Buy Angel One; target of Rs 3400: Motilal Oswal

Motilal Oswal recommends buying Angel One (ANGELONE) with a target price of INR 3,400. The company reported a total income of INR 10.3 billion for 3QFY26, a 4% YoY increase, while total operating expenses rose 9% YoY. The operating profit was INR 4.1 billion, with a margin of 39.4%. The outlook is positive, with FY27/28 EPS estimates raised by 8%/3% due to strong distribution revenue and improved cash realization, despite higher finance costs. Investors are advised to consult certified experts before making investment decisions.