This Discount Broking Stock Rises 31% in 1 Year: Volumes Fell, Profits Doubled
- September 18, 2026
- Posted by: Harsh Piplani
- Category: Best Stocks
Angel One CMP Rs 295.00 (17 Sep 2026). One year return 31.2%. 52W range Rs 208.63 to Rs 360.45. Market cap Rs 26,781 Cr. PE 25.95. Clients 39.56 million.
Quick Answer
Angel One is the discount broking stock that returned approximately 31% between 17 September 2025 and 17 September 2026, moving from Rs 224.85 to Rs 295.00 after adjusting for its 1:10 share split. The gain came from margin recovery rather than volume growth, with June 2026 quarter profit doubling to Rs 231.40 crore even as average daily turnover fell. SEBI derivative curbs cut options contracts traded by 51.5% in FY26, which is why FY26 profit still fell about 22%.
This discount broking stock has risen approximately 31% in one year, and the route it took says more about India’s changing market plumbing than about any single quarter. Between 17 September 2025 and 17 September 2026 the price moved from Rs 224.85 to Rs 295.00 on NSE, adjusted for a 1:10 share split. Derivative turnover at this discount broking stock shrank over the same twelve months.
The company is Angel One Ltd, the Mumbai based retail broker listed on NSE as ANGELONE. Angel One share price closed at Rs 295.00 on 17 September 2026, up 0.51%, with a market capitalisation near Rs 26,781 crore. The 31% gain in this discount broking stock came while regulators were actively shrinking the one business line that produced most of its revenue.
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Discount Broking Stock Returns Across Periods
The one year number is the headline, the shorter windows are the honest part. This discount broking stock bottomed at Rs 208.63 on 13 March 2026 and peaked at Rs 360.45 in mid June 2026. At Rs 295.00 the discount broking stock sits about 18% below that high and 41% above the low, so June buyers are still under water.
| Period | Close at start (Rs) | Close on 17 Sep 2026 (Rs) | Price return |
|---|---|---|---|
| 1 Month (17 Aug 2026) | 293.50 | 295.00 | +0.5% |
| 6 Months (17 Mar 2026) | 216.98 | 295.00 | +36.0% |
| 1 Year (17 Sep 2025) | 224.85 | 295.00 | +31.2% |
| 3 Years (18 Sep 2023) | 189.79 | 295.00 | +55.4% |
| 5 Years (17 Sep 2021) | 129.84 | 295.00 | +127.2% |
Figures are close to close and adjusted for the 1:10 split with record date 26 February 2026. The discount broking stock was among the better performers on a screen of NSE small-cap stocks ranked by 1-year return, dated 17 September 2026, though compounding in this discount broking stock has been anything but smooth.
Why Did This Discount Broking Stock Rise 31% in One Year?
Margin recovery, not volume growth. Activity per client fell all year, but cost control, a fast growing client funding book and two new fee businesses lifted profit off a low base. Four dated events moved the discount broking stock.
Q3 FY26 Results, a 1:10 Split and a Rs 23 Dividend
On 16 January 2026 the board reported December quarter revenue of Rs 1,337.70 crore and net profit of Rs 268.66 crore, up about 26% sequentially. It also approved the 1:10 split and a first interim dividend of Rs 23 per share. The discount broking stock jumped roughly 7.5% that session as the operating margin widened to 39.86% from 34.77%.
Q4 FY26 Beat on 17 April 2026
March quarter revenue was Rs 1,467.24 crore, up around 38% year on year, with net profit up about 83% to Rs 320.24 crore and an operating margin of 41.55%. Total orders hit 431 million, a six quarter high. The discount broking stock gained roughly 7.6% that day to about Rs 314.78 and kept climbing into June.
Q1 FY27 Profit Doubled on 16 July 2026
June quarter revenue at the discount broking stock was Rs 1,433.72 crore, up approximately 25% year on year, and net profit doubled to Rs 231.40 crore from Rs 114.47 crore. Adjusted EBITDA margin expanded about 785 basis points to 31.9%. Assets under custody neared Rs 1.7 lakh crore and the average client funding book was Rs 6,140 crore, up 46%.
SEBI Reopened the Settlement Price Question on 4 September 2026
The latest leg up was regulatory. The Closing Auction Session went live on 3 August 2026 and changed how expiry day settlement prices are struck, and on 4 September 2026 the regulator said it would review the method. This discount broking stock rose about 7% that day to Rs 308.35 intraday from a previous close of Rs 286.
What the SEBI F&O Curbs Did to Volumes and Clients
The curbs hit every discount broking stock. The regulator’s FY26 annual report showed options contracts traded fell 51.5% and futures volumes around 18%. The package raised minimum contract size, forced upfront collection of option premium, cut weekly expiries to one per exchange and raised securities transaction tax on derivative trades.
For a discount broking stock earning a flat fee per order, fewer contracts means lower revenue. The June 2025 quarter showed it: revenue down about 19% to Rs 1,140 crore, net profit down roughly 61% to Rs 114.47 crore, guidance for a further 20% to 25% decline, and a 7% fall on results day.
Client acquisition held up far better than trading. The gross client base reached 39.56 million in August 2026, up 17.8% year on year, with 1.3 million additions in the June quarter. But August average daily turnover fell 9.7% overall and 13.8% in F&O, while cash turnover rose 18.4% and commodity turnover more than doubled. That mix shift matters more than the client headline.
Market share has not cracked. In the June 2026 quarter this discount broking stock held approximately 20.2% of retail equity turnover, 22.2% of retail F&O turnover, 17.4% of cash, 16.7% of incremental demat accounts and 52.3% of commodity trading. Orders totalled 406 million: 300 million F&O, 67 million cash, 40 million commodity.
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Can Wealth and Asset Management Re-Rate This Discount Broking Stock?
Not yet, but they are why the multiple on this discount broking stock has held. Wealth management assets reached Rs 13,440 crore in the June 2026 quarter, up about 165% year on year, across more than 2,400 clients. The ultra high net worth slice alone was Rs 8,730 crore across 263 families.
The asset management arm, cleared to run a mutual fund in November 2024, held Rs 620 crore of AUM by June 2026, up roughly 81%. Third party mutual fund assets on the platform rose to about Rs 20,600 crore from Rs 16,700 crore, with 1.7 million unique systematic investment plans. Loan distribution added Rs 530 crore, up about 130%.
Together they manage roughly Rs 14,060 crore, a rounding error beside custody assets, so this discount broking stock still lives or dies on derivative orders.
Angel One Financials: Quarterly and Yearly Numbers
The quarterly path of this discount broking stock shows a clean FY26 recovery followed by a softer June quarter, when the operating margin slipped to 34.20% from 41.55% on higher acquisition and technology spending.
| Quarter | Revenue (Rs Cr) | EBITDA (Rs Cr) | Net Profit (Rs Cr) | Operating Margin | Net Margin |
|---|---|---|---|---|---|
| Q1 FY26 (Jun 2025) | 1,143.09 | 277.24 | 114.47 | 24.31% | 10.04% |
| Q2 FY26 (Sep 2025) | 1,204.20 | 417.85 | 211.73 | 34.77% | 17.62% |
| Q3 FY26 (Dec 2025) | 1,337.70 | 532.04 | 268.66 | 39.86% | 20.13% |
| Q4 FY26 (Mar 2026) | 1,467.24 | 606.40 | 320.24 | 41.55% | 21.94% |
| Q1 FY27 (Jun 2026) | 1,433.72 | 488.91 | 231.40 | 34.20% | 16.19% |
FY26 was the first down year in a long time. Revenue was Rs 5,152.23 crore against Rs 5,247.57 crore in FY25, while net profit fell roughly 22% to Rs 915.10 crore. Operating margin narrowed to 35.60% from 37.95%. FY24 profit was Rs 1,125.53 crore, so two years of client growth produced no profit growth in this discount broking stock.
Trailing twelve month profit was around Rs 1,030 crore, or Rs 11.4 per share. The discount broking stock trades at a trailing price to earnings ratio of about 25.95 against an industry figure near 33.87, price to book of 4.38, return on equity of 14.96% and debt to equity of 1.30. That borrowing funds the client margin book, not fixed assets.
Shareholding Trend Over Five Quarters
Domestic institutions have been the steady buyers in this discount broking stock, lifting their stake from 16.43% to 20.35% over five quarters. Foreign investors cut first, then returned. Promoter holding drifted down slightly each quarter with no large block sale.
| Quarter | Promoters | FII | DII | Public |
|---|---|---|---|---|
| Jun 2025 | 28.97% | 14.66% | 16.43% | 39.94% |
| Sep 2025 | 28.91% | 13.11% | 14.87% | 43.11% |
| Dec 2025 | 28.87% | 12.45% | 18.12% | 40.56% |
| Mar 2026 | 28.80% | 12.80% | 18.88% | 39.52% |
| Jun 2026 | 28.59% | 13.76% | 20.35% | 37.31% |
The founder holds 18.36% directly and a promoter group entity 6.64%. A mid cap scheme holds about 3.84% and several other funds 1% to 2% each, so much of the float sits with managers who can exit quickly.
Risks in This Discount Broking Stock
Regulatory concentration is the big one. F&O still accounted for 300 million of 406 million orders in the June 2026 quarter, so any tightening of expiry structure or position limits feeds straight into revenue. Reports in September 2025 of possible curbs on weekly derivative contracts knocked the discount broking stock down about 5% in one session.
There is a live compliance record. The company paid Rs 4.28 crore in June 2026 to settle proceedings over alleged lapses in supervising authorised persons, after a show cause notice in May 2025. Settlement closes the matter without an admission, but it flags operational risk in a large partner network, and exchange penalties have been levied in earlier years.
Volumes are still falling. August 2026 average daily turnover was down 9.7% year on year and 15.2% month on month, and systematic investment plan registrations fell 10.3% in the June quarter. Clients of this discount broking stock grow near 18% while turnover per client shrinks, squeezing revenue per user in a discount broking stock priced for growth.
Liquidity and volatility are real here. The discount broking stock swung from Rs 208.63 to Rs 360.45 inside twelve months, a range of about 73%, with repeated single day moves of 7% to 9% on regulatory news.
The balance sheet carries the client book. Debt to equity of 1.30 funds margin lending of Rs 7,150 crore at the end of June 2026, up 31.3% in a quarter. That book earns good spreads in a rising market and becomes a collateral problem in a sharp fall.
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Angel One Share: Analyst View
Sell side opinion turned constructive after the March 2026 quarter, although the discount broking stock ran past older estimates in June and then fell back. Consensus in mid May 2026 was a buy with average fair value near Rs 352.73. Angel One share price at Rs 295.00 sits below that again.
Angel One Share Price Target
A domestic brokerage raised its Angel One share price target to Rs 400 on 17 April 2026 after the March quarter beat. Another set an Angel One share price target of Rs 350 on 19 May 2026, valuing the discount broking stock near 21 times estimated FY28 earnings per share of Rs 18. Both came before the June quarter margin dip, and targets are estimates.
Working from levels instead, the 52 week high of Rs 360.45 is about 22% above the current Angel One share price and the 52 week low sits 29% below. On trailing earnings of Rs 11.29 per share, the discount broking stock trades below the industry multiple, either an opportunity or a fair discount for regulatory risk.
Other Stocks to Track From the Same Return Screen
Beyond this discount broking stock, a screen of NSE small-cap stocks ranked by 1-year return also includes related names such as Balrampur Chini with a 1-year return of 31.64%, Quess Corp at 28.18% and Vadilal Industries at 26.78%.
Among the names covered from that screen, MTAR Technologies returned 396.53% over one year. Readers can compare this discount broking stock with the Nifty 50 benchmark and track each of these names on Univest before making any decision.
Conclusion
A 31% one year gain in a discount broking stock whose core product was shrinking is unusual, delivered because margins, the funding book and fee businesses improved faster than turnover fell. Angel One share price rests on 39.56 million clients, over 20% of retail equity turnover and a fast growing wealth arm.
Against that, derivatives remain the profit engine, regulation on them is unfinished, and the discount broking stock has surrendered about 18% from its June 2026 peak. Monthly turnover data and the next regulatory circular matter more than the trailing return. Consult a SEBI registered adviser before acting.
Disclaimer: Data and figures in this article are sourced from publicly available information and may or may not be accurate. Please verify all data independently before making any investment decision. Past returns do not guarantee future returns. Investments in securities are subject to market risk. This content is for educational purposes only and is not investment advice by Univest (SEBI RA INH000013776).
Frequently Asked Questions
Which discount broking stock rose 31% in one year?
Ans. Angel One Ltd, listed on NSE as ANGELONE, is the discount broking stock that gained approximately 31% between 17 September 2025 and 17 September 2026, from Rs 224.85 to Rs 295.00. Prices are adjusted for the 1:10 split with record date 26 February 2026.
What is the Angel One share price today?
Ans. Angel One share price closed at Rs 295.00 on NSE on 17 September 2026, up 0.51% from Rs 293.50. The day range was Rs 292.35 to Rs 297.95 and market capitalisation was around Rs 26,781 crore.
How did the SEBI F&O curbs affect Angel One?
Ans. They cut volumes sharply, with the regulator reporting that options contracts traded fell 51.5% in FY26. Revenue for this discount broking stock dropped about 19% in the June 2025 quarter and net profit fell roughly 61% to Rs 114.47 crore. FY26 profit was Rs 915.10 crore against Rs 1,172.08 crore.
What were Angel One Q1 FY27 results?
Ans. Revenue at this discount broking stock was Rs 1,433.72 crore in the June 2026 quarter, up approximately 25% year on year, and net profit doubled to Rs 231.40 crore. Operating margin was 34.20% against 24.31%, total orders were 406 million and the client base 38.6 million.
Is Angel One still adding clients?
Ans. Yes, the gross client base reached 39.56 million in August 2026, up 17.8% year on year, with about 1.3 million gross additions in the June 2026 quarter. Average daily turnover fell 9.7% year on year in August 2026, so activity per client is declining.
What is the Angel One share price target?
Ans. A domestic brokerage set an Angel One share price target of Rs 400 on 17 April 2026 and another Rs 350 on 19 May 2026, on about 21 times estimated FY28 earnings. Mid May 2026 consensus fair value was near Rs 352.73.
Has Angel One faced any regulatory action?
Ans. Yes, it paid Rs 4.28 crore in June 2026 to settle proceedings over alleged lapses in monitoring authorised persons, after a show cause notice in May 2025. Settlement closes the case without an admission of guilt, and exchange level penalties have been imposed in earlier years.
Is this discount broking stock expensive at current levels?
Ans. It trades at a trailing price to earnings ratio of about 25.95 against an industry figure near 33.87, with price to book of 4.38 and return on equity of 14.96%. The discount broking stock sits below the industry multiple, but that gap reflects real regulatory risk to derivative volumes.
