Announcement
Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 25 Sep - Intimation of allotment of 5,58,270 Equity Shares of Angel One Limited having a face value of Re. 1 each pursuant to exercise under Angel Broking …
Source: Bse
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.
Data qualityFresh enough for analysisQuote updated 21 Oct, 04:45 am ISTDetails
Quote21 Oct, 04:45 am IST
Base fundamentals17 Oct 2026 · screener
Latest result15 Oct, 05:18 pm IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags04 Oct 2026
Coverage13/14 · 93%
Valuation2026-07-20 · Rf 6.8% · Financial Services P/E 17.0 (n=243)
Technical timing lens
Trend score and candlestick chart
61Bullishfull bull SMA stack · MACD +
Stock trend: 72
Sector RS: 44
Sector 3M: -5.8% vs Nifty 500 -5.6%
Financial Services FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
ANGELONED candles · FIT view-3.7%Latest close ₹302.90 on 2026-10-19
Bar
+0.6%
RSI
54
MACD hist
1.92
52W pos
62%
2026-10-19O ₹301.00H ₹304.35L ₹298.20C ₹302.90Vol 61.0L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
ANGELONENifty Financial ServicesNifty 500
- ANGELONE
- -6.6%
- Nifty 500
- -5.6%
- Nifty Financial Services
- -6.0%
- Vs Nifty 500
- -1.0 pp
Chart stats
19 Oct 2026- From 52W high
- -16.0%
- 52W range position
- 62%
- ATR (14)
- 3.4%
- Volume vs 20D
- 1.01x
- Avg traded value
- ₹182 Cr
- 20D price channel
- ₹267.8 - ₹321.9
₹360.5
₹208.6 - ₹360.5
₹10.4
Latest completed session
20-session average
37.5% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend is neutral, and recent execution is mixed.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · WATCHLIST35
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Excellent90
Revenue +18.7% · PAT +58.0% YoY
Technical
Bullish61
Price trend and sector-relative-strength timing.
Valuation
Legacy model+6.2%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence60
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Sept 2026
Excellent · 90/100Rev +19% YoY · PAT +58% YoY · margin expansion · operating leverage
Filed 15 Oct 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,427 Cr | +18.7% | -0.2% |
| EBITDA | ₹636.3 Cr | +53.3% | +31.2% |
| Operating margin | 44.6% | +959 bps | +1067 bps |
| PAT | ₹335 Cr | +58.0% | +44.8% |
| PAT margin | 23.5% | +583 bps | +728 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 23.80
- P/B
- 4.12
- EV/EBITDA
- 14.70
- Market Cap
- 27438.00Cr
Profitability
- ROE
- 15.60%
- ROCE
- 14.80%
- ROA
- 5.09%
- 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
- 1.14
- Interest Coverage
- 4.19×
- Altman Z
- 2.11
- Book Value
- 72.90
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 5/5
- OCF
- -4142.00 Cr
- EPS TTM
- 12.67
Shareholding
- Promoter Hold
- 28.55%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 60%
Financial History
Updated 19/10/2026
Revenue
₹ CrLatest: 5,138-1.9% vs prev
Net Profit
₹ CrLatest: 915-21.9% vs prev
Return on Equity
%Latest: 13.7-28.4% vs prev
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Mixed signalsSignals are conflicting — long-term uptrend intact. RSI 54. Wait for confirmation.
- Price > SMA20 > SMA50 > SMA200 — full bullish stack.
- SMA20 roughly flat — short-term momentum stalled.
- RSI(14) at 54 — falling, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 16% off 52W high · 45% 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.
Nifty 500 leadership
Relative Strength & Trend Stage
74
RS percentile
Stage 3 Topping
1M return
+1.3%
3M return
-6.6%
6M return
-7.8%
1Y return
+19.4%
RS 1D
+5
RS 20D
-4
Sector rank
#9
Industry rank
-
Stage evidence
- 14.6% below the 52-week closing high after prior strength.
- The 30-week proxy has stalled (+2.9% over 20 sessions).
- Price has not yet confirmed a full Stage 4 downtrend.
50-DMA
price above
200-DMA
price above
Sector
neutral
Industry
unranked
Relative-strength line vs Nifty 500 (base 100)
262 observations
19 Oct 2026Value 146.1+2.01%
RS vs Nifty 500146
Valuation & peers
U-Score 35 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
Valuation & peers
U-Score 35 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
WATCHLIST
Fundamental score breakdown
U band · WATCHLISTValuation3/30
Growth15/25
Quality7/20
Balance Sheet4/15
Cash Flow3/10
Piotroski
5/9 (+3)
Penalties
0
Raw sum
35
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
35/100 · legacy band WATCHLIST
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 3/30; verify the latest quarterly trend.
- Balance sheet is weaker at 4/15; verify the latest quarterly trend.
- Cash flow is weaker at 3/10; verify the latest quarterly trend.
Sector valuation model
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.
Primary lens
PE, EV/EBITDA, margin of safety, and FCF yield together.
Secondary checks
ROE/ROCE, growth, cash conversion, leverage, promoter risk.
Main risk check
One cheap metric is not enough if quality or cash flow is weak.
PE
23.8
PB
4.1
EV/EBITDA
14.7
ROE
15.6%
ROCE
14.8%
FCF Yield
—
Debt/Equity
1.1
MoS
+6.2%
Score movement
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.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
35
Previous: 35
Legacy U-Score band
WATCHLIST
Previous: WATCHLIST
Margin of safety
+6.2%
Previous: +6.2%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
31
31
31
31
35
35
57
35
35
35
35
35
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹144.16
-110.1% MoS
Growth-justified P/E
25.5
Growth-justified Value
₹323.08
+6.2% MoS
PEG
1.55
Comparable companies
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.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
ARSSBL
Small
Anand Rathi Share and Stock Brokers Limited
Broking
match 84
46
19.8
14.0%
+17%
FAIR VALUE
GEOJITFSL
Small
Geojit Financial Services Limited
Broking
match 84
27
27.5
7.3%
-532%
OVERVALUED
DBSTOCKBRO
Small
DB (International) Stock Brokers Limited
Broking
match 84
31
36.9
4.2%
-40%
OVERVALUED
ARIHANTCAP
Small
Arihant Capital Markets Limited
Broking
match 83
20
25.0
7.7%
-300%
OVERVALUED
EMKAY
Small
Emkay Global Financial Services Limited
Broking
match 83
18
40.1
4.5%
-127%
OVERVALUED
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis under stressReviewed 2026-07-16T07:21:43.182Z
Management commentary snapshot
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.
Current business mix
Total Gross Income Split (Q1 '27)
Latest issuer-disclosed distribution across 7 reported categories.
Brokerage - F&O45.0%
Interest33.0%
Brokerage - Cash9.0%
Depository6.0%
Brokerage - Commodity3.0%
Distribution3.0%
Other Income1.0%
Growth engines
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.
Tailwinds
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.
Headwinds
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.
Risk radar
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
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare BOTH
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.
Sector KPIs management disclosed
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)
Management forward view
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.
Thesis monitor
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.
Trust Score
60Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 28th percentile of the scored universe and 45th percentile within Financial Services. Main check: financial discipline is weak at 50/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 21 Oct 2026
management-trust-v1
134 docs text-extracted · 56 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
28th percentile
overall median 67 · Financial Services: 45th pctile, median 62 · Small: 32nd pctile, median 66
Evidence depth
Financial-only
134 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Acceptable, but check the weakest sub-score before increasing exposure.
Read 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.
Promoter
78
strong · holding, pledge, alignment
Cash flow
52
watch · profit to cash conversion
Balance sheet
53
watch · leverage and solvency
Discipline
50
watch · capital discipline
Results
72
acceptable · quarterly consistency
Trust positives
- ▸Promoter pledge is zero.
- ▸5 years of positive FCF.
- ▸4/4 latest quarters had positive YoY revenue growth.
- ▸3/4 latest quarters had positive YoY PAT growth.
Trust risks
- ▸Operating cash flow is negative at ₹-4142 Cr.
- ▸Debt/equity is 1.14.
- ▸ROCE trend is -11.9%.
- ▸OPM spread across recent quarters is 20.6%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Angel One Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 7 Sep - Angel One to hold investor meetings in Mumbai on Sept 10 and 23, 2026.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 7 Sep - Angel One Limited has informed about Schedule of meet
Source: Bse
AnnouncementAug 2026
Aug 2026 · Announcement under Regulation 30 (LODR)-Monthly Business Updates 4 Sep - Angel One reported August 2026 client growth, record funding book, and updated turnover and market-share metrics.
Source: Bse
AnnouncementAug 2026
Aug 2026 · Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 7 Aug - Angel One schedules investor meetings on 12 and 17 August 2026 in Hong Kong and Mumbai.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 7 Aug - Angel One Limited has informed about Schedule of meet
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 31 Jul - Intimation of Allotment of 1,68,488 Equity Shares of Angel One Limited having a face value of Re. 1 each pursuant to exercise under Angel Broking …
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 30 Jun - Intimation of allotment of 1,69,561 Equity Shares of Angel One Limited having a face value of Rs. 1 pursuant to exercise under Angel Broking Employee …
Source: Bse
Concall transcript
Transcript Of 30Th Annual General Meeting Of Angel One Limited 17 Jun - Angel One released 30th AGM transcript; FY26 income Rs 51,522 million, PAT Rs 9,151 million, clients 37.4 million.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Press Release / Media Release 4 Jun - Angel One appoints Ajit Narayanan as Chief Technology Officer; Ravish Sinha transitions to technologist role.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 27 May - Intimation of allotment of 13,50,620 Equity shares of Angel One Limited having a face value of Rs. 1 each pursuant to exercise under Angel Broking …
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 26 May - Angel One schedules analyst/institutional meetings on May 29 and June 4, 8, 2026.
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.