Citi prefers Angel One over Groww in India's stock broking sector

Billionbrains Garage Ventures

14/01/2026 05:30

** Brokerage Citi starts coverage on Indian stock brokers Angel One ANGO.NS and Groww BILO.NS with a "Buy" rating

** Says prefer ANGO over BILO due to ANGO's brand re-positioning, steady business diversification, and benign valuations

** ANGO showed business agility by smoothly transitioning to a digital-first broking platform from a traditional one - Citi

** See earnings per share compounded annual growth rate of 26% over FY2026-29E for ANGO - note

** Sets PT for ANGO at 3215 rupees, BILO at 195 rupees

** ANGO shares up 2.5% to 2500 rupees; BILO down 0.62% to 161 rupees ahead of quarterly results

** Brokerage notes BILO's customer-centric approach, first mover advantage in direct MF, and leadership in retail broking, driving high brand recall

** Adds elevated cross-sell potential to a large captive customer pool, augers well for revenue accretion for BILO

** ANGO lost 20% in 2025, BILO up 61% from the issue price of 100 rupees since listing on Nov 12, 2025

(Reporting by Komal Salecha)

((Komal@thomsonreuters.com;))