Angel One Limited · NSE:ANGELONE
Angel One — Q3 FY2025 Earnings Presentation
42 slides from Angel One's earnings presentation, Jan 13, 2025
Slide 1: Stock exchange covering letter for investor presentation
To, Listing Department Department of Corporate Service National Stock Exchange of India Limited BSE Limited Exchange Plaza, C-1, G Block, Phiroze Jeejeebhoy Towers, Bandra Kurla Complex, Dalal Street, Bandra (East), Mumbai - 400 051. Mumbai - 400 001. Symbol: ANGELONE Scrip Code: 543235 Dear Sirs/ M
Slide 2: Fueling Aspirations. Fostering Change. Q3 '25 Investor Presentation
FUELING ASPIRATIONS. FOSTERING Q3 ‘25 Investor Presentation CHANGE. 13th January 2024
Slide 3: Safe Harbour
Safe Harbour This presentation and the accompanying slides (the “Presentation”), which have been prepared by Angel One Limited (the “Company”), have been prepared solely for information purposes and do not constitute any offer, recommendation or invitation to purchase or subscribe for any securities
Slide 4: Table Of Contents
Table Of Contents 01 Q3 ’25 Highlights 02 Business Model: Angel’s Advantage 03 Industry Landscape 04 Financial Overview 05 About Us 06 Annexures 3
Slide 5: Q3 '25 Performance
Q3 ‘25 Performance Client Acquisition Metrics Active Client Metrics Transaction Metrics Financial Metrics 29.5 Mn (+7.4% QoQ) 7.8 Mn (+5.5% QoQ) 422 Mn (-13.8% QoQ) ₹ 9.9 Bn (-17.7% QoQ) Total Client Base NSE Active Client Base Number of Orders Total Net Income 2.1 Mn (-30.3% QoQ) 2nd (Maintained) ₹
Slide 6: Building A Holistic Financial Services Play
Building A Holistic Financial Services Play New Business Opportunities Credit Products | Fixed Income Products Distribution of 3rd Party Financial Mutual Fund Products Passive Mutual Funds Mutual Funds | Insurance | IPOs Equity Broking & Margin Trading Wealth Management Facility PMS & AIF Cash | F&O
Slide 7: Asset Management: An Annuity Business
Asset Management: An Annuity Business Growth Opportunity For Passive Investing Remains Large In India Application for Incorporating AMC & Trustee USA Funds – Passive AUM vs Active AUM India Funds – Passive AUM vs Active AUM In-principle Approval ₹ 10.9 16% trn 37% US$ 13.3 39% trn 17% Application fo
Slide 8: Wealth Management: Huge Growth Opportunity
Wealth Management: Huge Growth Opportunity Pillars Of Growth: Target Addressable Market ~US$ 1 - 1.2 Trn Re-imagine wealth management with domain as our core expertise and leverage tech for efficiency and scale Vision • Partner in client’s journey of wealth creation • Access to high-quality wealth m
Slide 9: Diversifying Distribution Revenue Blocks
Diversifying Distribution Revenue Blocks Super App Evolution Broking & Allied Products Mutual Fund Lending Products Fixed Income Products Insurance Unique SIPs Registered Credit Distribution Fixed Income Distribution (‘000) 2,314 2,260 Live In-Pipeline 1,393 1,493 955 725 3 3 431 Banks & 57 108 NBFC
Slide 10: Scaling Up The Assisted Business
Scaling Up The Assisted Business Leveraging Data To Cross Sell Multiple Products Through Multiple Channels Key Developments Empowering Partners Cross-sell opportunities Diversified partners through data to enhance client engagement + Strengthening network of channel • Equities, Commodities, • Associ
Slide 11: Trading Behaviour During Implementation Of Regulations
Trading Behaviour During Implementation Of Regulations During Peak Margin Regulations During Index Option Regulations Industry Retail Cash ADTO Average Daily Index Options Contracts Traded On NSE (₹ Trn) (Bn) 0.5 0.5 0.4 0.4 0.4 0.4 0.4 0.4 0.4 0.4 0.6 0.4 0.6 0.6 0.3 0.5 0.5 0.5 0.5 0.3 0.5 0.5 0.5
Slide 12: EBDAT Bridge
EBDAT Bridge 44.6% -257 bps 42.0% Normalised EBDAT Margin EBDAT Margin (₹ Mn) 1,147 238 -1,217 361 -45 -25 5,977 4,830 4,140 Q2 '25 Transaction Q2 '25 EBDAT Rev. From Charges Dec. In Q3'25 Net Inc. In Inc. In Dec. In Q3 '25 EBDAT (Reported) Income (Adj for Txn Inc) Levied From Nov Rev. ex-Charges Em
Slide 13: Table Of Contents
Table Of Contents 01 Q3 ’25 Highlights 02 Business Model: Angel’s Advantage 03 Industry Landscape 04 Financial Overview 05 About Us 06 Annexures 12
Slide 14: Sustainable Revenues From Clients
Sustainable Revenues From Clients Consistent Total Net Income From Every Cohort Actuals (₹ Mn) Gross Acquisition (Mn) FY20 FY21 FY22 FY23 FY24 • Since clients are acquired over 12 months in each fiscal, their credible behaviour is ascertained from the 13th month onwards Pre-FY20 3,589 3,358 3,606 3,
Slide 15: Client Demography And Wealth Creation Journey
Client Demography And Wealth Creation Journey Consistently Acquiring Younger Clients >88% Of Gross Client Addition Contributed By Tier 2, 3 & Beyond Cities In Q3 ’25 Tier-1 Tier-2 Tier-3+ (Mn) <25 years >25 years 5.3 4.7 8.8 2.6 3.0 2.1 54% 52% 52% 58% 2.9 2.9 5.8 1.7 2.0 1.3 46% 48% 48% 1.7 1.4 2.0
Slide 16: Exploring Growth Opportunities
Exploring Growth Opportunities 07. Talent / IP Acquisition: 01. Manufacturing Platforms: Onboard strategic IP’s & entrepreneurial teams to Strategic investments in businesses of scale build differentiated products across consumer financial services landscape 07 01 06. Learning Platforms: 02. Distrib
Slide 17: Table Of Contents
Table Of Contents 01 Q3 ’25 Highlights 02 Business Model: Angel’s Advantage 03 Industry Landscape 04 Financial Overview 05 About Us 06 Annexures 16
Slide 18: FinTech Model Enabling Penetration Of Vast Addressable Market
FinTech Model Enabling Penetration Of Vast Addressable Market India: Target Addressable Market India Population - 2021 Individual PAN Card Holders India Demat Accounts Unique Demat Accounts India NSE Active Clients 26% 26% 185 Mn 107 Mn 50 Mn 1.4 Bn 732 Mn (Dec ‘24) (Nov ‘24) (Dec ‘24) (Mar ‘24) 12.
Slide 19: Digital Brokers At The Forefront Of Driving Penetration
Digital Brokers At The Forefront Of Driving Penetration Share Of Top 5 Digital Brokers In Incremental NSE Active Clients Industry -2.05 -2.66 -1.77 27% 23% 27% Others 34% 29% 29% Industry Angel One +0.06 +0.04 +0.13 de-grew but Angel Other Digital One Brokers (Part of -1.00 -1.40 -0.64 Top 5 Digital
Slide 20: Trade Volumes De-linked To Market Cycles
Trade Volumes De-linked To Market Cycles Consistent Improvement In NSE Trade Volumes Despite Market Volatility Over Last 17 Years FY23: Geopolitical 24,000 Tensions 110 Nifty 50: -1% Trades: +92% 100 20,000 FY16: Slowing China 90 Number of Trades (Bn) GDP, Greek Debt FY20: COVID-19 FY12: High Inflat
Slide 21: Rising Holding Of Retail Investors In NSE Listed Companies
Rising Holding Of Retail Investors In NSE Listed Companies Ownership Pattern In NSE-listed universe Promoter (Indian + Promoter (Indian + Promoter (Indian + Promoter (Indian + 51.0% 50.4% 51.9% • Individual investors’ direct Govt + Foreign) Govt + Foreign) Govt + Foreign) Govt + Foreign) holding in
Slide 22: Regulations Have Strengthened Guardrails And Built Retail Confidence
Regulations Have Strengthened Guardrails And Built Retail Confidence Regulations Have Positive Impact On Industry Growth 600.0 200.0 Growth Growth 1.4x Demat | 2.2x ADTO 2.0x Demat | 2.8x ADTO 538.6 519.8 498.9 185.3 180.0 500.0 446.4 175.4 467.7 160.0 461.4 162.3 Up-streaming of True to Client Fund
Slide 23: Table Of Contents
Table Of Contents 01 Q3 ’25 Highlights 02 Business Model: Angel’s Advantage 03 Industry Landscape 04 Financial Overview 05 About Us 06 Annexures 22
Slide 24: Consolidated Financial Performance
Consolidated Financial Performance (₹ Mn) Gross Revenues EBDAT Profit After Tax Gross Broking Interest Income Other 44.0% 49.9% 42.0% Margin +19% +14% +8% 15,160 4,234 5,977 2,210 12,638 963 10,608 3,594 2,815 4,140 2,603 1,401 3,492 3,641 2,123 9,356 8,182 7,084 Q3 '24 Q2 '25 Q3 '25 Q3 '24 Q2 '25 Q
Slide 25: Segmental Revenue Break Up
Segmental Revenue Break Up Gross Revenue Mix Gross Broking Interest Depository Distribution Ancillary Transaction Charges Other Income 8% 1% 2% 1% 8% 1% 4% 1% 2% 4% 5% 28% 20% Q3 ‘24 Q2 ‘25 Q3 ‘25 24% 62% 67% 65% Gross Broking Revenue Mix F&O Cash Commodity Currency 5% 0% 6% 0% 7% 0% 11% 13% 12% Q3
Slide 26: Net Broking Revenue & Margin Profile
Net Broking Revenue & Margin Profile Reported EBDAT Margin Normalised EBDAT Margin Contribution to Net Broking Revenue EBDAT Margin* : Direct Business (₹ Mn) Direct Business Assisted Business 54% 51% 50% 47% 46% 41% 41% 42% 38% 6,982 39% 32% 48% 6,290 1,574 (23%) 5,144 1,488 (24%) Q3 '23 Q4 '2 3 Q1
Slide 27: Client Funding Book Spread Over Large Customer Base
Client Funding Book Spread Over Large Customer Base Client Funding Book Size Low Per Client Exposure Client Funding Book Segmentation (% of clients using the facility) (₹ Mn) (₹) <₹ 0.1mn ₹ 0.1-0.5mn >₹ 0.5mn 42,628 43,343 4.7% 7.3% 6.4% 207,896 7.7% 10.8% 9.6% 172,784 131,407 19,742 87.5% 84.0% 81.
Slide 28: Consolidated Profit & Loss Statement
Consolidated Profit & Loss Statement Particulars (₹ Mn) Q3 FY25 Q2 FY25 Q3 FY24 FY24 FY23 (a) Interest Income 3,494 3,594 2,123 7,859 5,195 (b) Fees and commission income 9,053 11,496 8,447 34,792 24,760 Ancillary transaction income is NIL in Q3 ‘2 5 (c) Net gain on fair value changes 76 57 20 66 61
Slide 29: Summary Of Consolidated Balance Sheet
Summary Of Consolidated Balance Sheet Particulars (₹ Mn) Dec ’24 Mar ’24 Financial Assets (a) Cash, cash equivalents and Bank Balance 1,03,885 98,443 (b) Other Trade Receivables 407 1,940 (c) Client Funding Book 43,343 17,771 (d) Investments 4,366 0 (e) Other financial assets 6,924 8,510 Non-financi
Slide 30: Table Of Contents
Table Of Contents 01 Q3 ’25 Highlights 02 Business Model: Angel’s Advantage 03 Industry Landscape 04 Financial Overview 05 About Us 06 Annexures 29
Slide 31: Board Of Directors & Experienced Management Team
Board Of Directors & Experienced Management Team Board of Directors Dinesh Thakkar Muralidharan Ramachandran Mala Todarwal Krishnaswamy Sridhar Kalyan Prasath Chairman and Managing Independent Director Independent Director Independent Director Independent Director Director N T Arunkumar Krishna Iyer
Slide 32: People Practices & Social Empowerment
People Practices & Social Empowerment Robust Employee Engagement Angel’s CSR Programmes Maharashtra Jammu & Kashmir Rajasthan Madhya Pradesh Skilling and Gujarat Tamil Nadu placement of youth Karnataka West Bengal Delhi – NCR Telangana Great Place to Work ✓ Consecutive 3 years in Top 100 Best Compan
Slide 33: Awards & Accolades
Awards & Accolades Technology Industry Marketing Data-driven innovation in customer Best use of Digital Content Long Form The Great Manager Awards - Top 50 engagement and sales optimisation by Video for Azaadi Ka Raasta campaign by Companies with Great Managers 2024 ET Now at Datacon Summit and Awar
Slide 34: Table Of Contents
Table Of Contents 01 Q3 ’25 Highlights 02 Business Model: Angel’s Advantage 03 Industry Landscape 04 Financial Overview 05 About Us 06 Annexures 33
Slide 35: Proposed Group Restructuring: Preparing To Play The Long-Term Strategy
Proposed Group Restructuring: Preparing To Play The Long-Term Strategy Proposed Group Structure Common Tech & Product Broking: Broking: Lead Generation Development & Infra. Mutual Fund Distribution AMC Sponsor Assisted Business Direct Clients (Super App) 100% subsidiaries Angel Financial Mimansa Ang
Slide 36: Robust Client Additions
Robust Client Additions India: Incremental Demat Accounts Angel: Incremental Client Base +49% +86% (Mn) (Mn) +142% -28% 36.9 8.5 34.6 33.9 7.3 +121% -10% 24.8 5.1 +188% 4.6 +341% 14.3 2.3 5.0 0.5 FY20 FY21 FY22 FY23 FY24 9M '25 FY20 FY21 FY22 FY23 FY24 9M '25 Angel’s market share in incremental dema
Slide 37: Angel Gaining Market Share In NSE Active Client Base
Angel Gaining Market Share In NSE Active Client Base Expanding Market Share In NSE Active Client Base 344 bps Expansion In Market Share 14.8% 15.0% 15.2% 15.4% 15.5% 14.3% 14.6% 13.1% 12.0% Q3 '23 Q4 '2 3 Q1 '24 Q2 '24 Q3 '24 Q4 '2 4 Q1 '25 Q2 '25 Q3 '25 Angel One’s Ranking In Incremental NSE Active
Slide 38: Order Volumes Are Key Revenue Driver
Order Volumes Are Key Revenue Driver Trend Of Angel One’s Orders Angel One’s NSE Active Client Base (Mn) (Mn) 7.8 489 7.4 471 462 6.7 422 6.1 350 5.3 338 4.9 4.3 4.4 4.2 263 249 226 Q3 '23 Q4 '2 3 Q1 '24 Q2 '24 Q3 '24 Q4 '2 4 Q1 '25 Q2 '25 Q3 '25 Q3 '23 Q4 '2 3 Q1 '24 Q2 '24 Q3 '24 Q4 '2 4 Q1 '25 Q2
Slide 39: Angel One's Average Orders Increased In ~79% Instances
38 90% 30% 60% -60% -30% 0% 18 Apr - 15 May 2019 26 4 Jun - 19 Jun 2019 5 Jul - 5 Aug 2019 33 24 Sep - 7 Oct 2019 3 Jan - 1 Feb 2020 12 Feb - 23 Mar 2020 30 Mar - 3 Apr 2020 4 May - 18 May 2020 8 Jul - 15 Jul 2020 24 Jul - 3 Aug 2020 Fall in Nifty50 31 Aug - 24 Sep 2020 15 Jan - 29 Jan 2021 16 Feb -
Slide 40: Retail ADTO Market Share Across Segments
Retail ADTO Market Share Across Segments Market share based on notional Market share based on notional turnover for equity futures, premium turnover Overall Equity Market Share (%) turnover for equity derivatives for equity options 21.5% 22.8% 18.9% 19.3% 19.7% 15.9% 16.5% 17.2% 18.1% Q3 '23 Q4 '2 3
Slide 41: FinTech Business Drives Multifold Increase In Client Activity
FinTech Business Drives Multifold Increase In Client Activity Strong Growth In Overall ADTO Cash Segment Orders Overall ADTO (₹ Trn) No of Orders (Mn) Cash Delivery Cash Intraday (Mn) 50.0 489 595 471 462 422 510 9.9mn 40.0 350 117 425 102 97 Peak 338 89 30.0 orders 340 42 263 249 74 handled 226 62
Slide 42: Company and Investor Relations Advisors contact
Company : Investor Relations Advisors : http://www.sgapl.net/images/sgapl_logo.jpg Angel One Ltd. Strategic Growth Advisors Pvt. Ltd. CIN – L67120MH1996PLC101709 CIN - U74140MH2010PTC204285 Mr. Hitul Gutka – Head IR Mr. Shogun Jain / Mr. Shrikant Sangani Email Id – hitul.gutka@angelbroking.com shogu