Angel One Limited (ANGELONE) AI Stock Analysis

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Angel One Limited

(NSE:ANGELONE)

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Rating:67Neutral

Price Target:INR 339.00▲(19.79% Upside)

Action:reiterated

Date:10/16/26

The score is driven primarily by solid but mixed financial performance—strong revenue/profitability tempered by higher leverage and historically volatile cash flows. Technicals add support with positive momentum, while valuation is only average given the P/E. The latest earnings call was a notable positive due to constructive guidance and margin strength, partially offset by regulatory and activity-related headwinds.

Positive Factors

Large and growing client platformA large and expanding client base strengthens Angel One’s distribution economics and supports recurring engagement across broking, funding, wealth and investment products. Continued additions with controlled acquisition costs can improve operating leverage and create a durable platform advantage over the next several quarters.

Negative Factors

Higher balance-sheet leverageThe sharp increase in leverage reduces financial flexibility and raises sensitivity to tighter industry conditions or weaker operating performance. Higher debt can also constrain capital allocation and increase funding pressure, making the balance sheet a more important risk over the next several quarters.

Angel One Limited (ANGELONE) vs. iShares MSCI India ETF (INDA)

Market Cap: INR 257.79B
Dividend Yield: 2.28%
Average Volume (3M): 356.34K
Price to Earnings (P/E): 22.3
Beta (1Y): 2.14
Revenue Growth: 21.45%
EPS Growth: 46.53%
Country: India
Employees: 2,934
Sector: General
Sector Strength: 55
Industry: Financial - Capital Markets

Angel One Limited Business Overview & Revenue Model

Company Description

Angel One Limited, headquartered in Mumbai, India, and founded in 1996, delivers a broad spectrum of financial services to its clients across the nation. The company's operations are divided into three primary areas: Broking and Related Services, Fin...

How the Company Makes Money

Angel One primarily earns revenue from its broking and allied financial services. Key revenue streams include: (1) Brokerage and transaction-related income from facilitating client trades in equity cash, derivatives, commodities, and currency segment...

Angel One Limited Earnings Call Summary

Earnings Call Date:Oct 14, 2026(Q2-2027)|% Change Since:-6.95%|Next Earnings Date:Jan 17, 2027

Earnings Call SentimentPositive

The call was strongly constructive. Angel One reported double-digit revenue growth, substantially faster profit growth, record client funding, strong margins, improving active-client share, record credit distribution and continued expansion across wealth, international investing and technology. The main challenges were regulatory effects on market volumes, softer cash-market share, a decline in September new SIP creation, employee attrition and a higher operating burn from newer businesses. Management nevertheless expressed confidence in operating efficiency, portfolio quality, margin sustainability and diversified growth.

Positive Updates

Strong Revenue, Profit and Margin Growth

Consolidated gross revenue was INR 14.3 billion, up 18.9% year-over-year and broadly stable sequentially. Consolidated operating profit grew 52% year-over-year to INR 4.9 billion, while consolidated PAT increased 58% to INR 3.35 billion. Consolidated operating margin expanded to 45.1% from 34.5% in the corresponding quarter last year, while standalone operating margin reached 48.9%, above the guided range of 40%-45%.

Negative Updates

Regulatory Changes and Muted Trading Environment

Management said regulatory changes affected market volumes during the quarter and described the capital-markets environment as relatively subdued. The company also noted that ecosystem adjustments to the changes may take time.

Company Guidance

Management guided to standalone operating margins of around 45% on an annual basis, with 45% for the broking and distribution business on an annual basis, subsuming all expenses, including the IPL; consolidated margins are guided at anywhere between 40%-45% in the near term. Employee costs, including stock options, are expected to be about INR 1,100 crore for this financial year, flat for year-on-year comparison, while distribution revenue is expected to reach low double digits over the next two to three years and start contributing an accretive to PAT. Management said margins will at times go towards 50%, but it does not want to provide that specific guidance, and expects other businesses to contribute somewhat meaningfully to the top line over the next two to three years.

Angel One Limited Financial Statement Overview

Summary

Fundamentals are solid but uneven: income statement strength (revenue growth and profitability) is offset by rising leverage (debt-to-equity ~1.30 after a sharp YoY debt increase) and historically volatile cash conversion (negative operating/free cash flow in 2024–2025 before a strong rebound in 2026).

Income Statement

82Very Positive

Balance Sheet

62Positive

Cash Flow

55Neutral

Financial statement breakdown
Breakdown	TTM	Mar 2026	Mar 2025	Mar 2024	Mar 2023	Mar 2022
Income Statement
Total Revenue	56.70B	51.52B	42.48B	33.97B	24.73B	19.98B
Gross Profit	40.89B	37.45B	27.05B	20.70B	14.87B	12.04B
EBITDA	17.31B	13.97B	19.44B	16.71B	12.92B	9.24B
Net Income	11.55B	9.15B	11.72B	11.26B	8.90B	6.25B
Balance Sheet
Total Assets	226.77B	239.04B	168.89B	132.54B	74.78B	72.20B
Cash, Cash Equivalents and Short-Term Investments	130.81B	161.41B	78.32B	106.68B	54.91B	50.09B
Total Debt	76.32B	79.51B	34.14B	25.41B	7.87B	12.58B
Total Liabilities	159.65B	177.55B	112.50B	102.15B	53.16B	56.36B
Stockholders Equity	66.67B	61.18B	56.21B	30.39B	21.62B	15.84B
Cash Flow
Free Cash Flow	0	20.63B	-20.24B	-5.37B	6.90B	4.88B
Operating Cash Flow	0	21.44B	-18.60B	-3.30B	8.04B	5.58B
Investing Cash Flow	0	-15.40B	-3.41B	-910.48M	-1.85B	-523.54M
Financing Cash Flow	0	41.52B	27.70B	13.29B	-9.07B	-1.65B

Angel One Limited Technical Analysis

Technical Analysis SentimentNegative

Last Price283.00

Price Trends

50DMA291.63Negative

100DMA306.08Negative

200DMA288.80Negative

Market Momentum

MACD-1.26Positive

RSI44.15Neutral

STOCH35.59Neutral

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 283.00 is below the 20-day moving average (MA) of 293.03, below the 50-day MA of 291.63, and below the 200-day MA of 288.80, indicating a bearish trend. The MACD of -1.26 indicates Positive momentum. The RSI at 44.15 is Neutral, neither overbought nor oversold. The STOCH value of 35.59 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

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

IN:ANGELONE against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
IN:ANGELONE	67Neutral	INR 258.83B	22.26	―	2.28%	21.45%	46.53%
IN:GEOJITFSL	67Neutral	INR 18.05B	26.94	―	2.32%	2.10%	-43.37%
IN:5PAISA	65Neutral	INR 10.12B	28.05	―	―	8.94%	-23.92%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
IN:MOTILALOFS	55Neutral	INR 564.99B	21.02	―	0.64%	44.44%	32.75%
IN:CHOICEIN	54Neutral	INR 160.72B	61.81	―	―	28.51%	27.16%
IN:EDELWEISS	46Neutral	INR 114.72B	16.35	―	1.24%	16.27%	44.44%

* General Sector Average

Performance Comparison

IN:ANGELONE and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
IN:ANGELONE	Angel One Limited	283.00	32.69	13.06%
IN:5PAISA	5paisa Capital Ltd.	323.90	12.35	3.96%
IN:CHOICEIN	Choice International Limited	721.45	-107.80	-13.00%
IN:EDELWEISS	Edelweiss Financial Services Limited	121.20	7.16	6.28%
IN:GEOJITFSL	Geojit Financial Services Ltd	64.66	-6.93	-9.68%
IN:MOTILALOFS	Motilal Oswal Financial Services Limited	937.00	-64.37	-6.43%

Angel One Limited Corporate Events

Angel One Shows Franchise Resilience Amid Mixed Q2 FY27 Trading Metrics

Oct 6, 2026

Angel One reported mixed operating trends for September 2026 and Q2 FY27, highlighting resilience in its large retail franchise despite subdued market activity. The client base grew to nearly 40 million, with record levels in the client funding book...

Angel One Posts Record Funding Book Amid Softer Trading Volumes in August

Sep 4, 2026

Angel One reported its August 2026 business update, highlighting a client base of 39.56 million and gross client acquisition of 0.57 million, both showing solid month-on-month and year-on-year growth alongside a record average client funding book of...

Angel One Allots 3.49 Lakh Shares Under Employee Incentive Plan

Aug 28, 2026

Angel One Limited has allotted 349,058 equity shares with a face value of Re 1 each to eligible employees under the Angel Broking Employee Long Term Incentive Plan 2021, following approval by its Securities Allotment Committee on August 28, 2026. As...

Angel One posts record client funding and stronger equity share in July

Aug 5, 2026

Angel One reported monthly business metrics for July 2026 showing its client base rising to 39.03 million, up 1.1% month-on-month and 18.1% year-on-year, while the average client funding book hit a record ₹70.81 billion, reflecting robust lever...

Glossary

BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.

Date of analysis: Oct 16, 2026

Angel One Limited AI Stock Analysis

Angel One Limited (ANGELONE) AI Stock Analysis

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