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Order run-rate improves; client additions remain low

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

* ANGELONE’s gross client acquisition declined 4% MoM to ~0.5m in Mar’25 (-44% YoY) likely owing to the lesser number of days, taking the total client base to 31m (+1%MoM/+40% YoY). For 4QFY25, client addition declined 22% QoQ to ~1.6m (down 44% YoY).

* The average MTF book declined ~5% MoM to ~INR38.5b (+114% YoY) in Mar’25. For 4QFY25, the average MTF book was flattish QoQ at INR40.3b.

* The number of orders grew 3% to 102m for Mar’25 (down 23% YoY), reflecting ~8% MoM rise in the number of orders per day to 5.4m. For 4QFY25, the number of orders declined 22% QoQ to ~327m, while the order run-rate dipped 24% QoQ to 5.3m. This reflected the brunt of F&O regulations as well as weak market sentiments during the quarter.

* The overall ADTO was up 23% MoM, driven by 23% MoM growth in F&O ADTO, 9% MoM growth in cash ADTO, and 5% MoM growth in commodity ADTO. The overall premium ADTO was up 19% MoM, with 2% MoM growth in F&O premium ADTO.

* Based on the option premium turnover, the overall market share declined 60bp while the F&O premium market share dipped 50bp MoM by 30bp to reach 19.1%/ 21.0%. Market share for the cash segment was down 40bp MoM to 16.3%, and it was up 250bp MoM to 57.9% for the commodity segment.

* The number of registered unique MF SIPs declined 2% MoM to ~0.56m in Mar’25 (+32% YoY).

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