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Order run-rate declines less than the decline in industry volume; MTF book scales new heights

Angel One (ANGELONE) released its key business numbers for Jul’25. Here are the key takeaways:

• ANGELONE’s gross client acquisition grew 16% MoM to ~0.64m in Jul’25 (-44% YoY), taking the total client base to 33.1m.
• The average MTF book grew ~8% MoM to ~INR50.8b, an all-time high (+36% YoY) in Jul’25.
• The number of orders rose 7% MoM to 123m for Jul’25 (down 28% YoY), but the run-rate in number of orders per day declined ~2% MoM to 5.4m.
• The overall ADTO was up 19% MoM, owing to a 19% MoM increase in F&O ADTO, but the cash ADTO dipped 12% MoM. The commodity ADTO grew 4% MoM. The overall premium ADTO inched up 1% MoM, but the F&O premium ADTO witnessed a 10% MoM decline.
• Based on the option premium turnover, the overall market share was up 50bp MoM, with the F&O premium market share rising 40bp MoM to 20.1%/21.2%. Market share for the cash segment was up 60bp MoM to 18.6% and the commodity segment was up 540bp MoM to 63.7%.
• The number of registered unique MF SIPs surged 21% MoM to ~0.89m in Jul’25 (+16% YoY).

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