Synopsis: Angel One’s strong 175% YoY surge in commodity volumes provides a key cushion against short-term weakness in client acquisition and trading activity. While monthly metrics remain under pressure, sustained YoY growth and improving quarterly trends indicate underlying strength, making commodities a crucial driver for near-term stability and future growth momentum.
Angel One has reported a mixed operational performance, where a sharp rise in commodity trading activity contrasts with a decline in key monthly indicators. The company’s dominant position in commodities and rising participation highlight a structural shift, but the key question remains whether this strength can offset the broader slowdown in core business metrics.
With a market cap of Rs 23,418 crore, the shares of Angel One Ltd are trading at Rs 256 and are trading at a PE of 30.3 compared to their industry’s PE of 17. The shares have given a return of more than 800% since their listing on October 2020.
Commodity Boom Vs Monthly Weakness
According to the latest business update by Angel One, a robust growth trend in commodity turnover comes as a mixed development amid the softness being seen in other key operating indicators on a monthly basis. However, what will be seen now is whether this exceptional YoY boom in commodities will be enough to counteract the current monthly weakness seen in various metrics.
The company saw its March 2026 ADTO rise by 175.5% YoY and 20.8% MoM, reaching ₹1,855 billion, and becoming one of the best-performing segments for the company. The growth indicates increased interest in commodities on the part of traders owing to their higher volatility compared to equities.
The significance of the segment is also derived from Angel One’s commanding 57.2% market share in the segment, which did not see any change MoM but improved significantly YoY.
Temporary Fall in Key Indicators
Even with high commodity performance, the firm experienced a fall in gross customer acquisitions (-10.7% MoM), a fall in total orders (-2.8% MoM), and a decline in the average customer funding book (-7.2% MoM), which highlights investor caution and reduced use of leverage.
Nonetheless, such falls seem temporary when considering a wider perspective. Year-over-year (YoY), Angel One still demonstrates robust progress, with its customer base rising by 20.5% YoY, while total orders and daily average orders increased by more than 37% YoY.
Additionally, quarter-on-quarter (QoQ) trends support the above observation. For instance, the last quarter’s total order QoQ growth was 13.3%, while QoQ average daily orders rose by 15.2%.
Conclusion: Can Commodity Help Make Up for the Dip?
The increase in volume of commodities helps create a buffer in case of any downturn in customer acquisition and trading. The commodity business with its high market share and growing participation looks set to become an important growth driver for Angel One in the coming period.
At the same time, recovery in fundamentals like addition in customers and financing activities would be critical for sustained growth going ahead. The present data implies that commodity performance could help counter the impact to some extent.
Financials
The revenue from operations for the company stood at Rs 1,335 crore in Q3 FY26 compared to the Q3 FY25 revenue of Rs 1,262 crore, up by about 5 per cent YoY. Similarly, the net profit stood at Rs 269 crore in Q3 FY26, down compared to the Rs 281 crore profit in Q3 FY25.
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