Angel One's June 2025: Client Base Expands, F&O Activity Dips 📉
Hey there, finance friends! 👋 Let’s dive into the latest business updates from Angel One Limited, one of India’s prominent retail brokerage firms. They’ve just released their key metrics for June 2025, and it’s a mixed bag of continued growth in certain segments and some cooling in market activity.
Client Growth & Funding Book Soar!
The good news first! Angel One continues its impressive client acquisition journey. Their client base grew by a solid 1.6% month-on-month (MoM), reaching 32.47 million, and a fantastic 31.3% year-on-year (YoY). This consistent expansion highlights their strong reach in the Indian retail investing landscape.
Even better, the Average Client Funding Book hit an all-time high of ₹47.08 billion in June 2025, marking a robust 17.5% MoM and 55.0% YoY increase! This suggests clients are increasingly engaged and holding more positions, which is always a positive sign for a brokerage firm. The number of unique MF SIPs also saw healthy growth, up 17.2% MoM and 27.8% YoY.
While the overall client base saw healthy growth, Gross Client Acquisition actually declined by 41.5% YoY for June 2025. This suggests that while Angel One is retaining and growing its total client pool, the pace of adding new clients has slowed down compared to the same period last year, possibly due to a higher base or evolving market dynamics.
F&O Activity Sees a Dip
Now, for the part where things got a bit quiet. Angel One noted that “Market activity in the F&O segment was subdued in June 2025, due to various external factors.” This is clearly reflected in the numbers:
- Number of Orders: Fell by 5.4% MoM and a significant 31.6% YoY.
- Overall Notional Turnover (ADTO): Dropped by 2.3% MoM and 23.5% YoY. The F&O specific notional turnover also saw similar declines.
While the notional turnover for F&O saw a dip, it’s interesting to note that the Overall Average Daily Turnover (ADTO) based on Option Premium actually saw a healthy 12.9% MoM and 33.8% YoY increase. This indicates a shift or higher premium collection in options, even if the overall notional value of F&O trading was lower. The company defines ’notional turnover’ as including futures and options, while ‘premium turnover’ specifically adds the premium value of equity options, which explains the differing trends.
On a brighter note, Commodity ADTO showed impressive strength, surging by 19.4% MoM and 69.7% YoY! 💪
Key Figures at a Glance
Here are the detailed monthly and quarterly figures:
Monthly Business Updates: June 2025 vs. Previous Months
| Particulars | Jun ‘25 | May ‘25 | Jun ‘24 | M-o-M Growth (%) | Y-o-Y Growth (%) |
|---|---|---|---|---|---|
| No. of Trading Days | 21 | 21 | 19 | 0.0% | 10.5% |
| Client Base (Mn) | 32.47 | 31.95 | 24.72 | 1.6% | 31.3% |
| Gross Client Acquisition (Mn) | 0.55 | 0.50 | 0.94 | 9.3% | -41.5% |
| Avg Client Funding Book (Rs. Bn) | 47.08 | 40.05 | 30.38 | 17.5% | 55.0% |
| Number of Orders (Mn) | 114.95 | 121.55 | 168.01 | -5.4% | -31.6% |
| Average Daily Orders (Mn) | 5.47 | 5.79 | 8.84 | -5.4% | -38.1% |
| Unique MF SIPs Registered (‘000) | 736.36 | 628.28 | 576.18 | 17.2% | 27.8% |
Angel One’s ADTO (Rs. Bn)
| Based on Notional Turnover (Rs. Bn) | Jun ‘25 | May ‘25 | Jun ‘24 | M-o-M Growth (%) | Y-o-Y Growth (%) |
|---|---|---|---|---|---|
| Overall* | 34,995 | 35,815 | 45,742 | -2.3% | -23.5% |
| F&O* | 34,020 | 34,983 | 45,111 | -2.8% | -24.6% |
Based on Option Premium Turnover (Rs. Bn)
| Particulars | Jun ‘25 | May ‘25 | Jun ‘24 | M-o-M Growth (%) | Y-o-Y Growth (%) |
|---|---|---|---|---|---|
| Overall$ | 1,102 | 976 | 823 | 12.9% | 33.8% |
| F&O$ | 126 | 144 | 193 | -12.3% | -34.5% |
Other ADTOs (Rs. Bn)
| Particulars | Jun ‘25 | May ‘25 | Jun ‘24 | M-o-M Growth (%) | Y-o-Y Growth (%) |
|---|---|---|---|---|---|
| Cash ADTO | 85 | 86 | 106 | -1.1% | -19.5% |
| Commodity ADTO | 890 | 745 | 524 | 19.4% | 69.7% |
Retail Turnover Market Share
| Based on Option Premium Turnover (%) | Jun ‘25 | May ‘25 | Jun ‘24 | M-o-M Change (bps) | Y-o-Y Change (bps) |
|---|---|---|---|---|---|
| Overall Equity^ | 19.6% | 20.0% | 18.9% | -42 | 66 |
| F&O^ | 20.8% | 21.4% | 20.7% | -61 | 15 |
| Particulars | Jun ‘25 | May ‘25 | Jun ‘24 | M-o-M Change (bps) | Y-o-Y Change (bps) |
|---|---|---|---|---|---|
| Cash Turnover Market Share (%) | 18.0% | 18.0% | 16.4% | 0 | 159 |
| Commodity Turnover Market Share (%) | 58.3% | 56.5% | 59.5% | 182 | -127 |
Quarterly Business Updates: Q1 FY26 vs. Previous Quarters
| Particulars | Q1 FY26 | Q4 FY25 | Q1 FY25 | M-o-M Growth (%) | Y-o-Y Growth (%) |
|---|---|---|---|---|---|
| No. of Trading Days | 61 | 62 | 60 | -1.6% | 1.7% |
| Client Base (Mn) | 32.47 | 31.02 | 24.72 | 4.7% | 31.3% |
| Gross Client Acquisition (Mn) | 1.55 | 1.62 | 2.58 | -4.4% | -40.0% |
| Avg Client Funding Book (Rs. Bn) | 42.06 | 40.33 | 26.26 | 4.3% | 60.2% |
| Number of Orders (Mn) | 343.11 | 327.32 | 462.18 | 4.8% | -25.8% |
| Average Daily Orders (Mn) | 5.62 | 5.28 | 7.70 | 6.5% | -27.0% |
| Unique MF SIPs Registered (‘000) | 1,925.01 | 1,907.57 | 1,493.17 | 0.9% | 28.9% |
Angel One’s ADTO (Rs. Bn)
| Based on Notional Turnover (Rs. Bn) | Q1 FY26 | Q4 FY25 | Q1 FY25 | M-o-M Growth (%) | Y-o-Y Growth (%) |
|---|---|---|---|---|---|
| Overall* | 35,888 | 32,133 | 43,780 | 11.7% | -18.0% |
| F&O* | 34,976 | 31,407 | 43,196 | 11.4% | -19.0% |
Based on Option Premium Turnover (Rs. Bn)
| Particulars | Q1 FY26 | Q4 FY25 | Q1 FY25 | M-o-M Growth (%) | Y-o-Y Growth (%) |
|---|---|---|---|---|---|
| Overall$ | 1,048 | 850 | 748 | 23.2% | 40.0% |
| F&O$ | 135 | 124 | 164 | 8.6% | -17.8% |
Other ADTOs (Rs. Bn)
| Particulars | Q1 FY26 | Q4 FY25 | Q1 FY25 | M-o-M Growth (%) | Y-o-Y Growth (%) |
|---|---|---|---|---|---|
| Cash ADTO | 81 | 65 | 88 | 24.7% | -7.7% |
| Commodity ADTO | 832 | 661 | 494 | 25.8% | 68.2% |
Retail Turnover Market Share
| Based on Option Premium Turnover (%) | Q1 FY26 | Q4 FY25 | Q1 FY25 | M-o-M Change (bps) | Y-o-Y Change (bps) |
|---|---|---|---|---|---|
| Overall Equity^ | 19.7% | 19.9% | 18.9% | -17 | 85 |
| F&O^ | 21.0% | 21.4% | 20.4% | -47 | 59 |
| Particulars | Q1 FY26 | Q4 FY25 | Q1 FY25 | M-o-M Change (bps) | Y-o-Y Change (bps) |
|---|---|---|---|---|---|
| Cash Turnover Market Share (%) | 18.0% | 17.5% | 16.6% | 46 | 137 |
| Commodity Turnover Market Share (%) | 57.0% | 57.7% | 58.1% | -72 | -109 |
*Overall ADTO is based on turnover for cash segment, notional turnover for equity futures & options and commodity segments. F&O ADTO is based on notional turnover for equity futures & options segments.
$Overall ADTO is based on turnover for cash segment, notional turnover for equity futures & commodity segments and premium turnover for equity options segment. F&O ADTO is based on notional turnover for equity futures and premium turnover for equity options segment.
^Retail turnover market share for Overall Equity is calculated based on turnover for cash segment, notional turnover for equity futures and premium turnover for options segments. Retail turnover market share for F&O is calculated based on notional turnover for equity futures and premium turnover for options segments.
The Takeaway
While F&O trading saw some softness and new client acquisitions slowed down compared to last year, Angel One’s core client base growth and expanding funding book remain strong indicators of its continued market presence. The robust performance in commodity trading also adds a positive note to the overall picture. It will be interesting to see how these trends evolve in the coming months! Keep an eye on Angel One’s future updates! 📈
source: Corporate Announcement
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