Angel One’s Stock Price Down by More Than 5% Today, After Tighter F&O Regulations Hit Performance
By Shishta Dutta | Updated at: Oct 13, 2025 12:24 PM IST
4 July 2025 – Angel One Ltd.’s stock price dropped drastically by 5.53% to ₹2,787.50 in the early hours of July 4 before trading at 2,795.80, a slight increase. This was after the company presented its business update for June 2025 and Q1 FY26, which showed weakness in numerous key performance metrics and did not meet investor expectations.
The brokerage’s total order volume went down 23% year over year in May, while the amount of money clients put in went up 46% to ₹4,005 crore, and the number of clients went up to 31.95 million. However, the stricter rules that SEBI put in place for futures and options (F&O) trading are still having a big effect on high-margin revenue streams. F&O volumes are still down approximately 38%.
Basis the report, analysts cut their EPS expectations for FY26 by 14% and their revenue forecasts by more than 21%, which made many feel negative.
Ambarish Kenghe, the new CEO since March, has laid out a plan to move the company away from traditional broking and towards mutual funds, wealth management, loans, and AI-driven products. Management thinks the business will pick up speed again by the end of FY26, but the present valuation reset and regulatory overhang have made it hard to predict how well it will do in the near future.
Stock Snapshot (as of 10:29 am IST)
- Current Price: ₹2,795.80 (down ₹154.80)
- Previous Close: ₹2,950.60
- Day’s Range: ₹2,734.40 – ₹2,885.00
- VWAP: ₹2,790.83
- Volume Traded: 11.57 lakh shares
- Traded Value: ₹322.81 crore
Q1 FY26 Performance Highlights
Angel One’s quarterly performance showed muted sequential growth and notable year-on-year decline in trading activity and client acquisition:
| Metric | Q1 FY26 | QoQ (%) | YoY (%) |
|---|---|---|---|
| Gross Client Acquisition | 1.55 million | -4.4% | -40.0% |
| Number of Orders | 343.1 million | +4.8% | -25.8% |
| Average Daily Orders | 5.62 million | +6.5% | -27.0% |
| Overall ADTO (Rs. billion) | 35,888 | +11.7% | -18.0% |
| F&O ADTO (Rs. billion) | 34,976 | +11.4% | -19.0% |
| Option Premium Turnover (Overall) | 1,048 | +23.2% | +40.0% |
| Retail Market Share – Equity Options | 19.7% | -17 bps | +85 bps |
Despite a modest rise in the client base to 32.47 million (up 4.7% QoQ and 31.3% YoY), gross client acquisition dropped sharply on a year-on-year basis. Unique SIP registrations showed marginal sequential growth at 0.9%.
Key Concerns
- Significant drop in gross client acquisition
- Continued decline in order volume compared to Q1 FY25
- Lower market share in F&O and commodities
- Weak performance in equity cash segment and subdued F&O activity in June 2025
Management attributed the softness in F&O activity to external factors, although the client funding book reached an all-time high.
Market Sentiment
The steep decline in the share price reflects investor disappointment with the overall performance. While some operational metrics improved sequentially, the broader data suggests moderation in growth momentum amid a challenging market environment.
REF: https://nsearchives.nseindia.com/corporate/ANGEL8896_04072025075050_July042025Intimationofbusinessupdates.pdf
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