ANGELONE

aluation & Ratios P/E Ratio: 32.9× — above fair / sector P/E, hinting valuation premium. P/B Ratio: 4.2×. ROE: 27-29 % (healthy). Dividend Yield: 1.7-1.8 %. Revenue & Profit Growth: Angel One has shown good long-term sales and profit growth historically (double-digit CAGR). Q3 FY26 profit was slightly down YoY but the board approved a 1:10 stock split and a ₹23 dividend, aiming to boost liquidity and shareholder returns. Client Base & Market Share: Retail client base continues to expand (millions of active clients and rising turnover). However, rivals like Groww are adding more demat accounts than Angel One in recent months, suggesting competitive pressures.