Angel One Limited (ANGELONE.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+172.5%

₹858.52

vs ₹315.10 price

Levered DCF

₹96.96

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

2.19

Grey zone

Rating

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	22.55×	17.82×	22.54×	10.88×	20.3×	7.54×	24.11×	24.87×
P/B	3.37×	3.72×	8.35×	4.48×	8×	1.98×	3.36×	3.74×
P/S	4×	4.92×	7.47×	3.92×	6.35×	1.97×	2.96×	2.79×
EV / EBITDA	20.23×	12.11×	16.08×	8×	14.63×	7.13×	5.75×	8.88×
Gross margin	72.7%	63.7%	60.9%	60.1%	60.3%	54.4%	44.2%	43.3%
Operating margin	24.7%	26.5%	33.6%	40.5%	39.1%	34.7%	20.2%	20.5%
Net margin	17.8%	27.6%	33.1%	36.0%	31.3%	26.1%	12.3%	11.2%
Current ratio	1.23×	1.07×	1.25×	1.3×	1.24×	1.27×	1.3×	1.2×
Debt / equity	1.3×	0.61×	0.84×	0.36×	0.79×	1.04×	0.83×	1.64×
Interest coverage	3.16×	4.52×	10.58×	14.44×	11.47×	10.68×	3.02×	2.28×
Dividend yield	2.2%	1.0%	1.3%	3.9%	1.6%	1.9%	1.2%	1.0%
Payout ratio	48.5%	16.9%	28.8%	42.2%	33.4%	14.4%	28.4%	24.3%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	15.0%	20.9%	37.0%	41.2%	39.4%	26.2%	13.9%	15.0%
Return on invested capital	6.5%	9.1%	15.1%	25.3%	20.5%	25.1%	9.1%	6.7%
Return on assets	3.8%	6.9%	8.5%	11.9%	8.7%	6.2%	3.8%	3.6%
Free cash flow yield	10.0%	-9.7%	-2.1%	7.1%	3.8%	-42.8%	31.8%	35.1%
Earnings yield	4.4%	5.6%	4.4%	9.2%	4.9%	13.3%	4.1%	4.0%
Enterprise value	₹282.6B	₹235.5B	₹268.7B	₹103.4B	₹135.2B	₹33.3B	₹10.7B	₹18.8B
Net debt / EBITDA	5.46×	1.37×	0.9×	0.51×	0.9×	2.33×	-4.93×	-0.49×
Cash conversion cycle (days)	-1,985	-1,384	-1,764	1,267	-1,526	-1,164	-739	-70