Angel One shares dip 6% after F&O and cash market share fall in November

Shares of Angel One plunged more than 6% on Wednesday after monthly business updates for November 2025 soured investor sentiments. The shares closed 5.6% lower at ₹2,261 apiece on the NSE.

Angel One has reported 21.9% growth in its client base to 35.08 million in November 2025, as against 28.78 million recorded in November 2024. The company's client base rose by 1.5% Month-on-Month (MoM) from 34.57 million clients in October 2025.

Based on notional turnover, its overall average daily turnover (ADTO) stood at ₹53,48,600 crore in November 2025 as against ₹42,64,900 crore in November 2024, i.e. up by 25.4%. Average daily turnover from the F&O segment stood at ₹51,75,200 crore in November 2025. Based on option premium turnover, the Cash segment’s ADTO was at ₹7,300 crore in the same period. Commodity’s ADTO stood at ₹1,66,100 crore in November 2025.

However, on a month-on-month basis, the company posted subdued numbers across the board, which triggered selling pressure on the share price. The gross client addition for November declined 11.1% MoM, while average daily orders also declined 7.7% to 6.17 million vs 6.69 million in October 2025.

Additionally, the overall turnover dipped 9.8% YoY to ₹53,486 billion vs ₹59,294 billion in the previous month. The cash turnover market share also dipped to 18.3% vs 18.7% in October. While the F&O market share dipped 21.5% from 21.9% in the same period last year.

On a YTD basis, the share of Angel One is trading 8% lower in 2025, underperforming the broader market sentiment. In the quarter gone by, the company’s revenue dipped 20% YoY to ₹1201 crore, and net profit plunged nearly 50% YoY to ₹211 crore.

Angel One is a technology-led financial services company providing broking and advisory services, margin funding, loans against shares (through one of its Subsidiaries, AFPL) and financial products distribution to its clients under the brand ‘Angel Broking’.