Angel One Ltd a “Neutral” call from UBS with a ₹360 target.

In its August 2026 business update, Angel One reported a 17.8% YoY rise in its client base to 39.56 million, with 0.57 million gross client additions in the month. Despite a moderation in trading activity and market share, the average client funding book reached an all‑time high of ₹74.21 billion, underscoring strong balance‑sheet growth. The stock rallied on September 4 after SEBI said it would review the settlement‑price methodology for F&O contracts a month after the rollout of the Closing Auction Session (CAS), easing earlier concerns about a structural hit to derivatives volumes. On the brokerage‑call front, UBS maintains a “Neutral” rating with a target price of ₹360, expecting a strong runway for margin‑trading (MTF) growth and viewing CAS impact as transient, while not revising guidance or cost plans at this stage. Shares have been trading around ₹297–₹305 in recent sessions, with a market capitalisation near ₹27,300–₹27,400 crore.