Angel One Ltd. saw its shares fall more than 3% in early trade on Wednesday after the brokerage reported a mixed set of operational metrics for November 2025.
Client Additions Slow Even as Overall Base Expands
The company’s total client base rose to 35.08 million during November, reflecting a 1.5% increase over October and a strong 21.9% rise on a yearly basis. However, gross client acquisition softened to 0.50 million, marking an 11.1% sequential decline and a 16.6% drop compared to the same month last year.
The moderation in new sign-ups stands out given the competitive intensity in the retail broking landscape and was one of the key triggers behind the early correction in the stock.
Funding Book Momentum Remains Strong
Angel One’s average client funding book continued its upward trajectory, rising to ₹59.50 billion. This represents growth of 2.7% month-on-month and 50.1% year-on-year, underscoring continued leverage usage and higher engagement from active traders despite softer volumes.
Order Activity Moderates Across Segments
Trading activity declined during the month, with total orders slipping to 117.30 million, a 12.3% sequential decrease. Average daily orders eased to 6.17 million, down 7.7% month-on-month and 15.1% lower year-on-year.
Mutual fund SIP registrations also saw a month-on-month decline, arriving at 737,830 for November. Nonetheless, the figure remains 13.3% higher compared to last year.
ADTO Performance Mixed; Premium Turnover Sees Strong YoY Growth
Average Daily Turnover (ADTO) trends painted a contrasting picture.
On a notional basis, overall ADTO declined 9.8% month-on-month but increased 25.4% year-on-year. F&O notional turnover followed a similar pattern, falling 10.1% sequentially yet remaining 23.7% higher on an annual basis.
Premium-based options activity was more resilient. Overall premium ADTO dipped marginally by 1.4% month-on-month but surged 97.9% year-on-year. However, F&O premium turnover recorded declines both sequentially and annually.
Cash ADTO weakened to ₹73 billion, down 7.5% month-on-month, while commodity ADTO stayed robust at ₹1,661 billion—largely unchanged from October but up a strong 129.3% year-on-year.
Market Share Edges Lower in Most Categories
Retail market share saw marginal contraction across key segments. Angel One reported a 20.3% share in option premium trades, 21.5% in F&O notional, 18.3% in the cash market, and 52.5% in the commodity segment. The commodity segment witnessed the steepest decline, dropping 258 basis points month-on-month and 719 basis points year-on-year.
