Motilal Oswal Recommends 'BUY' on Angel One, Sets Target at Rs 3400

• Angel One reported a total income of INR10.3 billion in 3QFY26, a 4% YoY and 9% QoQ increase, aligning with estimates.
• The company's operating expenses grew 9% YoY to INR6.2 billion, while the CI ratio improved sequentially to 60.6%.
• Operating profit for 3QFY26 reached INR4.1 billion, with a margin of 39.4%, up from 34.5% in 2QFY26.
• Motilal Oswal raised FY27/28 EPS estimates by 8%/3% due to strong distribution revenue and improved cash realization.
• The brokerage reiterates a 'BUY' rating for Angel One with a revised target price of INR3,400, based on 21x FY28E EPS.

Why It Matters: Motilal Oswal recommends buying Angel One, projecting a target price of Rs 3400 due to strong financial performance.