Angel One Shares Slide Over 5% as November Gross Client Acquisition Drops 17% YoY

Angel One shares came under pressure on December 3, falling over 5% in early trade after the company reported a sharp decline in its gross client acquisition for November. Despite the fall in new client additions, the company continued to expand its overall client base, as per the latest exchange filing.

The financial services platform disclosed that its gross client acquisition declined nearly 17% year-on-year to 500,000 in November. However, the overall client base grew almost 22% YoY to 35.08 million, indicating that the platform continues to retain and expand its presence among retail customers even as new growth slowed.

Gross Client Acquisition Drops, Client Base Still Expands

According to the filing, Angel One recorded a 17% YoY decline in gross client acquisition. The drop indicates a slowdown in new sign-ups during the month.

At the same time, the company achieved a higher client base, growing to 35.08 million, up 22% from the same month last year. The divergence reflects strong retention levels even in a month where fresh sign-ups eased.

Order Volumes Decline Double-Digit in November

The company’s order volumes also weakened in November:

• Number of orders dropped 10.4% YoY to 117.3 million

• Average daily orders fell 15.1% YoY to 6.2 million

Both metrics indicate softer trading activity on the platform compared to the previous year. The company attributed the decline to “softer market conditions,” which contributed to a moderation in daily order run rates.

Average Daily Turnover Surges 98% YoY Driven by Options Premium

Even as orders dropped, Angel One reported a significant rise in overall average daily turnover for November.

Based on the options premium turnover, the company’s overall average daily turnover jumped nearly 98% YoY to ₹1.87 lakh crore.

However, turnover from the futures and options combined segment fell:

• F&O average turnover declined 5.4% YoY to ₹14,000 crore

The contrasting movement suggests a sharp rise in options premium activity but a decline in broader futures and options turnover.

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Market Share: Gains in Retail Equity, Declines in F&O and Commodities

Angel One reported a mixed trend in its retail market share across segments in November.

Retail Equity Market Share

• Increased by 18 basis points YoY to 20.3%

• Data based on options premium turnover

Futures & Options Retail Market Share

• Declined 46 bps to 21.5%

Commodity Turnover Market Share

• Declined 719 bps to 52.5%

The numbers show that while Angel One’s presence in the retail equity segment strengthened, it lost ground in futures, options, and commodities.

Company Commentary: Record High Client Funding Book, Market Softness Weighs on Orders

Angel One highlighted several operational developments in its regulatory filing.

The company stated:

“We delivered a historic high in our average client funding book, reflecting deepening engagement of clients with the product. Softer market conditions resulted in some moderation in our daily order run rate.”

The company also mentioned that its October 2025 cash market share has been revised upwards, following a revision in the industry’s retail turnover figures for that segment. This revision came after the company had already published its October data.

Stock Reaction: Shares Slip Over 5%

The immediate market reaction was negative, with Angel One shares falling more than 5% as investors digested the slowdown in monthly acquisition and trading activity.

The drop in gross client acquisition, lower order volumes, and decline in key market share segments weighed on sentiment, despite growth in overall client base and a sharp rise in average daily turnover from options premiums.

Key November Metrics at a Glance

Conclusion

Angel One’s November report paints a mixed picture — strong growth in client base and a massive surge in average daily turnover driven by options premium, but notable declines in gross client acquisition, total orders, F&O turnover, and commodity market share.

The market reacted sharply to these pressures, pulling the stock down by over 5%. With client engagement rising through funding products and revisions boosting previous cash market share data, the company now faces the challenge of reviving new client acquisition and stabilising trading activity amid softer market conditions.

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