural stress in client activity or pricing power.

Angel One Limited Business Overview & Revenue Model

Company Description

Angel One Limited provides broking and advisory services, margin funding, loans against shares, and financial products to its clients in India. It operates in three segments: Broking and Related Services; Finance and Investing Activities; and Health and Allied Fitness Activities. The company offers broking services through online and digital platforms, as well as a network of authorized persons. Its products include equity, commodities, derivatives, and currency trading. The company offers portfolio management, investment advisory, intraday trading, trading account, portfolio health score, initial public offering, and DEMAT account services. It also engages in the financing and investment activities; and operation of fitness centers. The company was formerly known as Angel Broking Limited and changed its name to Angel One Limited in September 2021. Angel One Limited was incorporated in 1996 and is based in Mumbai, India.

How the Company Makes Money

Angel One generates revenue primarily through brokerage fees from retail trading activities, where clients pay a commission for buying and selling securities. Additionally, the company earns income from advisory services, mutual fund distribution, and other value-added financial products. Subscription fees from its premium services and technology solutions also contribute to its earnings. Strategic partnerships with financial institutions and technology providers enhance its service offerings and customer reach, further solidifying its revenue streams.

Angel One Limited Financial Statement Overview

Summary

Strong income statement results (revenue growth and solid margins) and a healthy balance sheet with improving ROE support a high score, but volatile operating cash flow, negative free cash flow, and a weak operating cash flow-to-net income relationship meaningfully temper it.

Income Statement

Angel One Limited has demonstrated robust revenue growth with a significant increase from previous years. Gross profit and net profit margins have remained strong, indicating efficient cost management and profitability. However, there was a slight decrease in EBIT margin over the last year, which needs to be monitored.

Balance Sheet

The company's balance sheet is strong with a healthy equity ratio and improving return on equity (ROE). The debt-to-equity ratio shows a moderate level of leverage, which is manageable given the company's growth trajectory. There is a notable increase in stockholders' equity, indicating financial stability.

Cash Flow

While operating cash flow has been volatile, recent trends show improvement. Free cash flow has been negative, indicating high capital expenditures, but this could suggest strategic investments for future growth. The operating cash flow to net income ratio is concerning and suggests potential cash flow management issues.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	39.80B	42.48B	33.97B	24.73B	19.98B	11.38B
Gross Profit	24.36B	27.05B	20.70B	14.87B	12.04B	6.19B
EBITDA	17.47B	19.44B	16.71B	12.92B	9.24B	4.67B
Net Income	9.94B	11.72B	11.26B	8.90B	6.25B	2.97B
Balance Sheet
Total Assets	0.00	168.89B	132.54B	74.78B	72.20B	48.14B
Cash, Cash Equivalents and Short-Term Investments	0.00	78.32B	106.68B	54.91B	50.09B	18.87B
Total Debt	0.00	34.14B	25.41B	7.87B	12.58B	11.71B
Total Liabilities	-56.39B	112.50B	102.15B	53.16B	56.36B	36.83B
Stockholders Equity	56.39B	56.21B	30.39B	21.62B	15.84B	11.31B
Cash Flow
Free Cash Flow	0.00	-20.24B	-5.37B	6.89B	4.88B	-9.59B
Operating Cash Flow	0.00	-18.60B	-3.30B	8.03B	5.58B	-9.44B
Investing Cash Flow	0.00	-3.41B	-910.48M	-1.85B	-523.54M	247.97M
Financing Cash Flow	0.00	19.17B	13.31B	-9.07B	-1.65B	8.94B

Angel One Limited Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 2401.95
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:ANGELONE, the sentiment is Positive. The current price of 2401.95 is below the 20-day moving average (MA) of 2506.13, below the 50-day MA of 2532.63, and below the 200-day MA of 2560.47, indicating a neutral trend. The MACD of 23.44 indicates Negative momentum. The RSI at 51.20 is Neutral, neither overbought nor oversold. The STOCH value of 32.74 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for IN:ANGELONE.

Angel One Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
CYIENT	73 Outperform	₹126.38B	22.59	―	2.62%	1.68%	-12.95%
INTELLECT	73 Outperform	₹127.05B	34.74	―	0.69%	15.87%	39.55%
ANGELONE	72 Outperform	₹230.64B	30.47	―	1.88%	-12.65%	-42.72%
KPITTECH	69 Neutral	₹285.79B	39.41	―	0.69%	13.34%	5.98%
NEWGEN	67 Neutral	₹82.74B	26.98	―	0.59%	11.47%	12.41%
Sector *	61 Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%
AFFLE	61 Neutral	₹217.70B	51.80	―	―	19.55%	20.85%

Angel One Limited Corporate Events

Angel One posts strong Q3 FY26 trading volumes and client-base growth despite holiday lull

Angel One reported continued expansion of its retail franchise in December 2025 and the third quarter of FY26, with its client base rising 21% year-on-year to 35.71 million despite a softer trend in gross client acquisition versus the previous year. Trading activity remained robust, with total average daily turnover based on notional values up 83.9% year-on-year in December and 38.2% year-on-year in Q3, driven largely by strong growth in derivatives and commodity volumes, even as cash ADTO declined year-on-year and commodity market share moderated from prior levels. The broker maintained and slightly improved its retail market share in overall equity and F&O turnover, while expanding its average client funding book by over 40% year-on-year, underscoring deeper engagement with existing clients and resilient order flow despite the holiday-heavy quarter, which management framed as evidence of sustained growth opportunities and a strategy focused on broad-based, client-centric offerings.

Angel One Limited Clarifies Impact of Cloudflare Outage

Angel One Limited clarified that a recent global outage of Cloudflare caused temporary access issues on its web platform, affecting some clients. However, their mobile trading applications remained fully operational, ensuring uninterrupted service. The company confirmed that the incident had no material impact on its operations or share price, attributing any stock movement to market dynamics.

Angel One Limited Clarifies Impact of Cloudflare Outage

Angel One Limited clarified a recent media report about a Cloudflare outage affecting trading platforms, stating that while their web platform experienced temporary issues, their mobile applications remained fully operational. The company emphasized that the media publication had no material impact on its operations or share price, which was influenced by market dynamics.

Angel One Limited Reports Record Client Engagement Amid Market Adjustments

Angel One Limited reported its business updates for November 2025, highlighting a historic high in its average client funding book, indicating increased client engagement. Despite softer market conditions leading to a decrease in daily order rates, the company revised its October 2025 cash market share upwards due to industry adjustments, showcasing its strong market positioning.