Angel One's Commodity Share Is Back to Where It Was in January 2022
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
- The October business update (early November): does the commodity share stabilise above 40%?
- The 15 October board meeting ([AO2]), which also considers a second interim dividend: whether the turnover growth shows up in revenue.
- 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 (NSE)
- [AO-HIST] Angel One monthly business updates on NSE, for example September 2021, January 2022, September 2023, September 2024 and August 2025
- [AO-PPT] Angel One, investor presentation Q1 FY27, 15 Jul 2026 (NSE)
- [AO-CALL] Angel One, Q1 FY27 earnings call transcript (NSE)
- [AO2] Angel One, intimation of board meeting for interim dividend, 6 Oct 2026 (NSE)
- [MS] Moat & Margin, Moat Screener and How MoatSCORE works
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.
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