Company Update : Angel One by Motilal Oswal Financial Services Ltd
F&O declines; cash stable while commodity/MTF surge
Angel One (ANGELONE) released its key business numbers for Aug’26. Here are the key takeaways:
* ANGELONE’s gross client acquisition recovered sharply to 0.57m in Aug’26 (+21% MoM), taking the total client base to ~39.6m.
* The average MTF book grew 5% MoM to a new high of ~INR74.2b (+40% YoY) in Aug’26.
* The number of orders declined 19% MoM to 109.5m for Aug’26 (flat YoY) and the order run-rate declined 11% MoM to 5.2m (-10% YoY).
* The overall ADTO declined 15% MoM, with an 18% MoM decline in F&O ADTO, while cash ADTO inched up 1% MoM and commodity ADTO surged 63% MoM. The overall premium ADTO grew 55% MoM, while F&O premium ADTO declined 16% MoM.
* The overall premium turnover market share declined 50bp MoM to 19.5%, with F&O premium market share declining 50bp MoM to 21.7%. Market share for the cash segment declined 10bp MoM to 17%, while the commodity segment market share declined 430bp MoM to 43.7%.
* The number of registered unique MF SIPs rose 16% MoM to ~0.72m in Aug’26 (up 2% YoY).
* The impact on the daily order rate is aligned with the industry decline, largely pertaining to CAS. With the regulator now considering a revision to the pricing mechanism for CAS, volume trajectory could improve, benefiting ANGELONE.
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