Groww, Angel One
Groww and Angel One post double-digit gains in 2026 amid broader market weakness
Groww and Angel One recorded significant gains in 2026 despite a broader market sell-off, driven by strong participation in the primary market and rising demat account openings. Both companies, along with Motilal Oswal Financial Services, BSE, and Anand Rathi, posted double-digit returns as investor activity shifted toward IPOs and new listings.
The trend was supported by increased inflows from domestic and overseas investors into the primary market. In September alone, foreign investors invested ₹8,551 crore in IPOs while withdrawing ₹35,860 crore from the secondary market, underscoring a clear preference for new listings.
This shift contributed to a surge in demat account openings, with NSDL and CDSL adding nearly 3.27 million accounts in August—the highest monthly addition since January 2026. The total demat account base reached 237.7 million by end-August, marking the third consecutive month of growth after a period of moderation from January 2025 to May 2026.
IPO proceeds in India touched nearly $10 billion during the July-September quarter, the highest ever for that period, fueled by major listings from the National Stock Exchange of India Ltd. and SBI Funds Management Ltd. So far in 2026, 220 companies have successfully listed on the mainboard and SME segments, following a record 376 listings in 2025.
Market participants anticipate further growth in demat accounts with the expected IPO of Jio Platforms in the coming months. Reports also suggest Coca-Cola Co. may file a draft prospectus in December for its Indian bottling unit.
Among individual stocks, Anand Rathi shares led the pack with a 38% gain in 2026, followed by Angel One at 26%, Motilal Oswal Financial Services at 26.34%, and BSE at 25.56%. Billionbrains Garage Ventures, parent of Groww, rose 23% year-to-date.
The Nifty Capital Market index rose 13% in 2026, outperforming the Nifty 50, which declined 13% over the same period. Phillip Capital initiated coverage on Groww and Angel One in September with ‘buy’ ratings and target prices of ₹245 and ₹388, respectively.
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