Angel One delivered a mixed performance in February 2026, showcasing strong annual growth momentum while experiencing sequential moderation across key operational metrics. The leading retail brokerage firm reported these business updates under SEBI Regulation 30, highlighting both achievements and market-driven challenges during the month.

Client Base and Acquisition Metrics

The company's client base expansion remained robust on an annual basis, demonstrating the firm's continued market penetration capabilities.

The client base reached 36.93 million, marking a solid 20.8% year-on-year increase from 30.58 million in February 2025. However, gross client acquisition showed sequential weakness, declining 22.9% month-on-month to 0.57 million new clients. The average client funding book contracted 3.0% sequentially to ₹59.33 billion, though it remained significantly higher than the previous year's ₹40.53 billion.

Trading Activity and Order Volumes

Trading activity metrics reflected the broader market's subdued sentiment during February 2026, with sequential declines across key parameters.

Despite 21 trading days compared to 20 in the previous month, average daily orders declined 6.5% to 6.86 million. The total order count of 144.01 million represented a 45.1% year-on-year surge, indicating sustained client engagement over the annual period.

Average Daily Turnover Performance

The company's turnover metrics demonstrated exceptional annual growth across all segments, with particularly strong performance in derivatives and commodity trading.

Overall average daily turnover reached ₹55,743 billion, representing an impressive 88.4% year-on-year increase. The commodity segment emerged as the standout performer with 135.6% annual growth, while F&O turnover grew 87.4% year-on-year to ₹54,130 billion.

Market Share Leadership

Angel One strengthened its market position across key segments, achieving milestone market share levels in retail equity turnover.

The company achieved a lifetime high market share of 20.8% in overall retail equity turnover, while its commodity segment leadership strengthened significantly to 57.0%. The F&O segment market share expanded to 22.6%, reflecting the firm's dominant position in derivatives trading.

Investment Products Growth

Mutual fund SIP registrations showed mixed trends, with strong annual growth offset by sequential moderation.

The company registered 670.12 thousand unique mutual fund SIPs, marking 16.1% annual growth despite a 22.9% sequential decline from January 2026's elevated levels.

Angel One has completed the allotment of 5,000 fully paid secured non-convertible debentures (NCDs) valued at ₹50 crore. The Loan, Investment and Borrowings Committee approved the allotment on February 24, 2026, with the NCDs carrying an 18-month tenure and an 8.75% coupon rate.

NCD Allotment Details

The key parameters of Angel One's NCD issuance are outlined below:

Payment Schedule and Cash Flows

The NCDs follow a structured payment schedule with semi-annual coupon payments:

Security and Default Provisions

The NCDs are secured by a first pari-passu charge through hypothecation over all present and future trade receivables and loans in the form of margin trading facilities. The company maintains a security cover of 1.00 times on outstanding NCD amounts throughout the tenure.

In case of payment default, Angel One has agreed to pay an additional interest rate of 2% per annum above the coupon rate on outstanding principal amounts until the default is resolved or NCDs are fully redeemed.

Market Listing and Investment Features

The NCDs will be listed on the Wholesale Debt Market Segment of the National Stock Exchange, providing investors with secondary market liquidity options. The secured nature and structured payment schedule make these debt instruments attractive for investors seeking fixed returns over the 18-month investment period.

This NCD allotment represents Angel One's strategy to diversify funding sources through debt capital markets while offering investors a structured investment opportunity in the financial services sector.