Angel One Ltd., India’s largest listed retail stockbroker by active NSE clients, posted strong client growth in May 2025. The total client base surged by 34.1% year-on-year, rising from 23.83 million in May 2024 to 31.95 million in May 2025. On a month-on-month basis, Angel One added approximately 470,000 new clients, reflecting a 1.5% growth over April 2025.
However, there was a sharp contrast in gross client acquisition, which stood at just 0.50 million in May 2025, a significant 43.1% drop from the 0.88 million new clients onboarded in May 2024. This signals a potential slowdown in the pace of new client additions, possibly due to rising competition or changing retail investor sentiment.
Mixed Trading Activity Across Segments
Despite strong client growth, Angel One’s trading volumes showed some moderation:
- The overall Average Daily Turnover (ADTO) declined 18.2% year-on-year to ₹35.81 lakh crore in May 2025.
- The Futures & Options (F&O) segment, which dominates trading activity, saw turnover fall 19% YoY to ₹34.98 lakh crore.
- The cash segment grew, with ADTO rising 4.2% YoY and 22.3% MoM to ₹8,600 crore.
- The commodity segment’s ADTO stood at ₹74,500 crore, down 13.6% MoM but up 47.2% YoY.
This indicates that while overall trading activity softened, the cash and commodity segments still attracted investor interest.
Stock Market Reaction and Financial Snapshot
Angel One’s share price rose 1.24% to ₹3,168 on the BSE following the update, showing investor confidence despite some negative trends.
However, the company’s Q4 FY25 financial results showed a significant dip:
- Net profit fell 48.7% year-on-year to ₹174.52 crore, down from ₹339.94 crore in Q4 FY24.
- Revenue from operations declined 22.1% YoY to ₹1,056.01 crore, down from ₹1,358.54 crore.
This highlights the challenges in profitability and revenue amid market volatility, despite robust client growth.
Strategic Outlook
Angel One continues to offer a broad range of financial services—broking, advisory, margin funding, loans against shares, and distribution of third-party products—primarily through digital platforms and a network of authorized agents. As new client acquisition slows and trading volumes fluctuate, the company’s focus on product innovation and client retention will be critical to sustaining growth and improving profitability.