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Angel One Ltd.
NSE: ANGELONEFinancial ServicesCapital Markets
- Last close
- ₹279.00
- Day change
- −₹12.25 (−4.21%)vs
- Market cap
- ₹28,627 crIndian rupees
- Research updated
- 3 reports
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About Angel One
Angel One Ltd. is a prominent financial services company in India, offering brokerage and advisory services to a diverse range of clients. Known for its comprehensive suite of offerings, Angel One Ltd. provides online trading platforms for equity, commodity, and currency markets, making it a key player in facilitating retail and institutional investments. The company also extends its services to mutual funds and insurance, broadening its impact across the financial landscape. With a strong emphasis on technology and digital engagement, Angel One Ltd. has established a user-friendly interface that allows clients to manage portfolios and trade seamlessly. Its research and analytics tools empower investors with insights and data-driven strategies. Established as one of India's leading full-service retail broking houses, the company plays a significant role in democratizing access to financial markets, enhancing financial literacy, and supporting the growth of the retail investor base in India. By maintaining a robust business model and leveraging technological advancements, Angel One Ltd. continues to enhance its position in the ever-evolving financial sector.
- Sector
- Financial Services
- Industry
- Capital Markets
- Listing
- NSE: ANGELONE
- Chief executive
- Mr. Ambarish Kenghe
- Employees
- 2,934
- Headquarters
- Mumbai, India
- ISIN
- INE732I01021
- Website
- angelone.in
Public research · Report of
Business model & financial foundation
Angel One (NSE: ANGELONE), Retail stock broking, margin trade funding and financial product distribution: revenue of ₹5,137 crore in FY26 (-1.9% on FY25), an EBITDA margin of 26.9% and net profit of ₹915.1 crore.
- Revenue, FY26 (₹ crore)
- 5,137
- consolidated
- Revenue growth, FY26
- -1.9%
- on FY25
- EBITDA margin, FY26
- 26.9%
- EBITDA (EBDAT ex other income) / revenue
- Net profit, FY26 (₹ crore)
- 915.1
- to owners
- Return on equity, FY26
- 15.5%
- on average equity
- Market capitalisation (₹ crore)
- 28,627
- at the close of 15 Oct 2026
Company profile
Angel One is India's largest listed retail stock broker, with 39.98 million clients at September 2026. It earns broking fees on equity derivatives, cash and commodity orders (F&O is the bulk), interest on its margin trade funding book and client float deposits, and fees from distributing mutual funds, credit and insurance; it is building wealth management (Ionic Wealth) and an AMC, and holds 26% of a life insurance JV.
| Item | Value |
|---|---|
| Legal name | Angel One Limited (formerly Angel Broking Limited) |
| Exchange and ticker | NSE: ANGELONE; BSE: 543235 |
| ISIN | INE732I01021 |
| CIN | L67120MH1996PLC101709 |
| Sector | Financial Services |
| Industry | Retail stock broking, margin trade funding and financial product distribution |
| Headquarters | Mumbai, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | S.R. Batliboi & Co. LLP (since 2022) |
| Market capitalisation | ₹28,627 crore (15 Oct 2026) |
| Shares outstanding | 90.68 crore shares (FY26) |
| Price | ₹306.0 (close, 15 Oct 2026) |
| 52-week range | ₹208.6 - ₹360.5 (to 15 Oct 2026) |
| Website | https://www.angelone.in |
Corporate structure and shareholding
| Entity | Holding | Business |
|---|---|---|
| Angel Securities Limited | 100% | Securities broking subsidiary (proposed business transfer withdrawn Jan 2026) |
| Angel Fincap Private Limited | 100% | NBFC - loans against securities and credit |
| Angel Financial Advisors Private Limited | 100% | IRDAI corporate agent - insurance distribution |
| Angel One Wealth Limited | 100% | Wealth management under the Ionic Wealth brand |
| Angel One Asset Management Company Limited | 100% | Mutual fund asset manager |
| Angel One Trustee Limited | 100% | Trustee to the mutual fund |
| Angel Digitech Services Private Limited | 100% | Technology services |
| Mimansa Software Systems Private Limited | 100% | Software |
| Angel Crest Limited | 100% | Group entity (GIFT City / other) |
| Angel One Foundation | 100% | Section 8 CSR entity |
| Angel One LivWell Life Insurance Limited | 26% | Associate - life insurance JV with LivWell Holding (74%), incorporated 11 Sep 2025, awaiting licence |
Single reportable segment (broking and related services) under Ind AS 108.
| Shareholding (% of shares) | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|
| Promoter | 28.87% | 28.80% | 28.59% | 28.55% |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | 0.00% |
| Foreign institutions | 12.45% | 12.81% | 13.76% | 12.52% |
| Domestic institutions | 18.11% | 18.88% | 20.34% | 19.58% |
| of which mutual funds | 15.74% | 16.77% | 18.33% | 16.95% |
| Retail | 40.57% | 39.52% | 37.30% | 39.35% |
| Other | 0.00% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
Angel One earns broking fees on retail F&O, cash and commodity orders, plus interest on margin-trade funding (MTF) and client-float balances. It is adding distribution, wealth, AMC, lending and global-access products. The group reports one segment, broking and related services. Q2FY27 revenue was INR1,427cr: fees INR909.5cr, interest INR510.0cr and fair-value gains INR7.4cr.
| Peer | Why the dossier compares them |
|---|---|
| Billionbrains Garage Ventures (Groww) (GROWW) | Largest discount broker by NSE active clients; direct competitor for the same retail F&O and MTF customer |
| Motilal Oswal Financial Services (MOTILALOFS) | Listed retail broker with MTF book and distribution; differs by large AMC/wealth arm |
| IIFL Capital Services (IIFLCAPS) | Listed retail and institutional broker with MTF |
| Nuvama Wealth Management (NUVAMA) | Listed wealth and capital markets platform; comparator for Angel's wealth ambitions |
| 5paisa Capital (5PAISA) | Listed discount broker, same business model at small scale |
| Geojit Financial Services (GEOJITFSL) | Listed retail broker |
| Central Depository Services (India) (CDSL) | Market-infrastructure proxy for the same retail activity cycle |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations | 1,998 | 2,473 | 4,272 | 5,238 | 5,137 |
| Cost of revenue (vendor classification) * | 793.7 | 959.5 | 1,260 | 1,543 | 1,548 |
| Other operating costs (vendor classification) * | 524.4 | 656.0 | 1,189 | 1,533 | 1,508 |
| EBITDA (vendor classification) * | 897.5 | 1,279 | 1,675 | 1,920 | 1,778 |
| EBIT * | 904.8 | 1,261 | 1,622 | 1,841 | 1,675 |
| Finance costs | 68.1 | 69.5 | 135.9 | 294.8 | 436.7 |
| Profit before tax | 836.7 | 1,192 | 1,514 | 1,592 | 1,272 |
| Tax | 211.7 | 301.6 | 388.2 | 419.9 | 356.7 |
| Profit after tax | 624.8 | 890.0 | 1,126 | 1,172 | 915.1 |
| Diluted EPS (₹) | 74.44 | 105.1 | 13.18 | 12.68 | 9.85 |
| Fees and commission income | 3,479 | 3,874 | 3,484 | ||
| Interest income | 785.9 | 1,341 | 1,632 | ||
| Net gain on fair value changes | 6.60 | 23.5 | 20.7 | ||
| Other income | 8.10 | 9.30 | 15.6 | ||
| Fees and commission expense | 810.7 | 824.6 | 720.2 | ||
| Employee cost incl ESOP | 556.4 | 855.2 | 1,067 | ||
| ESOP expense | 63.6 | 105.6 | 183.2 | ||
| Other expenses incl impairment | 1,213 | 1,578 | 1,531 | ||
| EBDAT ex other income | 1,556 | 1,686 | 1,381 | ||
| Depreciation and amortisation | 50.0 | 103.4 | 125.0 | ||
| Share of associate | 0.00 | 0.00 | -0.11 | ||
| Exceptional items | 0.00 | 0.00 | 0.00 | ||
| Minority interest | 0.00 | 0.00 | 0.00 | ||
| PAT to owners | 1,126 | 1,172 | 915.1 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total equity * | 1,584 | 2,162 | 3,039 | 5,639 | 6,149 |
| Borrowings * | 1,258 | 787.9 | 2,541 | 3,414 | 7,951 |
| Cash and cash equivalents * | 422.1 | 133.1 | 1,043 | 759.2 | 162.4 |
| Trade receivables * | 565.3 | 374.2 | 487.0 | 299.6 | 434.5 |
| Trade payables * | 4,067 | 4,072 | 7,197 | 7,318 | 9,170 |
| Net property, plant and equipment * | 3.87 | 2.11 | 2.24 | 2.30 | 2.48 |
| Capital work in progress * | 0.00 | 61.5 | 0.00 | 0.00 | 0.64 |
| Total assets * | 7,220 | 7,478 | 13,254 | 16,889 | 23,904 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Cash from operations * | -1,006 | 1,067 | -3,123 | -1,664 | -4,142 |
| Free cash flow (vendor definition) * | 487.8 | 690.0 | -537.4 | -2,024 | -4,223 |
| Dividends paid (the provider's sign: an outflow is negative) * | -208.9 | -375.6 | -324.2 | -198.6 | -444.2 |
| Capital expenditure (the provider's sign: an outflow is negative) * | -69.1 | -100.5 | -207.3 | -163.4 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Shares outstanding * | 8.25 | 8.33 | 8.39 | 90.13 | 90.68 |
| Quarterly profit and loss (₹ crore) | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 1,262 | 1,056 | 1,141 | 1,202 | 1,335 | 1,460 | 1,430 | 1,427 |
| Cost of revenue (vendor classification) * | 431.9 | 333.4 | 442.8 | 456.8 | 443.2 | 471.7 | ||
| Other operating costs (vendor classification) * | 334.4 | 379.8 | 423.5 | 347.1 | 414.9 | 472.6 | ||
| EBITDA (vendor classification) * | 489.9 | 337.4 | 270.6 | 529.3 | 604.7 | 484.2 | ||
| EBIT * | 470.8 | 316.0 | 247.3 | 500.5 | 573.5 | 453.9 | ||
| Finance costs | 83.5 | 80.3 | 82.9 | 93.2 | 127.1 | 133.6 | 129.2 | 147.5 |
| Profit before tax | 387.3 | 235.6 | 164.6 | 294.0 | 373.4 | 440.1 | 324.9 | 458.5 |
| Tax | 105.8 | 61.1 | 50.1 | 82.3 | 104.7 | 119.9 | 93.5 | 123.5 |
| Profit after tax | 281.5 | 174.5 | 114.5 | 211.7 | 268.7 | 320.2 | 231.4 | 335.0 |
| Diluted earnings per share (₹) | 3.07 | 1.89 | 1.23 | 2.27 | 2.88 | 3.44 | 2.46 | 3.67 |
| Fees and commission income | 905.3 | 711.0 | 778.0 | 816.7 | 889.6 | 1,000 | 957.5 | 909.5 |
| Interest income | 349.4 | 337.8 | 356.4 | 379.4 | 440.9 | 455.0 | 466.9 | 510.0 |
| Net gain on fair value changes | 7.60 | 7.20 | 6.20 | 5.70 | 4.40 | 4.50 | 5.30 | 7.40 |
| Other income | 1.60 | 1.80 | 2.60 | 2.40 | 2.80 | 7.80 | 4.03 | 4.60 |
| Fees and commission expense | 194.6 | 146.8 | 168.9 | 170.0 | 182.5 | 198.8 | 203.1 | 191.1 |
| Employee cost incl ESOP | 237.4 | 186.7 | 273.9 | 274.5 | 274.3 | 244.3 | 268.6 | 255.5 |
| ESOP expense | 27.5 | 33.7 | 46.5 | 47.0 | 50.4 | 39.3 | 38.9 | 46.0 |
| Other expenses incl impairment | 334.4 | 379.9 | 423.0 | 341.8 | 348.8 | 417.6 | 472.9 | 344.1 |
| EBDAT ex other income | 412.4 | 262.3 | 191.9 | 322.3 | 402.2 | 465.2 | 355.9 | 493.3 |
| Depreciation and amortisation | 26.7 | 28.5 | 29.9 | 30.7 | 31.5 | 32.9 | 35.1 | 34.8 |
| Share of associate | 0.00 | 0.00 | 0.00 | 0.00 | -0.11 | 0.00 | 0.00 | |
| Exceptional items | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Minority interest | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Profit attributable to owners | 281.5 | 174.5 | 114.5 | 211.7 | 268.7 | 320.2 | 231.4 | 335.0 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 75.5% | 23.8% | 72.7% | 22.6% | -1.9% |
| EBITDA margin | 36.4% | 32.2% | 26.9% | ||
| Net margin | 26.3% | 22.4% | 17.8% | ||
| Return on equity | 43.3% | 27.0% | 15.5% | ||
| Return on capital employed | 35.2% | 43.6% | 38.0% | 25.2% | 14.5% |
| Return on assets | 10.9% | 7.8% | 4.5% | ||
| Borrowings less cash (₹ crore) | 835.6 | 654.8 | 1,498 | 2,655 | 7,789 |
| Borrowings less cash / EBITDA | 0.96x | 1.57x | 5.64x | ||
| Interest cover | 13.3x | 18.2x | 11.9x | 6.24x | 3.84x |
| Asset turnover | 0.33x | 0.34x | 0.41x | 0.35x | 0.25x |
| Receivable days | 103 | 55 | 42 | 21 | 31 |
| Payable days (on revenue) | 743 | 601 | 615 | 510 | 652 |
| Cash conversion | -2.78x | -1.42x | -4.53x | ||
| Capex intensity | 3.5% | 4.1% | 4.9% | 3.1% | |
| Free cash flow (₹ crore) | -1,075 | 966.8 | -3,331 | -1,828 | |
| Dividend payout | 28.8% | 16.9% | 48.5% | ||
| EPS, diluted (₹) | 74.44 | 105.1 | 13.18 | 12.68 | 9.85 |
| Book value per share (₹) | 192.0 | 259.6 | 362.3 | 62.57 | 67.81 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (EBDAT ex other income) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Borrowings less cash (₹ crore): borrowings less cash and cash equivalents, with no investments netted; negative is cash beyond borrowings.
- Borrowings less cash / EBITDA: borrowings less cash / EBITDA (EBDAT ex other income).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 3, information to 15 Oct 2026); market data at the close of 15 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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Every piece of Mool’s research is built the same way: a researched evidence base, analyses that build on each other, a research model and a report with the call. This page shows the first analysis.
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- The 12-month rating and target
- The 3-month view
- Mool's estimates beside the street's
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- Business model & financial foundationOn this pageWhat the company does and how it makes money, its structure, five years of financials and the metrics that matter for it.
- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
- Fundamental valuation & 12-month thesisWhat the business is worth on several methods, what the market already prices in and the 12-month thesis that follows.
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The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
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Report history
Reports on Angel One
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