Company Update : Angel One by Motilal Oswal Financial Services Ltd
Steady performance; MTF book continues to rise MoM
Angel One (ANGELONE) released its key business numbers for Sep’25. Here are the key takeaways:
* ANGELONE’s gross client acquisition was flattish MoM at ~0.55m in Sep’25 (-42% YoY), taking the total client base to 34.1m.
* The average MTF book grew ~5% MoM to ~INR55.5b, scaling a new high (+36% YoY) in Sep’25.
* The number of orders grew 16% MoM to 127.6m for Sep’25 (down 19% YoY), while the order run-rate was flattish MoM at 5.8m.
* The overall ADTO was up 5% MoM, driven by 5% MoM growth in F&O ADTO, 10% MoM growth in cash ADTO, and 11% MoM growth in commodity ADTO. The overall premium ADTO was up 10% MoM, while the F&O premium ADTO was down 2% MoM.
* Based on the option premium turnover, the overall market share was down 10bp MoM, with F&O premium market share down 30bp MoM to 20.6%/ 21.8%. Market share for the cash segment increased 40bp MoM to 19%, while for the commodity segment it was down 330bp MoM to 64.3%.
* The number of registered unique MF SIPs grew 11% MoM to ~0.79m in Sep’25 (down 3% YoY).
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