Angel One July 2026 Business Update: Client Base Crosses 39 Million, Funding Book Hits Record High

What Happened ?

Angel One published its July 2026 operational update, highlighting continued expansion of its customer base and record growth in its funding book.

While trading volumes moderated because of softer market conditions, the company maintained healthy user engagement, improved its overall equity market share, and recorded a five-month high in mutual fund SIP registrations.

key details

Business Highlights:

• Client base increased to 39.03 million, growing 18.1% YoY.
• Gross client acquisition stood at 0.47 million during July.
• Average client funding book reached a record ₹70.81 billion, up 39.4% YoY.
• Total orders stood at 134.68 million.
• Average daily orders were 5.86 million.
• Mutual fund SIP registrations increased to 621.76 thousand, the highest level in five months.

Trading & Market Share:

• Overall ADTO (Notional Turnover): ₹48,787 billion (+17.6% YoY)
• F&O ADTO: ₹46,889 billion (+15.8% YoY)
• Cash ADTO: ₹81 billion (+8.2% YoY)
• Commodity ADTO: ₹1,817 billion (+96.2% YoY)
• Overall Equity Market Share: 20.0%
• F&O Market Share: 22.2%
• Cash Market Share: 17.1%
• Commodity Market Share: 48.0%

Note:

• Management stated that business momentum remained healthy during July, led by sustained strength in the average client funding book.
• The company also reported sequential improvement in overall equity market share across both cash and F&O segments, while commodity market share moderated due to changes in the industry’s product mix.
• Average daily orders declined amid softer market conditions, but customer engagement remained resilient as SIP registrations reached a five-month high.

Risk Analysis

Summary:

• Angel One continues to expand its retail client franchise and funding book. However, trading activity remains closely linked to market sentiment and volatility, which can affect transaction volumes and brokerage revenues.

Key Risks:

• Softer market conditions may continue to reduce trading activity.
• Lower order volumes could impact transaction-based revenue.
• Commodity market share moderated during the month.
• Retail investor participation remains sensitive to market volatility.

Worst Case:

• If market activity weakens further, lower trading volumes could offset the benefits of continued client acquisition and higher funding balances.

Risk Level: Medium

Company Commentary

• Management stated that the business maintained healthy underlying momentum during July, driven by a record average client funding book.
• Overall equity market share improved sequentially across both cash and F&O segments, reflecting continued progress in the broking business.
• Despite softer trading conditions, user engagement remained resilient with mutual fund SIP registrations reaching a five-month high.