Company Update : Angel One Ltd by Motilal Oswal Financial Services Ltd
Order run-rate at pre-regulation levels; MTF book at an all-time high
Angel One (ANGELONE) released its key business numbers for Nov’25. Here are the key takeaways:
* ANGELONE’s gross client acquisition at 0.74m grew 9% MoM in Jan’26 (+13% YoY), taking the total client base to ~36.4m.
* The average MTF book grew 5% MoM to an all-time high of ~INR61.2b (+46% YoY) in Jan’26.
* The number of orders rose 14% MoM to 146.7m for Jan’26 (up 16% YoY; highest since Nov’24), backed by 25% MoM growth in order run-rate to 7.3m (+34% YoY).
* The overall ADTO grew 20% MoM, led by 21% MoM growth in F&O ADTO and 19% MoM growth in cash ADTO. However, the commodity ADTO declined 12% MoM. The overall premium ADTO declined 9% MoM, while the F&O premium ADTO grew 29% MoM.
* Based on the option premium turnover, the overall market share and the F&O premium market share rose 20bp and 40bp MoM to 20.6% and 22.4%, respectively. Market share for the cash segment declined 30bp MoM to 17.6%, and for the commodity segment it was down 340bp MoM to 48.5%.
* The number of registered unique MF SIPs rose 13% MoM to ~0.87m in Jan’26 (up 14% YoY).
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