Angel One ANGELONE
Large listed discount broker (about 4 crore clients, Sep 2026) with F&O-heavy volumes, margin funding and a new AMC and wealth arm
Mapped in 1 theme: Capital Markets.
Where Angel One sits in the supply chain
Angel One appears in 2 supply-chain layers in one theme, Capital Markets.
Capital Markets › Fund & insurance distribution
Emerging entrantOther companies in this layer
Revenue and profit
| ₹ Cr | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 2,292 | 3,002 | 4,272 | 5,239 | 5,138 |
| Net profit | 625 | 890 | 1,126 | 1,172 | 915 |
Latest-year revenue ₹5,138 Cr (FY26, company-wide).
Strengths
- Third-largest by NSE active clients (~14.7% in Sep 2026, just behind Zerodha) with strong reach outside the metros
- Q2 FY27 profit +58% YoY; client funding book averaged ~₹7,450 Cr in the quarter and closed at a record ~₹8,210 Cr
- Diversifying into mutual funds (Angel One AMC), wealth and credit distribution
Risks
- Most revenue still comes from F&O orders - directly hit by SEBI curbs and the STT hike
- Retail equity turnover share slipped ~0.5 pt QoQ to ~19.7% in Q2 FY27
- Gross client additions fell year on year in Sep 2026
Common questions
What does Angel One do?
Large listed discount broker (about 4 crore clients, Sep 2026) with F&O-heavy volumes, margin funding and a new AMC and wealth arm.
Where does Angel One sit in the supply chain?
Angel One (NSE: ANGELONE) is mapped in 2 supply-chain layers: Retail brokers (Capital Markets) and Fund & insurance distribution (Capital Markets).
Who are Angel One's peers?
In the Retail brokers layer of Capital Markets: Groww (Billionbrains Garage Ventures), Zerodha (not NSE-listed), Motilal Oswal Financial Services, 5paisa Capital, IIFL Capital Services and Kotak Mahindra Bank.
What is Angel One's market cap and valuation?
As of 6 Nov 2026: market cap ₹30,351 Cr, P/E 26.3x, ROCE 14.8%, ROE 15.6%, dividend yield 1.22%.