ICICI Securities maintains Buy on Angel One, lowers target price to Rs 3,000

ICICI Securities has maintained a buy call on Angel One with a lowered target price of Rs 3000 (Rs 3,700 earlier) . The current market price of Angel One Ltd. is Rs 2495. Angel One, incorporated in 1996, is a Small Cap company with a market cap of Rs 22509.89 crore operating in Financial Services sector. Angel One's key Products/Revenue Segments include Fees & Commission Income, Interest and Income From Sale Of Share & Securities for the year ending 31-Mar-2024. Financials For the quarter ended 31-12-2024, the company has reported a Consolidated Total Income of Rs 1263.80 crore, down -16.63 % from last quarter Total Income of Rs 1515.96 crore and up 19.14% from last year same quarter Total Income of Rs 1060.80 crore. The company has reported net profit after tax of Rs 281.47 crore in the latest quarter. The company?s top management includes Mr.Dinesh D Thakkar, Mr.Ketan Shah, Mr.Amit Majumdar, Mr.Krishna Iyer, Mr.Kalyan Prasath, Mr.Krishnaswamy Arabadi Sridhar, Mr.Muralidharan Ramachandran, Ms.Mala Todarwal, Mr.Arunkumar Nerur Thiagarajan. Company has S R Batliboi & Co. LLP as its auditors. As on 31-12-2024, the company has a total of 9 Crore shares outstanding. Stock Trading Maximise Returns by Investing in the Right Companies By - The Economic Times, Get Certified By India's Top Business News Brand View Program Stock Trading Market 104: Options Trading: Kickstart Your F&O Adventure By - Saketh R, Founder- QuickAlpha, Full Time Options Trader View Program Stock Trading Technical Analysis for Everyone - Technical Analysis Course By - Abhijit Paul, Technical Research Head, Fund Manager- ICICI Securities View Program Stock Trading Stock Markets Made Easy By - elearnmarkets, Financial Education by StockEdge View Program Stock Trading Renko Chart Patterns Made Easy By - Kaushik Akiwatkar, Derivative Trader and Investor View Program Stock Trading Market 101: An Insight into Trendlines and Momentum By - Rohit Srivastava, Founder- Indiacharts.com View Program Stock Trading Markets 102: Mastering Sentiment Indicators for Swing and Positional Trading By - Rohit Srivastava, Founder- Indiacharts.com View Program Stock Trading Dow Theory Made Easy By - Vishal Mehta, Independent Systematic Trader View Program Stock Trading Market 103: Mastering Trends with RMI and Techno-Funda Insights By - Rohit Srivastava, Founder- Indiacharts.com View Program Stock Trading ROC Made Easy: Master Course for ROC Stock Indicator By - Souradeep Dey, Equity and Commodity Trader, Trainer View Program Stock Trading Heikin Ashi Trading Tactics: Master the Art of Trading By - Dinesh Nagpal, Full Time Trader, Ichimoku & Trading Psychology Expert View Program Stock Trading RSI Made Easy: RSI Trading Course By - Souradeep Dey, Equity and Commodity Trader, Trainer View Program Stock Trading Introduction to Technical Analysis & Candlestick Theory By - Dinesh Nagpal, Full Time Trader, Ichimoku & Trading Psychology Expert View Program Investment Rationale Angel One?s (Angel) Q3FY25 result was impacted by a combination of 1) regulatory impacts of True to Label, (2) regulatory impact of lower orders and (3) overall weak market conditions denting volumes. The impact from regulatory changes was expected, basis trends seen in Dec?24; and the complete impact of the same will likely span out over Q4FY25. However, ICICI Securities believes that the current business volumes and levers such as customer growth, volume recovery and price hikes exist for Angel to register more than Rs 15 billion profits in FY27E. Business diversification beyond broking to credit/insurance distribution and wealth/asset management are long-term levers to improve customer retention and life cycle value. Key Risks include further changes in regulations and lower than expected capital market activity Maintain BUY with a revised taret price of Rs 3,000 (Rs 3,700 earlier) driven by the impact of regulations The brokerage has cut FY26E EPS estimate by ~22% to Rs 144 and roll over valuation to FY27E EPS of Rs 167. They now value Angel at 18x Promoter/FII Holdings Promoters held 35.57 per cent stake in the company as of 31-Dec-2024, while FIIs owned 13.81 per cent, DIIs 14.32 per cent. (You can now subscribe to our ETMarkets WhatsApp channel )