Angel One Gains Attention in Focus After Strong Q2 Update: Growth in Clients, Orders, and Market Share
As the new trading week begins, Angel One Ltd. has caught the attention of investors after sharing its business update for September 2025 and the July–September (Q2FY26) quarter. The retail broking firm, one of India’s largest in the digital trading space, has shown steady progress in its client base and order volumes, even as competition in the sector remains fierce.
The company’s September performance paints a picture of stable growth, highlighting a solid client expansion and consistent trading activity despite a few areas of moderation. Angel One’s numbers reflect the evolving nature of India’s retail investing landscape, where traders are adapting to market volatility while the firm continues to strengthen its foothold in the broking industry.
Steady Growth in Client Base and Acquisitions
For the month of September, Angel One’s client base grew 1.5% month-on-month, reaching 34.08 million from 33.57 million in August. On a year-on-year basis, the growth stood at an impressive 24%, showcasing the company’s continued ability to attract new investors to its platform.
The gross client acquisition remained largely stable at 0.55 million, showing a modest 0.6% growth from the previous month. While the year-on-year figure declined by more than 42%, it’s worth noting that Angel One has already built a large and loyal client base over time, making it challenging to sustain exponential growth each quarter.
On a quarterly basis, the company’s client base expanded 4.9% sequentially, with gross acquisitions rising 12.2% from the June quarter. These figures reflect the strength of Angel One’s digital engagement strategy and its deep penetration among new-age investors looking for a simplified trading experience.
Trading Activity: Orders and Turnover Remain Robust
In terms of trading activity, Angel One recorded a 16.1% rise in the number of orders in September, reaching 127.57 million orders compared to August. However, on a year-on-year basis, the number was down by nearly 18.6%, likely due to a shift in investor sentiment as market volatility and valuations weighed on retail participation.
The average daily orders (ADO) stood flat at 5.8 million, similar to August levels of 5.78 million. Although this metric was 22.3% lower than last year, the stability on a month-on-month basis suggests that the company has maintained its active client engagement despite changing market conditions.
When it comes to trading value, Angel One’s Average Daily Turnover (ADTO) showed a positive trend, increasing 5.1% month-on-month. In the Futures and Options (F&O) segment, ADTO grew by 4.9%, indicating healthy participation from traders. Year-on-year, overall ADTO edged up 0.5%, even as F&O ADTO slipped by 1%, signaling a mixed performance within the derivatives segment.
Market Share Movements: Gains in Equity, Pressure in Commodities
Angel One’s retail turnover market share saw minor changes in September. Overall market share slipped 9 basis points month-on-month, while the F&O market share declined 27 basis points. However, both metrics posted over 100 basis points growth year-on-year, highlighting strong long-term gains despite short-term variations.
In the cash segment, Angel One’s market share rose 33 basis points month-on-month, underscoring continued dominance in retail equity participation. However, the commodity turnover market share dropped sharply by 331 basis points, reflecting weakness in commodity trading volumes across the sector.
For the September quarter, Angel One delivered strong sequential growth across its key business areas. The company’s retail turnover market share for overall equity and F&O segments increased by 71 and 72 basis points, respectively, compared to the June quarter. Meanwhile, the commodity turnover market share surged by 815 basis points, indicating a strong rebound in the latter part of the quarter.
Stock Performance and Market Outlook
On Friday, shares of Angel One closed 1.4% higher at ₹2,205, reflecting a positive reaction to the company’s operational resilience. However, the stock has declined 6% over the past month, primarily due to broader market corrections and profit-booking in financial and fintech counters.
Despite short-term volatility, analysts believe Angel One’s long-term outlook remains strong. Its consistent client growth, robust trading volumes, and focus on technology-driven expansion continue to set it apart from smaller brokerage players. The company’s efforts to integrate advanced trading tools, expand digital accessibility, and maintain a transparent fee structure have helped it retain investor trust even amid shifting market dynamics.
As India’s retail investing ecosystem matures, Angel One’s digital-first approach and emphasis on user experience could play a critical role in driving sustained growth. With increasing competition from new-age fintech platforms, the company’s ability to innovate and scale efficiently will determine how it navigates the evolving landscape in the coming quarters.
Conclusion
Angel One’s Q2FY26 business update reflects a story of steady progress amid a competitive and volatile market environment. The firm continues to expand its client base, sustain high trading activity, and defend its market share in key segments. While certain metrics like year-on-year order volume and F&O share show mild weakness, the overall picture remains encouraging for long-term investors.
With a strong digital infrastructure, growing retail presence, and a loyal customer base, Angel One appears well-positioned to capitalize on India’s growing appetite for equity investments and online trading in the months ahead.
Disclaimer:
This article is meant for informational purposes only and should not be taken as investment or trading advice. Investors are encouraged to conduct their own research or consult certified financial advisors before making any investment decisions. Stock market investments are subject to risks, and past performance does not guarantee future returns.
