Angel One Limited (ANGELONE) AI Stock Analysis

• Market Cap: ₹197.17B
• Dividend Yield: 1.88%
• Average Volume (3M): 74.76K
• Price to Earnings (P/E): 19.8
• Beta (1Y): 1.99
• Revenue Growth: -12.65%
• EPS Growth: -42.72%
• Country: IN
• Employees: 3,650
• Sector: Technology
• Sector Strength: 88
• Industry: Financial - Capital Markets
• EPS (TTM): 2.93
• Shares Outstanding: 909,055,200
• 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): 10.12
• Revenue Forecast (FY): ₹46.76B

• Rating: 72 Outperform
• Price Target: ₹240.00 ▼(-90.01% Downside)
• Action: Reiterated Date: 02/04/26
• Date: Action: Reiterated 02/04/26

The score is primarily driven by strong profitability and balance sheet strength, tempered by weaker cash flow quality. Technicals are moderately supportive with price above key moving averages and neutral momentum. Valuation is a headwind due to the higher P/E, only partly offset by the dividend yield.

Positive Factors

Strong margins

Sustained gross and net margins indicate durable operational efficiency and pricing power in the core broking and distribution businesses. Strong margins support internal reinvestment in technology and client services, help absorb cyclical revenue swings, and underpin long-term return generation even if volumes soften.

Healthy balance sheet

A strong equity base with improving ROE and only moderate leverage gives the company financial flexibility to fund growth initiatives and absorb shocks. This stability supports strategic investments, partner distribution, and potential opportunistic M&A without overly relying on external financing.

Diversified digital platform and distribution

A technology-first trading platform combined with distribution, advisory, subscription and interest income creates multiple, scalable revenue streams. This ecosystem enables cross-selling, increases customer lifetime value and builds competitive moats through network effects and partner integration over the medium term.

Negative Factors

Weak cash flow quality

Volatile operating cash flow and persistent negative free cash flow signal cash generation issues despite accounting profits. High capex or working capital needs may force external funding, constrain dividends or slow reinvestment, and raise execution risk for growth initiatives over the next several quarters.

Declining revenue and EPS

Material year-over-year declines in revenue and EPS point to weakening top-line momentum and margin pressure that could persist. Sustained negative growth reduces capacity to fund marketing, tech investment and retention programs, making it harder to defend market share against competitors long-term.

High dependence on retail activity

Revenue concentration tied to retail trading volumes creates structural cyclicality: sustained growth requires continuous client acquisition and engagement. This exposure makes revenues sensitive to macro/market cycles and competitive pricing, increasing the cost of maintaining growth and margin stability.

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 makes money primarily through its broking operations and allied financial services delivered via its trading/investing platform. Key revenue streams typically include: (1) Brokerage and transaction-related income: fees/charges associated with executing client trades (e.g., in equities and other market instruments offered on the platform), along with related transaction/service charges where applicable. (2) Interest-based income: earnings from financing and client funding activities that are common in brokerage businesses (such as interest on margin funding and other interest on receivables/balances), to the extent offered under applicable regulations. (3) Distribution and fee income: commissions/fees from distributing third-party financial products (commonly including mutual funds/insurance or similar products via a brokerage-led platform) and other non-broking service fees. (4) Subscription/technology and ancillary service fees: revenue from value-added tools, platform features, data/analytics, or premium client services, where the company offers such monetized add-ons. (5) Other operating income: incidental fees and charges tied to account maintenance, depository-related services (if applicable through memberships/arrangements), and other client service activities. The company’s earnings are influenced by retail client activity levels (trading volumes, market volatility, and investor sentiment), growth in active clients and assets on the platform, product mix (broking vs. distribution vs. interest income), and its ability to acquire/retain customers efficiently through its digital channels and partner ecosystem. Specific significant partnerships or their quantified contribution: null.

Angel One Limited Financial Statement Overview

Summary

Strong income statement (revenue growth and solid profitability), supported by a healthy balance sheet with improving ROE and manageable leverage. The main drag is cash flow quality: volatile operating cash flow, negative free cash flow, and a concerning operating cash flow to net income relationship.

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	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 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: Negative
• Last Price: 2401.95
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• 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 Negative. The current price of 2401.95 is above the 20-day moving average (MA) of 237.63, above the 50-day MA of 247.30, and above the 200-day MA of 255.69, indicating a bearish trend. The MACD of -10.87 indicates Positive momentum. The RSI at 33.44 is Neutral, neither overbought nor oversold. The STOCH value of 21.57 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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	₹95.01B	33.59	―	2.62%	1.68%	-12.95%
ANGELONE	72 Outperform	₹197.17B	19.80	―	1.88%	-12.65%	-42.72%
KPITTECH	66 Neutral	₹173.04B	59.84	―	0.69%	13.34%	5.98%
NEWGEN	65 Neutral	₹64.28B	47.37	―	0.59%	11.47%	12.41%
INTELLECT	62 Neutral	₹89.89B	118.88	―	0.69%	15.87%	39.55%
Sector *	61 Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%
AFFLE	61 Neutral	₹184.47B	52.98	―	―	19.55%	20.85%

Angel One Limited Corporate Events

Angel One Grows Client Base and Hits Record Retail Equity Share Despite Softer Volumes

Angel One reported that its client base rose to 36.93 million in February 2026, up 20.8% year-on-year, even as gross client additions slowed month-on-month and average daily orders dipped amid subdued market activity. Despite this moderation in volumes and a small decline in the average client funding book, the broker continued to benefit from strong underlying growth, with total and F&O average daily turnover nearly doubling versus a year earlier.

The company highlighted that its retail market share in overall equity turnover reached an all-time high in February, with notable gains in both F&O and commodity segments, where commodity turnover share jumped to 57%. Rising market share in key segments underscores Angel One’s strengthening competitive position in India’s online broking space, suggesting that it is consolidating leadership even in a softer trading environment, which could be supportive for long-term stakeholder confidence.

Angel One Grants 1,602 RSUs Under 2021 Long-Term Incentive Plan

Angel One Limited’s Nomination and Remuneration Committee has approved the grant of 1,602 restricted stock units (RSUs) to a single eligible employee under its Angel Broking Employee Long Term Incentive Plan 2021, with each RSU convertible into one equity share of face value Rs 10 at an exercise price of Rs 10. The RSUs, which will vest over four years and can be exercised within a period extending up to 10 years from the grant date, underscore the company’s continued use of share-based compensation to retain and incentivise key talent, though the immediate impact on the company’s capital structure and earnings per share is expected to be limited given the relatively small size of the grant.

Angel One Posts 15‑Month High in Trading Activity, Expands Retail Equity Market Share in January

Angel One reported a strong operating performance in January 2026, with client base rising to 36.39 million and gross client additions growing 12.6% year-on-year to 0.74 million, supported by record average client funding of ₹61.18 billion and robust SIP registrations of about 869,000. Trading activity on the platform surged, as total monthly orders and average daily orders hit a 15‑month high, driving overall notional ADTO up 20% month-on-month and more than doubling year-on-year, while the broker further strengthened its position in the retail equity segment, marginally increasing its market share in equity and F&O turnover despite some softness in commodity turnover and option premium-based volumes.

Angel One Files Q3 FY26 Earnings Call Transcript with Exchanges

Angel One Limited has submitted to the stock exchanges the official transcript of its Q3 FY26 earnings conference call held on 16 January 2026, in compliance with disclosure requirements under SEBI’s Listing Obligations and Disclosure Regulations. The company will also make the call transcript available on its website, enhancing transparency for investors and analysts by providing detailed access to management’s commentary on quarterly performance and business strategy.

Angel One Seeks Shareholder Nod for Stock Split via Postal Ballot

Angel One Limited has initiated a postal ballot process to seek shareholder approval for a sub-division (split) of its equity shares and a corresponding alteration to the capital clause of its Memorandum of Association, both as ordinary resolutions. The company has appointed NSDL to provide remote e-voting facilities to eligible members, with the voting window running from January 20 to February 18, 2026, and results to be filed with the stock exchanges within two working days after voting concludes, a move that could enhance share liquidity and broaden retail participation in the stock.

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.