Overview

• JM Financial’s 12‑month target of Rs 2,700 is based on 19 times an estimated FY27 EPS of Rs 141.
• Angel One counts over 32 million clients, including more than 9 million active on the NSE, after rapid FY20–FY24 growth in clients, revenue and profits.
• Since FY24 the broker has expanded into wealth and asset management, loan origination and life insurance, and formed a JV to develop and distribute insurance products.
• The note forecasts about a 15% decline in FY26 PAT due to softer broking volumes and investment in new businesses, with growth expected to resume from FY27 as recurring revenues scale.
• JM Financial flags revenue volatility as 39% of FY25 net revenue came from clients acquired in FY24–FY25, while Angel One kept FY25 PAT roughly flat despite derivative rule changes.