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Model Note · ANGEL ONE LIMITED · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
ANGEL ONE LIMITED Discounted cash flow · base FY26
ANGEL ONE LIMITED
Value per share, this model₹175
CMP 2026-09-10₹305.00
Difference(42.6)%
Growth the CMP implies11.2%/yr
This note states the assumptions and the arithmetic of one model of ANGEL ONE LIMITED, built on its filed FY26 consolidated statements. The value is the outcome of the assumptions below and nothing else; it is not a fair value, a target or a recommendation.
Assumptions
Input
This model
Filed reference
Revenue growth, 5 years
-2% a year
FY26 (1.9)% · 5-yr CAGR 32.4%
EBITDA margin
35.4%
FY26 35.4% · 5-yr average 39.0%
Depreciation · capex, % of revenue
2.4% · 1%, fading to 1.2× depreciation
FY26 2.4% · 1.0%
Working capital, % of added revenue · tax
0% · 28%
0 working-capital days · effective 28.0%
Discount rate
11.00%
1-yr beta 1.76
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(162) · ₹0 · ₹0 cr
FY26 net debt ₹(162) cr
Shares
91.35 crore
91.35 crore today
Source: SEBI results XBRL as filed with BSE/NSE, exchange prices; the reader's assumptions.
Projected cash flow to the firm
₹ crore
FY26
FY27
FY28
FY29
FY30
FY31
Revenue
5,137
5,034
4,933
4,835
4,738
4,643
growth %
(1.9)
(2.0)
(2.0)
(2.0)
(2.0)
(2.0)
EBITDA
1,818
1,782
1,746
1,711
1,677
1,644
Depreciation
(125)
(121)
(118)
(116)
(114)
(111)
NOPAT
1,219
1,196
1,172
1,149
1,126
1,103
less capex
(50)
(50)
(73)
(94)
(114)
(134)
less working-capital build
—
0
0
0
0
0
Free cash flow to firm
—
1,267
1,218
1,171
1,125
1,081
Present value
1,202
1,042
902
781
676
Source: the model; base year as filed.
Every figure is the reader's model over filed numbers · No rating, target or fair value is expressedmarketping.in
Model Note · ANGEL ONE LIMITED · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
4,602
PV of the terminal value (71% of EV)
11,226
Enterprise value
15,828
less net debt
162
less non-controlling interest
0
add non-operating investments
0
Equity value
15,990
÷ 91.35 crore shares
₹175
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
181
193
207
225
248
10.5%
168
178
190
204
222
11.0%
156
165
175
187
201
11.5%
147
154
163
172
184
12.0%
138
145
152
160
170
Source: the model; n/a where terminal growth reaches the discount rate.
Statement
This note is the reader's own model over publicly filed information: SEBI results XBRL filed with BSE and NSE and exchange price data, assembled by MarketPing software; every assumption above is the reader's. It contains no research recommendation, no price target and no opinion by MarketPing 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). Historical per-share figures are on the current share count. Where a figure is unavailable the table shows a dash rather than an estimate. Nothing here constitutes investment advice, an offer or a solicitation.
Every figure is the reader's model over filed numbers · No rating, target or fair value is expressedmarketping.in
