Angel One - Public Comps and Valuation Multiples

Angel One Overview

About Angel One

Angel One Ltd is a retail broking house in India. It is a technology-led financial services company providing broking and advisory services, margin funding, loans against shares, and financial product distribution to clients under the brand Angel Broking. Broking and allied services are offered online and on a digital platform.

Founded

1996

HQ

Employees

3.8K+

Website

angelone.in

Sectors

Investment Brokerage

Financials

LTM Revenue $527M

LTM EBITDA $174M

EV

$1.8B

Valuation Multiples

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Angel One Financials

As of September 2025, Angel One reported last 12-month revenue of $527M and EBITDA of $174M.

In the same period, Angel One achieved $116M in LTM net income.

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Angel One P&L

In the most recent fiscal year, Angel One reported revenue of $479M and EBITDA of $219M.

Angel One expects next 12-month revenue of XXX and NTM EBITDA of XXX

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	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue	$527M	XXX	$479M	XXX	XXX	XXX
Gross Profit	n/a	XXX	$305M	XXX	XXX	XXX
Gross Margin	n/a	XXX	64%	XXX	XXX	XXX
EBITDA	$174M	XXX	$219M	XXX	XXX	XXX
EBITDA Margin	33%	XXX	46%	XXX	XXX	XXX
EBIT	$194M	XXX	$127M	XXX	XXX	XXX
EBIT Margin	37%	XXX	26%	XXX	XXX	XXX
Net Profit	$116M	XXX	$132M	XXX	XXX	XXX
Net Margin	22%	XXX	28%	XXX	XXX	XXX
Net Debt	XXX	XXX	$296M	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

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Financial performance metrics for Angel One including revenue, profitability, and margin analysis across different time periods. The company reported last twelve months revenue of $527M. EBITDA for the last twelve months was $174M. In the most recent fiscal year, Angel One achieved $479M in revenue and $219M in EBITDA.
Financial Metric	Last Twelve Months (LTM)	Next Twelve Months (NTM)	Most Recent Fiscal Year	Current Fiscal Year (2025)	Next Fiscal Year (2026)	Two Years Forward (2027)
Total Revenue	$527M	Analyst estimates available to subscribers	$479M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	n/a	Analyst estimates available to subscribers	$305M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit Margin	n/a	Analyst estimates available to subscribers	63.7% gross profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA (Earnings Before Interest, Taxes, Depreciation, Amortization)	$174M	Analyst estimates available to subscribers	$219M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	33.1% EBITDA margin	Analyst estimates available to subscribers	45.8% EBITDA margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT (Earnings Before Interest and Taxes)	$194M	Analyst estimates available to subscribers	$127M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	36.8% EBIT margin	Analyst estimates available to subscribers	26.5% EBIT margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	$116M	Analyst estimates available to subscribers	$132M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	22.0% net profit margin	Analyst estimates available to subscribers	27.6% net profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Debt Position	Detailed debt information available to subscribers	Detailed debt information available to subscribers	$296M	Detailed debt information available to subscribers	Detailed debt information available to subscribers	Detailed debt information available to subscribers

Financial Performance Summary for Angel One

This financial data table provides comprehensive performance metrics for Angel One, a company based in India. The metrics include revenue, profitability measures, and operational efficiency indicators across multiple time periods.

Recent Performance Highlights

Angel One generated $527M in revenue over the last twelve months.
The company achieved $174M in EBITDA over the last twelve months.
Net income over the last twelve months reached $116M.

Fiscal Year Performance

In the most recent fiscal year, Angel One reported $479M in total revenue.
Fiscal year EBITDA was $219M.
The company maintained a gross profit margin of 63.7% in the most recent fiscal year.
EBITDA margin for the fiscal year was 45.8%.
Net profit margin reached 27.6% in the most recent fiscal year.

This financial data is sourced from Morningstar, Inc. and represents the most recent available information for Angel One. Forward-looking estimates and detailed financial projections are available through our premium subscription service.

Angel One Stock Performance

Angel One has current market cap of INR 225B (or $2.5B), and EV of INR 160B (or $1.8B).

Market Cap Evolution

Angel One Stock Data

As of October 17, 2025, Angel One's stock price is INR 2479 (or $28).

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EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$1.8B	$2.5B	XXX	XXX	XXX	XXX	$1.30

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Angel One Valuation Multiples

Angel One's trades at 4.0x EV/Revenue multiple, and 8.5x EV/EBITDA.

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Angel One Financial Valuation Multiples

As of October 17, 2025, Angel One has market cap of $2.5B and EV of $1.8B.

Equity research analysts estimate Angel One's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

Angel One has a P/E ratio of 21.9x.

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Market cap (current)	$2.5B	XXX	$2.5B	XXX	XXX	XXX
EV (current)	$1.8B	XXX	$1.8B	XXX	XXX	XXX
EV/Revenue	3.4x	XXX	4.0x	XXX	XXX	XXX
EV/EBITDA	10.3x	XXX	8.5x	XXX	XXX	XXX
EV/EBIT	9.3x	XXX	14.2x	XXX	XXX	XXX
EV/Gross Profit	n/a	XXX	n/a	XXX	XXX	XXX
P/E	21.9x	XXX	19.4x	XXX	XXX	XXX
EV/FCF	-34.1x	XXX	-9.7x	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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Angel One Margins & Growth Rates

Angel One's last 12 month revenue growth is 10%

Angel One's revenue per employee in the last FY averaged $0.1M, while opex per employee averaged $47K for the same period.

Angel One's rule of 40 is 56% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Angel One's rule of X is 58% (created by Bessemer, rule of X is another metric relevant for SaaS companies only, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

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Angel One Operational Valuation Multiples

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue Growth	10%	XXX	15%	XXX	XXX	XXX
EBITDA Margin	33%	XXX	46%	XXX	XXX	XXX
EBITDA Growth	9%	XXX	-2%	XXX	XXX	XXX
Rule of 40	56%	XXX	56%	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	58%	XXX	XXX	XXX
Revenue per Employee	XXX	XXX	$0.1M	XXX	XXX	XXX
Opex per Employee	XXX	XXX	$47K	XXX	XXX	XXX
S&M Expenses to Revenue	XXX	XXX	21%	XXX	XXX	XXX
G&A Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
R&D Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
Opex to Revenue	XXX	XXX	37%	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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