Angel One Ltd
Angel One Ltd is a diversified financial services company and is primarily engaged in the business of stock, commodity and currency broking, institutional broking, providing margin trading facility, depository services and distribution of mutual funds, lending as a NBFC and corporate agents of insurance companies.[1]
- Market Cap ₹ 20,454 Cr.
- Current Price ₹ 225
- High / Low ₹ 328 / 194
- Stock P/E 26.6
- Book Value ₹ 64.0
- Dividend Yield 2.10 %
- ROCE 25.8 %
- ROE 27.1 %
- Face Value ₹ 1.00
Pros
- Company has delivered good profit growth of 66.9% CAGR over last 5 years
- Company has a good return on equity (ROE) track record: 3 Years ROE 36.1%
- Company has been maintaining a healthy dividend payout of 33.4%
- Debtor days have improved from 36.0 to 20.9 days.
- Company's median sales growth is 26.8% of last 10 years
Cons
- Promoter holding has decreased over last 3 years: -14.8%
* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 450 | 451 | 440 | 770 | 778 | 748 | 1,289 | 2,292 | 3,002 | 4,272 | 5,239 | 4,733 | |
| 339 | 362 | 437 | 516 | 575 | 570 | 828 | 1,366 | 1,708 | 2,579 | 3,256 | 3,171 | |
| Operating Profit | 112 | 90 | 3 | 254 | 203 | 178 | 460 | 926 | 1,294 | 1,693 | 1,983 | 1,562 |
| OPM % | 25% | 20% | 1% | 33% | 26% | 24% | 36% | 40% | 43% | 40% | 38% | 33% |
| 11 | 11 | 112 | 14 | 11 | 7 | 10 | 5 | 18 | 7 | 8 | 10 | |
| Interest | 38 | 36 | 54 | 95 | 70 | 50 | 42 | 76 | 91 | 137 | 296 | 383 |
| Depreciation | 10 | 13 | 14 | 15 | 20 | 21 | 18 | 19 | 30 | 50 | 103 | 121 |
| Profit before tax | 74 | 52 | 48 | 159 | 124 | 114 | 410 | 836 | 1,192 | 1,514 | 1,592 | 1,068 |
| Tax % | 37% | 39% | 35% | 32% | 36% | 28% | 28% | 25% | 25% | 26% | 26% | |
| 47 | 32 | 31 | 108 | 80 | 82 | 297 | 625 | 890 | 1,126 | 1,172 | 769 | |
| EPS in Rs | 3.27 | 2.21 | 2.16 | 1.50 | 1.11 | 1.14 | 3.63 | 7.54 | 10.67 | 13.40 | 12.98 | 8.48 |
| Dividend Payout % | 13% | 25% | 31% | 91% | 24% | 24% | 35% | 36% | 37% | 26% | 37% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | 28% |
| 5 Years: | 48% |
| 3 Years: | 32% |
| TTM: | -15% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | 38% |
| 5 Years: | 67% |
| 3 Years: | 23% |
| TTM: | -42% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | 46% |
| 3 Years: | 24% |
| 1 Year: | 7% |
| Return on Equity | |
|---|---|
| 10 Years: | 34% |
| 5 Years: | 37% |
| 3 Years: | 36% |
| Last Year: | 27% |
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 14 | 14 | 14 | 72 | 72 | 72 | 82 | 83 | 83 | 84 | 90 | 91 |
| Reserves | 332 | 355 | 375 | 403 | 459 | 519 | 1,049 | 1,502 | 2,078 | 2,955 | 5,531 | 5,719 |
| 333 | 358 | 772 | 1,125 | 872 | 491 | 1,171 | 1,258 | 788 | 2,541 | 3,414 | 4,454 | |
| 295 | 411 | 641 | 767 | 805 | 1,108 | 2,511 | 4,378 | 4,528 | 7,674 | 7,853 | 8,080 | |
| Total Liabilities | 974 | 1,139 | 1,803 | 2,367 | 2,209 | 2,190 | 4,814 | 7,220 | 7,478 | 13,254 | 16,889 | 18,345 |
| 121 | 122 | 123 | 116 | 134 | 124 | 115 | 152 | 187 | 409 | 499 | 489 | |
| CWIP | 1 | 3 | 1 | 0 | 1 | 2 | 0 | 12 | 62 | 1 | 4 | 1 |
| Investments | 0 | 0 | 50 | 6 | 15 | 35 | 6 | 19 | 109 | 0 | 202 | 305 |
| 852 | 1,014 | 1,630 | 2,246 | 2,059 | 2,029 | 4,693 | 7,037 | 7,120 | 12,844 | 16,184 | 17,550 | |
| Total Assets | 974 | 1,139 | 1,803 | 2,367 | 2,209 | 2,190 | 4,814 | 7,220 | 7,478 | 13,254 | 16,889 | 18,345 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 11 | -77 | -210 | -309 | 689 | 643 | -1,199 | 558 | 804 | -330 | -1,860 | |
| -7 | -13 | -50 | 47 | -6 | -28 | 25 | -52 | -185 | -91 | -341 | |
| 2 | 40 | 350 | 239 | -361 | -449 | 894 | -165 | -908 | 1,331 | 1,917 | |
| Net Cash Flow | 5 | -51 | 91 | -23 | 323 | 166 | -280 | 340 | -289 | 910 | -284 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 218 | 361 | 712 | 75 | 101 | 19 | 64 | 90 | 45 | 42 | 21 |
| Inventory Days | |||||||||||
| Days Payable | |||||||||||
| Cash Conversion Cycle | 218 | 361 | 712 | 75 | 101 | 19 | 64 | 90 | 45 | 42 | 21 |
| Working Capital Days | 122 | 119 | -343 | -284 | 127 | -380 | -235 | -569 | -474 | -525 | -497 |
| ROCE % | 12% | 11% | 18% | 13% | 14% | 27% | 35% | 44% | 39% | 26% |
Insights
In beta| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|
| Total Client Base Million |
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| Average Client Funding Book (MTF) INR Billion |
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| Average Daily Turnover (ADTO) Market Share - Overall Retail Equity percentage ・Standalone data |
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| NSE Active Client Market Share percentage ・Standalone data |
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| Number of Executed Orders Million |
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| Number of Authorized Persons (APs) absolute ・Standalone data |
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Documents
Announcements
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Intimation Of Grant Of Options Under Angel Broking Employee Long Term Incentive Plan 2021
6 Mar - Grant of 7,886 RSUs to one employee on March 6, 2026; exercise price Rs.1; 4-year vesting.
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Announcement under Regulation 30 (LODR)-Monthly Business Updates
6 Mar - Feb 2026: client base 36.93mn; overall ADTO 55,743; commodity market share 57.0%; orders 144.01mn.
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Announcement under Regulation 30 (LODR)-Allotment
24 Feb - Allotment of 5,000 NCDs of Rs1,00,000 each (Rs50 Crore) on Feb 24, 2026; 18-month, 8.75%.
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Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation
23 Feb - Investor meetings Feb 26 (Mumbai), Mar 9-11 (Singapore, Mumbai); presentation uploaded Jan 15, 2026.
- Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 23 Feb
Annual reports
Concalls
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Jan 2026Transcript PPT REC
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Jan 2026TranscriptAI SummaryPPT
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Oct 2025Transcript PPT REC
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Oct 2024Transcript PPT REC
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Oct 2024TranscriptAI SummaryPPT
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Jul 2024Transcript PPT REC
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Jul 2024Transcript PPT
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Apr 2024Transcript PPT REC
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Apr 2024TranscriptPPT
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Mar 2024TranscriptAI SummaryPPT
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Jan 2024Transcript PPT
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Oct 2023Transcript PPT
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Jul 2023Transcript PPT
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Jun 2023TranscriptPPT
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Apr 2023Transcript PPT
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Apr 2023TranscriptAI SummaryPPT
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Jan 2023Transcript PPT
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Oct 2022Transcript PPT
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Jul 2022Transcript PPT
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Jun 2022TranscriptPPT
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Apr 2022Transcript PPT
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Oct 2021Transcript PPT
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Jul 2021Transcript PPT
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May 2021Transcript PPT
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Apr 2021TranscriptAI SummaryPPT
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Apr 2021Transcript PPT
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Feb 2021Transcript PPT
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Dec 2020TranscriptPPT
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Nov 2020Transcript PPT
Service Offerings
Angel One is India’s largest listed retail stock broking business. Its offerings include broking and advisory services, margin funding, and distribution of third-party financial products to its clients. It has expanded its third-party financial product offerings to include unsecured loans, motor insurance, and fixed deposits. [1]