3 Technology-Led Retail Broker, Stock Exchange Operator and Credit Rating Agency Stocks With a Strong Future Roadmap: Angel One, BSE Ltd and ICRA
- October 27, 2026
- Posted by: Harsh Piplani
- Category: Best Stocks
Angel One, BSE Ltd and ICRA: ROE of 15.4% to 37.4% and FY22 to FY26 revenue CAGR of 15.1% to 56.3%. Prices as of 26 Oct 2026.
Quick Answer
The three broking, exchange and credit rating stocks to watch are Angel One, BSE Ltd and ICRA. Their return on equity ranges from 15.4% to 37.4%, and their revenue compound annual growth from FY22 to FY26 ranges from 15.1% to 56.3%. BSE Ltd leads on both return on equity at 37.4% and revenue growth at 56.3% a year. Prices are based on the 26 October 2026 close, and this article is educational, not investment advice.
Broking, exchange and credit rating stocks bring together companies with a visible plan for the years ahead. Angel One, BSE Ltd and ICRA cover a technology-led retail broker, a stock exchange operator and a credit rating agency.
This list covers three broking, exchange and credit rating stocks with complete current figures: Angel One, BSE Ltd and ICRA. Every figure comes from the latest reported financials and the 26 October 2026 market close. Companies without complete current figures were left out.
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What Are Broking, Exchange and Credit Rating Stocks?
Broking, exchange and credit rating stocks are listed capital market companies that serve investors, run an exchange and rate debt for issuers. Their earnings depend on investor accounts, traded volumes, bond issuance and regulation.
Broking, Exchange and Credit Rating Stocks at a Glance
| Company | CMP (Rs) | Market Cap (Rs Cr) | P/E | Industry P/E | ROE (%) | D/E |
|---|---|---|---|---|---|---|
| Angel One | 282.6 | 27,666 | 23.9 | 32.9 | 17.3 | 1.14 |
| BSE Ltd | 3,359 | 131,779 | 46.7 | 40.1 | 37.4 | 0.00 |
| ICRA | 4,492.9 | 4,332 | 22.1 | 33.6 | 15.4 | 0.02 |
On valuation, Angel One and ICRA trade at a P/E below the industry P/E, while BSE Ltd trades above it, which reflects the growth the market already expects. Readers comparing broking, exchange and credit rating stocks should look at return on equity and debt together, since a high return earned with low debt is easier to sustain.
Why Do Broking, Exchange and Credit Rating Stocks Have a Strong Roadmap in India?
Broking, exchange and credit rating stocks have a strong roadmap in India because rising investor participation, deeper bond markets and wider digital access keep widening the market for these services.
- Investor growth. More households trade and invest through apps.
- Exchange volumes. Higher activity lifts transaction income.
- Debt markets. More bond issuance needs credit ratings.
Why Angel One Features Among These Broking, Exchange and Credit Rating Stocks
Among the broking, exchange and credit rating stocks on this list, Angel One is a technology-led retail broking company that serves millions of investors through its mobile app and also offers mutual funds, insurance distribution and loans.
The company has a return on equity of 17.3%, a debt to equity ratio of 1.14 and a market capitalisation of Rs 27,666 crore. The stock trades at a P/E of 23.9, below the industry P/E of 32.9.
Revenue rose from Rs 2,297 crore in FY22 to Rs 5,152 crore in FY26, a compound annual growth rate of 22.4%. Net profit grew from Rs 625 crore in FY22 to Rs 915 crore in FY26, which works out to a compound annual growth rate of 10.0%.
Roadmap: The company is growing its client base from smaller cities and adding wealth and loan products, which widens revenue. Heavy use of technology helps it serve clients at low cost.
What to watch: Follow client additions, trading activity and growth in newer product lines.
Why BSE Ltd Features Among These Broking, Exchange and Credit Rating Stocks
Among the app based broker shares on this list, BSE Ltd runs one of Asia’s oldest stock exchanges and earns from trading in equities and derivatives, listing services, data products and its clearing and technology arms.
Revenue rose from Rs 864 crore in FY22 to Rs 5,148 crore in FY26, a compound annual growth rate of 56.3%. Net profit grew from Rs 1,317 crore in FY25 to Rs 2,475 crore in FY26, a rise of 87.9%.
The company has a return on equity of 37.4%, a debt to equity ratio of 0.00 and a market capitalisation of Rs 131,779 crore. The stock trades at a P/E of 46.7, above the industry P/E of 40.1.
Roadmap: Rising participation of retail investors, a growing derivatives business and expanding data and technology services broaden the exchange’s income. A debt-free balance sheet and an asset-light model keep earnings quality high.
What to watch: Follow derivative volumes, new listings, data revenue growth and regulatory changes in market structure.
Why ICRA Features Among These Broking, Exchange and Credit Rating Stocks
Among the three companies on this list, ICRA is a credit rating agency, majority owned by Moody’s, that also offers research and analytical services, software and consulting.
In the June 2026 quarter, revenue grew 28.3% year on year to Rs 191 crore, while net profit rose 32.0% to Rs 56.5 crore. Revenue rose from Rs 384 crore in FY22 to Rs 675 crore in FY26, a compound annual growth rate of 15.1%.
Net profit grew from Rs 114 crore in FY22 to Rs 183 crore in FY26, which works out to a compound annual growth rate of 12.6%. The company has a return on equity of 15.4%, a debt to equity ratio of 0.02 and a market capitalisation of Rs 4,332 crore. The stock trades at a P/E of 22.1, below the industry P/E of 33.6.
Roadmap: A deepening bond market and rising bank credit generate more rating work, while its analytical and software services add diversification. Its association with a global rating group strengthens its brand with issuers.
What to watch: Follow trends in debt issuance and bank credit growth.
Angel One vs BSE Ltd vs ICRA on Key Financials
The table below sets the three broking, exchange and credit rating stocks side by side on revenue, profit and margin, using reported figures.
| Company | FY22 Revenue (Rs Cr) | FY26 Revenue (Rs Cr) | Revenue CAGR (FY22-FY26) | FY26 Net Profit (Rs Cr) | FY26 Net Margin |
|---|---|---|---|---|---|
| Angel One | 2,297 | 5,152 | 22.4% | 915 | 17.8% |
| BSE Ltd | 864 | 5,148 | 56.3% | 2,475 | 48.1% |
| ICRA | 384 | 675 | 15.1% | 183 | 27.1% |
BSE Ltd posts the highest return on equity in this group at 37.4%. Angel One has the largest FY26 revenue at Rs 5,152 crore, and BSE Ltd shows the fastest revenue growth with a 56.3% compound annual rate.
Key Risks to Check Before Investing in Broking, Exchange and Credit Rating Stocks
Every theme carries risks that deserve a check before any decision. For these broking, exchange and credit rating stocks, the main points are:
- Market cycles. Volumes and issuance move with sentiment.
- Regulation. Rule changes can affect products and fees.
- Valuation levels. Some of these companies trade at high earnings multiples, so growth must continue to justify them.
Treat this list as a starting point for research and not as a recommendation. Read the latest results presentation, check the management commentary on order books or capacity plans, and compare each company with its peers before you decide anything.
Use the Univest Stock Screener to filter broking, exchange and credit rating stocks by market capitalisation, P/E, ROE and growth, and build your own shortlist.
Final Thoughts on Broking, Exchange and Credit Rating Stocks
Broking, exchange and credit rating stocks suit investors who prefer to study business strength before price moves. Angel One, BSE Ltd and ICRA each have a clear plan to expand. Based on the 26 October 2026 close, Angel One trades at Rs 282.6, BSE Ltd at Rs 3,359 and ICRA at Rs 4,492.9.
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Disclaimer: Data and figures in this article are sourced from publicly available information. These may or may not be accurate. Please verify all data with the official NSE (nseindia.com) and BSE (bseindia.com) websites before making any investment decision. 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).
What are broking, exchange and credit rating stocks?
Ans. Broking, exchange and credit rating stocks are listed capital market companies that serve investors, run an exchange and rate debt for issuers. Their earnings depend on investor accounts, traded volumes, bond issuance and regulation. This list looks at three of them, Angel One, BSE Ltd and ICRA, using reported FY22 to FY26 financials and the 26 October 2026 closing prices.
Which broking, exchange and credit rating stocks are covered in this list?
Ans. This list covers Angel One, BSE Ltd and ICRA. Based on the 26 October 2026 close, Angel One traded at Rs 282.6, BSE Ltd at Rs 3,359 and ICRA at Rs 4,492.9. Their return on equity ranges from 15.4% to 37.4%, and their revenue compound annual growth from FY22 to FY26 ranges from 15.1% to 56.3%.
Why do broking, exchange and credit rating stocks have a strong future roadmap in India?
Ans. Broking, exchange and credit rating stocks have a strong roadmap in India because rising investor participation, deeper bond markets and wider digital access keep widening the market for these services. The main drivers are as follows. Investor growth. More households trade and invest through apps. Exchange volumes. Higher activity lifts transaction income. Debt markets. More bond issuance needs credit ratings. Together these factors give the companies on this list a visible path for growth over the coming years.
How has Angel One performed financially?
Ans. Revenue rose from Rs 2,297 crore in FY22 to Rs 5,152 crore in FY26, a compound annual growth rate of 22.4%. Net profit grew from Rs 625 crore in FY22 to Rs 915 crore in FY26, which works out to a compound annual growth rate of 10.0%. The company has a return on equity of 17.3%, a debt to equity ratio of 1.14 and a market capitalisation of Rs 27,666 crore. The stock trades at a P/E of 23.9, below the industry P/E of 32.9. Looking ahead, the company is growing its client base from smaller cities and adding wealth and loan products, which widens revenue. Heavy use of technology helps it serve clients at low cost.
How has BSE Ltd performed financially?
Ans. Revenue rose from Rs 864 crore in FY22 to Rs 5,148 crore in FY26, a compound annual growth rate of 56.3%. Net profit grew from Rs 1,317 crore in FY25 to Rs 2,475 crore in FY26, a rise of 87.9%. The company has a return on equity of 37.4%, a debt to equity ratio of 0.00 and a market capitalisation of Rs 131,779 crore. The stock trades at a P/E of 46.7, above the industry P/E of 40.1. Looking ahead, rising participation of retail investors, a growing derivatives business and expanding data and technology services broaden the exchange’s income. A debt-free balance sheet and an asset-light model keep earnings quality high.
How has ICRA performed financially?
Ans. Revenue rose from Rs 384 crore in FY22 to Rs 675 crore in FY26, a compound annual growth rate of 15.1%. Net profit grew from Rs 114 crore in FY22 to Rs 183 crore in FY26, which works out to a compound annual growth rate of 12.6%. In the June 2026 quarter, revenue grew 28.3% year on year to Rs 191 crore, while net profit rose 32.0% to Rs 56.5 crore. The company has a return on equity of 15.4%, a debt to equity ratio of 0.02 and a market capitalisation of Rs 4,332 crore. The stock trades at a P/E of 22.1, below the industry P/E of 33.6. Looking ahead, a deepening bond market and rising bank credit generate more rating work, while its analytical and software services add diversification. Its association with a global rating group strengthens its brand with issuers.
What risks should investors check before buying broking, exchange and credit rating stocks?
Ans. Investors should check a few risks before buying broking, exchange and credit rating stocks. Market cycles. Volumes and issuance move with sentiment. Regulation. Rule changes can affect products and fees. Valuation levels. Some of these companies trade at high earnings multiples, so growth must continue to justify them. Reading the latest results presentation and comparing each company with its peers helps judge how these risks apply to each stock.
Is this list of broking, exchange and credit rating stocks investment advice?
Ans. No. This article is educational and uses publicly available data as of the 26 October 2026 close. Please verify figures on NSE and BSE, read company filings and consult a SEBI registered adviser before investing. Univest is SEBI registered research analyst INH000013776.
