Dissertation Report (Abhishek Shenoy)

A comprehensive study on Analysing financial ratios of Angel one ltd
and comparing it with its competitors.
Dissertation Report submitted in partial fulfilment of the requirements for the award of the
degree of
MASTER OF BUSINESS ADMINISTRATION
of
RV INSTITUTE OF MANAGEMENT
Autonomous Institution Affiliated to Bengaluru City University
By
Abhishek Shenoy
REG NO: P18FW21M0047
Under the guidance of
Internal Guide
Prof. Pooja Takalkar
Assistant Professor
RV Institute of Management
External Guide
Mr. Gautham Hegde
Master Franchisee Owner
Angel One Ltd
Rashtreeya Sikshana Samithi Trust
Autonomous Institution Affiliated to Bengaluru City University
CA 17, 36TH cross, 26th main, 4th T Block,
Jayanagar, Bangalore-560041,
2023
DECLARATION BY THE STUDENT
I hereby declare that “A comprehensive study on Analysing financial ratios of angle one ltd
and comparing it with its competitor.” is the result of the project work carried out by me
under the guidance of Prof. Pooja Takalkar in partial fulfillment for the award of Master’s
Degree in Business Administration by RV Institute of Management, Autonomous Institution
Affiliated to Bengaluru City University.
I also declare that this project is the outcome of my own efforts and that it has not been
submitted to any other university or Institute for the award of any other degree or Diploma
or Certificate.
Name: Abhishek Shenoy
Register Number: P18FW21M0047 Signature
Place: Bangalore
Date: 19-10-2023
AKNOWLEDGEMENT
It is my proud privilege and sole duty to acknowledge the kind of help and guidance received
from several people in preparation of this report. It would not have been possible to prepare
this report in this form without their valuable help, cooperation and guidance.
First and foremost, I would like to record my sincere gratitude to Management and to our
Director Dr. PURUSHOTTAM BUNG, RVIM for his support in the successful completion
of the case study and for giving me the opportunity to complete this study.
I would like to thank my Internal Guide, Prof. Pooja Takalkar, Assistant Professor, RVIM
for her constant guidance throughout the period which motivated me in completing the project
work successfully.
I would thank Angel One Ltd, Karkala for giving me the opportunity to work with the team
and members, and Mr. Gautham Hegde for guiding me patiently throughout the period.
Last but not the least, I wish to thank my parents for constantly supporting and guiding me
towards this learning journey.
PLACE: Bangalore NAME: Abhishek Shenoy

DATE: 19-10-2023 REGISTER NO: P18FW21MOO47
GUIDE CERTIFICATE
This is to certify that Mr. Abhishek Shenoy of RV Institute of Management, Autonomous

Institution Affiliated to Bengaluru City University, has undertaken Master Thesis entitled “A
comprehensive study on Analysing financial ratios of angle one ltd and comparing it with
its competitors.” under my Guidance and it has not been submitted to any other University or
Institute for the award of any other degree or Diploma or Certificate. His Conduct and work
is Original, and Not satisfactory/ Satisfactory/ Good/ Excellent. (specify any one)
Name: Prof. Pooja Takalkar

Date: 25-10-2023 Signature
ORGANIZATION CERTIFICATE
TABLE OF CONTENTS
CHAPTERS TOPIC PAGE

NO.
1 Introduction 1-13
1.1 Introduction to Angel One Ltd
1.2 Introduction to Demat and Trading
Account services
1.3 Industry Profile
1.4 Theoretical background for the
study
1.5 Importance of study
1.6 Need for the study
2 Review of Literature and 14-26

Research Design
2.1 Review of Literature
2.2 Statement of Problem
2.3 Scope of the Study
2.4 Objective of the Study
2.5 Sampling Methodology
2.6 Terminology & Tools for the data
collection
2.7 Limitation of the study
2.8 Plan of Analysis
3 Profile of the selected 27-36

organizations
3.1 5 Paisa.com
3.2 ICICI Securities Ltd
3.3 Indiabulls Securities ltd
3.4 Motilal Oswal Securities Ltd
4 Data Analysis and 37-74

Interpretation
4.1.1 Liquidity Ratio of Angel One Ltd
4.1.2 Profitability Ratio of Angel One
ltd
4.1.3 Solvency Ratio of Angel One ltd
4.1.4 Efficiency Ratio of Angel One ltd
4.2.1 Liquidity Ratio of 5 Paisa.com
4.2.2 Profitability Ratio of 5 Paisa.com
4.2.3 Solvency Ratio of 5 Paisa.com
4.2.4 Efficiency Ratio of 5 Paisa.com
4.3.1 Liquidity Ratio of ICICI Securities
Ltd
4.3.2 Profitability Ratio of ICICI
Securities Ltd
4.3.3 Solvency Ratio of ICICI Securities
Ltd
4.3.4 Efficiency Ratio of ICICI
Securities Ltd
4.4.1 Liquidity Ratio of Indiabulls
Securities Ltd
4.4.2 Profitability Ratio of Indiabulls
Securities Ltd
4.4.3 Solvency Ratio of Indiabulls
Securities Ltd
4.4.4 Efficiency Ratio of Indiabulls
Securities Ltd
4.5.1 Liquidity Ratio of Motilal Oswal
Securities Ltd
4.5.2 Profitability Ratio of Motilal
Oswal Securities Ltd
4.5.3 Solvency Ratio of Motilal Oswal
Securities Ltd
4.5.4 Efficiency Ratio of Motilal Oswal
Securities Ltd
4.6 Comparison of Angel One ltd with
its competitors
4.6.1 Current Ratio of 5 company
4.6.2 Quick Ratio of 5 company
4.6.3 Net Profit Margin of 5 company
4.6.4 Return on Asset of 5 company
4.6.5 Return on Equity of 5 company
4.6.6 Gross Profit Margin of 5 company
4.6.7 Debt-Equity Ratio of 5 company
4.6.8 Interest Coverage Ratio of 5
company
4.6.9 Asset Turn over ratio of 5
company
5 Findings, Conclusion and 75-77

Suggestion
5.1 Findings
5.2 Suggestions
5.3 Conclusion
BIBLIOGRAPHY
Reference
Website Reference
Annexures
LIST OF TABLES
TABLE TOPIC PAGE

NO. NO.
3.1 Company profile of 5 Paisa.com 27,28
3.2 Company Profile of ICICI Securities Ltd 30
3.3 Company Profile of Indiabulls Securities Ltd 32
3.4 Company Profile of Motilal Oswal Securities 34,35
Ltd
4.1.1 Current Ratio of Angel One Ltd 37
4.1.1 Quick Ratio of Angel One Ltd 37
4.1.2 Net Profit Margin of Angel One Ltd 38
4.1.2 Return on Assets of Angel One Ltd 39
4.1.2 Return on Equity of Angel One Ltd 39
4.1.2 Gross Profit Margin of Angel One Ltd 40
4.1.3 Debt-Equity Ratio of Angel One Ltd 40
4.1.3 Interest Coverage Ratio of Angel One Ltd 41
4.1.4 Asset Turnover Ratio of Angel One Ltd 42
4.2.1 Current ratio of 5 Paisa.com 42
4.2.1 Quick ratio of 5 Paisa.com 43
4.2.2 Net Profit Margin of 5 Paisa.com 44
4.2.2 Return on Asset of 5 Paisa.com 44
4.2.2 Return on Equity of 5 Paisa.com 45
4.2.2 Gross Profit Margin of 5 Paisa.com 46
4.2.3 Debt-Equity Ratio of 5 Paisa.com 46
4.2.3 Interest Coverage Ratio 47
4.2.4 Asset Turnover Ratio 48
4.3.1 Current Ratio of ICICI Securities ltd 48
4.3.1 Quick Ratio of ICICI Securities ltd 49
4.3.2 Net Profit Margin of ICICI Securities ltd 50
4.3.2 Return on Asset of ICICI Securities ltd 50
4.3.2 Return on Equity of ICICI Securities ltd 51
4.3.2 Gross Profit Margin of ICICI Securities ltd 52
4.3.3 Debt-Equity Ratio of ICICI Securities ltd 52
4.3.3 Interest Coverage Ratio of ICICI Securities 53
ltd
4.3.4 Asset Turnover Ratio of ICICI Securities ltd 54
4.4.1 Current Ratio of Indiabulls Securities ltd 54
4.4.1 Quick Ratio of Indiabulls Securities ltd 55
4.4.2 Net Profit Margin of Indiabulls Securities ltd 56
4.4.2 Return On Asset of Indiabulls Securities ltd 56
4.4.2 Return On Equity of Indiabulls Securities ltd 57
4.4.2 Gross Profit Margin of Indiabulls Securities 57
ltd
4.4.3 Debt-Equity Ratio of Indiabulls Securities ltd 58
4.4.3 Interest Coverage Ratio of Indiabulls 59
Securities ltd
4.4.4 Asset Turnover Ratio of Indiabulls Securities 59
ltd
4.5.1 Current Ratio of Motilal Oswal Securities Ltd 60
4.5.1 Quick Ratio of Motilal Oswal Securities Ltd 60
4.5.2 Net Profit Margin of Motilal Oswal 61
Securities Ltd
4.5.2 Return on Asset of Motilal Oswal Securities 62
Ltd
4.5.2 Return on Equity of Motilal Oswal Securities 62
Ltd
4.5.2 Gross Profit Margin of Motilal Oswal 63
Securities Ltd
4.5.3 Debt- Equity Ratio of Motilal Oswal 63
Securities Ltd
4.5.3 Interest Coverage Ratio of Motilal Oswal 64
Securities Ltd
4.5.4 Asset Turnover Ratio of Motilal Oswal 65
Securities Ltd
4.6.1 Current Ratio of 5 company 66
4.6.2 Quick Ratio of 5 company 67
4.6.3 Net Profit Margin of 5 company 68
4.6.4 Return on Asset of 5 company 69
4.6.5 Return on Equity of 5 company 70
4.6.6 Gross Profit Margin of 5 company 71
4.6.7 Debt-Equity Ratio of 5 company 72
4.6.8 Interest Coverage Ratio of 5 company 73
4.6.9 Asset Turnover Ratio of 5 company 74
LIST OF FIGURES/ GRAPH
FIGURE TOPIC PAGE

NO. NO.
1.1 Angel One Ltd Logo 1
1.3 Transaction circle Cycle 5
1.3 Porters 5 Forces Model 7
3.1 5 paisa.com Logo 27
3.2 ICICI Securities Ltd Logo 29
3.3 Indiabulls Securities Ltd Logo 31
3.4 Motilal Oswal Securities Ltd Logo 34
4.1.1 Current Ratio of Angel One Ltd 37
4.1.1 Quick Ratio of Angel One Ltd 37
4.1.2 Net Profit Margin of Angel One Ltd 38
4.1.2 Return on Assets of Angel One Ltd 39
4.1.2 Return on Equity of Angel One Ltd 39
4.1.2 Gross Profit Margin of Angel One Ltd 40
4.1.3 Debt-Equity Ratio of Angel One Ltd 40
4.1.3 Interest Coverage Ratio of Angel One Ltd 41
4.1.4 Asset Turnover Ratio of Angel One Ltd 42
4.2.1 Current ratio of 5 Paisa.com 42
4.2.1 Quick ratio of 5 Paisa.com 43
4.2.2 Net Profit Margin of 5 Paisa.com 44
4.2.2 Return on Asset of 5 Paisa.com 44
4.2.2 Return on Equity of 5 Paisa.com 45
4.2.2 Gross Profit Margin of 5 Paisa.com 46
4.2.3 Debt-Equity Ratio of 5 Paisa.com 46
4.2.3 Interest Coverage Ratio 47
4.2.4 Asset Turnover Ratio 48
4.3.1 Current Ratio of ICICI Securities ltd 48
4.3.1 Quick Ratio of ICICI Securities ltd 49
4.3.2 Net Profit Margin of ICICI Securities ltd 50
4.3.2 Return on Asset of ICICI Securities ltd 50
4.3.2 Return on Equity of ICICI Securities ltd 51
4.3.2 Gross Profit Margin of ICICI Securities ltd 52
4.3.3 Debt-Equity Ratio of ICICI Securities ltd 52
4.3.3 Interest Coverage Ratio of ICICI Securities 53
ltd
4.3.4 Asset Turnover Ratio of ICICI Securities ltd 54
4.4.1 Current Ratio of Indiabulls Securities ltd 54
4.4.1 Quick Ratio of Indiabulls Securities ltd 55
4.4.2 Net Profit Margin of Indiabulls Securities 56
ltd
4.4.2 Return On Asset of Indiabulls Securities ltd 56
4.4.2 Return On Equity of Indiabulls Securities 57
ltd
4.4.2 Gross Profit Margin of Indiabulls Securities 57
ltd
4.4.3 Debt-Equity Ratio of Indiabulls Securities 58
ltd
4.4.3 Interest Coverage Ratio of Indiabulls 59
Securities ltd
4.4.4 Asset Turnover Ratio of Indiabulls 59
Securities ltd
4.5.1 Current Ratio of Motilal Oswal Securities 60
Ltd
4.5.1 Quick Ratio of Motilal Oswal Securities Ltd 60
4.5.2 Net Profit Margin of Motilal Oswal 61
Securities Ltd
4.5.2 Return on Asset of Motilal Oswal Securities 62
Ltd
4.5.2 Return on Equity of Motilal Oswal 62
Securities Ltd
4.5.2 Gross Profit Margin of Motilal Oswal 63
Securities Ltd
4.5.3 Debt- Equity Ratio of Motilal Oswal 63
Securities Ltd
4.5.3 Interest Coverage Ratio of Motilal Oswal 64
Securities Ltd
4.5.4 Asset Turnover Ratio of Motilal Oswal 65
Securities Ltd
4.6.1 Current Ratio of 5 company 66
4.6.2 Quick Ratio of 5 company 67
4.6.3 Net Profit Margin of 5 company 68
4.6.4 Return on Asset of 5 company 69
4.6.5 Return on Equity of 5 company 70
4.6.6 Gross Profit Margin of 5 company 71
4.6.7 Debt-Equity Ratio of 5 company 72
4.6.8 Interest Coverage Ratio of 5 company 73
4.6.9 Asset Turnover Ratio of 5 company 74
A comprehensive study on Analysing financial ratios of Angel One Ltd and comparing it
with its competitors.
CHAPTER-1
INTRODUCTION:
1.1 Introduction to Angel One Ltd
In 1986, the Indian brokerage Angel One Limited, formerly known as Angel Broking Limited,
was established. The company is a member of the National Commodity & Derivatives
Exchange Limited, Multi Commodity Exchange of India Limited, Bombay Stock Exchange,
and National Stock Exchange of India. It collaborates with Central Depository Services
Limited (CDSL) as a depository. The company has more than 8500 sub-brokers and franchisee
outlets spread across more than 900 cities in India.
Angel Broking became a private limited company on August 8, 1996. Angel Broking was then
formally created as a wealth management, retail, and corporate broking organization in
December 1997. In November 1998, Angel Capital and Debt Market Ltd. was admitted as a
legitimate trader on the National Stock Exchange. The company started its commodity
brokerage section in April 2004. In November 2007, Birla Sun Life Insurance partnered with
Angel Broking to offer its insurance products. The International Finance Corporation
purchased an 18% share of Angel Broking in December 2007 for 152 crores (which would be
390 crore or US$51 million in 2020). The company opened a presence in Karol Bagh, New
Delhi, in October 2012.
Following an inquiry, it was determined in January 2013 that the company, together with two
other companies, had transacted shares of Sun Info Ways between February and May 2001 in
a dishonest and unjust manner. As a result, SEBI put a two-week ban on taking on new clients.
Angel's request to appeal the SEBI order was refused by the Securities Appellate Tribunal.
Angel Broking began selling shares through an IPO in September 2020. It went public on the
Bombay Stock Exchange and the National Stock Exchange on October 5, 2020.
Market share in the NSE active client base increased from 4.9% in December 2020 to 9.7% as
of now. We think that Angel One's approach to client acquisition has been a major factor in the
1
company's astounding growth. We think that Angel One's success will be largely dependent on
its ability to acquire customers quickly and of the highest Caliber.
On April 22, 2021, Angel Broking selected Silicon Valley veteran Narayan Gangadhar as its
new CEO. The Board of Angel Broking authorized upgrading the company's brand identity on
May 29, 2021, in order to draw in Gen Z and millennial investors. The company adopted the
new Angel One identity and logo on August 3, 2021, and in September of the same year, the
company's name was legally changed to Angel One. Mr. Dinesh Thakkar, the MD and
Chairman of Angel Broking and a seasoned capital market professional, has been in charge of
the company for three decades.
The company's greatest strength is its digital skills. It has continuously invested in developing
digital platforms (spending Rs. 1 billion on technology during FY22), and over the past year,
it has engaged numerous tops to mid-level professionals with backgrounds in new-age
consumer-tech. The next-generation software that Angel One is developing to enable this is
anticipated to launch in the next 8–10 months. The new technological platform powers a
customized financial path. Management anticipates that the introduction of its sophisticated
super-app will further assistance in better comprehending consumer behaviour and raising
activity levels. After the new flat charge system was implemented. The company's client
acquisition efforts have gained significant traction.
The company has changed its name from "Angel Broking" to "Angel One." The once-single-
product business is now a one-stop shop for wealth building over the course of a lifetime. This
provides trustworthy Demat and trading account services at a reasonable maintenance cost and
brokerage. Selecting a broker who is accredited by the SEBI and registered with all of the stock
markets is crucial.
1.2 Introduction to Demat and Trading Account services
The modern financial scene is not complete without Demat and trading accounts, particularly
when it comes to stock market investing. The term "Demat" stands for "Dematerialized," which
refers to the transformation of tangible securities like shares, bonds, and other investment
instruments into electronic form. A brokerage company's Trading account is a platform that
enables investors to purchase and sell securities on different stock exchanges.
2
Demat account offers a safe and practical method for holding and managing your investments
electronically, doing away with the need for tangible certificates. enables simple securities
purchasing, selling, and transferring. eliminates the dangers of loss, forgery, theft, and other
issues that come with physical certificates. Trading account is created for the purpose of
carrying out buy/sell orders, it serves as an intermediary between you and the stock exchange.
Stocks, bonds, mutual funds, government securities, and exchange-traded funds (ETFs) are just
a few of the securities that can be kept in Demat accounts. either a computer or a mobile
application can access and manage internet content. ensures prompt and straightforward trade
settlement. regular statements outlining your assets and transactions are provided.
automatically transfers rights shares, bonuses, and dividends to your account. enables you to
use securities as loan collateral.
Major features of Trading account enable the placing of orders for the purchase or sale of
securities. supports a variety of order types, including market, limit, stop-loss, and others. gives
users access to current stock prices, charts, and historical data on the market. Some trading
accounts provide analytics and research tools to assist you in choosing investments with
knowledge. helps you maintain and keep an eye on your investment portfolio. enables the
simple movement of funds needed for trading by connecting to your bank account. You can
trade using borrowed money with certain trading accounts' margin trading features.
They are frequently connected, which streamlines the process of buying and selling shares. The
securities you buy are credited to your Demat account when you make a buy order. The required
securities are deducted from your Demat account when you sell. While a trading account is
required to carry out buy and sell orders, a Demat account is required to retain stocks. While
some financial institutions provide both services together, others might do them separately. For
both accounts, it's crucial to select recognized service providers.
Although it serves no purpose to have several accounts, a person is not restricted in the amount
of Demat or Trading accounts they may own. In fact, since each trading account is specifically
tied to a PAN card, you are not allowed to have more than one trading account with a brokerage.
Each DP is subject to a set of brokerage fees. Anyone wishing to trade stocks and increase their
wealth through investments needs to use Demat and Trading services. These services provide
the ease, security, and flexibility required to negotiate the complex world of finance and
accomplish your financial goals, whether you're an experienced trader or a newbie investment.
3
Understanding and utilizing Demat and Trading services is essential for success in the world
of investing as the financial markets continue to change.
1.3 Industry profile
Angel One Limited, formerly known as Angel Broking Limited, has established a significant
commercial presence in the financial services sector during the past 25 years. By making it
easier for clients to acquire and sell different financial assets, the brokerage sector plays a
crucial part in the financial markets. A wide number of services are included in this sector,
including stock brokerage, commodities brokerage, FX brokerage, and others. When the
American Civil War broke out and cotton imports from the United States of Europe were halted,
"Share Mania" in India began in 1860–1861. Currently, there are 200 to 250 brokers. Following
the end of the American Civil War, however, a severe collapse began (for instance, a Bank of
Bombay share that had reached Rs. 2850 could only be sold for Rs. 87). After the American
Civil War was completed in 1874, brokers found success and located a spot on a street (now
properly named as Dalal street) where they could easily congregate and conduct business.
Key players come under broking industries such as Full-service brokerage, Discount brokerage,
online-only brokerage and Specialised brokerage. Whereas, Full-service brokerage provide a
wide range of services, such as trading, research, and investment advice. Discount brokerage
platforms offer a more organized method of trading, frequently with reduced fees and less
individualized guidance. Online- only brokerage these are online-focused digital platforms that
serve self-directed investors and Some businesses concentrate on certain markets or asset
classes.
Major players come under this industry:
 ANGEL BROKING LIMITED

 S S KANTILAL ISWARYALAL SECURITIES PVT LTD
 ICICI WED TRADE LTD
 5.PAISA.COM
 KOTAK SECURITIES LTD
 INDIA BULLS SECURITIES LTD
 MOTILAL OSWAL SECURITIES LTD
 HDFC SECURITIES LTD
4
 IDBI CAPITAL MARKET SERVICE LTD

 REFCO SIFY SECURITIES PVT LTD
The brokerage industry faced market trends like Online platforms and smartphone apps have
significantly shifted the market, making trading more approachable and user-friendly. The
transition of many brokerages to a commission-free model has disrupted established revenue
sources and put pressure on profit margins. The development of robo-advisory services, which
provide automated investment management based on algorithms with no human involvement,
has gained traction. Brokerages may see significant effects from regulatory framework changes
in areas like customer safeguards and compliance costs.
Transaction Structure Cycle
The transaction cycle shows the processes a customer takes to complete a trade in securities
when a buy order and a sell order match. He must then decide what to do in that situation. The
state of the market or perceptions. Exchange members are required to produce securities or
money in accordance with the settlement schedule.
A person with assets (such as a security fund) decides whether to buy or sell the securities to
meet their liquidity needs or to reorganize their holdings in reaction to a change in their
assessment of the risk and return of the assets. He picks a broker, then provides him permission
to place a buy/sell order. The responsibilities of trading after the trade cycle is over, the
5
securities and funds for members are determined by netting the trades. By transferring cash or
other assets, a buyer or seller transfers ownership of the securities. An illustration of a security
transaction cycle is shown above.
Challenge faced by brokerage services:
Market volatility: Brokerages are susceptible to changes in the market. High volatility periods
can boost trading activity but can carry risks.
Competition and differentiation: Brokerages must distinguish themselves in a crowded market,

whether through technology, services, or niche products.
Cybersecurity concerns: Protecting against cyber threats and preserving data privacy is a
crucial concern as technology grows more pervasive.
Low interest rate: The revenue streams of brokerage businesses, especially those that rely
primarily on interest income, may be impacted by a protracted period of low interest rates.
Changing client preference: Customers’ expectations and preferences are changing, and there
is an increasing need for individualized services and user-friendly digital platforms.
Opportunity of the industry:
Brokerages can look into prospects in developing areas or broaden their product lines to serve
a global clientele. An advantage can be gained by ongoing innovation in trading platforms,
tools, and analytics. Offering comprehensive instructional materials and individualized
advising services can draw in and keep customers. Utilizing cutting-edge technology, such as
blockchain, AI, and fintech solutions, can result in more productive operations and better
customer experiences. Additional revenue streams may be generated by diversifying into
complementary financial services like asset management, financial planning, or insurance
brokerage. There are chances to create intuitive and cutting-edge trading platforms as internet
trading expands. To serve a wide spectrum of investors, this includes smartphone apps,
algorithmic trading tools, and Robo-advisors.
6
Industry Analysis using “Porters 5 Forces model”
The current business environment is very competitive, and each corporation must evaluate the
nature, extent, and level of the competition. To obtain an advantage over rival businesses, every
company places a heavy emphasis on enhancing its core competencies.
From industry to industry, competitive pressures vary in composition, nature, severity, and
complexity.
In order to methodically diagnose the different and significant competitive forces that have an
impact on the career coaching sector, "Porter's 5-Force Model" is the most useful and well-
liked approach.
1. BARGAINING POWER OF SUPPLIERS (LESS)

 NSDL and CSDL are the regulatory bodies for depository participants like SSKL,
SHCIL, ICICIdirect.com, etc. Additionally, these regulatory organizations would
benefit since stock brokerage businesses like SSKL and others would have less
negotiating power.
 Regular investors can trade stocks on the NSE and BSE through stockbroking
companies, but they must first obtain an NSE/BSE license in order to do so.
 Since SEBI is in charge of the NSE and BSE, stock brokerage companies like SSKI
have limited negotiation power. NSE/BSE do, however, have one advantage in that they
are not yet fully integrated.
 Commodities and derivatives are traded on the MCX and NCDEX stock exchanges.
Again, stock brokerage companies must adhere to the same rules and regulations.
7
 Web maintainers are companies that take care of the technical aspects of web pages.
Stock brokerage firms like SSKI may have more negotiation leverage in this situation
due to the severe competition among web hosting companies.
 Web maintainers are businesses that develop and support software for stockbroking
firms. For example, if stock brokerage firms move to another site maintainer, they won't
be able to understand how the software functions. The switching cost is hence fairly
high.
2. BARGAINING POWER OF BUYERS (MODERATE)
 A wide range of investors trade through stock brokerage businesses like SSKI,
including small investors, investors with a medium net worth, business partners,
institutional investors, and mutual fund companies.
 The amount of negotiating leverage that stock brokerage businesses have depends on
the size of the investors. Therefore, it stands to reason that stock brokerage businesses,
as opposed to HUF and small investors, have a major negotiating edge.
 While corporate partners and HNI/MNI (High/Medium Net Worth Investors) have a
moderate amount of bargaining leverage.
 Investors and mutual fund companies do not always have greater negotiating strength.
 The stockbroking industry is highly competitive, with rivals showcasing the top traders
and brokerage services with added benefits. Therefore, switching costs are much
smaller. Customers can therefore easily switch to a rival offering.
3. THREAT OF NEW ENTRANT(HIGH)
 Capital is needed in addition to fixed facilities to cover consumer credit and start-up
losses. To attract seasoned employees and update their technology, a stock brokerage
firm needs a lot of capital when it is first established.
 Technology is a vital resource for stock brokerage companies. To make their products
user-friendly, stock brokerage needs a lot of money, which in turn requires money to
pay for qualified labour. Technology may thus be one of the barriers to entry.
 The process of obtaining a license takes time for a stock brokerage company. It must
follow the guidelines established by regulatory organizations like SEBI, NSDL, etc. To
operate in the stock brokerage industry, a company needs to have some level of financial
expertise and experience. Regulator limitations might do just that, blocking access.
8
 The primary competencies in this industry are the services provided to end users and
the research-based initiatives like "TIPS," which analyze both technical and
fundamental scripts.
 Additionally, "TRUST," which individuals have in organizations like SSKI, Angel,
Motilal Oswal, etc., is the most important component supporting already established
firms. It is quite difficult for new enterprises to replicate this.
 "REACH" to the client is the sector's most crucial component. In India, businesses with
names like Angel, Motilal Oswal, Angel Broking, and ICICI have a very strong
network. A newcomer will require time to establish such a substantial network, which
is why "Network can show up as the most challenging entry hurdle to overcome,"
claims one study.
4. INDUSTRY RIVARLRY(HIGH)
 The company is under competition from both regional and international companies.
Local players like ICICIdirect.com and Kotakstreet.com provide offline trading options
while national firms like HDFC Security, Kotakstreet.com, and ICICIdirect.com offer
internet trading services.
 Other well-known businesses that provide online and offline trading with equivalent
services, such as India bulls, Motilal Oswal, 5paisa, and Marwadi, surround the
organization on both sides.
 Investment, Jeojit, and Cipher are among the new businesses that will soon be in Rajkot.
 Nationalized banks are thinking about working with brokerage companies like Bank of
Baroda to enter this industry.
5. THREAT OF SUBSTITUTES(HIGH)
 Replacements are those financial items that can be used in place of stock investments
in this context.
 Financial instruments such as bank FDs, insurance, and mutual funds are available as
alternatives.
 If the use of these products increases, the stock brokerage industries might suffer.
 Organizations and financial institutions with access to these tools could enter this sector.
9
1.4 Theoretical background for the study
Introduction to Financial ratio analysis:
An essential instrument in the fields of finance, accounting, and investment is financial ratio
analysis. It entails looking at and interpreting different financial measures and connections
found in a company's financial statements. These ratios offer vital information on the
performance, stability, and health of a company's finances. In essence, financial ratio analysis
aids stakeholders, such as creditors, managers, investors, and analysts, in making decisions and
evaluating a company's past, present, and prospective future performance. Ratios serve as
benchmarks for businesses. They assess the stocks of a particular sector. They also compare a
company's present performance to its past results. Understanding the factors influencing ratios
is typically significant as management has the freedom to occasionally change its approach to
improve its stock and company ratios. In most cases, ratios are employed in conjunction with
other ratios rather than alone. You'll get a thorough understanding of the organization from
several perspectives and be better able to identify potential red flags if you have a solid
understanding of the ratios in each of the four previously mentioned categories.
Purpose of ratio analysis:
The main goal of financial ratio analysis is to evaluate the financial health of a company from
several perspectives. It several key services like,
1. Performance evaluation:
Financial ratios make it possible to assess the past and present financial performance of an
organization. They provide a picture of the company's resource management, profit-making,
and capital utilization performance over time.
2. Risk assessment:
Stakeholders can assess the degree of financial risk connected with a company by looking at
ratios relating to liquidity, solvency, and profitability. Making judgments about lending,
investment, and strategy requires the use of this information.
3. Comparison:
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By facilitating comparisons of a company's financial performance with industry averages,

historical data, and rivals, ratios facilitate benchmarking. This comparison study reveals areas
of strength and those that require development.
4. Decision making:
When making decisions about investments, credit applications, mergers and acquisitions, and
capital planning, financial ratio analysis is crucial. It offers a numerical foundation for these
choices.
Types of Financial ratio analysis:
Financial ratios are important metrics for evaluating the effectiveness, health, and performance
of a company's finances. These ratios can be divided into a number of different sorts, each of
which offers distinct insights into various facets of a company's financial status. The following
are some of the most typical financial ratios:
1. Liquidity Ratios:
Current Ratio: It is computed by subtracting current liabilities from current assets to determine
a company's short-term liquidity. An organization can meet its short-term obligations if the
ratio is greater than 1.
Quick Ratio: It is also called as Acid-Test Ratio, it is Similar to the current ratio, where the
inventories not included in current assets. It offers a liquidity measurement which is more
cautious.
2. Profitability Ratios:
Gross profit margin: By calculating the percentage of sales revenue that is left over after
subtracting the cost of products sold, it determines the profitability of a company's fundamental
business operations.
Net Profit Margin: It is also knowing as simply net margin; this ratio gives information about
a company's overall profitability by expressing net profit as a percentage of total revenue.
Return on Assets: A financial ratio known as return on assets (ROA) measures a company's
profitability in relation to its total assets. ROA can be used by corporate management, analysts,
and investors to assess how effectively a company uses its resources to make a profit.
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Return on Equity: A metric of financial performance known as return on equity (ROE) is

obtained by dividing net income by shareholders' equity. ROE is referred to as the return on
net assets since shareholders' equity is determined by subtracting a company's debt from its
assets.
3. Solvency Ratios:
Debt-to-equity ratio: The debt-to-equity (D/E) ratio, which measures a company's financial
leverage, is determined by dividing its total liabilities by the value of its shareholders. The D/E
ratio is a crucial indicator in corporate finance. It gauges how much debt a business is using to
fund operations as opposed to using cash on hand. A specific kind of gearing ratio is the debt-
to-equity ratio.
Interest Coverage Ratio: A debt and profitability measure called the interest coverage ratio is
used to assess how easily a business can pay the interest on its existing debt. Divided by interest
expense during a specific time period, a company's earnings before interest and taxes (EBIT)
yields the interest coverage ratio.
4. Efficiency Ratios:
Asset Turnover ratio: The asset turnover ratio gauges how effectively a business generates
revenue from its assets. Greater efficiency is indicated by a greater ratio since it suggests the
business is making more money from sales for every dollar spent in assets. A smaller ratio, on
the other hand, may indicate that the company is not making the best use of its resources.
An essential technique for evaluating a company's performance and financial health is financial
ratio analysis. It provides a methodical way to identify a company's assets and liabilities and
forms the basis for wise financial choices. We will examine the various sorts of ratios in depth
as we go further into the field of financial analysis and analyse their significance in assessing
a company's current situation and future prospects.
1.5 Importance of the study
The thorough investigation into Angel One Ltd's financial statistics and comparison to its rivals
is extremely important for a number of reasons. It offers a comprehensive evaluation of Angel
One Ltd’s financial performance, enabling interested parties to examine how well it makes use
of resources and generates profits. By comparing with competitors, the study offers insights
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into how Angel One Ltd stands relative to others in the industry. This helps in identifying
strengths, weaknesses, and areas for improvement. The insights can be used by present and
potential investors to help them make better investment choices. They can judge how Angel
One Ltd stacks up against its rivals in terms of relative attractiveness. The analysis can reveal
potential risks and weaknesses in the financial framework of Angel One Ltd. This is essential
for risk management and guaranteeing the long-term viability of the business. Data-driven
insights from the analysis can help guide strategic choices. This includes allocating resources,
developing growth plans, and determining which areas want improvement. Understanding how
the company’s financials compare with competitors helps in ensuring compliance with industry
regulations and standards. Data-driven insights from the analysis can help guide strategic
choices. This includes allocating resources, developing growth plans, and determining which
areas want improvement. As part of investor relations initiatives, the study's findings can be
shared with shareholders and prospective investors to show the company's dedication to
openness and financial stability.
1.6 Need for the study

Maintaining financial stability and expansion is Angel One Ltd's duty to its shareholders,
clients, and regulatory agencies. The performance of the company throughout time can be
objectively evaluated by a detailed review of financial ratios. This assessment helps Angel One
match its strategies with its financial objectives and holds the company accountable to its
stakeholders. A company's financial performance is a crucial sign of how healthy and
sustainable it is. Stakeholders can clearly comprehend Angel One Ltd's strengths and
limitations in regard to industry benchmarks by examining its financial measures and
contrasting them with those of its rivals. This evaluation is crucial for determining the
company's position in the market for shareholders, investors, and management. In the highly
regulated financial industry, companies are held accountable for maintaining financial stability
and adhering to regulatory standards. Analysing financial ratios not only helps Angel One
assess its compliance but also allows the company to pre-emptively address any financial
challenges that might arise from regulatory changes.
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CHAPTER-2
REVIEW OF LITERATURE AND RESEARCH DESIGN
2.1 Review of Literature
A literature study is conducted to gather up-to-date information and

methodological contributions to a certain issue from multiple scholars.
1. “A financial ratio analysis of firms: A tool for decision making” (Y.A.

Babalola, F.R. Abiola-2013)
This article's main goal is to explain how financial analysis and accounting are related, as well
as the basic place accounting holds in analysts' job thanks to the data it generates. The use of
ratios in accounting and financial management analysis would be helpful for the management
to know the profitability, financial position, and operating efficiency of an enterprise if ratio
analysis is to judge the earning capacity, financial soundness, and operating efficiency of a
business organization. In order to create a meaningful knowledge of the performance and
financial condition of a business, financial ratio analysis is the process of identifying and
evaluating correlations between the elements of financial statements. Ratio analysis is a
technique used in accounting to display accounting variables in a straightforward, succinct,
comprehensible manner. Ratio analysis examines the connections between different business's
financial considerations. In order to meet its goals, is attempting to measure the degree and
diversity of outcomes and risks causing enterprise bankruptcy. As a result, it aims to quantify
the entity's above-stated value.
2. “A Review on Practical approach of financial statement analysis and the

Ratio analysis” (Mrs. Indu Vasudev- June 2023)
A variety of methods are used by accountants and financial analysts to evaluate a company's
financial situation. Giving financial managers and analysts the information, they need to make
knowledgeable decisions about their firm is the aim of the financial analysis. To make the best
decisions for the firm, every manager must be able to assess the financial health and operating
performance of the organization. The state of particular balance sheet components can be
compared, analysed, or evaluated using financial statement analysis as a tool, and important
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decisions can then be made in light of the results. A review of the historical, current, and
projected balance sheets for a company constitutes a financial analysis. When we compare the
values of one balance sheet position to the values of other balance sheet positions, their
analytical significance increases. The analytical relevance of the values of a balance sheet
position alone is low. The examination of a company's financial reporting through report
analysis is known as financial analysis. Investors, creditors, corporate executives, and others
utilize report analysis as a technique to swiftly compute and assess reports.
3. “Effect of Financial ratio on Profitability of commercial banks: A

Systematic Literature Review” (Debby Andesfa, Erni Masdupi- April
2019)
The bank must maintain its financial performance in order to retain the public's faith. The
bank's financial statements are one of the major indications that may be used to gauge its
performance. In the financial statement's financial ratios, which comprise calculated to evaluate
the soundness of banks. The numbers that make up the financial ratios are computed using two
different forms of bank financial data to demonstrate the connection between two financial
statistics that are typically expressed numerically, either as percentages or times. One financial
ratio that assesses a company's potential to make profits is the profitability ratio, or, put another
way, profitability is a ratio that demonstrates a company's capacity to do so from its ongoing
business operations. The literature search was based on the generic descriptors “Profitability,”
“Effect of Financial Ratio,” and “Capital Adequacy Ratio” because the authors' understanding
of how financial ratios affect commercial banks profitability and its different elements was
unclear. “Capital Adequacy Ratio” (CAR), “Operating ratio (OR)”, “loan to deposit ratio
(LDR)”, and “non performing loan (NPL)”.
4. “Analysing Financial Statement Under IFRS- Opportunities &

Challenges” (Agatha E. Jeffers, Sidney Askew- 2010)
The main benefit of switching to IFRS over U.S. GAAP is that it will result in improved
financial reporting and financial statement data. The goal of IFRS is to bridge the enormous
gap between the intended and more harmonized standards and the actual standards using a
single comprehensive set of worldwide financial reporting standards, which hopefully superior
than current benchmarks. The IASB further asserts that IFRS could provide comparability to
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Investors in the global market and receptivity to managers' decision-making discretion Rather
than using U.S. GAAP, which is rules-based, apply IFRS, which are principles-based. This
paper's main goal is to highlight one significant problem that financial analysts and other
consumers of financial statements will have as a result of the needed modification to the current
inventory valuation methodology. Companies can choose first-in, first-out (FIFO), last-in, last-
out (LIFO), or average cost under U.S. GAAP. to calculate the worth of their stock. However,
LIFO is not permitted by IFRS. in order to change U.S. businesses won't be able to value
inventories using LIFO after the transition to IFRS. Currently, more than one-third of American
businesses value their inventories using LIFO. This is because the LIFO approach results in
lower taxable income than other inventory methods, which lowers these enterprises' income
tax obligations. Given that LIFO is prohibited under IFRS, when firms won't be permitted to
use LIFO once they transition from U.S. GAAP to IFRS. Therefore, changing from LIFO to
FIFO or another inventory valuation method will lead to a higher reduction in costs tax burden
for American businesses and bring forth a great deal of other difficulties.
5. “Financial statement analysis as a tool for investment decisions and

assessment of companies’ performance” (Aminu Abdulrahim Olayinka-
June 13, 2022)
Good management decision-making in business requires the use of financial statement analysis
(FSA) and interpretation. In order to avoid low profitability or low investment returns, the
major goal of this study is to ascertain how firms could use FSA and its interpretation to guide
finance and investment decisions. According to the study's findings, studying FSs is sufficient
for making good decisions, businesses should pay close attention to the use of FSA to properly
equip themselves with this tool, and a variety of ratios should be utilized to analyse a firm's
financial performance. FSA should be used properly in all decision-making processes, not only
in investment. Data from the company's annual reports, which included the FS and other
supporting material, are the primary sources for the analysis of FSs. During the examination,
significant shifts or turning points in patterns, sums, SWOT, and other interactions were found.
As a result, FSs are only summaries of comprehensive financial data that require analysis and
interpretation to transform into useful information. Financial statement analysis (FSA) is a
procedure that looks at previous and present financial data to assess performance and gauge
possibilities and potential dangers in the future. Financial statements (FSs), according to
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Auwalu and Ibrahim (2017), provide information about the financial position, performance,
and changes of an entity to investors, regulators, financial analysts, and other users in a
standardized and accurate form for use in making economic decisions.
6. “Competition in the real estate Brokerage industry: A critical review”

(Panle Jia Barwick, Maisy Wong – December 2019)
The current commission payment arrangement, where the seller pays commissions to both the
listing agent and the buying agent, the high concentration of local markets, the risk of
retaliation, and consumer biases are some of the structural barriers we identify in this paper
that have stifled change in this industry. We then go into the detrimental effects of high
commissions on welfare and make policy suggestions that potentially increase rivalry in the
brokerage sector. Finally, we have a quick chat of current market developments, including
possibilities and difficulties related with digital platforms and highlight the literature's current
teachings and directions for future study. With little hurdles to entry and a large number of
participants, the residential brokerage market seems competitive. In fact, during the past few
decades, the number of real estate brokers has dramatically expanded in comparison to the level
of property sales activity.
7. “The Influence of Profitability ratio, Market ratio, and Solvency ratio on

the share prices of companies listed on LQ 45 Index” (Abhimada Gatuth
Satryo, Nur Aini Rokhmania, Pepie Diptyana- 2016)
This study attempts to examine how profitability, market, and solvency ratios affect the share
prices of firms that are listed on the LQ 45 Index. Share price is the dependent variable in this
study, while the independent variables are Return on Assets (ROA), Return on Equity (ROE),
Earnings per Share (EPS), Price to Book Value (PBV), Debt to Equity Ratio (DER), and Debt
to Assets Ratio (DAR). Companies listed between 2010 and 2014 on the Indonesia Stock
Exchange's LQ 45 Index serve as the study's samples. 15 businesses that meet the required
criteria were obtained for the samples by employing the purposive sampling technique.
Multiple Regression Analysis and statistical tests are used to process the data. The findings of
this study demonstrate that while Earnings per Share (EPS) and Price to Book Value (PBV)
have an impact on share price, Return on Assets (ROA), Return on Equity (ROE), Debt to
Equity Ratio (DER), and Debt to Assets Ratio (DAR) do not.
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8. “Profitability Through Product expansion: Does it work in The Real

estate Brokerage Industry?” (John Benjamin, Peter Chinloy, Donald Jud
& Daniel Winkler- 14 Jun 2020)
The economics of product expansion in the real estate brokerage sector is examined in this
essay. To investigate how product expansion affects these companies' profitability, a two-stage
model is created. First, a factor analysis is used to create a variable for extra complementary
services that will be used in a profitability regression model. The profitability regression
equations are computed using a sample selection correction in the second stage. Product
extension provided by real estate brokerage businesses has a statistically significant impact on
revenues and net profit when compared to a pure residential brokerage strategy. However, the
impact on net margin is statistically insignificant. According to the factor analysis, inspection,
financial, legal, and physical services seem to be significant factors that contribute to better
revenues and net profits.
9. “The Influence of profitability Ratios and Company Size on Profitability

and Investment Risk in the capital market” (Anna Rutkowska-Ziarko-
15/2015)
15 food businesses listed on the Warsaw Stock Exchange were the subject of a study. Return
on assets (ROA), return on equity (ROE), and return on sales (ROS) were used to determine a
company's profitability. By using standard deviation and semi-deviation, investment risk was
quantified. The primary goal of the study was to determine if returns on the capital market
represent the average level and variability of selected profitability metrics. Another objective
was to determine whether the profitability and risk of stock investments, as well as the average
value and volatility of profitability ratios, are impacted by the company's size. The average
profitability ratios (ROA and ROS) and the typical rates of return on the capital market were
found to be positively correlated. Similar to this, businesses with higher profitability ratio
volatility and semi-volatility were also characterized by greater variations in rates of return on
the stock market. Studies have demonstrated that the risk of stock market investments and the
volatility of profitability ratios are inversely connected with the size of the company.
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10. “The effects of Financial ratio on company value with inflation as a

moderation variable” (Herman Ruslim- January 2019)
This study uses inflation as a moderating factor to objectively investigate the relationship
between capital structure, company growth, and profitability and firm value in issuers between
2012 and 2015. 245 issuers made up the study's sample. The Generalized approach of Moments
(GMM) approach is employed in the research process. The findings of this study show that the
capital structure variable (DAR) and profitability (ROA) have a partially positive and
substantial effect on firm value (PBV), whereas company growth (growth) has a partially
negative and insignificant effect on firm value. As a result, the impact of the link between
profitability and company value is moderated by inflation. Simultaneous test results revealed a
considerable impact of capital structure, business expansion, profitability, and inflation all at
once on firm value. This is demonstrated by the R-squared result of 19.3141%, which shows
that fluctuations in firm value may be accounted for by a variable capital structure, business
growth, profitability, and inflation for 19.3141%, with other factors accounting for the
remaining 80.6859%.
11. “A study on Financial Performance by using Ratio analysis of Amaraja

Batteries ltd” (T. vineesha, C.H. Venkateshwarlu- September 2022)
One of the most used tools for financial analysis is ratio analysis. It entails using numbers to
represent how one thing relates to another. Ratio analysis was used in the analysis to gain a
better grasp of the financial statement and its details. Every company endeavour needs
financing to operate effectively. This study intends to examine the firm's efficiency,
profitability, solvency situation, and liquidity. Secondary data is used to gather the information.
The study spans a five-year period, from FY 2017–2018 to FY 2021–2022. The analysis shows
improved financial performance. The shareholders, however increase the fund set aside to
counter the outsider's fund. The business needs to take the necessary steps to improve its
profitability position. The research is useful (or) advantageous to management of the business
by offering a clear image When analysing a company's balance sheet, we may determine the
growth of the company's main aspects, such as liquidity, solvency, profitability, and turnover
position.
19
Knowing that this analysis is conclusive to locate or be capable of the COMPANY general
effectiveness of working capacity
12. “A study on Investments behaviour of Demat and Trading account

holders in Bengaluru City” (Dr. A. Mahalakshmi-2021)
Investments are now a requirement if you want a secure future. There are several ways to invest,
including bank schemes, gold, real estate, post services, mutual funds, etc. Investors are the
foundation of the capital market in emerging nations like India. To do this, more savings must
be directed onto business sectors. There is a lot of focus on investment as the main tool for a
nation's economic development and progress. People invest their money with a variety of goals
in mind, including profit, security, appreciation, and stable income.
With the aid of stock brokerage companies, many consumers with Demat accounts can trade
shares electronically at a stock market. As of January 2021, there were 51.5 million Demat
accounts in India overall to 35.9 million at the end of the 2019 fiscal year and 40.8 million at
the end of the 2020 fiscal year (Sultana, 2021). The investor's actions are unpredictable.
Inactive status was recorded for over 75% of the accounts in the (Shah, 2020) The month of
March 2020. The majority of them just seldom and infrequently trade. There might there are
specific grounds because they don't. Investors play a significant role in the stock market since
they invest a significant portion of their savings there. Stock regulators should never disregard
the logical trading behaviours of stock traders. The current study, whose goal is to ascertain the
investing behaviour of those who possess Demat and trading accounts in the city of Bengaluru,
gains significance in this direction. This study tries to identify additional reasons why investors
stop or delay trading and to offer any solutions that could be available.
13. “Comparing Brokers in India: Informal Networks and Access to Services in Bihar and
Gujarat” (Ward Berenschot, Sarthak Bagchi – 30 April 2019)
Citizens frequently need to rely on brokers in order to access state benefits due to unresponsive
and threatening state institutions. This article contrasts how brokers in two Indian states assist
citizens in accessing public services. We compare Bihar and Gujarat using ethnographic
research conducted in both states to make the case that the development of informal networks
that allow people to access public services is a crucial aspect of the democratization process.
Over the past 40 years, such brokerage networks have become significantly more fragmented
20
and less characterized by social hierarchies in Gujarat and Bihar, respectively. Despite the
political parties' different roles and levels of power in the two states, this transition has still
occurred. Citizens can now exert greater pressure on government institutions and power
brokers thanks to the levelling and fragmentation of brokerage networks. This "informal
democratisation" process argues that the comparative study of brokerage networks is a viable
and mostly unexplored option for the interpretation of the challenges facing local democracy
and governance in India. The "political brokers" that are the focus of this study are distinct
from "market brokers" who provide their brokering services to business owners in that regard.
While some of the aforementioned literature on brokers and clientelism refers to networks of
different types of intermediaries facilitating state-citizen interaction using different terms, such
as "patron-client networks," "patronage networks," or "informal networks," these terms
frequently refer to the same phenomenon, which we refer to here as brokerage networks.
14. “A Market Potential of Open the Demat account and Trading Account for trading in
Stock Exchange” (Melbha D- June 2017)
Instead of the investor obtaining physical ownership of certificates, shares and securities are
maintained electronically in a Dematerialized (or "Demat") account in India. When an investor
registers with an investment broker (or sub-broker), they open a dematerialized account. For
all transactions, the dematerialized account number is provided to facilitate Trade settlements
will be done electronically. Influences for opening a demo account are examined in this topic's
research, along with a trading account for stock market trading. Additionally, this study utilizes
a Demat account and emphasizes investor's Perceptions have consequences. The majority of
the data was gathered through web-based analysis. A well-designed questionnaire was used for
the study, and respondents with a range of importance, uses, and investor perceptions duly
completed it. Online distribution of the questionnaires was done.
With the establishment of SEBI, the Indian stock markets have undergone a number of
modifications. The protection of investors is the subject of guidelines that have been released.
The administrative and reorganizational features of the stock market have been subject to
reform. Dealings between brokers and investors are now subject to regulations. The prohibition
on is one significant change. The trading by insiders. Any corporation that violates the law and
the people may be prosecuted by the SEBI are subject to punishment, a fine, or jail if they break
the law. In 1996, the Depository Act was passed, enabling to help lower settlement risks,
21
securities should be dematerialized and transferred by electronic book entry significant

constraints in the infrastructure. Demoralization of securities is one of the key stages toward
modernizing the market, boosting investor protection, and reducing faulty deliveries and share
fraud. It also speeds up the transfer of shares. The market was anticipating long-term gains
from the withdrawal of tangible securities.
15. “Online Service quality dimensions and their relationships with

satisfaction: A content analysis of customers reviews of securities
Brokerage services” (Zhilin yang, Xiang Fang-1 July 2004)
This exploratory study aims to deepen our understanding of customer satisfaction and service
quality in the context of online securities brokerage services. The authors conducted a content
analysis of 740 customer evaluations, drawing on conceptual frameworks from the fields of
services marketing and information systems management, to identify 52 items across 16 key
service quality aspects. The findings show that, with the exception of ease of use, the main
service quality dimensions that influence online customer happiness are closely related to
traditional services, while the main elements that influence discontent are related to the quality
of information systems. At the sub-dimensional level, the main causes of happiness and
dissatisfaction are also noted. Further discussion of the findings' theoretical contribution and
managerial implications follows. The main causes of these issues are the service providers' lack
of expertise in streamlining the operations of this relatively new channel and their incomplete
knowledge of the usage patterns of online users. Additionally, because online businesses
frequently only Therefore, among the various service attributes that can be chosen, priorities
must be established when making judgments about investments aimed at achieving improved
services Brandt (2007). Therefore, it would be ideal for internet service providers to learn what
elements that consumers consider when evaluating the overall quality of a service satisfaction
and what qualities are most significant.
2.2 Statement of Problem
Understanding a company's financial health is crucial for investors, stakeholders, and

management in today's volatile financial environment. Financial ratios are effective
instruments for evaluating a company's productivity, stability, and general health. This study
22
attempts to thoroughly analyse Angel One Ltd's financial ratios, a significant player in the
brokerage market, and compare those ratios to those of its rivals.
2.3 Scope of the study
 The study's main objective is to conduct a thorough examination of Angel One Ltd's
financial ratios. This will comprise ratios for liquidity, profitability, solvency, and
efficiency.
 The study will use sophisticated financial ratio analysis methods to assess Angel One
Ltd's performance. Calculations, trend analysis, and benchmarking against industry
norms may all be necessary for this.
 The study's conclusions could offer investors, management, and regulatory agencies
new information, suggestions, or implications.
2.4 Objective of the study
 To analyse the financial ratios of Angel One Ltd over a specified period.
 To compare Angel One financial ratios with those of selected competitors within the
same industry.
 To identify key strengths and weaknesses in Angel One's financial position based on the
analysis.
 To provide actionable recommendations for Angel One to enhance its financial
performance and competitiveness.
2.5 Sampling Methodology
Data is Extracted from secondary data sources such as Money control financial database, Yahoo
finance database. Foe the selected companies, Angel one broking ltd, 5 paisa.com, Indiabulls
securities ltd, Motilal Oswal securities ltd and ICICI securities ltd.
Sampling- Past 5 years data is extracted for research on monthly basis from March 2023 to
March 2019
23
2.6 Terminology & Tools for the data collection
Comparative analysis
Comparing two items and highlighting their differences and similarities is the act of conducting
comparative research. A corporation can better understand an idea, issue, theory, or topic by
doing a comparative analysis, which enables it to generate solutions in response.
Conducting a comparative investigation entail comparing two things and identifying their
differences and similarities. A firm can develop answers by performing a comparative analysis
to gain a deeper understanding of a concept, problem, theory, or subject.
Key performance indicators
Determine the state of the business by analysing the key performance indicators as part of a
financial statement study.
Under Liquidity ratio technique
 Current ratio: This ratio evaluates a company’s capacity to pay off its immediate
obligations with its immediate resources. It is computed by subtracting current
obligations from current assets.
Formula: Current Assets / Current Liabilities
 Quick Ratio: Due to the fact that it doesn’t include inventories in current assets, this
ratio is a more cautious indicator of a company’s liquidity. It demonstrates the
capability of meeting urgent financial obligations without relying on inventory sales.
Formula: (Current Assets – Inventory) / Current Liabilities
Under Profitability Ratios technique:
 Net Profit Margin: This ratio calculates the proportion of revenue that, after all costs
and taxes, results in a profit. It shows how effectively a business manages its expenses.
Formula: (Net Profit / Total Revenue) * 100
 Return on Assets (ROA): ROA is a measure of how effectively a business generates
profit from its assets. It displays the assets’ return on investment.
Formula: (Net Profit / Total Assets) * 100
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 Return on Equity (ROE): Based on their equity investment in the company,

shareholders’ returns are measured by ROE.
Formula: (Net Profit / Shareholders’ Equity) * 100
 Gross Profit Margin: The percentage of revenue that remains after deducting cost of
goods sold (COGS) is represented by this ratio. It reveals how effectively a business
controls its production expenses.
Formula: (Gross Profit / Total Revenue) * 100
Under Solvency Ratios Technique:
 Debt to Equity Ratio: This ratio illustrates how much of a company’s funding is
provided by debt as opposed to equity. The degree of financial leverage is indicated.
Formula: Total Debt / Shareholders’ Equity
 Interest Coverage Ratio: This ratio evaluates how well a business can use its
operational income to pay its interest costs. It displays the creditor safety margin.
Formula: Earnings Before Interest and Taxes (EBIT) / Interest Expenses
Under Efficiency Ratios Technique
 Asset Turnover Ratio: Asset turnover measures how effectively a business generates
income using its assets. It gauges sales volume in relation to capital invested.
Formula: Total Revenue / Total Assets
2.7 Limitations of the study
Ratio analysis is based on historical and static and does not consider the continuous at present
data which can lead to inaccurate Ratio analysis of company's financial statements to reveal
insights regarding profitability, liquidity, operational efficiency, and solvency.
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2.8 Plan of Analysis
Provide an overview of the topic, introducing Angel One Ltd and its competitors in the financial
sector. Clearly state the objectives of the study. Gather financial statements (balance sheets,
income statements, cash flow statements) of Angel One Ltd and its competitors. Perform a
comprehensive comparison between Angel One and its competitors. Provide actionable
recommendations based on the analysis. List all sources of information, data, and literature
cited in the analysis.
26
CHAPTER-3
Profile of the selected organizations
3.1 5 Paisa .com
Indian stock brokerage firm 5Paisa.com The headquarters of the business are in Mumbai,
Maharashtra, India. One of the top financial services providers in India is IIFL. Investment,
Insurance, Mutual Fund, Discount Broker, Finance, Broking, Trading Platform, Online
Trading, Discount Broker, Stock Trading, Currency Trading, and Commodity Trading are all
services that the organization provides. The business offers technologically advanced solutions
that let customers invest money more cheaply.
Since it has been operating for roughly seven years and also 6th largest stock broker, 5paisa, the
fastest-growing retail brokerage firm in India, is the first fintech to be listed. We provide a wide
range of financial products, including, among others, equity, mutual funds, initial public
offerings (IPOs), insurance, small case, and US investing.
Company profile:
Points Information
Company Name 5Paisa
Founder Name Nirmal Jain
Owner Nirmal Jain
Date of Establishment 10 July 2007
Establishment Place Mumbai, Maharashtra
Revenue INR 52.62 crore
CEO Prakash Gagdani
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Registered Address Sun Infotech Park, Road no., 16V, Plot no. B-23 Thane-400604
Mumbai, Maharashtra, India
Telephone No. 91-8976689766
Email support@5paisa.com
Company status Active
Web site www.5paisa.com
Products of 5 Paisa
 Online trading
 Auto Investors
 Mutual fund
 Health Insurance
 Margin Calculator
 Trading APIs
History of 5 Paisa:
Established in 2016, 5Paisa.
 In India, the company began stock brokerage in 2016.

 2017 saw the company's NSE and BSE listings.
 The business achieved the No. 2 spot in the Discount Broking market in 2018, received
the "Best Mobile Trading App" & "Emerging Brand Excellence in BFSI Sector"
Awards, and earned the "Best Digital Startup of the Year" Award.
 Awarded as a Premier Depository Participant by CDSL in 2019 for "Best Use of Mobile
Technology in Financial Services," the company. The business has operations all around
the world.
Values of 5 Paisa:
 Utilizing technology: The business places a great emphasis on technology to give

consumers the best platforms for managing all of their investments with ease.
 Customer experience: The business aims to offer a process that is so straightforward
that anyone may begin putting together their own investing portfolio.
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 Market Expansion: According to the corporation, stock markets in other nations still
lag behind in terms of participation. According to the business, more people need to be
educated about investing and encouraged to begin saving money at a young age.
 Low cost: Because the organization thinks investing should be accessible to everybody,
all investments come with a tiny flat fee.
3.2 ICICI Securities ltd
A well-known provider of financial services with headquarters in India is ICICI Securities. It

is a division of ICICI Bank, one of the biggest banks in the nation's private sector. ICICI
Securities, which was founded in 1995, has contributed significantly to the growth of India's
financial markets. Institutional and retail broking, merchant banking, the distribution of
financial products, private wealth management, and issuer and advisory services are all
provided by ICICI Securities Limited. Treasury, Broking & Distribution, and Issuer Services
& Advisory are the three business sectors that make up the organization. It provides trading
and investment options for a variety of asset classes, such as stock, commodities, derivatives,
currencies, funding for margin trading, offshore investments, etc. ICICI Securities Limited was
established on March 9, 1995, and is a publicly traded corporation. Its headquarters are in
Mumbai City, Maharashtra, and it is categorized as a public limited corporation. It has a paid-
up capital of INR 161.55 billion and an authorized share capital of INR 250.00 billion. The
operating revenue range for ICICI Securities Limited for the fiscal year that ended on March
31, 2018 was over INR 500 cr. Its EBITDA has increased from the prior year by 68.62%. Its
book net value has also improved by 70.10% over this time. Here you can find other
performance and liquidity ratios.
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Company profile:
Points Information
Company Name ICICI securities ltd
Owner/Parent company ICICI bank ltd
Year of Establishment 1995
Revenue INR 1722.06 Crores
CEO Mr. Vijay Chandok
Registered Address ICICI Centre, H.T. Parekh Marg, Churchgate, Mumbai-400020
Maharashtra, India
Telephone No. 91-22-22882460/70
Fax 91-22-22882445
Web site www.icicisecurities.com
Product of ICICI securities ltd
 Equity Broking
 Derivatives trading
 Commodity trading
 Currency Trading
 Mutual funds
 Portfolio Management services
History of ICICI securities ltd:
 ICICIdirect.com, a platform for electronic equity broking, was launched.

 Launches 'Buy Today Sell Tomorrow' feature, Government of India Bonds, Equity
Derivatives, and Mutual Funds
 ICICI Centre for Financial Learning, our endeavour for financial education, is
established.
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 launched Stock MIND, a national college student competition based on the stock
market.
 Through an Initial Public Offering (IPO), ICICI Securities went public and was
admitted to trading on the Bombay Stock Exchange (BSE) and National Stock
Exchange of India (NSE).
Values of ICICI Securities
 Customer-Centric Approach: Putting customer requirements and interests first in all

operations and decision-making procedures.
 Responsibility towards Society: Actively taking part in corporate social responsibility
(CSR) projects and making a positive difference in the communities.
 Teamwork and Collaboration: Promoting a cooperative workplace where staff members
efficiently collaborate to achieve shared objectives.
 Excellence: Pursuing excellence in all areas of the company's operations, including
customer satisfaction, service quality, and operational effectiveness.
 Adaptability: Being flexible and able to adjust to shifting market conditions, new
developments in technology, and changing customer wants.
3.3 India Bulls Securities ltd
Indiabulls is a well-known Indian conglomerate having interests across many industries, with
a primary focus on finance and real estate. Three IIT Delhi graduates, Sameer Gehlaut, Rajiv
Rattan, and Saurabh Mittal, created India bulls Financial Services, a stockbroking company, in
2000. This was the beginning of India bulls. Indiabulls Consumer Finance Limited (IBCFL) is
a wholly owned subsidiary of publicly traded Indiabulls Ventures Limited and a non-deposit
taking systemically important NBFC regulated with the RBI. Personal loans, business loans
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(including secured and unsecured SME loans), and other loans are the main areas of
concentration for IBCFL. As of December 31, 2018, the Company had diverse assets under
management at Rs 10,453 crores, a CRAR of 37.6%, and an ALM that was well matched.
Indiabulls Ventures has introduced a brand-new and cutting-edge Shubh Web Platform to give
customers the greatest trading experience imaginable. Through its many helpful features,
including live streaming stock quotes, online payment gateways, portfolio dashboards, in-depth
research reports, online IPOs, live market news, and real-time market statistics, the Shubh
online trading platform offers customers a seamless trading experience and enables you to
analyze markets wisely.
Company profile:
Points Information
Company Name Indiabulls securities ltd
Founder/CEO Mr. Sameer Gehlaut
Founded January 2000
Parent company Indiabulls group
Registered Address M 62&63, first floor, Connaught place, New Delhi, Delhi-
110001
Phone number 011-30252900, 9873792997
Email address rajkgupta@indiabulls.com
Web site www.indiabulls.com
Key Services of Indiabulls securities
 Stock broking
 Depository Services
 Portfolio Management Service (PMS)
 Investment Advisory
 Research and Analysis
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 Online Trading platform
History of Indiabulls securities
 In the year 2000, Indiabulls Securities was established. It started out as a stock
brokerage company.
 The business rose to prominence fast and broadened its offerings to encompass different
financial products. It joined the National Stock Exchange (NSE) as well as the Bombay
Stock Exchange (BSE) in the year 2004.
 Indiabulls Securities made an Initial Public Offering (IPO) to enter the capital market
and was subsequently listed on stock markets. As additional funding was made
available for the business's growth and expansion, this was a significant turning point.
 Indiabulls Securities has broadened its offerings over the years. The firm started
providing services such depository services, portfolio management, investment
consulting, research, and internet trading platforms in addition to stock broking.
Values of Indiabulls Securities
 Integrity: Upholding honesty and high moral standards in all dealings and business
operations.
 Customer-centric approach: Putting the client's demands front and centre while
delivering superior customer service.
 Professionalism: Maintaining a high standard of professionalism in corporate
operations, including respect for customers, employees, and partners in the sector.
 Transparency: Giving clients, shareholders, and other stakeholders accurate and clear
information while ensuring transparency in business operations.
 Continuous learning and development: Encouraging staff to learn new things in order
to stay current on best practices and developments in the industry.
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3.4 MOTILAL OSWAL SECURITIES LTD
On July 5, 1994, Motilal Oswal Securities Limited was established as an unlisted public
corporation. It is a public limited company with its headquarters in Maharashtra. Its entire paid-
up capital was INR 1.32 crores, and its authorized share capital was INR 12.00 cr. We now
provide a variety of financial services and products as a well-diversified financial services
company. Retail clients (including High Net Worth Individuals), mutual funds, overseas
institutional investors, financial institutions, and corporate clients make up our diverse
clientele. Motilal Oswal securities been able to grow into a team of approximately 2000 people
because to our commitment to putting the needs of our customers first, ethical and transparent
business practices, professionalism, research-based value investment, and the use of cutting-
edge technology. We now provide a variety of financial goods and services, including wealth
management, brokerage and distribution, commodity trading, portfolio management,
institutional equity, private equity, investment banking, and principal strategy.
Motilal Oswal is famous for its expertise in research and analysis. To assist investors in making
wise judgments, they produce a variety of publications, research papers, and market insights.
In the financial sector, their yearly wealth creation research in particular is highly recognized.
Company profile:
Points Information
Company Name Motilal Oswal Securities ltd
Founder name Motilal Oswal
Founded 1987
Headquarters Mumbai, Maharashtra
Parent company Motilal Oswal group
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Registered Address Motilal Oswal Tower, Rahimtullah Sayani road, Opposite Parel
ST depot, Prabhadevi, Mumbai-400025 Mumbai MH 400025
IN.
Registered Date 05-july-1994
Email address Pooja.sutradhar@motilaloswal.com
Company status Amalgamated
Web site Motilaloswalgruop.com
Products of Motilal Oswal securities ltd
 Stock broking
 Wealth Management
 Asset Management
 Investment Banking
History of Motilal Oswal securities ltd
 Mr. Motilal Oswal and Mr. Raamdeo Agrawal established Motilal Oswal Securities Ltd.
in 1987 as a modest broking business in Mumbai, India. When they founded the
business, the founders had a goal of offering their clients high-quality financial services
and investment guidance.
 Motilal Oswal Securities Ltd. had substantial development during the 1990s and
increased its market share in India. It began providing services for trading in
commodities, derivatives, and stocks.
 Motilal Oswal Asset Management Company Ltd. (MOAMC), a division of Motilal
Oswal Financial Services, was founded in 2009. It started overseeing mutual fund
programs, significantly diversifying its offering of financial services.
 The Securities and Exchange Board of India (SEBI) and other regulatory organizations
have received strict adherence to regulatory requirements from Motilal Oswal
Securities Ltd.
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Values of Motilal Oswal securities ltd
 Customer-Centricity: For financial services firms like Motilal Oswal, putting the needs
of the customer first is frequently a key concept. They strive to deliver superior service,
attend to client needs, and create lasting relationships.
 Excellence: For financial services firms like Motilal Oswal, putting the needs of the
customer first is frequently a key concept. They strive to deliver superior service, attend
to client needs, and create lasting relationships.
 Long term perspective: For companies like Motilal Oswal, promoting a long-term
perspective in both investment strategy and client relationships can be valuable.
Thinking long term frequently results in more reliable and long-lasting results.
 Research-driven: For its research-based approach to investing, Motilal Oswal is well
recognized. In order to assist customers in making knowledgeable investment
decisions, this entails a dedication to in-depth study and data-driven decision-making.
36
CHAPTER-4
DATA ANALYSIS AND INTERPRETATION
4.1.1 Liquidity Ratio of Angel One Ltd:
Current ratio:
Interpretation:
The above Table explains the Current ratio of Angel One Ltd, for the year 2019 the current
ratio valued at 1.24 which is above 1 it suggests that company having excess liquidity, in 2023
the current ratio is more than the year 2019 I.e 1.37, this suggest that company is relatively
well- positioned to meet its financial obligation. The chart diagram explains the variation in the
current ratio year by year.
Quick Ratio:
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Interpretation:
The above table is the calculation of Quick ratio of Angel One Ltd, from the year 2019 to 2023.
The quick ratio higher than 1 considered as good, it suggests us that the company is not overly
reliant on selling inventory to meet its immediate obligation. The chart diagram explains the
variation of quick ratio from year to year. In the year 2019 the quick ratio was1.24 for the next
year it increased to 1.30 in the last year 2023 it is 1.37 which shows continuous increase in the
quick ratio.
4.1.2 Profitability Ratio of Angel One Ltd:
Net profit Margin:
Interpretation:
The above table shows the calculation of Net profit margin of Angel One Ltd, Better is a net
profit margin that is higher. It shows that a business is able to effectively control its costs and
extract a larger portion of profit from its sales. The first year 2019 net profit margin is 10.1822
which we can see there is no decrease in the rate of net profit and continuously increasing net
profit margin yearly in the year 2023 it shows 29.4576 which is highly profitable margin of the
company
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Return on Assets:
Interpretation:
The above table shows the calculation of Return on Asset of Angel One Ltd the higher ROA
indicates that the company is able to efficiently handle its resources to generate earnings, for
the year 2019 Angel One Ltd Return on asset was 3.62 for 2021 it increased to 6.17 and for the
year 2023 the Return on asset is 11.90. The chart represents the increase in the continuous
increase of return on asset of the company.
Return on Equity:
Interpretation:
The above table shows the calculation of Return on equity of Angel One Ltd, where in the year
2019 ROE of the company is 15.03, next year 2020 it decreased to 13.92, in the year 2023 the
ROE is 41.17. This explains how Angel One Ltd is generating more profit with less equity
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which is favourable to the company. The chart explains continuous increase in the return on
equity every year.
Gross Profit Margin:
Interpretation:
The above table shows the calculation of Gross Profit margin of Angel One Ltd from the year
2019 to 2023, It offers perceptions on how effectively a business turns revenue from its primary
operations into profit. In the year 2020 comparatively Gross profit margin is less i.e 15.73, later
in the year 2021 it increased double the rate of year 2019 i.e 31.65 and in the year 2023 it
reaches to 39.45. The Chart diagram shows the increase in the margin of gross profit every year
after 2020.
4.1.3 Solvency Ratio of Angel One Ltd:
Debt-equity ratio:
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Interpretation:
The above Table shows the calculation of Debt-Equity ratio of Angel One Ltd; The Debt-Equity
ratio assess the risk associated to a company. In the year 2019 the debt-equity ratio is 1.64, in
the year 2023 it decreased to 0.36, a rising ratio suggest that company is taking on more debt
relative to equity, in Angel One Ltd the debt-equity is not raising that indicate the company is
not taking more debt. The Chart explains how Angel one company debt-equity is declining
from the year 2019- 2023.
Interest Coverage Ratio:
Interpretation:
The Above table showing Calculation of Interest Coverage ratio of Angel One Ltd, In the year
2019 the Interest coverage ratio of the company is 2.8697 in the year 2021 the company’s
interest coverage ratio rapidly increase to 11.5595 there is a huge gap between the year 2019
&2021 and in 2023 the ratio increased to 14.3110. The Chart diagram also increase of Interest
coverage ratio yearly it implies that the business is making enough money to comfortably meet
its interest costs.
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4.1.4 Efficiency Ratio of Angel One Ltd:
Asset Turnover ratio
Interpretation:
The above table shows the calculation of Asset turnover ratio of Angel one company, where in
the year 2019 and 2020 the turnover shows 0.35 and 0.34 in the year 2021 turnover decreases
to 0.26 in the year 2023 it increases to 0.40. The chart diagram also shows the same in the year
2019&20 the turnover is maintained equally in the year 2021 it decreases and from 2022 it
starts raising it indicate that the company is using its asset efficiently to generate sales or
revenue.
4.2.1 Liquidity Ratio of 5 Paisa. com:
Current Ratio
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Interpretation
The above table shows the calculation of 5Paisa. com in the year 2019 the current ratio of
company is 1.101, in the year 2020 it increased to 1.219 but decreased in the 2021 i.e 1.179
and go on increases where the current ratio of the company in the year 2023 is 1.381 which is
more compared to year 2019 this suggest that company is relatively well- positioned to meet
its financial obligation. The Chart diagram explains the same in the year 2021 the ratio
decreases compared to its last year but start increase from next year the raising trend indicates
improving liquidity.
Quick Ratio
Interpretation
The above table is the calculation of Quick ratio for the company 5Paisa. com, the quick ratio
for the year 2019 is 1.101, in the next year it increased to 1.219 and decreased in the year 2021
i.e 1.179 and start increasing from the year 2022 in the year 2023 the quick ratio is 1.381 it
suggests us that the company is not overly reliant on selling inventory to meet its immediate
obligation. The chart diagram helps to understand the variation of quick ratio from 2019 to
2023.
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4.2.2 Profitability Ratio of 5 Paisa capital ltd:
Net Profit Margin
Interpretation
The above table is the calculation of Net Profit Margin of 5Paisa. com which shows Profit
margin of the company in the year 2019 the ratio is in negative i.e -31.173 in the year 2021 the
ratio comes to positive i.e 7. 550 and start increasing, in the year 2023 the net profit margin of
the company is 12.838 it indicates that the company is able to manage its expenses and generate
higher percentage of profit from its revenue in the year 2023. The chart diagram shows how
Net profit margin of the company changes from negative to positive.
Return on Asset
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Interpretation
The above table show the calculation of Return on Asset of 5Paisa. com for the first year 2019
the return on Asset of the company is -6.716, for the next year 2020 the Return on asset is -
1.267 and from the next year it comes to positive, in the year 2023 is 2.65 compare to year
2019 company’s ROA much better in the year 2023 it indicates that the company is able to
efficiently handle its resources to generate earnings. The Chart diagram shows the variation of
Return on Asset of the company yearly.
Return On Equity
Interpretation:
The above table shows the calculation of Return on Equity (ROE) of 5 Piasa capital ltd from
the year 2019-23. In the year 2019 the ROE of the company is very less i.e -42.177, in the year
2021 the ratio comes to positive that is 9.412 and in the year 2023 the ratio is 9.405 which
explains in the year 2021 to 2023 that Strong returns are being produced by the business on the
capital invested by shareholders. The chart diagram explains how return on equity changes
every year from negative position to positive which indicate that compare to year 2019 in the
year 2023 the company is producing strong return on their equity.
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Gross Profit Margin
Interpretation
The above table shows the calculation of Gross profit margin of 5 Paisa capital ltd, where in
the year 2019 the margin is -31.173 in the year 2021 the margin is showing positive i.e 7.550,
in the year 2022 it decreases to 4.611 again in the year 2023 it increases to 12.838 it shows the
how well the company converts revenue into profit from its core operations. The chart diagram
shows how gross profit margin varies from year to year in the year 2019 the trend is negatively
positioned and in the year 2023 it comes to positive.
4.2.3 Solvency Ratio of 5Paisa. com:
Debt-Equity Ratio
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Interpretation
The above table shows the calculation of Debt-Equity ratio of 5 paisa Capital ltd, In the year
2019 the Debt-equity was 2.048 year to year it starts decreasing which means the company is
not holding more debt. In the year 2023 the debt-equity ratio comes to 0.365 which explains
the lower financial risk of the company, The chart diagram also indicates the decreasing trends
yearly which indicates the company is not holding more debt with them
Interest Coverage Ratio
Interpretation
The above table shows the calculation of Interest coverage ratio of the company 5Paisa. com,
in the year 2019 the Interest coverage ratio of the company is negative i.e -2.71 which indicates
higher financial risk of the company, from the next year it starts increasing in the year 2021
Interest coverage ratio of the company is 2 means the company showing good condition in this
year, in the year 2023 Interest Coverage ratio is increased to 4.24 which shows company has a
stronger ability to meet its debt obligations. The Chart Diagram also shows how interest
coverage ratio changes from negative to positive which explains increasing trend.
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4.2.4 Efficiency ratio of 5 Paisa capital ltd
Asset Turnover Ratio
Interpretation
The above table shows the calculation of Asset Turnover ratio of 5Paisa. com, In the year 2019
the ratio of the company is 0.215 for the next it decreases to 0.174 and there are moderate
changes in Asset turnover ratio of the company every year compare to 2019 the asset turnover
ratio in the year 2023 decreases that is 0.207. A higher asset turnover ratio, which indicates that
the business is making more money from its assets, can have a beneficial effect on profitability.
The chart diagram also tells the same there is a moderate change in the ratio every year it
indicates the company is effectively using it asset to generate profit.
4.3.1 Liquidity ratio of ICICI securities ltd
Current ratio
48
Interpretation
The above table is calculation of current ratio for ICICI Securities ltd, compared to all year the
maximum ratio came in the year 2020 i.e 3.561 then decreased to 1.366 in the year 2021 and
the current ratio of the company in the 2023 is 1.237 its indicate that the company is not well
positioned .The chart diagram show the how trend increased in the year 2020 and decreased as
on till 2023.
Quick ratio
Interpretation
The above table shows the calculation of Quick ratio for the ICICI securities ltd, for the year
2019 the company’s quick ratio was 1.602 in the next year 2020 it increased to 2.81 and then
decreased from year 2021, in the year 2023 the quick ratio of the company is 1.16 compare to
year 2019 it comes down in the year 2023. The chart diagram also shows the same how quick
ratio of the company varies from 2019 to 2023 the declining ratio indicate the company’s
deteriorating financial health.
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4.3.2 Profitability Ratio of ICICI Securities ltd
Net Profit Margin
Interpretation
The above table is the calculation of Net profit margin of ICICI Securities ltd, in the year 2019
the net profit margin is 28.415, in the year 2020 it increased to 31.421 and increased till the
year 2022 i.e 40.210 and in the year 2023 it decreased to 32.627 while comparing it with the
year 2019 the company net profit is high. The Chart diagram explains how net profit margin of
the company increased from year 2019 to 2022 and declined in the year 2023 it indicates the
company is managing its expenses and generate a high profit from its revenue
Return on Asset
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Interpretation
The above table show the calculation of Return on asset of the ICICI Securities ltd, Return on
Asset explain how company utilizes its asset to generate profit, in the year 2019 the return on
asset of the company is 10.520 the profitability ratio of the company increased to year 2021
that is 13.051 and start declining from the year 2022 and in the year 2023 the return on asset
of the company is 7.179 which indicate the company’s declining profitability. The Chart
diagram shows how return on asset of the company increases from the year 2019 to 2021 and
start declining from 2022.
Return on Equity
Interpretation
The above table shows the calculation of Return on equity of ICICI Securities ltd, in the year
2019 the company Return on equity is 46.858 which increases in the year 2021 I.e 58.605
which indicates the company is generating more profit with less shareholders equity which is
favourable for the company, in the year 2023 the return on equity is declined to 39.181 compare
to last year company profit for its equity is very less. The Chart diagram shows how return on
equity of the companies increase till the year 2021 and decrease to year 2023.
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Gross Profit Margin
Interpretation
The above table shows calculation of Gross Profit margin of ICICI securities ltd, in the year
2019 the company is generating profit for the revenue up to 28.415 and the margin increased
in the next two year and reaches to 41.286 in the year 2021, from the year 2021 it starts
declining and reaches to 32.627 in the year 2023 compare to year 2019 its more. The Chart
diagram shows the increasing ratio of the company from year 2019 to 2021 which indicates the
effective cost management and pricing strategies but from the year 2021 it declines which
indicate rise in the production or rise in service delivery cost.
4.3.3 Solvency Ratio of ICICI Securities ltd
Debt-Equity Ratio
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Interpretation
The above table shows the calculation of Debt-Equity ratio of ICICI Securities Ltd, in the year
2019 the debt equity was very less i.e 0.43 from the year 2020 it starts rising in the year 2021
debt equity was 1.24 it raised to 1.93 in the year 2021 it reached 3.26 in the year 2023, which
explains a greater debt of the company which is generally a financial risk of the company. The
Chart diagram also shows the increasing trend from year 2019 to 2023 the raising ratio shows
that the company is taking more debt relative to equity which increases the financial risk.
Interpretation
The above table shows the calculation of Interest Coverage ratio of ICICI securities ltd, in the
year 2019 the interest coverage ratio was 18.88 and 14.34 in the year 2021 which indicate lower
risk on interest payment, in the year 2022 the interest coverage ratio was 8 and in the year 2023
the ratio is 3.94 which explains higher risk of financial disaster in the company. The chart
diagram also shows declining trend which indicate higher financial risk.
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4.3.4 Efficiency ratio of ICICI Securities ltd:
Interpretation
The above table shows the calculation of Asset Turnover ratio of ICICI securities ltd, in the
year 2019 asset turnover ratio of the company is 0.3702 for the next year it increased to 0.3883
but, from the year 2021 it starts decreasing to 0.3161 and in the year 2023 the asset turnover
ratio reaches to 0.22 which shows lower ratio it means the company is not effectively utilizing
its assets. The chart diagram also shows declining ratio in which the company is becoming less
efficient in its asset utilization.
4.4.1 Liquidity Ratio of Indiabulls securities ltd
Current Ratio
54
Interpretation
The above table shows the calculation of current ratio of India bulls securities of ltd, for the
year 2019 the current ratio of the company was 14.177 which says the company has excess of
liquidity indicates inefficient use of resources, from the year 2020 the current ratio of the
company neutralized to 1.994, yearly it goes on increased in the year 2023 the current ratio of
the company is 2.519 generally in ta better position. The chart diagram also shows the excess
liquidity in the year 2019 and afterward neutralized from next year.
Quick Ratio
Interpretation
The above table shows the calculation of Quick ratio of Indiabulls securities ltd, in the year
2019 the quick ratio was 14.18 which is high, a quick ratio above 1 indicates that the
company has highly liquid asset which we can see in the year 2020 to 2023. The chart
diagram shows how quick ratio was in the year 2019 which declined in the year 2020 which
indicate deteriorating financial health, and from year 2021 and 22 increasing ratio signify
improved liquidity.
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4.4.2 Profitability Ratio of Indiabulls Securities ltd:
Net Profit Margin
Interpretation
The above table shows the calculation of Net profit margin of Indiabulls securities ltd, in the
year 2019 Net profit margin was 23.05 it shows the company is generating higher percentage
of profit from its revenue, it started decreases from the next year goes to negative in the year
2021 i.e -21.99 and reaches to -65.07 in the year 2023 which shows company is having loss.
The Chart diagram shows declining ratio it suggests issues with the company’s business model
or cost structure.
Return on asset
Interpretation
The above table shows the calculation of Return on asset of India bulls securities ltd, in the
year 2019 the return on asset of the company was 2.874 which declined in the year 2020 i.e
0.361 from the next year it goes to negative and reaches to -9.050 in the year 2023 which
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explains company is not better at using its resources to generate earnings. The chart diagram
shows declining return on asset of the company which indicates inefficiency or declining
profitability.
Return on Equity
Interpretation
The above table shows the calculation of Return on Equity of Indiabulls securities ltd, in the
year 2019 Return on equity was 9.010 which shows the company is generating high profit for
less equity but from the year 2020 it starts decreasing and goes negative in the year 2021 i.e -
5.784 and reaches -12.621 in the year 2023 which indicate company is generating loss with
high equity. The chart diagram shows declining Return on equity indicate the company having
issue with Profitability.
Gross Profit Margin
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Interpretation
The above table shows the calculation of Gross Profit Margin of Indiabulls securities ltd, in the
year 2019 the gross profit margin of the company was 22.986 which shows company was
generating profit, in the year 2020 it declined to 0.148 where company is generating less profit
compared to last year and goes to negative in the year 2021 and reaches to -64.832 in the year
2023. The Chart diagram also shows declining gross profit margin of the company which
indicates company is rising production.
4.4.3 Solvency Ratio of Indiabulls securities ltd:
Debt-Equity Ratio
Interpretation
The above table show the calculation of Debt-Equity ratio of Indiabulls securities ltd, in the
year 2019 the debt-equity ratio was 1.613 the higher ratio shows company having greater debt
in the year 2020 the debt-equity ratio decreases to 1.380 for the next year 2021 it decreases to
0.690 and reaches to 0.250 in the year 2023. The Chart diagram shows decreasing ratio
indicates that the company is not taking more debt for its equity which indicate lower level of
financial risk.
58
Interpretation
The above table shows the calculation of Interest coverage ratio of Indiabulls securities ltd, in
the year 2019 the company is having interest coverage ratio of 2.070 which indicate that the
company can meet its interest obligation from the year 2020 the ratio starts decreasing in the
year 2022 the interest coverage ratio of the company reaches to negative i.e -1.932 and it
reaches to -1.510 in the year 2023. The chart diagram shows declined ratio of Interest coverage
ratio which indicate the company is becoming less able to meet its interest obligation,
potentially indicating financial strain.
4.4.4 Efficiency Ratio of Indiabulls securities ltd
Asset Turnover Ratio
Interpretation
The above table shows the calculation of Asset turnover ratio of Indiabulls securities ltd, in the
year 2019 the asset turnover ratio is 0.125 and it’s increased in the year 2020 i.e 0.252 which
59
indicate company generated more sales from its asset but decreased on the year 2021 and
reaches to 0.139 in the year 2023 company is not able to meet its sales from its asset. The chart
diagram above shows declining ratio which indicate that the company is becoming less efficient
and more capital-intensive.
4.5.1 Liquidity Ratio of Motilal Oswal Securities ltd:
Current Ratio
Interpretation
The above table shows the calculation of Current ratio of Motilal Oswal securities ltd, in the
beginning year 2019 the company had current ratio of 4.961 which is extremely high which
indicate inefficient use of resources, in the 2019 it decreased to 2.374 and shows moderate ratio
till the year 2023 i.e 2.405 which indicate the company is in better position. The chart diagram
shows declined ratio which indicate a deteriorating financial position.
Quick Ratio
60
Interpretation
The above table indicate the calculation of quick ratio of Motilal Oswal securities ltd, as there
is no purchase of inventory in the company so quick ratio is same as current ratio. For the first-
year company’s quick ratio was 4.961 and start decreasing from the year 2020. The Chart
diagram shows the quick ratio trend over time, the declined ratio indicates deteriorating
financial health of the company.
4.5.2 Profitability Ratio of Motilal Oswal Securities Ltd:
Net Profit Margin
Interpretation
The above table shows the calculation of Net Profit Margin of Motilal Oswal Securities Ltd,
in the year 2019 the Net profit margin of the company was 11.762 which shows the company
is able to manage its expenses and generate profit for its revenue, in the year 2020 it
decreased to 9.106 less compared to last year, and net profit margin for the year 2023 is
22.225 tend to have higher profit. The Chart diagram shows variation of net profit margin
which indicate changes in the company operation and market condition.
61
Return on Asset
Interpretation
The above table shows the calculation of Return on asset of Motilal Oswal securities ltd, in the
year 2019 the return on asset was 2.770 which is increased in the year 2021 i.e 8.484 the higher
return on asset indicates that a company is better at using its resources to generate earnings,
later in the year 2023 the return on asset declined to 4.054 which is less compared to year 2022.
The chart diagram also shows increase from year 2019 to 2021 and start declining from 2022
which indicate inefficiency or declining profitability.
Return on Equity
Interpretation
The above table shows the calculation of Return on Equity of Motilal Oswal securities ltd, in
the year 2019 the return on equity was 9.508 which is declined in the year 2020 to 6.979 and
increased in the year 2021 i.e 27.023 which indicates company is generated more profit with
62
less equity in 2021 then declined to 14.920 in the year 2023. The chart diagram shows declined
ratio from the year 2021 to 2023 which signal the issues with profitability or management of
the equity.
Gross Profit Margin
Interpretation
The above table shows the calculation of Gross profit margin of Motilal Oswal securities ltd,
in the beginning year 2019 the company’s Gross profit was 11.910 which declined to 7.752 in
the year 2020, in the year 2021 it increased to 34.300 which is high ratio indicate company had
a good control over its cost of goods sold but it decreased in the year 2023 i.e 22.198. The chart
diagram shows company gross profit margin trend over a time in the year 2021 to 2023 you
can see a declining margin which signal rising production or service delivery cost.
4.5.3 Solvency Ratio of Motilal Oswal Securities ltd
Debt- Equity Ratio
63
Interpretation
The above table shows the calculation of Debt-Equity ratio of Motilal Oswal securities ltd, in
the beginning year company’s debt equity ratio was 1.675 which increased to 1.891 in the year
2021 where we can say company had more debt for its equity which decreased in the year 2021
and 2022, but it increased to 1.644 in the year 2023 which is less equal to 2019 debt. The chart
diagram also shows variation of debt equity ratio of the company which indicate that the
company is not able control over its debt which tend higher level of financial risk.
Interest Coverage ratio
Interpretation
The above table shows the calculation of Interest coverage ratio of Motilal Oswal securities
ltd, in the beginning year 2019 the interest coverage ratio was 1.74 which decreased to 1.58 in
the year 2020, but from the year 2021 interest coverage ratio was increased to 4.59 which
indicate company as a good indication which decreased to 3.18 in the year 2023 which is less
compared to last year. The chart diagram shows declining ratio which suggest that the company
is becoming less able to meet its interest obligation which indicate financial strain.
64
4.5.4 Efficiency Ratio of Motilal Oswal Securities ltd:
Interpretation
The above table shows the calculation of Asset Turnover ratio of Motilal Oswal securities ltd,
the asset turnover ratio of the company for the year 2019 is 0.235 which continued in the year
2020 and it slightly increased in the year 2021 i.e 0.257 and decreased in the year 0.182 which
indicate the company not able maintain the sale of its asset. The Chart diagram shows a
moderate change in the trend of the company.
65
4.6 Comparison of Angel one with its competitors
4.6.1 Current ratio of 5 Company:
Interpretation:
The above graph shows comparison for all 5 company for the period 2019 to 2023. The
Indiabulls securities ltd had a highest current ratio for the year 2019 which indicate that other
company had liquidity issues. In the year 2023 the Indiabulls securities ltd has the more current
ratio compared to its peers which suggests the company has a better position to cover its short-
term obligation. Only Angel one ltd and 5 paisa capital ltd have a neutral trend in the graph
which indicate these 2 companies is good at maintaining its current ratio every year.
66
4.6.2 Quick Ratio of 5 Company:
Interpretation
The above graph shows the comparison of quick ratio with 5 companies, A business that has a
larger fast ratio than its competitors will be better able to meet its short-term obligations,
especially when rapid cash is required where Indiabulls securities ltd had highest ratio in the
year 2019 later declined year by year in the year 2023 Motilal Oswal securities ltd have a
highest quick ratio compared to its competitors, where Angel One ltd had a moderate ratios
from the year 2019 to 2023 which indicate that the company is good at maintaining its quick
ratio and they have a stronger liquidity position.
67
4.6.3 Net Profit Margin of 5 company:
Interpretation:
The above graph shows the comparison of 5 companies for the period 2019 to 2023, Net profit
margin suggest that a company is effective at converting its revenue into profit. ICICI Securities
ltd have a highest Net profit margin in the year 2022 compared to its competitors which indicate
the company generated more profit for its revenue, but Angle one ltd has a continues increasing
margin from year 2019 to 2023 which indicate it have a strong ability to generate profit over a
long term were ICICI securities only has highest margin of profit but not continuous increasing
profit margin.
68
4.6.4 Return on Asset of 5 company:
Interpretation:
The above graph shows the comparison of Return on Asset of 5 companies for the period 2019
to 2023, Investors frequently seek for organizations with high ROAs since they show that the
business can provide big returns to the investments made in its assets. In the year 2021 ICICI
securities ltd had highest Return on Asset which indicate company made a big return for the
asset invested then later years the ratio came down, at present Angel One Ltd have highest
Return on Asset which indicate the company is making good return for asset they invested if
we compare it with other company other company have less Return on Asset ratio.
69
4.6.5 Return on Equity of 5 company:
Interpretation:
The above graph shows comparison of Return on equity of 5 companies over a period of 2019
to 2023, which shows angel one ltd have a increasing ratio of return on asset indicating
increasing profitability of the company were other companies had a variation in the return on
equity or declining which indicate declining profitability. An increasing ratio signify the
company’s ability to generate return on the return invested by shareholders.
70
4.6.6 Gross Profit Margin of 5 Company:
Interpretation:
The above graph shows comparison of Gross Profit Margin of 5 companies over a period of
2019 to 2023, Angel One ltd have an increasing margin which indicate a constant increase on
the Gross profit margin which is attracted by the investors. While comparing with other
companies ICICI securities has a highest gross profit margin then the Angel One ltd but there
is no constant increase in the margin which shows increasing production cost or pricing
pressures.
71
4.6.7 Debt-Equity Ratio of 5 Company:
Interpretation:
The above graph shows comparison of Debt-Equity ratio of 5 companies over a
period of 2019 to 2023, A higher debt-equity ratio indicate that the company is
relying more debt to its operation where investors prefer companies with lower
debt-equity ratio which indicate lower level of financial risk. Angle one ltd has a
lower level of ratio compared to its competitors and also a declining trend over a
period were company’s like ICICI securities ltd has increasing ratio which shows
company is having more debt over its equity.
72
4.6.8 Interest coverage ratio of 5 company:
Interpretation:
The above graph shows comparison of Interest Coverage Ratio of 5 companies over a period
of 2019 to 2023, Angle One Ltd have a higher Interest coverage ratio which indicate that the
company have a stronger ability to meet its Interest Obligation and higher interest coverage
ratio can contribute higher return on Equity. Where other companies have lower Interest
Coverage Ratio or Negative ratios which indicate financial risk of company and decline in
operating profits.
73
4.6.9 Asset Turnover Ratio of 5 company:
Interpretation:
The above graph shows comparison of Asset Turnover ratio of 5 companies over a period of
2019 to 2023, Angle One Ltd has a highest Asset turnover ratio compared to other companies
but ICICI securities has highest Asset turnover ratios in the beginning 2 year but start declining
from year 2021. A higher Asset turnover ratio indicate the company is maximizing the use of
its asset to generate profit.
74
CHAPTER-5
5.1 Findings:
 Angel One's organizational structure is clearly defined. Employees receive incentives
based on the tasks they are allocated at work. The majority of employees at Angel One
concur that their working hours are satisfactory.
 Indiabulls securities ltd had a 14.117 Current Ratio in 2019 which is highest compared
to other companies, where Angel one Ltd had only 1.24 which indicate the Indiabulls
securities ltd has excess liquidity which could be utilized elsewhere.
 Angel One ltd maintained a neutral current ratio over 5 period but other companies
current ratio fluctuated every year, Angel One Ltd generally in a better position.
 Angel One Ltd have an continues increasing Net profit Margin were other companies
Net Profit Margin varies every year. Angel One Ltd has a strong position in the market
and operating efficiently.
 Indiabulls securities ltd indicate a negative Net Profit Margin from the year 2020 -2023,
were Indiabulls securities has an issue with its cost structure.
 In the year 2019 and 2020, 5 Paisa capital ltd had a Negative Net Profit Margin later
from the year 2021 the company having positive Net Profit Margin.
 Angel One Ltd have an increasing Return on Asset which says the company is
improving every year to increase return utilization.
 Angel One Ltd have an increasing Return on equity for every year, The company is
generating more profit with less equity and other company performance is very less
compare to Angel One Ltd.
 Angel One Ltd have highest Gross Profit Margin in the year 2023, The company is
effectively controlling its production leaving a larger portion of revenue. The Indiabulls
securities ltd has a negative Gross Profit Margin this year.
 Companies like Angel One Ltd, 5Paisa. com and Indiabulls securities ltd decreasing
Debt-Equity Ratio every year which indicate these companies are not taking more debts
for its equity which says a lower level of financial risk. ICICI Securities Ltd is taking
more debts for its equity and the company debt-equity ratio increases every year.
 Angel One Ltd has highest Interest coverage ratio which shows if company have any
debt company has a stronger ability to meet its obligation.
75
 Angel One Ltd has a highest Asset Turnover Ratio compared to other companies which
the company is effectively utilizing its asset.
 Overall, Angel One Ltd is performing excellent in every format which shows company
is in better position compare to other players in the market.
5.2 Suggestions
 Among other marketing measures, Angel One Ltd can amplify its promotional efforts
and reinforce its marketing messaging.
 To educate investors about commodities and derivatives, Angel One Ltd could host
seminars, provide corporate presentations, take part in consumer fairs, and plan events.
 The company needs to demonstrate to the investors the advantages of trading
commodities and derivatives.
 Angel One Ltd may also use local news outlets and newspapers as a platform for
advertising.
 The hotline number at Angel One Ltd may also be used to teach staff members about
the stock market. The business may assign specialized personnel to train and entice
customers to trade stocks.
 ICICI Securities Ltd and Motilal Oswal securities Ltd have an increasing Debt-Equity
Ratio so the company should make early payment on outstanding debt which improve
the debt-equity ratio. If possible, these company look for opportunities to refinance
existing debt at lower interest rate which improve the overall financial health of the
company.
76
5.3 Conclusion:
I gained knowledge of the organization's work flow in the finance sector during my internship,
which helped me to better grasp how different departments operate. My professional skills have
improved as a result of this. Learning is a lifelong endeavour. because each and every person
learns from their way of life. The eight-week internship at Angel One Limited was the best,
most motivating, educational, and entertaining experience I have ever had at a job.
The intern study was focused on how stockholders invest their money a large majority of City
dwellers invest in fixed-return securities. But some investors use equity as a strategy when
making investments. Rajkot is renowned for being a location to invest in shares with
predetermined returns. The main reason people want to engage in commodities and derivatives
is to reduce risk, and they see these products as investment tools. The majority of people favour
making trading decisions on their own, with friends' assistance, or following the
recommendations of reputed stock brokerage businesses. One could argue that literature and
personal experience are the best ways to teach individuals about the stock market.
I learned a lot about the company during my internship, including when it was founded, how it
rose to prominence in its field, how it inspires employees, and how it benefits the company's
stockholders. In order to understand the challenges and obstacles facing the organization, I also
studied and utilized the Porter Five Model.
77
REFERENCE:
1. “A financial ratio analysis of firms: A tool for decision making” (Y.A. Babalola, F.R.
Abiola-2013)
2. “A Review on Practical approach of financial statement analysis and the Ratio analysis”
(Mrs. Indu Vasudev- June 2023)
3. “Effect of Financial ratio on Profitability of commercial banks: A Systematic Literature
Review” (Debby Andesfa, Erni Masdupi- April 2019)
4. “Analysing Financial Statement Under IFRS- Opportunities & Challenges” (Agatha E.
Jeffers, Sidney Askew- 2010)
5. “Financial statement analysis as a tool for investment decisions and assessment of
companies’ performance” (Aminu Abdulrahim Olayinka- June 13, 2022)
6. “Competition in the real estate Brokerage industry: A critical review” (Panle Jia Barwick,
Maisy Wong – December 2019)
7. “The Influence of Profitability ratio, Market ratio, and Solvency ratio on the share prices
of companies listed on LQ 45 Index” (Abhimada Gatuth Satryo, Nur Aini Rokhmania,
Pepie Diptyana- 2016)
8. “Profitability Through Product expansion: Does it work in The Real estate Brokerage
Industry?” (John Benjamin, Peter Chinloy, Donald Jud & Daniel Winkler- 14 Jun 2020)
9. “The Influence of profitability Ratios and Company Size on Profitability and Investment
Risk in the capital market” (Anna Rutkowska-Ziarko- 15/2015)
10. “The effects of Financial ratio on company value with inflation as a moderation variable”
(Herman Ruslim- January 2019)
11. “A study on Financial Performance by using Ratio analysis of Amaraja Batteries ltd” (T.
vineesha, C.H. Venkateshwarlu- September 2022)
12. “A study on Investments behaviour of Demat and Trading account holders in Bengaluru
City” (Dr. A. Mahalakshmi-2021)
13. “Comparing Brokers in India: Informal Networks and Access to Services in Bihar and
Gujarat” (Ward Berenschot, Sarthak Bagchi – 30 April 2019)
14. “A Market Potential of Open the Demat account and Trading Account for trading in Stock
Exchange” (Melbha D- June 2017)
78
15. “Online Service quality dimensions and their relationships with satisfaction: A content
analysis of customers reviews of securities Brokerage services” (Zhilin yang, Xiang Fang-
1 July 2004)
WEBSITE REFERENCE:
www.angelone.in/Angel/One
https://www.angelone.in/stocks/angel-one-ltd
https://en.wikipedia.org/wiki/Indiabulls
https://en.wikipedia.org/wiki/Motilal_Oswal_Financial_Services
https://en.everybodywiki.com/5paisa
https://www.icicisecurities.com/wfrmIndex.aspx
https://www.moneycontrol.com/stocks/company_info/print_main.php
79
ANNEXURES:
80
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A comprehensive study on Analysing financial ratios of Angel one ltd

and comparing it with its competitors.

Name: Abhishek Shenoy

Register Number: P18FW21M0047 Signature

PLACE: Bangalore NAME: Abhishek Shenoy

This is to certify that Mr. Abhishek Shenoy of RV Institute of Management, Autonomous

Name: Prof. Pooja Takalkar

CHAPTERS TOPIC PAGE

2 Review of Literature and 14-26

3 Profile of the selected 27-36

4 Data Analysis and 37-74

5 Findings, Conclusion and 75-77

TABLE TOPIC PAGE

FIGURE TOPIC PAGE

1.1 Introduction to Angel One Ltd

1.2 Introduction to Demat and Trading Account services

1.3 Industry profile

Major players come under this industry:

 ANGEL BROKING LIMITED

 IDBI CAPITAL MARKET SERVICE LTD

Transaction Structure Cycle

Challenge faced by brokerage services:

Competition and differentiation: Brokerages must distinguish themselves in a crowded market,

Opportunity of the industry:

Industry Analysis using “Porters 5 Forces model”

1. BARGAINING POWER OF SUPPLIERS (LESS)

1.4 Theoretical background for the study

Introduction to Financial ratio analysis:

Purpose of ratio analysis:

By facilitating comparisons of a company's financial performance with industry averages,

Types of Financial ratio analysis:

Return on Equity: A metric of financial performance known as return on equity (ROE) is

1.5 Importance of the study

1.6 Need for the study

REVIEW OF LITERATURE AND RESEARCH DESIGN

2.1 Review of Literature

A literature study is conducted to gather up-to-date information and

1. “A financial ratio analysis of firms: A tool for decision making” (Y.A.

2. “A Review on Practical approach of financial statement analysis and the

3. “Effect of Financial ratio on Profitability of commercial banks: A

4. “Analysing Financial Statement Under IFRS- Opportunities &

5. “Financial statement analysis as a tool for investment decisions and

6. “Competition in the real estate Brokerage industry: A critical review”

7. “The Influence of Profitability ratio, Market ratio, and Solvency ratio on

8. “Profitability Through Product expansion: Does it work in The Real

9. “The Influence of profitability Ratios and Company Size on Profitability

10. “The effects of Financial ratio on company value with inflation as a

11. “A study on Financial Performance by using Ratio analysis of Amaraja

12. “A study on Investments behaviour of Demat and Trading account

securities should be dematerialized and transferred by electronic book entry significant

15. “Online Service quality dimensions and their relationships with

2.2 Statement of Problem

Understanding a company's financial health is crucial for investors, stakeholders, and

2.3 Scope of the study

2.4 Objective of the study

2.5 Sampling Methodology

2.6 Terminology & Tools for the data collection

Key performance indicators

Under Liquidity ratio technique

Under Profitability Ratios technique:

 Return on Equity (ROE): Based on their equity investment in the company,

Under Solvency Ratios Technique:

Under Efficiency Ratios Technique

2.7 Limitations of the study