Angel One has released its key business metrics for November 2025, offering a clear picture of how the brokerage performed across client additions, trading activity, and market share. The update, disclosed in line with SEBI’s LODR and Fair Disclosure requirements, shows steady growth in client base but a softening in order volumes and derivative activity compared to the previous month.
Client Growth Remains Strong
Even with one less trading day in November, Angel One continued expanding its client base. The total number of clients reached 35.08 million, marking a 1.5% month-on-month increase and a solid 21.9% jump year-on-year.
Gross client acquisition for the month stood at 0.50 million, which is lower than October and also below last year’s number. The company saw an 11.1% decline MoM and 16.6% fall YoY in fresh acquisitions, indicating a moderation in new sign-ups.
Funding Book Sees Strong Momentum
Angel One’s average client funding book grew to ₹59.50 billion, rising 2.7% MoM and a notable 50.1% YoY. This reflects higher leverage usage as market participation continues to broaden.
Order Volumes Show a Slowdown
Trading activity softened during the month:
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Total orders dropped to 117.30 million, down 12.3% MoM.
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Average daily orders slipped to 6.17 million, a 7.7% decline MoM and 15.1% lower YoY.
Unique MF SIP registrations also fell compared to October, coming in at 737.83 thousand, though the figure remains 13.3% higher than last year.
ADTO Trends: Derivative Premium Turnover Nearly Doubles YoY
Angel One’s ADTO (Average Daily Turnover) trends offered a mixed picture.
Based on Notional Turnover (₹ billion):
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Overall ADTO declined 9.8% MoM but increased 25.4% YoY.
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F&O turnover saw a 10.1% MoM drop but remained 23.7% higher YoY.
Based on Option Premium Turnover (₹ billion):
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Overall premium ADTO slipped 1.4% MoM but almost doubled YoY with 97.9% growth.
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F&O premium turnover fell 6.5% MoM and 5.4% YoY.
Segment-wise ADTO:
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Cash ADTO decreased to ₹73 billion, down 7.5% MoM.
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Commodity ADTO remained strong at ₹1,661 billion, almost unchanged MoM but up 129.3% YoY.
Market Share Movement Across Segments
Angel One’s retail market share showed mixed movement across categories:
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Option Premium Equity Market Share: 20.3%
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F&O Market Share: 21.5%
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Cash Market Share: 18.3%
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Commodity Market Share: 52.5%
The brokerage saw marginal MoM declines in most segments, especially in commodities, where market share dropped by 258 bps compared to October and 719 bps YoY.
