Macquarie Sees Low Growth For Angel One

Business Standard Markets · stocks

Macquarie maintains a neutral stance on Angel One, citing anticipated market share losses and increased marketing expenses that could hinder growth and profitability. Despite Angel One's 'phygital' model, its share of active clients on NSE has plateaued at 14.8 percent, with a loss of approximately 120,000 users in the first half of 2026. The brokerage forecasts a revenue CAGR of 10 percent for FY26-30, below the industry's estimated 17-18 percent.