Angel One
Stock Snapshot
Price Performance
Vista Outlook
Basis of our Recommendation
Angel One is strategically transitioning from a traditional brokerage to a diversified financial services platform, which is expected to enhance its revenue growth and competitive position. Management's focus on scaling its Margin Trade Funding (MTF) and expanding non-broking revenue streams, such as wealth management and credit products, is crucial for long-term profitability. Despite facing near-term challenges from regulatory changes and market volatility, the company's integration of AI across its operations is anticipated to drive operational efficiency and customer engagement. Vista's financial outlook reflects a recovery in revenue growth, although margins may remain under pressure due to ongoing investments in new business segments. The capital markets sector is experiencing a favorable environment, supported by regulatory reforms and increasing foreign investment, which aligns with Angel One's growth strategy. Over the next 12-24 months, key opportunities include the expansion of its product suite and the launch of a tech-led life insurance business, while watchpoints include regulatory risks and competition in the financial services landscape
Why We Like This Stock
- Management's focus on diversifying revenue streams through wealth management and credit products enhances long-term growth potential
- The integration of AI across operations is expected to improve efficiency and customer engagement, driving profitability
- Favorable regulatory reforms and increasing foreign investment in the capital markets sector support Angel One's growth strategy
Things To Watch Out For
- Regulatory changes and market volatility pose risks to revenue and market share
- Margins may remain under pressure due to ongoing investments in new business segments
- Intense competition in the financial services industry could impact growth and profitability
Key Parameters
Financial Snapshot
View Technicals Analysis →| Actuals | Forecast | ||||
|---|---|---|---|---|---|
| FY24 | FY25 | FY26 | FY27 | FY28 | |
| Revenue (Cr.) | 4,272 | 5,239 | 5,137 | 5,548 | 6,342 |
| Profit Before Tax (Cr.) | 1,514 | 1,592 | 1,272 | 1,607 | 1,934 |
| PBT Margin | 35.4% | 30.4% | 24.8% | 29.0% | 30.5% |
| Net Profit (Cr.) | 1,138 | 1,183 | 914 | 1,155 | 1,391 |
| Earnings Per Share | 12.5 | 12.9 | 10.0 | 12.6 | 15.2 |
Analyst Recommendations
| Broker | Recommendation | Target Price | Date |
|---|---|---|---|
| Macguire | ► Neutral | 285 | 23-Sep-2026 |
| UBS | ► Neutral | 360 | 11-Sep-2026 |
| Investec | ▲ Buy | 350 | 27-Aug-2026 |
| HDFC Securities | ▲ Buy | 390 | 17-Jul-2026 |
| JPMorgan | ▲ Buy | 410 | 17-Jul-2026 |
| Kotak Securities | ▲ Buy | 380 | 17-Jul-2026 |
| Motilal Oswal | ▲ Buy | 420 | 17-Jul-2026 |
| Citigroup | ▲ Buy | 380 | 16-Jul-2026 |
| Moneycontrol | ▲ Overweight | nan | 18-Jun-2026 |
| JMFinancials | ► Hold | 350 | 25-May-2026 |
Company Overview
Show Company Profile
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. It also manages client's securities in the electronic form; facilitates clients in applying for initial public offerings; and provides funds to investors for trading. In addition, the company offers insurance, mutual funds, sovereign gold bonds, and credit products; and investment insight and market research services; as well as educates clients on financial markets and investing strategies. Further, it provides portfolio management, trading accounts, and DEMAT account services. Additionally, the company engages in stock, currency and commodity broking, provides margin trading facility, depository services, and distribution of mutual funds; asset and wealth management services, software consultancy, annual maintenance services and other financial services. The company operates through Angel One Super App, Angel One Trade, and Smart API investing and trading platforms. It serves resident and non-resident individuals, salaried professionals, high net worth individuals, Hindu undivided Families, corporates and trusts, partnership firms and LLP, and co-operative societies. The company was formerly known as Angel Broking Limited and changed its name to Angel One Limited in September 2021. Angel One Limited was incorporated in 1996 and is based in Mumbai, India.