India’s Retail Broking Industry Insights for April 2026

India’s retail broking industry experienced stability in April 2026, with the number of active users increasing by 2.92 lakh, reaching 4.57 crore from 4.54 crore in February 2026. Groww was a key player, adding 2.82 lakh new demat accounts during this period, thereby reinforcing its position ahead of competing brokerages.

Groww’s User Growth and Market Share

As per the data from NSE, Groww saw a 2.25% rise in its user base in April 2026 compared to February, pushing its total client count beyond 1.3 crore. This growth led to an increase in its market share to 28.48%. However, data for March has yet to be released.

Stock Movement and Market Capitalisation

At the conclusion of Tuesday’s trading session, Groww’s shares fell by approximately 5%, reaching Rs 183.89 each. This drop followed a Rs 5,637 crore stake sale initiated by Peak XV Partners, Y Combinator, and other investors, marking the end of the IPO lock-in period. The firm’s market capitalisation was recorded at Rs 1.15 lakh crore ($12.14 billion).

Performance of Other Brokerages

Zerodha managed to add more than 11,700 new clients in April 2026, marking a turnaround after several months of decline last year when it lost nearly 1 lakh users in November and another 72,000 in December. Its current client base is 68.83 lakh, with a market share of 15.04%.

Angel One and Upstox Results

Angel One faced a loss of over 12,600 demat accounts in April 2026 but maintained its third position with a market share of 14.74%. On the other hand, Upstox witnessed the largest drop among significant brokers, with a loss of nearly 47,000 clients, resulting in a market share decline to 4.29% and a total client base of 19.61 lakh.

Traditional Brokerages and Emerging Players

Among traditional brokerages, ICICI Securities, SBI Securities, and Kotak Securities gained approximately 22,000, 1,000, and 7,500 new accounts, respectively. In contrast, HDFC Securities reported a decrease of over 35,000 clients in April compared to February, while Motilal Oswal maintained a steady client base of around 9.01 lakh.

Dhan’s Growth Trajectory

The emerging brokerage Dhan continued to thrive, adding over 33,700 new demat accounts in April 2026, retaining its ninth position in the market with a 2.3% market share. Meanwhile, Paytm Money experienced a decline of around 8,300 users, while INDmoney added almost 4,700 users during the same timeframe compared to February. These platforms had market shares of 1.88% and 1.52%, respectively, in April 2026.