Synopsis: Reporting a record average client funding book and sequential improvement in daily orders, Angel One’s May 2026 business update offers a mixed but broadly constructive read growth in platform depth even as new client acquisition continues to moderate, with F&O market share expanding while commodity and cash shares retreat.
Shares of India’s largest listed retail stockbroker came under the spotlight after the company filed its monthly key business parameter update for May 2026 with both BSE and NSE on June 4. The disclosure captured an operating environment shaped by two fewer trading days than May 2025, yet showed meaningful year-on-year gains across most volume and client engagement metrics.
With a market capitalisation of Rs. 30,962 crore, the shares of Angel One were last recorded at Rs. 339.75 per share, up 1.49 percent from its previous close of Rs.334.75. The stock trades with a P/E of 33.36.
The headline from Angel One’s May filing is the average client funding book reaching an all-time high of Rs.63.09 billion up 18.8 percent sequentially from April’s Rs.53.13 billion and 57.5 percent higher than the Rs.40.05 billion reported in May 2025. This metric, which captures the average daily balance clients maintain for margin-funded positions, is a proxy for both client engagement depth and the company’s NBFC lending book revenue potential. An ATH reading in the face of subdued broader market volumes is notable.
Average daily orders improved marginally to 6.86 million from 6.79 million in April a 1.1 percent month-on-month gain and total orders for the month came in at 130.35 million, down from April’s 135.75 million but ahead of May 2025’s 121.55 million on a year-on-year basis. The sequential dip in total orders is partly explained by one fewer trading day in May versus April.
On turnover, Angel One’s overall ADTO based on option premium came in at Rs.2,355 billion, down 4.3 percent month-on-month but up 141.3 percent on a year-on-year basis. Cash ADTO held steady at Rs.95 billion, marginally ahead of April’s Rs.94 billion. Commodity ADTO declined 4.6 percent sequentially to Rs.2,097 billion, though it remains 181.4 percent above May 2025 levels, a figure that also reflects the low base of that period.
Market Share: Gains in F&O, Retreat in Commodity
F&O retail turnover market share (based on option premium) edged up 11 basis points sequentially to 22.4 percent, and is 93 basis points above May 2025 levels. This is the metric the street typically watches most closely for the discount broking segment, and the sequential expansion offers some reassurance after a period of pressure.
Cash turnover market share, however, declined 41 basis points to 17.5 percent month-on-month and is 50 basis points below the year-ago reading. The bigger story is in commodities, where market share fell 813 basis points sequentially to 48.6 percent down from 56.7 percent in April and 56.5 percent in May 2025. The company did not provide specific reasons for the commodity share contraction in this disclosure.
Gross client acquisitions for May stood at 0.42 million down 9.7 percent from April’s 0.46 million and 16.7 percent below May 2025’s 0.50 million. The client base now stands at 38.17 million, up 19.5 percent year-on-year, suggesting accumulated client depth remains strong even as the pace of new additions slows. The slowdown in fresh acquisition is consistent with industry-wide trends following SEBI’s measures on retail F&O participation. Unique mutual fund SIPs registered at 584,510 up 1.4 percent month-on-month, though still 7.0 percent below May 2025 levels.
Business Overview
Angel One is a diversified financial services company offering stock, commodity and currency broking, margin trading, depository services, mutual fund distribution, NBFC lending, and insurance distribution. For the quarter ended March 2026, the company reported consolidated revenue of Rs. 1,459 crore and net profit of Rs. 320 crore representing year-on-year growth of 38.2 percent and 82.9 percent respectively over the March 2025 quarter’s revenue of Rs. 1,056 crore and PAT of Rs. 175 crore.
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