Angel One shares jump 2% on healthy Q2 business updates despite muted market activity

Angel One shares will remain in focus on Tuesday after the company announced its business updates for the quarter ended September 2026 and its monthly business updates. The shares have delivered steady returns of over 20% in 2026 on a YTD basis.

The market activity remained largely subdued, with overall client acquisition falling every month in September and in the quarter ending September 2026. Additionally, the company's market share in the overall equity segment added points, while it added points in the F&O segments.

Monthly business updates

The company’s total client base stood at 39.98 million, up 1.1% MoM and 17.3% YoY from 34.08 million. However, the gross client acquisition jumped to 0.45 million, down 19.6% MoM and 17.1% YoY.

Despite the poor acquisition growth, the average client funding book posted tepid growth of 6.1% MoM at ₹78.7 billion vs ₹74.1 billion in the previous month and jumped 41% YoY from ₹55.5 billion.

Meanwhile, the unique MF SIP registrations fell 25.3% to 5.87 lakh vs 7.20 lakh in the previous month and 7.86 lakh in the previous year’s same month.

The average daily turnover (ADTO) fell 6.9% YoY to ₹44,879 billion, compared to ₹48,183 billion. The drop in average daily turnover is expected to show drag on the top line.

Quarterly business updates

At the quarterly level, the overall client base growth stood strong at 17.3% YoY to 39.9 million vs 34.08 million in the same period last year. However, the gross client acquisition declined 14% YoY to 1.49 million.

The average client funding book jumped 40% YoY to ₹74.5 million, up from ₹53.05 million in the same period last year. The unique MF SIP registrations dropped 19% YoY to 19.29 lakh, compared to 23.8 lakh in the same period last year.

The average daily turnover was largely unchanged at ₹45,134 billion vs ₹45,087 billion in the same period last year. On a sequential basis, the ADTO dropped 13.9% QoQ from ₹52,402 billion in the previous quarter.

Commenting on the business updates, the company said, “FY27 Q2 underscored the underlying depth of our user franchise amid a challenging market environment. Although subdued market activity led to a sequential moderation in average daily orders, our core business metrics remained healthy. We maintained our turnover market share in equity derivatives, expanded the client funding book to a record high, and sustained robust SIP momentum. In the commodities segment, ADTO grew 105.5% YoY, although our market share softened as the market expanded significantly”