Angel One Model Update

Research evidence excerpt

Angel One Model Update

J P M O R G A N Asia Pacific Equity Research

16 July 2026

Angel One Overweight

ANGO.NS, ANGELONE IN

Model Update Price (16 Jul 26):Rs334.80

▼Price Target (Mar-27):Rs410.00

Prior (Mar-27):Rs420.00

We are refining our estimates and updating our model to reflect 1Q27 results. Key

updates are as follows: India Financials

Madhukar Ladha AC

• We have increased our estimate for adj. revenue over over FY27E/28E/29E by (91-22) 6157-3594

9.6% / 7.6% / 5.9% respectively. This is a result of 1) increased traction in the madhukar.ladha@jpmorgan.com

MTF book, along with lower borrowing costs resulting in stronger than J.P. Morgan India Private Limited, J.P. Morgan

Tower, Santacruz(E), Mumbai - 400098, SEBI

expected growth in net interest income, and 2) lower gross broking revenues Registration: INH000001873, (91-22) 6157-3000.

due to the slight moderation in order flow that we are seeing during the course Saima Ali

of June -26, which seems to have continued into July -26. (91-22) 6157-3591

saima.ali@jpmorgan.com

• Revenue growth, along with higher costs, have resulted in our adj. EBTDA J.P. Morgan India Private Limited, J.P. Morgan

forecasts for FY27E/28E/29E improving by 3.4%/0.9%/3.1%, respectively. Tower, Santacruz(E), Mumbai - 400098, SEBI

Registration: INH000001873, (91-22) 6157-3000.

• An increase in D&A expenses and a higher tax rate, however, have resulted in Harsh Wardhan Modi

our APAT estimates for FY27E/28E/29E moderating by 2.5%/2.4%/0.1%, (65) 6882-2450

respectively. harsh.w.modi@jpmorgan.com

J.P. Morgan Securities Singapore Private Limited/

J.P. Morgan Securities (Asia Pacific) Limited/ J.P.• We have adjusted our March -27E Price Target to Rs 410 (previously Rs 420)

and retain our Overweight rating on the stock. Morgan Broking (Hong Kong) Limited