Angel One Client Base Rises 17.3% YoY to 39.98 Million in Q2 FY27

Angel One reported continued growth in its client base and average client funding book during the second quarter of FY27, while trading activity remained mixed across different segments. The company updated key business parameters for September 2026 and Q2 FY27 in a regulatory filing.

Angel One’s client base increased to 39.98 million in Q2 FY27 from 34.08 million in Q2 FY26, registering a year-on-year growth of 17.3%. On a sequential basis, the client base rose 3.6% from 38.59 million in Q1 FY27.

The company recorded 65 trading days during Q2 FY27, compared with 60 days in Q1 FY27 and 64 days in Q2 FY26.

Client Acquisition and Funding

Gross client acquisition stood at 1.49 million during Q2 FY27, up 11.6% from 1.34 million in Q1 FY27. However, acquisitions declined 14.1% compared with 1.74 million in Q2 FY26.

Angel One’s average client funding book increased to ₹74.53 billion in Q2 FY27 from ₹61.37 billion in Q1 FY27, representing sequential growth of 21.4%. On a year-on-year basis, the funding book increased 40.5% from ₹53.05 billion.

The number of orders stood at 366.46 million during Q2 FY27, compared with 406.14 million in Q1 FY27 and 360.43 million in Q2 FY26. Average daily orders were 5.64 million, down 16.7% sequentially but broadly stable year-on-year.

The number of unique mutual fund SIPs registered increased to 1.93 million in Q2 FY27 from 1.73 million in Q1 FY27, representing sequential growth of 11.8%. However, the figure was lower than 2.38 million recorded in Q2 FY26.

Angel One ADTO Performance

Angel One’s average daily turnover based on notional turnover stood at ₹45,134 billion in Q2 FY27. This included ₹42,617 billion from the futures and options segment.

Overall notional turnover declined 13.9% from ₹52,402 billion in Q1 FY27, while F&O notional turnover declined 14.7% from ₹49,943 billion.

On a year-on-year basis, overall notional turnover was broadly stable, increasing 0.1%, while F&O turnover declined 2.8%.

Based on option premium turnover, Angel One recorded an overall ADTO of ₹2,640 billion in Q2 FY27, compared with ₹2,617 billion in Q1 FY27 and ₹1,381 billion in Q2 FY26. This represented 0.9% sequential growth and 91.3% year-on-year growth.

F&O option premium turnover stood at ₹123 billion, declining 22.1% sequentially but increasing 2.6% year-on-year.

Cash and Commodity Turnover

Cash ADTO stood at ₹79 billion in Q2 FY27, compared with ₹92 billion in Q1 FY27 and ₹74 billion in Q2 FY26. This represented a sequential decline of 13.6% and year-on-year growth of 7.4%.

Commodity ADTO increased to ₹2,438 billion in Q2 FY27 from ₹2,367 billion in Q1 FY27 and ₹1,187 billion in Q2 FY26. The figure increased 3% sequentially and 105.5% year-on-year.

Market Share Trends

Angel One’s retail turnover market share based on option premium turnover showed mixed movement across segments.

Overall equity market share stood at 19.7% in Q2 FY27, compared with 20.2% in Q1 FY27 and 20.5% in Q2 FY26. The company reported a decline of 51 basis points sequentially and 76 basis points year-on-year.

F&O market share stood at 22.1%, compared with 22.2% in Q1 FY27 and 21.7% in Q2 FY26. This represented a decline of 13 basis points sequentially but an increase of 43 basis points year-on-year.

Cash turnover market share stood at 16.8%, down from 17.4% in Q1 FY27 and 18.7% in Q2 FY26.

Commodity turnover market share was 44%, compared with 52.3% in Q1 FY27 and 65.1% in Q2 FY26.

September 2026 Business Parameters

For September 2026, Angel One reported a client base of 39.98 million, up 1.1% month-on-month and 17.3% year-on-year.

Gross client acquisition during the month stood at 0.45 million, down 19.6% from August 2026 and 17.1% from September 2025.

The average client funding book increased to ₹78.71 billion in September from ₹74.21 billion in August, representing monthly growth of 6.1%. It was also 41.7% higher than ₹55.53 billion recorded in September 2025.

The company reported 122.29 million orders in September, up 11.7% month-on-month but down 4.1% year-on-year. Average daily orders increased 11.7% sequentially to 5.82 million.

Unique mutual fund SIPs registered stood at 587.45 thousand in September, declining 18.5% from August and 25.3% from September 2025.

Overall notional ADTO increased 8.4% month-on-month to ₹44,879 billion, while F&O notional ADTO rose 10% to ₹42,205 billion.

Option premium turnover stood at ₹2,797 billion, down 11.2% from August but up 75.5% year-on-year. Commodity ADTO increased 86.4% year-on-year to ₹2,600 billion.

Angel One said the second quarter reflected continued growth in its user franchise despite a challenging market environment. The company also noted sequential improvement in average daily orders and cash market share toward the end of September.