Angel One has once again shown why it’s the leader in India’s retail broking world. The Angel One client base touched a massive 32.47 million in June 2025, marking a 31.3% jump from last year. But here’s the twist — while total clients grew, new client additions actually dropped.
Let’s break it down.
The Growth Story—And Its First Speed Bump
In Q1 FY26, Angel One added 1.55 million new clients. Sounds big, right? But compare it to 2.58 million in Q1 FY25, and you’ll see a sharp 40% fall.
Even in June 2025, only 0.55 million clients were added—down 41.5% YoY.
So, what’s happening? Angel One is growing bigger, but not faster.
What’s Driving This Slowdown?
Part of the issue might be the changing market mood. Traders are cautious. First-timers are waiting. And competition is rising. But Angel One’s core is still strong — loyal users keep coming back.
That shows in their overall client base, which also rose 1.6% month-on-month from May 2025.
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Trading Numbers—Mixed Bag with Some Surprises
Here’s how Angel One did in trading activity:
Average Daily Turnover (ADTO) in Q1 FY26 hit ₹35.88 lakh crore.
- That’s up 11.7% MoM, but down 18% YoY.
In June 2025, ADTO slipped to ₹34.99 lakh crore, showing a 23.5% drop YoY and MoM.
Segment-wise:
F&O Segment:
- ₹34.97 lakh crore in Q1 FY26 (▲11.4% YoY, ▼19% MoM)
- ₹34.02 lakh crore in June 2025 (▼2.8% MoM, ▼24.6% YoY)
Cash Segment:
- ₹8,100 crore in Q1 FY26 (▲24.7% YoY, ▼7.7% MoM)
- ₹8,500 crore in June 2025 (▼1.1% MoM, ▼19.5% YoY)
Commodity Segment:
- Big win here — ₹83,200 crore in Q1 FY26 (▲68.2% MoM, ▲25.8% YoY)
- Even better in June: ₹89,000 crore (▲19.4% MoM, ▲69.7% YoY)
The Big Picture
Angel One remains India’s largest listed retail stockbroker on the NSE. It offers digital-first broking, advisory, margin funding, loans against shares, and more.
Its model is built for scale. But now, the real challenge is sustaining fast-paced growth in a maturing market.
The broking game isn’t just about adding clients anymore. It’s about keeping them, growing them, and innovating faster than anyone else.
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