Angel One Limited

Financial Services — Capital Markets · NSE

₹300.00−₹13.00 (−4.15%)

DalalBaazaar Score

68 / 100

🟢 Good

Verdict

REASONABLE

Risk

Low

Driven by negative free cash flow.

In simple words: Strong business and financial position, with both sales and profits growing well. Cash generation is currently the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 6:10 pm

Mixed / neutral. No major red flags jump out, but nothing here screams "obviously cheap" either. This is a name that needs a peer comparison and a view on near-term earnings triggers before sizing a position.

Understanding the Business

Company site ↗

The 60-second version of Angel One Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

Angel One Limited provides broking and advisory services, margin funding, and financial products to its clients in India and internationally. The company provides equity, commodities, derivatives, and currency derivative products.

IndustryCapital Markets

SectorFinancial Services

Employees2,934

Annual revenue₹4,305 Cr

How does it make money?

Turns over ₹4,305 Cr a year. Of every ₹100 of sales, about ₹21 reaches shareholders as profit, with ₹41 left at the operating level before interest, tax and depreciation. Each of its 2,934 employees supports ₹1.47 Cr of revenue a year, the signature of a capital- or asset-led business.

EBITDA margin41.3%

Net margin21.3%

Revenue / employee₹1.47 Cr

Who are its competitors?

The closest listed comparisons in its industry are BAJAJ FINANCE LIMITED, HDFC LIFE INS CO LTD, SBI LIFE INSURANCE CO LTD. These are the companies its valuation and returns are measured against elsewhere in this report.

BAJAJ FINANCE LIMITEDP/E 30.2x · ROE 17.8%

HDFC LIFE INS CO LTDP/E 58.4x · ROE 11.3%

SBI LIFE INSURANCE CO LTDP/E 63.9x · ROE 13.7%

What is its competitive advantage?Not assessable from these ratios

For a lender, returns on capital are shaped by leverage and funding cost rather than by pricing power, so the usual financial signature of an advantage does not apply. Judge this one on deposit franchise, cost of funds and asset quality — none of which are in this data.

ROCE26.9%

ROE18.4%

Peer median ROE13.7%

What is the outlook?

12 analysts covering the stock expect revenue to grow about 15.4% and earnings to grow about 28.2% in the year to 2028. These are estimates by people who follow the company, not a forecast for the wider industry.

Est. revenue growth+15.4%

Est. earnings growth+28.2%

Analysts12

What has been driving growth?

Growth has come mainly from selling more, rather than from keeping more of each sale. Over 3 years revenue moved +74% while net margin moved -41% relative to itself. What this cannot tell you is which products, customers or geographies did the work — that lives in the segment disclosures of the annual report.

Revenue effect+74%

Margin effect-41%

DalalBaazaar Score

68/ 100

Good

Weighted across six categories. Every point is explained below.

✓ Revenue CAGR of 20.3% — compounding well above nominal GDP
✗ Profit CAGR of only 0.9%
✗ Profit is compounding slower than revenue — margins are being squeezed as the business grows

Quality vs. Valuation

Company Quality

69/ 100

Good

How good the business is, ignoring the share price entirely.

Valuation

56/ 100

Fair

What you are being asked to pay, ignoring how good the business is.

A reasonable business at a reasonable price — neither the quality nor the valuation stands out in either direction.

Historical Valuation

Current P/E

24.3x

3Y Median

22.2x

40 monthly readings · mean 22.8x · range 16.5x–33.2x

Sector Median

58.4x

median of 3 sector peers

🟡Currently trading close to its 3y median of 22.2x — the market is paying about what it usually pays for this company.

🟢Against its sector it trades 58% below the peer median of 58.4x.

vs. its own history

Fair

22.2x median over 40 months · +9%

vs. sector peers

Cheap

58.4x median of 3 peers · -58%

vs. generic bands

Fair

15x–35x

P/E (Trailing)

24.3x

P/B

4.11x

EV/EBITDA

19.8x

PEG

26.01

Dividend Yield

1.68%

What's Good / What's Bad

🟢 What's Going Well1

Consistently profitable
Profitable in every one of the last 4 reported years.

🔴 What Needs Attention3

Margins are compressing
EBITDA margin has slipped from 51.7% to 41.3% over 3 years.
Return on equity is falling
ROE has dropped from 41.2% to 15.0% — each rupee of shareholder capital earns less than it did.
Return on capital is falling
ROCE has declined from 57.8% to 26.9% — often a sign of competition or overexpansion.

Red Flags

2 items require attention · 1 high · 1 watch

🔴Significant margin compressionFinancial
EBITDA margin has fallen 10.4 points, from 51.7% to 41.3%.
🟡Interest coverage is deterioratingFinancial
Cover has fallen from 7.4x to 4.2x.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Cheaper than its peers
It trades 58% below the sector median. Either the market sees a problem the numbers do not show, or the discount closes.
Earnings have proved durable
Profitable in every one of the last 4 reported years. Consistency lowers the risk that any single bad year is structural rather than cyclical.

🔴 Bear CaseWhat could go wrong?

Margins are being competed away
EBITDA margin has fallen from 51.7% to 41.3%. If the trend continues, profit falls even on flat sales — and margin decline rarely reverses quickly.
Returns on shareholder capital are falling
ROE has dropped from 41.2% to 15.0%. Each rupee of equity earns less than it did, so profit growth increasingly depends on raising more capital rather than on the existing base working harder.

🟡 Key Things to WatchMeasurable tripwires, set against where this company stands today

1Revenue growth stays above 15% a year✓ 20.3% CAGR
Latest reported year was 15.4%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
2EBITDA margin holds above 39%✓ 41.3%
Two points below today's level — enough room for noise, tight enough to catch real compression.
3Return on equity stays above 16%✓ 18.4%
For a lender this is the cleanest single read on whether the book is being grown profitably.
4Interest cover stays above 4x✓ 4.2x
How much operating profit can fall before interest stops being comfortably covered.
5Valuation vs its own median of 22.2x✓ 24.3x today
A re-rating above its own history needs a reason; without one it is just a higher price.

Investment Checklist

10 / 12 checks passed

✓ Strong return on equity (ROE ≥ 15%)
✓ Strong return on capital employed (ROCE ≥ 15%)
✓ Healthy net margin (≥ 10%)
✗ Generates positive free cash flow
✗ Manageable leverage (Debt/Equity < 1.0)
✓ Adequate short-term liquidity (Current Ratio ≥ 1.0)
✓ Revenue growing year-over-year
✓ Profit growing year-over-year
✓ Not trading at an extreme valuation (P/E < 40x)
✓ Not buying right at the 52-week high
✓ Analyst consensus isn't majority-sell
✓ Short-term technical trend isn't bearish

Price history

Quick Metrics

5 good · 5 neutral · 1 weak

Market Cap

₹27,438 Cr

Mid Cap

Mid-sized — more growth headroom, but sharper swings than large caps

P/E (Trailing)

24.3x

Fair

Fairly valued against the generic band

P/B Ratio

4.11x

Fair

Moderate premium to the company's book value

EPS (TTM)

₹12.36

Profitable

Profitable on a per-share basis

ROE

18.4%

Strong

Strong capital efficiency

ROCE

26.9%

Strong

Earns comfortably above its likely cost of capital

Debt/Equity

1.14x

Moderate

Moderate leverage

Revenue Growth (YoY)

15.4%

Healthy

Healthy top-line growth

Profit Growth (YoY)

57.2%

Healthy

Profits growing at a healthy clip

Dividend Yield

1.68%

Modest

Small cash return — most of the return has to come from the price

Free Cash Flow

-₹4,223 Cr

Cash burning

Spending more cash than the operations bring in

More Metrics

CMP

₹300

P/E (Forward)

17.1x

Improving

Below the trailing multiple — the street expects earnings to grow into the price

ROA

5.6%

Average

Average asset productivity

Operating Margin

35.8%

Good

Healthy core-business profitability

Net Margin

22.4%

Good

Strong bottom-line conversion

Current Ratio

1.59

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

0.31

Defensive

Steadier than the market

52W Range Position

60%

Mid-range

Technical Snapshot

SMA 20 / SMA 50

293.7 / 293.4

Bullish alignment (short > long)

Price vs SMA 200

Above

Long-term uptrend

RSI (14)

56.3

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹2,473 Cr	₹3,397 Cr	₹4,248 Cr	₹4,305 Cr	+20.3%
EBITDA	₹1,279 Cr	₹1,674 Cr	₹1,920 Cr	₹1,778 Cr	+11.6%
EBITDA Margin	51.7%	49.3%	45.2%	41.3%	—
PAT (Net Profit)	₹890 Cr	₹1,126 Cr	₹1,172 Cr	₹915 Cr	+0.9%
EPS	₹10.51	₹13.18	₹12.68	₹9.85	-2.1%
ROE	41.2%	37.0%	20.9%	15.0%	—
ROCE	57.8%	52.7%	32.2%	26.9%	—
Total Debt	₹788 Cr	₹2,541 Cr	₹3,414 Cr	₹7,951 Cr	+116.1%
Free Cash Flow	₹690 Cr	-₹537 Cr	-₹2,024 Cr	-₹4,223 Cr	—

🟢 Revenue has grown at 20.3% a year over 3 years.

🟢 EBITDA has grown at 11.6% a year over 3 years.

🔴 EBITDA Margin has fallen from 51.7% to 41.3% over 3 years (-10.4 pts).

🟡 PAT (Net Profit) has been broadly flat over 3 years (0.9% a year).

🔴 EPS has shrunk at 2.1% a year over 3 years.

🔴 ROE has fallen from 41.2% to 15.0% over 3 years (-26.2 pts).

🔴 ROCE has fallen from 57.8% to 26.9% over 3 years (-31.0 pts).

🔴 Total Debt has grown at 116.1% a year over 3 years.

🔴 Free Cash Flow has turned negative, from ₹690 Cr to -₹4,223 Cr.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹23,904 Cr

Total Liabilities

₹17,755 Cr

Total Debt

₹7,951 Cr

Cash & Equivalents

₹162 Cr

Operating Cash Flow

-₹4,142 Cr

Capex

-₹81 Cr

Shareholding (proxy)

Institutional Holding

23.6%

Insider Holding

49.0%

Corporate Actions

Dividend Rate

₹5.05

Ex-Dividend Date

22 Oct 2026

Analyst Consensus

Recommendations

10 Buy · 2 Hold · 0 Sell

Target Price (Mean)

₹355.42

+18.5% vs CMP

Target Range

₹285 – ₹390

Peer Comparison

Company	P/E	ROE
BAJAJ FINANCE LIMITED	30.2x	17.8%
HDFC LIFE INS CO LTD	58.4x	11.3%
SBI LIFE INSURANCE CO LTD	63.9x	13.7%

Recent News

3 positive1 mixed2 general

BSE, Angel One Fall Over 3% On SEBI CAS Changes; MCX, Groww, NSE Also Decline

NDTV Profit, 16 Oct

Stock split, bonus, dividend, buyback record date in 19-25Oct week: Angel One, JSW, IRFC, Tech Mahindra, Modison, others

Livemint, 18 OctCapital return

🟢Potentially positiveCash or shares returned to holders. A buyback is only good value if the shares were cheap when bought.

Angel One Dividend 2026: Check amount, record date, yield, history, Q2 results of broking stock

TradingView, 16 OctCapital return

🟢Potentially positiveCash or shares returned to holders. A buyback is only good value if the shares were cheap when bought.

BSE, NSE, Angel One shares see mixed reaction to the new SEBI CAS rules - Details here

CNBC TV18, 16 Oct

Angel One Q2FY27 results: Net profit up 58% YoY to ₹3,349 million

scanx.trade, 16 OctResults

🟢Potentially positiveReported improvement. Check whether it came from volume, price or a one-off item before treating it as a trend.

Angel One posts higher quarterly revenue and consolidated profit

Kalkine India, 16 OctResults

🟡Mixed / dependsA results event. The figures on this page update once the new statements reach the data feed, which usually lags the announcement.

Watch Items

This is a financial-sector business: borrowing is its raw material, not leverage in the usual sense. Debt/Equity and ROCE here aren't comparable to a manufacturer's — read them alongside NIM, GNPA and capital adequacy from the company's own disclosures.
Cross-check against the company's latest quarterly filing / investor presentation before acting.

DalalBaazaar Thesis

🟢Business QualityStrong13.9/20

🟢Financial HealthStrong17/20

🟡GrowthModest10.9/20

🟢ProfitabilityStrong10.2/15

🟡ValuationFair9.3/15

🟡RiskModerate6.4/10

Good business at a fair price

A sound business at a reasonable valuation. Suitable for a long-term holding, with the valuation and the direction of margins worth watching rather than the business itself. 1 high-severity red flag sits above this conclusion and should be read first.

This thesis breaks if

✓Revenue growth stays above 15% a year20.3% CAGR
✓EBITDA margin holds above 39%41.3%
✓Return on equity stays above 16%18.4%
✓Interest cover stays above 4x4.2x
✓Valuation vs its own median of 22.2x24.3x today