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# Angel One's Commodity Share Is Back to Where It Was in January 2022
- URL: https://www.moatmarginresearch.com/angel-one-commodity-market-share/
- Published: 2026-10-08T01:22:28.000Z
- Updated: 2026-10-08T01:22:27.000Z
- Description: Angel One's commodity turnover doubled, but its share fell to 41.7% in September, the lowest since Jan 2022. Five years of filings, and what it means.
- Author: A K Karthikeyan
- Tags: Moat Insights

**Angel One handled more commodity trading than ever in Q2: ₹2,438 billion a day, up 105.5%. Yet its share of retail commodity trading fell to 44.0%, from 65.1% a year earlier. In September alone, it was 41.7%, the lowest in its monthly filings since January 2022\. Its own updates since 2021 show a lead built from about 28% to a peak of 67.6%. On our arithmetic, about two-thirds of that climb has now been given back. The core equity business is holding.**

## What the filing says

From Angel One's Q2 update (\[AO\]):

|                                         | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY        |
| --------------------------------------- | ------- | ------- | ------- | ---------- |
| Commodity ADTO (₹ bn)                   | 2,438   | 2,367   | 1,187   | +105.5%    |
| Commodity market share                  | 44.0%   | 52.3%   | 65.1%   | −2,115 bps |
| F&O retail share (option premium basis) | 22.1%   | 22.2%   | 21.7%   | +43 bps    |
| Cash market share                       | 16.8%   | 17.4%   | 18.7%   | −191 bps   |
| Client base (mn)                        | 39.98   | 38.59   | 34.08   | +17.3%     |
| Gross client acquisition (mn)           | 1.49    | 1.34    | 1.74    | −14.1%     |
| Avg client funding book (₹ bn)          | 74.53   | 61.37   | 53.05   | +40.5%     |

The share is Angel One's turnover divided by MCX's retail turnover (\[AO-PPT\], p.32).

## Five years of the same number

Angel One has reported its commodity share every month since at least 2021 (\[AO-HIST\]). Each September:

| Month        | Commodity market share |
| ------------ | ---------------------- |
| Sep 2021     | 27.8%                  |
| Sep 2022     | 53.3%                  |
| Sep 2023     | 56.3%                  |
| Sep 2024     | 61.8%                  |
| Sep 2025     | 64.3%                  |
| **Sep 2026** | **41.7%**              |

- **The build:** from about 28% in 2021 to the mid-50s by 2023, around 60% in 2024, and a peak of 67.6% in August 2025.
- **The fall:** since October 2025 the share has been below the year-earlier month in ten of twelve months. It was 55.1% in October 2025 and 41.7% in September 2026.
- **Against history, not just the peak:** a year ago was the high point, so "65% to 44%" flatters the fall. But 41.7% is also below every month from February 2022 to August 2026\. The last time it was this low was January 2022 (41.6%).

## The arithmetic

If Angel One's ₹2,438 billion a day is a 44.0% share, the retail market it is measured against is about ₹5,541 billion a day. A year ago, the same sum gives about ₹1,823 billion (our arithmetic). The market grew about 3.0 times; Angel One grew 2.05 times. Most of the market's new volume went to other brokers. The filings don't say which.

## Moat and margin

**Focus moat: scale economies in retail broking.** A low-cost platform serving the most active traders is the moat, and market share is where it shows. The filings split two ways:

- **Equity F&O, the core:** share is holding at 22.1%, up 43 bps in a year. F&O broking is about 45% of gross revenue (\[AO-PPT\] p.30). On these filings, the main franchise is intact.
- **Commodity:** a lead built over four years is shrinking while the segment booms. On our arithmetic, Angel One has given back about two-thirds of the share it gained from 2021 to the 2025 peak.

**The margin side.** Commodity broking was about 6% of gross revenue in Q1 FY27, up from about 3% in Q1 FY25 (\[AO-PPT\] p.30). So the share loss touches a small but fast-growing slice. Turnover still doubled, so commodity revenue can grow even as share falls. The filings don't give commodity pricing or profit, so the margin effect can't be measured.

**MoatSCORE: 5.64 (AMBER, first pass)**, from the live Moat Screener (\[MS\]). Other listed brokers on the screener: Motilal Oswal 5.56, Nuvama 5.52, IIFL Capital 5.13, Billionbrains Garage Ventures (Groww) 4.79.

## The bear case

- **Share loss in a boom.** The market roughly tripled; Angel One's share fell to its lowest since January 2022.
- **Fewer new clients.** Gross acquisition −14.1% YoY; SIP registrations −19.0%.
- **Cash share slipping too.** 16.8% from 18.7%.

## The case for

- **Core share held.** Equity F&O retail share rose to 22.1%.
- **Absolute growth.** Commodity ADTO +105.5%; commodity's share of revenue doubled in two years.
- **A small slice.** Commodity is about 6% of gross revenue; interest income is about a third.

## What to watch

1. The October business update (early November): does the commodity share stabilise above 40%?
2. The 15 October board meeting (\[AO2\]), which also considers a second interim dividend: whether the turnover growth shows up in revenue.
3. Any explanation from management of the commodity share; there is none in the Q1 call (\[AO-CALL\]).

## Sources

- **\[AO\]** [Angel One, business update for September 2026 and Q2 FY27, 6 Oct 2026](https://nsearchives.nseindia.com/corporate/ANGEL8896%5F06102026073616%5FOctober062026%5FIntimation%5Fof%5FBusiness%5Fupdates.pdf) (NSE)
- **\[AO-HIST\]** Angel One monthly business updates on NSE, for example [September 2021](https://nsearchives.nseindia.com/corporate/ANGELBRKG%5F05102021082516%5FOctober052021Intimationofmonthlybusinessupdate.pdf), [January 2022](https://nsearchives.nseindia.com/corporate/ANGELONE%5F03022022082247%5FFebruary032022Intimationofmonthlybusinessupdate.pdf), [September 2023](https://nsearchives.nseindia.com/corporate/ANGELONE%5F06102023081017%5FOctober2023IntimationofmonthlyupdatesSeptember2023.pdf), [September 2024](https://nsearchives.nseindia.com/corporate/ANGELONE%5F04102024075226%5FOctober042024Intimationofbusinessupdates%5FSeptember2024.pdf) and [August 2025](https://nsearchives.nseindia.com/corporate/ANGEL8896%5F04092025071949%5FSeptember042025%5FIntimation%5Fof%5FBusiness%5FUpdate%5FAugust%5F2025.pdf)
- **\[AO-PPT\]** [Angel One, investor presentation Q1 FY27, 15 Jul 2026](https://nsearchives.nseindia.com/corporate/ANGEL8896%5F15072026180330%5F15072026InvestorPresentationAOL.pdf) (NSE)
- **\[AO-CALL\]** [Angel One, Q1 FY27 earnings call transcript](https://nsearchives.nseindia.com/corporate/ANGEL8896%5F21072026170255%5F21072026Intimationforearningscalltranscript.pdf) (NSE)
- **\[AO2\]** [Angel One, intimation of board meeting for interim dividend, 6 Oct 2026](https://nsearchives.nseindia.com/corporate/ANGEL8896%5F06102026161317%5FOctober062026%5FPrior%5Fintimation%5Fof%5Fdividend.pdf) (NSE)
- **\[MS\]** [Moat & Margin, Moat Screener](https://www.moatmarginresearch.com/moat-screener/) and [How MoatSCORE works](https://www.moatmarginresearch.com/moatscore/)

---

> Educational research, not investment advice. Every figure above is drawn from Angel One's own filings, read from the primary documents on 7 October 2026; derived figures, including the implied market size and the share of the climb given back, are our arithmetic and are labelled. MoatSCOREs read live from the Moat Screener on 7 October 2026\. No buy/sell recommendations, no price targets, no share prices. Moat & Margin is not a SEBI-registered Research Analyst or Investment Adviser.