Highlights
India’s Retail Broking Industry Growth in February 2026
India’s retail broking industry experienced moderate growth in February, with the number of active users rising by more than 3.5 lakh to reach 4.54 crore from 4.51 crore in January 2026. Groww notably led in user acquisition, adding 3.5 lakh new clients in January and an additional 2.65 lakh in February.
User Growth Highlights
Significantly, Dhan surpassed the one million users milestone after incorporating 19,000 new users last month. In addition, both Zerodha and Angel One recorded increases of over 10,000 clients each during this period.
According to NSE data, Groww achieved a further 2.13% growth in its user base month-on-month in February 2026, bringing its total client base to around 1.27 crore (12.75 million) and enhancing its market share to 28.03%. As of 11:26 PM today, Groww’s share price rose over 4%, nearing Rs 155.6 per share, resulting in a market cap of Rs 96,117 crore, approximately $10.6 billion.
Zerodha’s Recovery
Zerodha welcomed 10,000 clients in February, rebounding after months of declines the previous year. The firm had experienced a loss of approximately 1 lakh users in November and another 72,000 in December. Its overall user base now stands at 68.72 lakh, holding a market share of 15.11%.
Angel One and Upstox Trends
Angel One added over 10,000 new demat accounts in February, recovering from a loss of 13,000 users in January. Conversely, Upstox fell to fifth place in January after losing 41,000 users, experiencing further decline in February with a loss of over 27,000 accounts and seeing its market share drop to 4.42%.
Traditional Players and Emerging Brokers
Among traditional brokers, ICICI Securities, SBI Securities, and Kotak Securities saw increases of around 30,000, 16,400, and 9,500 accounts, respectively. Paytm experienced an increase of about 9,700 accounts, while HDFC Securities and Motilal Oswal faced declines in their user numbers.
Emerging brokers Dhan and INDmoney also reported growth, adding 19,000 and 6,000 users, respectively. Newly minted unicorn Dhan surpassed the 10 lakh user threshold, boasting a market share of 2.24%.
