Angel One Q4 Client Base Up 20%, Orders Rise

Key Highlights Client Base: 38.17M vs 31.95M YoY → +19.7% growth Funding Book: ₹63.09B vs ₹40.05B YoY → +57.5% growth Number of Orders: 130.35M vs 121.55M YoY → +7.2% growth Average Daily Orders: 6.86M vs 5.79M YoY → +18.5% growth Cash ADTO: ₹95B vs ₹86B YoY → +9.7% growth 📊 Interpretation Client growth: Nearly 20% YoY expansion shows Angel One’s strong retail penetration. Funding book surge: +57% indicates higher leverage and margin funding activity. Order activity: Daily orders up 18.5% reflects rising retail participation. Cash turnover: Moderate growth (+9.7%) suggests steady trading volumes. ⚠️ Risks Margin pressure from rising compliance and tech costs. Regulatory scrutiny on client funding and leverage. Competition from peers like Zerodha, Groww, Upstox. 📈 Outlook Angel One continues to scale as a leading full-stack retail broker. Growth in client funding and daily orders signals strong retail activity. Sustained expansion depends on digital adoption, product innovation, and cost control.