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Strong recovery; MTF achieves new heights

Angel One (ANGELONE) released its key business numbers for Sep’26. Here are the key takeaways:

* Gross client acquisition declined MoM to 0.45m (0.57m in Aug’26), taking the total client base to ~40m.

* The average MTF book grew 6% MoM to a new high of ~INR78.7b (+42% YoY).

* The number of orders grew 12% MoM to 122.3m (down 4% YoY) and the order run-rate increased 12% MoM to 5.8m (flat YoY).

* Overall ADTO grew 8% MoM, with 10% MoM growth in F&O ADTO, a 10% MoM drop in cash ADTO, and a 12% MoM fall in commodity ADTO. The overall premium ADTO declined 11% MoM, while F&O premium ADTO grew 8% MoM.

* The overall premium turnover market share grew 10bp MoM to 19.6%, with F&O premium market share up 80bp MoM to 22.5%. Market share for the cash segment declined 80bp MoM to 16.2%, while the commodity segment market share fell 200bp MoM to 41.7%.

* The number of registered unique MF SIPs declined 19% MoM to ~0.59m (down 25% YoY).

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