Angel One - devil is in the numbers
Angel One is currently the top loser on the BSE after its November 2025 business update signalled a moderation in growth metrics. The stock opened lower at Rs 2,794 versus a previous close of Rs 2,813.35, slipped to an intraday low of Rs 2,643.90 and was trading near a VWAP of about Rs 2,681, leaving the counter roughly 23% below its 52-week high of Rs 3,502.60 but still well above the 52-week low of Rs 1,942. Volumes were higher than usual, with around 0.56 lakh shares changing hands against a two-week average of 0.37 lakh, implying a turnover of nearly Rs 15 crore and a full market capitalisation of about Rs 24,181 crore.
The company’s exchange filing for November showed that the client base continued to expand, rising 1.5% month-on-month and 21.9% year-on-year to 35.08 million. However, gross client acquisition slowed to 0.50 million, down 11.1% versus October and 16.6% lower than a year ago, signalling a cooling in new sign-ups after a strong run in recent months. Total orders fell to 117.3 million, a drop of 12.3% month-on-month and 10.4% year-on-year, while average daily orders slipped 7.7% sequentially and 15.1% on year to about 6.2 million. Unique MF SIPs registered came in at 7.38 lakh, down 9.4% month-on-month but still 13.3% higher than last year.
On the turnover side, overall Average Daily Turnover (ADTO) based on notional and premium turnover stood at Rs 53,48,600 crore in November, down 9.8% month-on-month but up 25.4% year-on-year. F&O ADTO was Rs 51,75,200 crore, declining 10.1% versus October but rising 23.7% on year, while cash ADTO at Rs 7,300 crore fell 7.5% month-on-month and 2.2% year-on-year. Commodity ADTO remained a bright spot at Rs 1,66,100 crore, almost flat month-on-month but up 129.3% YoY. The filing also indicated mild compression in retail market share across equity cash, F&O and commodity segments compared with October levels.
For investors, the update reinforces a mixed message: scale indicators such as total clients and funding book (up 50.1% year-on-year to about Rs 5,950 crore) remain strong, but high-frequency activity metrics—new client additions, orders and ADTO growth, have cooled after a robust first half, following a September quarter in which profit had already declined sharply year-on-year.
Today's price reaction therefore appears to reflect concern that growth in trading intensity and acquisitions may be normalising faster than expected, even as Angel One continues to build out its larger fintech, wealth and asset-management franchise. Whether the current correction proves to be a temporary shake-out or the start of a deeper de-rating will likely hinge on how quickly activity metrics stabilise in the coming months and how effectively the company converts its large client base into sustained, profitable engagement.