ANGELONE

From Broking to Platform: Angel One’s Next Phase

has scaled to 8 million+ active clients, driven by digital onboarding and a mobile-first platform. FY24 saw around 30% year-on-year growth in client additions, while non-broking revenue contributes over 40% of total income through mutual funds, subscriptions, advisory and lending. Continued investment in AI-driven analytics and platform upgrades is improving engagement as retail market participation rises. Fundamentals at a Glance Angel One operates a tech-led, asset-light model with improving operating leverage as volumes scale. A higher share of recurring and subscription income helps reduce cyclicality, supporting strong EBITDA margins in the 35–40% range. With diversified offerings, strong client retention and rising investor participation in India, Angel One remains well positioned for long-term growth.