Angel One Limited (ANGELONE)
Small CapFinancial Services stocks · Small cap · NSE
Angel One Limited is a financial services platform offering broking, mutual funds, credit distribution, wealth management, and asset management. It aims to serve every financial need across a user's lifetime, leveraging technology and AI to deepen engagement and expand product adoption.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Weak fundamentals, management trust needs verification, price trend argues for patience, and recent execution is weak.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 30 Jun 2026
Excellent · 90/100Rev +25% YoY · PAT +103% YoY · margin expansion · operating leverage
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,430 Cr | +25.3% | -2.0% |
| EBITDA | ₹485 Cr | +76.4% | -19.0% |
| Operating margin | 34.0% | +1000 bps | -700 bps |
| PAT | ₹231 Cr | +102.6% | -27.8% |
| PAT margin | 16.1% | +616 bps | -578 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
Q1 FY27 consolidated PAT up 102.1% YoY to ₹2.3 Bn, but down 27.7% QoQ. Total Gross Income increased 25.4% YoY to ₹14.3 Bn, but decreased 2.3% QoQ, impacted by moderated user activity and IPL.
While YoY growth remains robust across financials and AUM, sequential moderation in user activity, orders, and market share, coupled with a significant QoQ drop in PAT and EBDAT, suggests near-term pressure on the core broking business. Management attributes this to moderated user activity and IPL impact.
Total Gross Income Split (Q1 '27)
Latest issuer-disclosed distribution across 7 reported categories.
Multi-product Ecosystem
Win the user once, then serve every financial need across their lifetime, leveraging technology.
Client Funding Book
A fast-emerging growth opportunity, secured by demat holdings with robust risk management.
Wealth Management
Capturing the affluent stage with Ionic Wealth AUM growing +33.3% QoQ and expanding UHNI families.
Credit Distribution
A large untapped layer within the user pool, with an embedded credit layer deepening customer relationships.
Under-penetrated Finance Market
India's 3.1% equity penetration of total population offers structural multi-decadal compounding opportunity.
Digital Infrastructure
High smartphone penetration, low data cost, and rising internet connections enable the digital shift in finance.
Rising Incomes & Savings
India's GDP doubled in 10 years, leading to rising household savings and investments.
Growing HNI Base
India’s wealth management industry is expected to grow 25-30% CAGR over 10 years.
Moderated User Activity
Decrease in revenues as user activity moderated in Q1 FY27.
IPL Impact
Management noted IPL impact on Q1 FY27 results.
Higher Employee Cost
Due to annual increments and proportionate provisioning of variable pay for FY27.
Higher ESOP Expense
On account of issuance of fresh grants during Q1 FY27.
Regulatory Changes
Changes like True to Label and F&O regulations impacted revenues in FY26.
Competition
Forward-looking statements acknowledge competition as a risk.
Technological Implementation
Risks associated with technological implementation, changes, and advancements.
Market Risks
The company's market preferences and its exposure to market risks.
Management accountability
What management said, and what results must prove
Management accountability
What management said, and what results must prove
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
YoY comparison highlights the long-term growth trajectory and market penetration in an under-penetrated market. QoQ is crucial to assess sequential momentum, user activity, and the impact of short-term factors like IPL on the transactional broking business.
Overall Retail Equity Turnover Market Share
20.2% in Q1 FY27 (-17 bps QoQ)
Number of Orders
406 Mn in Q1 FY27 (-5.7% QoQ)
Wealth AUM
₹134.4 Bn in Q1 FY27 (+33.3% QoQ)
AMC AUM
₹6.2 Bn as on 30th June 2026 (+70.6% QoQ)
AI-led Ecosystem
Leveraging AI to enhance every platform journey and building a tech-led, AI-powered life insurance business.
Maximizing Lifetime Relationship
Building an ecosystem to scale financial services and serve India’s financial needs.
Revenue Compounding
Revenue compounds from deeper relationships, not just new users, by expanding product adoption and growing wallet share.
Compliance-First by Design
Every AI use case operates within the applicable regulatory and data-privacy frameworks.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Overall Retail Equity Turnover Market Share | 20.2% (-17 bps QoQ) | Stabilization or recovery in market share. |
| Number of Orders | 406 Mn (-5.7% QoQ) | Reversal of sequential decline in trading activity. |
| Wealth AUM Growth | +33.3% QoQ | Continued strong sequential growth in wealth management AUM. |
| Client Funding Book Growth | +31.3% QoQ (period ending) | Sustained growth in client funding book while maintaining risk quality. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
40NeutralSMA20 -6.8% / mo · MACD + · near 52W low
Technical chart
ANGELONEdaily · 1Y · AUTO+33.4%Daily technical trend read
Mixed signalsSignals are conflicting — long-term trend down. RSI 53. Wait for confirmation.
- Price below SMA200 (long-term downtrend) — short-term bounces likely countertrend.
- SMA20 falling (~7.3% over last month) — short-term momentum negative.
- RSI(14) at 53 — rising, no extreme reading.
- MACD above signal, histogram expanding — bullish momentum building.
- 90% off 52W high · 44% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Relative Strength & Trend Stage
- Price is 39.9% below the 30-week proxy.
- The 50-DMA is below the 30-week proxy and its slope is falling -37.8%.
Valuation & score drivers
U-Score 33 · WATCHLIST · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 33 · WATCHLIST · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
WATCHLISTWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Growth contributes 15/25 to the score.
- Quality contributes 7/20 to the score.
- Cash flow contributes 3/10 to the score.
Main drags
- Valuation is weaker at 2/30; verify the latest quarterly trend.
- Balance sheet is weaker at 3/15; verify the latest quarterly trend.
- Cash flow is weaker at 3/10; verify the latest quarterly trend.
Blended valuation: PE, EV/EBITDA, FCF yield, and balance-sheet checks
For this sector, IndiaPulse uses a blended lens rather than relying on a single valuation ratio.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: -2 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Mixed Trust: Claim history is still being built. It ranks around the 20th percentile of the scored universe and 35th percentile within Financial Services. Main check: financial discipline is weak at 50/100.
Mixed Trust Lite: Promoter pledge is zero. Key concern: Operating cash flow is negative at ₹-4142 Cr.
Usable, but needs evidence. Treat guidance with a margin of safety.
overall median 67 · Financial Services: 35th pctile, median 62 · Small: 23rd pctile, median 66
130 documents have extracted text, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Mixed Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter pledge is zero.
- ▸5 years of positive FCF.
- ▸3/4 latest quarters had positive YoY revenue growth.
Trust risks
- ▸Operating cash flow is negative at ₹-4142 Cr.
- ▸Debt/equity is 1.30.
- ▸ROCE trend is -11.9%.
- ▸1 of the latest 4 quarters had PAT decline worse than 25% YoY.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 26.60
- P/B
- 4.46
- EV/EBITDA
- 18.13
- Market Cap
- 27403.00Cr
Profitability
- ROE
- 15.60%
- ROCE
- 14.80%
- ROA
- 4.32%
- Dividend Y
- 1.35%
Growth (CAGR)
- Revenue 5Y
- 32.00%
- EPS 5Y
- 25.00%
- Revenue 3Y
- 20.00%
- EPS 3Y
- 1.00%
Balance Sheet
- Debt/Equity
- 1.30
- Interest Coverage
- 3.77×
- Altman Z
- 1.85
- Book Value
- 67.20
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 5/5
- OCF
- -4142.00 Cr
- EPS TTM
- 11.34
Shareholding
- Promoter Hold
- 28.59%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 60%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable names in Financial Services, ranked by similarity
Peers
Business-comparable names in Financial Services, ranked by similarity
Peers
Business-comparable peers in Financial Services — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.