'Buy' Angel One Shares Maintains HDFC Securities Post Q2 Results; Revises Target Price

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HDFC Securities Institutional Equities

We expect material near-term operating margin compression on account of prolonged slowdown in market volumes; Angel One Ltd.’s new client additions are also likely to remain softer, given the focus on driving higher activation rates.

Given that market volumes have remained softer than expected during H1, we cut our net revenue estimates for FY26E/FY27E by 12%/15% and hack our PAT estimate by 15%.

We maintain Buy with a revised target price of Rs 2,720, implying 16x Sep-27 EPS (annualized).

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