Mumbai | 06-Oct-2025, 09:45 IST — Filed via NSE/BSE corporate disclosure
Angel One Limited (NSE: ANGELONE / BSE: 543235) has filed its business update for September 2025 and Q2 FY26, showcasing resilience in client acquisition, a stronger funding book, and higher turnover activity compared to the previous quarter.
Expanding Client Base, Moderating Acquisitions
Angel One’s client base grew to 34.08 million (~3.41 crore) as of September 30, 2025, up 24% year-on-year and 4.9% sequentially. Gross client additions during Q2 FY26 reached 1.74 million, representing a 12.2% increase QoQ, though lower by ~42% YoY.
Management highlighted that while acquisition momentum has softened compared with last year’s boom phase, the brokerage continues to see strong traction from Tier-2 and Tier-3 cities, aided by digital campaigns and referral models.
Funding Book Momentum
The average client funding book rose sharply to ₹53.05 billion in Q2 FY26, marking a 36.4% YoY and 26.1% QoQ increase. For September alone, the average stood even higher at ₹55.53 billion.
This indicates a rising appetite for leverage among retail clients, which boosts brokerage income but also raises credit risk exposure.
Higher ADTO and Market Participation
Average Daily Turnover (ADTO, notional) for Q2 FY26 came in at ₹45,087 billion, reflecting a 25.6% QoQ increase, though only marginally higher year-on-year. In September, notional ADTO was ₹48,183 billion, aided by robust activity in F&O and commodities.
The commodity segment stood out with ₹1,187 billion ADTO in Q2 (up 92% YoY, 43% QoQ). This underscores growing retail interest in commodities as a diversification play.
Market Share Gains
Angel One continued to expand its market presence:
- Equity option premium turnover share rose to 20.5% (+114 bps YoY).
- F&O turnover share reached 21.7% (+97 bps YoY).
- Cash turnover share climbed to 18.7%.
- Commodity turnover share surged to 65.1%.
These improvements suggest Angel One has successfully defended share despite competition from other discount brokers.
| Metric | Q2 FY26 | Growth |
|---|---|---|
| Client Base | 34.08 mn (~3.41 cr) | +24% YoY | +4.9% QoQ |
| Gross Client Acquisition | 1.74 mn | -41.9% YoY | +12.2% QoQ |
| Avg Funding Book | ₹53.05 bn | +36.4% YoY | +26.1% QoQ |
| Overall ADTO | ₹45,087 bn | +0.5% YoY | +25.6% QoQ |
| Commodity ADTO | ₹1,187 bn | +91.9% YoY | +42.7% QoQ |
| Option Premium Share | 20.5% | +114 bps YoY |
| F&O Market Share | 21.7% | +97 bps YoY |
Context & Outlook
- Client Growth: Slower YoY acquisitions signal a maturing base, but steady net additions still support long-term growth.
- Leverage Appetite: Funding book momentum suggests higher client leverage, which will boost revenues but requires careful credit monitoring.
- Turnover Trends: Strong QoQ ADTO recovery reflects higher retail trading activity, aided by improved market sentiment.
- Market Share: Gains across equity, F&O, and commodities reinforce Angel One’s positioning against competitors like Zerodha, Groww, and ICICI Direct.
Going forward, Angel One’s performance in Q3 will hinge on festive season demand, continued funding book expansion, and its ability to deepen client engagement while navigating regulatory risks in leverage and derivatives.
