Zerodha, Groww, Angel One, Upstox: How active clients changed in past 8 years | Full table

Market returns have been quite abysmal for two years and the conviction levels of new and old retail investors may get tested further if trailing returns were to stay muted, Kotak Institutional Equities warned in a fresh strategy note. 

Data showed active clients fell 7.1 per cent or 34.88 lakh year-on-year (YoY) to 4.57 crore in FY26 from 4.92 crore in FY25, with Kotak suggesting retail investor trust in direct investments have wavered, even as they have reposed faith in mutual funds. 

Groww (Billionbrains Garage Ventures Limited) has retained its top position in terms of retail clients at 1,29,39,127 (1.29 crore) in FY26 against 1,29,21,210, in FY25, up 17,917 YoY, Kotak Institutional Equities noted. Its market share stood at 28.22 per cent.

"In the last quarter, despite broader market underperformance, we continued to add new users to the platform. Our continued focus on technology and user experience remain central to driving strong retention leading to low churn. The combined effect resulted in the higher net new additions in NSE Active Clients," Groww said on Monday ,while reporting its quarterly and yearly results for FY26.

Groww said while the Indian capital markets have expanded meaningfully over the past decade, penetration is still in the single digits. This has the potential to grow 3-4 times over the next decade or so, Groww said adding that it  is well-placed to capture a meaningful share of this incremental opportunity.

Here a table on number of active clients of over two dozen brokerages.  

Zerodha stayed at second spot but saw a decline of 9.95 lakh active retail clients in FY26. Its client count stood at 68.93 lakh in FY26 against 78.88 lakh in FY25.  Angel One, at third place, also saw decline in active clients. Its active clients stood at 67.62 lakh in FY26, down 8.15 lakh from 75.77 lakh in FY25. 

ICICI Securities saw a jump in retail clients but Upstox, HDFC Securities, Kotak Securities and Motilal Oswal Securities saw declines, as per Kotak Institutional Equities.   Overall, active clients for the brokerage industry fell 34.88 lakh to 4.57 crore in FY26 from 4.92 crore in FY25. 

The domestic broker noted that the weighted-average NAV of equity-oriented mutual funds have dipped below June 2024 levels in March 2026. 

"The active retail investor base shrank in FY2026, suggesting a gradual weakening in the DIY-investing trend seen over FY2021-25," Kotak said.