ICICI Securities Recommends Buying Angel One, Sets Rs 347 Target

ICICI Securities says Angel One’s Q2 FY27 operating performance was broadly in line with market conditions, with total orders down 9.6% and the MTF book up 21.4% quarter over quarter. The report maintains an outlook for about 45% annual EBITDA margin and PAT above INR 15.8 billion in FY28.