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ICICI Securities Report
Angel One Ltd. business execution remains strong, underlined by increasing share in cash volumes (16.6%), share in F&O volumes (20.4%), share in active NSE clients (15.6%), growth in Margin Trading Facility book (160% between June 2023 and June 2024), and prospects of new business segments such as asset management company, wealth management and other financial services.
As such, despite possible regulatory overhang on option volumes, we remain constructive on the earnings growth opportunity coupled with the prospect of higher investor returns, basis current valuations (12 times FY26E earning per share).
Key risks include any regulatory changes which may reduce participation in capital markets.
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