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Weak markets and regulations impact order run rate (~9% MoM)

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

* ANGELONE’s gross client acquisition declined 26% MoM to ~0.5m in Feb’25 (-52% YoY), bringing the total client base to 30.6m (+2% MoM / +43% YoY). The decline was partly due to fewer trading days.

* The average MTF book declined ~4% MoM to ~INR40.5b (+99% YoY).

* The number of orders fell 21% MoM to 99m in Feb’25 (down 43% YoY), reflecting a ~10% MoM decline in the number of orders per day to 5.0m. Regulatory changes and a weak market environment continued to impact the order run rate.

* The overall ADTO declined 4% MoM, driven by a 4% MoM decline in the F&O segment’s ADTO, a 12% MoM decline in the cash segment, and a 2% MoM decline in the commodity segment. The overall premium ADTO fell 15% MoM, led by an 8% MoM decline in F&O premium ADTO.

* Based on option premium turnover, the overall market share remained stable MoM while the F&O premium market share declined 30bp MoM, reaching 19.7%/21.5%, respectively. The cash segment’s market share increased 10bp MoM to 16.7%, whereas the commodity segment’s market share declined 580bp MoM to 55.4%.

*The number of registered unique MF SIPs declined 25% MoM to ~0.58m in Feb’25 (+20% YoY).

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