Company Update : Angel One Ltd By Motilal Oswal Financial Services Ltd
Gradual recovery in order run-rate; client addition remains low
Angel One (ANGELONE) released its key business numbers for Apr’25. Here are the key takeaways:
* ANGELONE’s gross client acquisition increased 4% MoM to ~0.5m in Apr’25 (-36% YoY), taking the total client base to 31.5m (+2% MoM/+37% YoY).
* The average MTF book grew ~2% MoM to ~INR39.1b (+87% YoY) in Apr’25.
* The number of orders grew 4% MoM to 107m for Apr’25 (-21% YoY), reflecting ~4% MoM increase in the number of orders per day to 5.6m, the highest in CY25.
* The overall ADTO was up 2% MoM, driven by 1% MoM growth in F&O ADTO, 9% MoM growth in cash ADTO, and strong 28% MoM growth in commodity ADTO. The overall premium ADTO was up 24% MoM, with 10% MoM growth in F&O premium ADTO.
* Based on the option premium turnover, the overall market share improved 10bp MoM, while F&O premium market share declined 40bp MoM to 19.6%/ 20.6%. The market share for the cash segment rose 80bp MoM to 18%, while the same for the commodity segment dipped 80bp MoM to 56.1%.
* The number of registered unique MF SIPs declined 1% MoM to ~0.56m in Apr’25 (+26% YoY).
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