Why Is Angel One Seeing Gradual Recovery After H2FY25 Regulatory Impact?
ICICI Securities’ latest note on Angel One Ltd highlights a slow yet steady recovery after the regulatory turbulence faced in the second half of FY25. The brokerage maintains an Add rating, underscoring early momentum in orders, margin expansion, and diversification into non-broking income streams.
Angel One’s first half of FY26 displayed resilience. While order volumes were lower year-on-year, the sequential rebound and operational agility signal a return toward sustainable growth. Analysts believe that enhanced focus on wealth and distribution businesses will continue to soften the cyclicality traditionally seen in pure broking.
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The research report notes multiple levers supporting recovery — including 7 per cent growth in average daily orders, a 44 per cent jump in the MTF book since March 2025, and nearly 30 per cent QoQ improvement in distribution income. Together, these metrics affirm that the company’s tech-first retail focus remains intact.
Angel One: Quantitative Snapshot
| Metric | Value | YoY / QoQ Change |
|---|---|---|
| Average Daily Orders (H1 FY26) | +7 % | vs Q4 FY25 |
| Ending MTF Book Sep 2025 | ₹6,100 Cr | +44 % vs Mar 2025 |
| Distribution Income QoQ | +30 % | Strong traction in non-broking vertical |
| EBDAT Margin FY27 Target | 40 % | As per management guidance |
ICICI Securities continues to value Angel One at 20× FY27E EPS of ₹141, yielding a target price of ₹2,820 against the CMP ₹2,493. The firm expects average daily orders to reach 7.7 million in FY27 while blended broking yields could expand by about ₹0.5 per trade.
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Risks remain around possible slowdown in order run-rate, weaker-than-expected MTF growth, cost inflation, or fresh regulatory measures. Nevertheless, Angel One’s digital scale and non-broking push suggest upside potential once retail participation normalizes.
Investor Takeaway
Indian-Share-Tips.com Nifty Expert Gulshan Khera, CFP®, who is also a SEBI Regd Investment Adviser, believes Angel One’s recovery trajectory underscores the importance of diversified revenue channels in a regulated environment. The combination of digital broking leadership and rising contribution from wealth, asset, and distribution businesses makes the company a structural participant in India’s retail investing boom.
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Related Queries on Angel One
- Why Is Angel One Recovering After H2FY25 Regulatory Headwinds?
- How Strong Is Angel One’s MTF and Distribution Growth in FY26?
- What Risks Can Affect Angel One’s Margin Targets by FY27?
SEBI Disclaimer: The information provided in this post is for informational purposes only and should not be construed as investment advice. Readers must perform their own due diligence and consult a registered investment advisor before making any investment decisions. The views expressed are general in nature and may not suit individual investment objectives or financial situations.
