Angel One Ltd. shares slipped over 5% to ₹2,671 in early trade on Wednesday, extending losses after the brokerage firm released its November 2025 business update, which reflected moderation across several key performance metrics.
Client additions slow down
Angel One’s total client base rose to 35.08 million, up 1.5% month-on-month and nearly 22% year-on-year.
However, gross client additions fell to 0.50 million, marking an 11.1% decline from October and a 16.6% drop compared to last year.
The slowdown in new account openings—despite a growing broader market—was one of the main triggers behind the stock’s decline.
Trading activity weakens
The company reported a noticeable dip in trading participation in November:
- Total orders: 117.30 million (↓ 12.3% MoM)
- Average daily orders: 6.17 million (↓ 7.7% MoM, ↓ 15.1% YoY)
Mutual fund SIP registrations also eased to 737,830, down month-on-month though up 13.3% year-on-year.
Lower activity across segments, especially in the cash market, weighed on investor sentiment.
ADTO trends mixed
Angel One’s turnover numbers were mixed:
- Overall notional ADTO: ↓ 9.8% MoM | ↑ 25.4% YoY
- F&O notional ADTO: ↓ 10.1% MoM | ↑ 23.7% YoY
- Premium ADTO: ↓ 1.4% MoM | ↑ 97.9% YoY
- Cash ADTO: ₹73 billion (↓ 7.5% MoM)
While yearly growth remains robust, the month-on-month weakness reflects softer retail trading momentum after a strong festive period.
Funding book remains a bright spot
One positive in the update was Angel One’s client funding book, which rose to ₹59.50 billion, up 2.7% MoM and 50.1% YoY—indicating healthy leverage demand from active traders.
Why the stock is down
The market is reacting to:
- Slower client additions
- Decline in trading activity
- Softer order volumes across segments
- Mixed ADTO performance
- Weak cash market participation
Despite this, the long-term YoY numbers remain strong, but investors are pricing in near-term moderation in retail trading behaviour.
