Angel One has released its October 2026 business update, and the numbers reveal an interesting change in investor activity. More people joined the platform, trading orders increased sharply, and the company achieved its highest F&O market share. But while trading gained momentum, mutual fund SIP registrations continued to decline.

The biggest surprise came from new client additions. Angel One added approximately 6.6 lakh gross clients during October, compared with 4.5 lakh in September. That represents a monthly jump of 44.7%, making October the strongest month for client additions in nine months.

The company’s total client base reached 40.60 million, equivalent to 4.06 crore clients. This was 17.4% higher than October last year, showing that Angel One continued to attract new customers despite changing conditions in the broking industry.

But adding customers is only one part of the business. The bigger question is whether those customers are actually trading. October offered an encouraging answer, with total orders increasing 13.9% from September to 139.31 million.

The improvement becomes even more interesting when trading days are considered. October had only 20 trading days, compared with 21 in September. Despite having one fewer trading day, Angel One handled substantially more orders during the month.

Average daily orders increased 19.6% to 6.97 million, compared with 5.82 million in September. This was the highest level in seven months, suggesting that existing and new clients became more active on the platform.

Compared with October 2025, average daily orders increased 4.2%. The annual growth was much smaller than the monthly increase, showing that October represented a strong recovery in activity rather than an equally large expansion over the previous year.

The improvement was also visible in trading turnover. Overall average daily turnover, measured using notional values, increased 25.3% month on month to ₹56,244 billion. F&O turnover rose even faster, increasing 25.9% to ₹53,149 billion.

However, there is an important detail behind these large figures. Notional turnover measures the value represented by trades, particularly derivatives contracts. It does not represent Angel One’s revenue or the amount of money customers actually invested.

Looking at options premium turnover gives another perspective. Overall average daily turnover on this basis increased 16.5% from September and 71.5% compared with October last year, reaching ₹3,259 billion.

This improvement helped Angel One strengthen its position in equity derivatives trading. Its retail F&O market share increased from 22.5% in September to 23.2% in October, reaching an all time high.

The annual comparison was equally encouraging. F&O market share increased from 21.6% in October 2025, representing a gain of 161 basis points. This indicates that Angel One captured a larger portion of retail derivatives trading activity.

Overall retail equity market share also improved to 20.5% from 19.6% in September. The increase suggests that the company benefited not only from stronger trading volumes but also from improved competitive positioning.

Yet the cash market told a different story. Cash average daily turnover declined 8.1% month on month to ₹68 billion and was 14% lower than a year earlier, showing weaker activity in direct equity trading.

Angel One’s cash turnover market share also declined to 15.9%, compared with 16.2% in September and 18.7% in October last year. This raises an important question about why the company’s derivatives business is gaining ground while its cash market position continues to weaken.

Commodity trading delivered another unusual combination of numbers. Commodity average daily turnover increased 16.4% month on month to ₹3,027 billion, reaching an all time high. Compared with October last year, commodity turnover increased an impressive 81.1%.

Despite this record turnover, Angel One’s commodity market share declined to 38.4% from 41.7% in September. It was also substantially below the 55.1% recorded in October 2025, suggesting that competitors captured a greater share of the expanding market.

Another area showing weakness was mutual fund investing. Unique mutual fund SIP registrations declined to approximately 4.95 lakh in October, compared with 5.87 lakh in September, representing a monthly decline of 15.7%.

The annual decline was even sharper. SIP registrations fell 39.2% from approximately 8.15 lakh in October last year. This creates a striking contrast between the recovery in trading activity and the slowdown in new systematic investment plan registrations.

The average client funding book stood at ₹78.06 billion, approximately ₹7,806 crore. Although it declined slightly from September, it remained 34.8% higher than a year earlier, indicating significant annual growth in funds extended to clients.

For investors following Angel One, October’s update provides several encouraging signs. Higher client additions, stronger daily trading activity and record F&O market share could support future business performance, although trading turnover does not translate directly into revenue or profit.

The next few months will reveal whether this improvement can continue. Angel One has regained momentum in client acquisition and derivatives trading, but weaker cash market share and falling SIP registrations remain important challenges. The key development to watch is whether stronger customer activity can translate into sustained revenue growth and improved profitability.