NSE: ANGELONE · BSE: 543235
ANGEL ONE LIMITED
Operates a technology-led retail broking and financial services platform serving Indian retail investors. The core franchise executes equity, derivative and commodity orders on the exchanges — Q1 FY27 saw 406 million orders and a 22.2% share of equity-derivatives turnover — generating revenue from brokerage, clearing, demat and allied transaction charges. Beyond core broking, it runs wealth management with ₹134.4 bn in AUM (including UHNI assets of ₹87.3 bn across 263 families), an asset management distribution business with ₹6.2 bn AUM, and a credit-distribution book of ₹5.3 bn (Q1 FY27, up 130% year-on-year). Interest income from the ₹71.5 bn period-end client funding book and distribution fees have grown to roughly 40% of gross revenue per Q1 FY27 disclosure, while an earlier segment snapshot (period ending 2023-03-31) had broking at 99.8% of segment revenue. As of June 2026, the platform had 38.59 million registered clients, with 89% of FY26 additions coming from Tier 2/3 and smaller towns. The largest cost line is employee expense at 20.8% of revenue, followed by other operating expenses at 29.8%, consistent with a people-and-technology platform model. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Broking and related services (100%), Finance and Investing activities (0%), Health and allied fitness activities (0%). Cyclical, technology-led retail broking platform with growing wealth, credit-distribution and AMC distribution arms.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 2,259 | 3,002 | 4,272 | 5,238 | 5,137 |
| EBITDA (ex other income) | 881 | 1,292 | 1,692 | 1,981 | 1,818 |
| margin % | 39.0 | 43.0 | 39.6 | 37.8 | 35.4 |
| Owners' profit | 625 | 0 | 1,126 | 0 | 915 |
| EPS, as reported (₹) | 75.72 | 106.88 | 134.21 | 130.05 | 10.09 |
| ROE % · ROCE % | 39.4 · — | 41.2 · — | 37.0 · — | 20.8 · — | 14.9 · — |
| Debt / equity (x) | — | — | — | — | — |
| Cash from operations | 558 | 803 | (330) | (1,860) | (4,142) |
| Capex | (54) | (33) | (180) | (150) | (50) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1,515 | 1,262 | 1,056 | 1,141 | 1,202 | 1,335 | 1,459 | 1,430 |
| Profit before tax | 572 | 387 | 236 | 164 | 294 | 374 | 440 | 325 |
| Net profit | 423 | 281 | 175 | 114 | 212 | 269 | 320 | 231 |
| EPS (₹) | 46.98 | 31.25 | 19.33 | 12.66 | 23.39 | 29.59 | 3.52 | 2.54 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| BILLIONBRAINS GARAGE VN L | 1,16,321 | 46.8 | 12.05 | 39.5 | 21.6 | 28.9 | — | 67.8 |
| MOTILAL OSWAL FIN LTD | 58,348 | 29.4 | 4.50 | — | 14.5 | — | 20.9 | 57.7 |
| 360 ONE WAM LIMITED | 39,572 | 31.3 | 4.02 | — | 12.4 | — | 22.0 | 66.8 |
| NUVAMA WEALTH MANAGE LTD | 30,763 | 14.5 | 7.46 | — | 25.2 | — | — | 53.0 |
| ANGEL ONE LIMITED ◆ | 26,419 | 4.9 | 4.30 | — | 14.9 | — | 32.4 | 34.2 |
| IIFL CAPITAL SERVICES LTD | 10,720 | 18.6 | 3.49 | — | 18.4 | — | 25.1 | 50.0 |
| SHARE IND. SECURITIES LTD | 3,868 | 10.7 | 1.46 | — | 12.2 | — | 26.8 | 45.5 |
| ANAND RATHI SH N STK BR L | 2,955 | 18.6 | 2.19 | 9.7 | 9.6 | 11.5 | — | 31.2 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 4.9 | 15.1 | 3 of 33 | 94% |
| P/B | 4.3 | 1.7 | 34 of 40 | 15% |
| ROE | 14.9 | 9.6 | 11 of 40 | 74% |
| EBITDA margin | 34.2 | 31.2 | 18 of 39 | 55% |
| Revenue growth | 25.4 | 22.4 | 13 of 35 | 65% |
| Profit growth | 102.2 | 13.4 | 5 of 38 | 89% |
| Market cap | 26419 | 409 | 5 of 42 | 90% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 21 Oct 2026 · Q2 FY27 profit rises 58%; annual operating margin outlook around 45% | investor communications | medium | — | — |
| 16 Oct 2026 · Angel One posts earnings call audio recording on company website | investor communications | low | — | — |
| 16 Oct 2026 · Angel One Q2 FY27: Net profit jumps 58% YoY to Rs 335 crore | compliance | minimal | — | — |
| 15 Oct 2026 · Angel One Q2 FY27 Investor Presentation | investor communications | medium | — | — |
| 15 Oct 2026 · Angel One Q2 FY27 PAT up 55% YoY, revenue up 18.5% | business updates | medium | — | — |
| 15 Oct 2026 · Angel One Q2 FY27 results: Rs. 1.40 interim dividend declared | corporate actions | high | — | — |
| 15 Oct 2026 · Angel One Q2 PAT up 58% YoY, revenue up 22%; Rs 1.40 dividend declared | results | high | — | — |
| 15 Oct 2026 · Q2 results: PAT jumps 58% YoY, Rs 1.40 interim dividend declared | results | high | — | — |
| 7 Oct 2026 · Quarterly compliance certificate filed for Q2 FY26 under SEBI Regulation 74(5) | compliance | minimal | — | — |
| 6 Oct 2026 · Angel One grants 20,598 RSUs to employee under LTI Plan 2021 | capital market events | medium | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.