Angel One Limited · NSE:ANGELONE
Angel One — Q4 FY2025 Earnings Presentation
40 slides from Angel One's earnings presentation, Apr 16, 2025
Slide 1: Exchange filing cover 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: Q4 '25 Investor Presentation
FUELING ASPIRATIONS. FOSTERING Q4 ‘25 Investor Presentation CHANGE. 16th April 2025
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 Q4 ’25 Highlights 02 Business Model: Angel’s Advantage 03 Industry Landscape 04 Financial Overview 05 About Us 06 Annexures 3
Slide 5: Strong Growth Trajectory
Strong Growth Trajectory Gross Client Acquisitions 8.8 9.3 (Mn) Expanding Boundaries 5.3 4.7 2.4 0.6 ~31mn clients added since FY20; ~90% from Tier 2, 3 & beyond cities FY20 FY21 FY22 FY23 FY24 FY25 Focus on improving LTV Demat Market Share (%) 15% 16% Attaining Leadership 7% 10% 12% Poised to capit
Slide 6: Q4 '25 Performance
Q4 ‘25 Performance Client Acquisition Metrics Active Client Metrics Transaction Metrics Financial Metrics 31.0 Mn (+5.1% QoQ) 7.6 Mn (-2.3% QoQ) 327 Mn (-22.4% QoQ) ₹ 8.3 Bn (-15.7% QoQ) Total Client Base NSE Active Client Base Number of Orders Total Net Income 1.6 Mn (-22.4% QoQ) 3rd (Maintained) ₹
Slide 7: 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 AMC Products Passive Mutual Funds Mutual Funds | Insurance | IPOs Equity Broking & Margin Trading Wealth Management Facility PMS & AIF Cash | F&O | Commo
Slide 8: Asset Management: An Annuity Business
Asset Management: An Annuity Business Growth Opportunity For Passive Investing Remains Large In India Angel One AMC’s Product Offerings USA Funds – Passive AUM vs Active AUM India Funds – Passive AUM vs Active AUM Index Funds ETFs ₹ 11.2 17% trn 17% 37% US$ 13.3 39% trn 34% 38% 13% 17% 33% 30% 10% 8
Slide 9: Ionic Wealth: Redefining Wealth Management
Ionic Wealth: Redefining Wealth Management Key Highlights Omni-channel Platform: Empowering Clients’ With Total Flexibility 680+ Clients Via relationship managers, website & mobile app 6 Licenses ARN, PMS, RIA, RA, Domestic AIF & GIFT CITY FME ₹ 37.9 Bn+ 166 team Teammembers Members AUM Relationship
Slide 10: Diversifying Future Revenue Via Distribution
Diversifying Future Revenue Via Distribution Super App Evolution Broking & Allied Products Mutual Fund Credit Fixed Income Insurance Unique SIPs Registered Credit Distribution Fixed Income Distribution (‘000) 2,314 2,260 Live with Six Lenders 1,908 NBFCs Banks 1,393 1,493 955 725 431 108 • End-to-en
Slide 11: Enhancing Assisted Business Capabilities
Enhancing Assisted Business Capabilities Data Driven Cross Sell Through Multiple Channels Key Developments Net Broking Income Empowering Partners through data to enhance client engagement (₹ Mn) 1,557 1,522 1,574 1,488 • Behavioural insights • Investment reminders 1,215 1,181 • Monitor lead status •
Slide 12: Table Of Contents
Table Of Contents 01 Q4 ’25 Highlights 02 Business Model: Angel’s Advantage 03 Industry Landscape 04 Financial Overview 05 About Us 06 Annexures 11
Slide 13: Sustainable Revenues From Clients
Sustainable Revenues From Clients Consistent Total Net Income From Every Cohort Actuals Gross Acquisition (₹ Mn) FY20 FY21 FY22 FY23 FY24 FY25 (Mn) • 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 3,6
Slide 14: 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 9.3 2.6 3.0 2.1 1.6 54% 52% 52% 58% 2.9 2.9 5.8 6.1 1.7 2.0 1.3 1.1 46% 48%
Slide 15: 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 16: Table Of Contents
Table Of Contents 01 Q4 ’25 Highlights 02 Business Model: Angel’s Advantage 03 Industry Landscape 04 Financial Overview 05 About Us 06 Annexures 15
Slide 17: FinTech Model Enabling Penetration Of Vast Addressable Market
FinTech Model Enabling Penetration Of Vast Addressable Market India Population India Working Age Population Array Of Financial Products Required At Every Stage Delivered By Angel One (Bn) (Bn) 1.62 1.12 1.53 1.05 1.46 1.00 Broking & Allied 2025E 2030E 2040E 2025E 2030E 2040E Products Rising populati
Slide 18: 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 -2.66 -1.77 Top 5 Digital Brokers* Others Industry Angel One +0.04 +0.13 27% 23% 29% 29% 27% de-grew 34% Industry de-grew but Angel One Other Digital continued Brokers (P
Slide 19: 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 28,000 FY23: Geopolitical 120 Tensions 110 24,000 Nifty 50: -1% 100 Number of Trades (Bn) FY16: Slowing China Trades: +92% GDP, Greek Debt FY20: COVID-19 90 20,000 FY12:
Slide 20: 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 21: Regulations Have Strengthened Guardrails And Built Retail Confidence
Regulations Have Strengthened Guardrails And Built Retail Confidence Regulations Create Greater Trust And Safety Leading To Long Term Growth 600.0 Growth 200.0 Growth 2.0x Demat | 3.4x ADTO 1.4x Demat | 2.2x ADTO 538.6 519.8 192.4 498.9 185.3 180.0 500.0 446.4 175.4 467.7 160.0 461.4 162.3 Up-stream
Slide 22: Table Of Contents
Table Of Contents 01 Q4 ’25 Highlights 02 Business Model: Angel’s Advantage 03 Industry Landscape 04 Financial Overview 05 About Us 06 Annexures 21
Slide 23: Consolidated Financial Performance
Consolidated Financial Performance (₹ Mn) Gross Revenues EBDAT Profit After Tax Gross Broking Interest Income Other 44.8% 42.0% 31.8% Margin -22% -44% -49% 4,755 13,585 4,140 3,399 12,638 1,128 1,869 2,815 962 836 10,578 2,476 869 3,494 2,643 3,378 1,745 3,627 2,564 9,240 8,182 6,332 Q4 '24 Q3 '25 Q
Slide 24: 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% 3% 1% 1% 4% 4% 4% 28% 18% Q4 ‘24 Q3 ‘25 32% Q4 ‘25 60% 65% 68% Gross Broking Revenue Mix F&O Cash Commodity Currency 4% 0% 7% 9% 0% 11% 12% 14% Q4 ‘24 Q3
Slide 25: Net Broking Revenue & Margin Profile
Net Broking Revenue & Margin Profile Reported EBDAT Margin Normalised EBDAT Margin Contribution to Net Broking Revenue Broking & Distribution EBDAT Margin* : Direct Business (₹ Mn) Direct Business Assisted Business 54% 41% 43% 34% 6,856 48% 47% 50% 49% 6,290 41% 42% 39% 33% 30% 1,557 (23%) 1,488 (24
Slide 26: 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 43,343 1,72,784 4.4% 6.4% 5.7% 38,587 6.9% 1,45,713 9.6% 9.9% 1,15,110 17,771 88.7% 84.0% 8
Slide 27: Consolidated Profit & Loss Statement
Consolidated Profit & Loss Statement Particulars (₹ Mn) Q4 FY25 Q3 FY25 Q4 FY24 FY25 FY24 (a) Interest Income 3,378 3,494 2,476 13,410 7,859 Ancillary transaction income is NIL from Q3 (b) Fees and commission income 7,110 9,053 11,089 38,739 34,792 ’25 onwards (c) Net gain on fair value changes 72 7
Slide 28: Summary Of Consolidated Balance Sheet
Summary Of Consolidated Balance Sheet Particulars (₹ Mn) Mar ’25 Mar ’24 Financial Assets (a) Cash, cash equivalents and Bank Balance 1,18,044 98,443 (b) Other Trade Receivables 1,396 1,940 (c) Client Funding Book 38,588 17,771 (d) Investments 2,016 0 (e) Other financial assets 1,985 8,510 Non-finan
Slide 29: Table Of Contents
Table Of Contents 01 Q4 ’25 Highlights 02 Business Model: Angel’s Advantage 03 Industry Landscape 04 Financial Overview 05 About Us 06 Annexures 28
Slide 30: Board Of Directors & Experienced Management Team
Board Of Directors & Experienced Management Team Board of Directors Dinesh Thakkar Muralidharan Mala Todarwal Krishnaswamy Sridhar Kalyan Prasath Chairman and Managing Ramachandran Independent Director Independent Director Independent Director Director Independent Director N T Arunkumar Krishna Iyer
Slide 31: 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 Great Place to Work Delhi – NCR Telangana ü Consecutive 3 years in Top 100 Best Compan
Slide 32: Awards & Accolades
Awards & Accolades Technology Industry Marketing Silver Award for Best Digital Best use of Digital Content Long Form PR Team of the Year (Corp Transformation at the Video for Azaadi Ka Raasta campaign Communications) at Campaign India Exchange4media CX India Awards by E4M at Indian Content & Marketi
Slide 33: Table Of Contents
Table Of Contents 01 Q4 ’25 Highlights 02 Business Model: Angel’s Advantage 03 Industry Landscape 04 Financial Overview 05 About Us 06 Annexures 32
Slide 34: Robust Client Additions
Robust Client Additions India: Incremental Demat Accounts Angel: Incremental Client Base +11% (Mn) +4% (Mn) +86% +49% +142% 41.1 -28% 8.8 8.5 36.9 34.6 +121% -10% 24.8 5.1 +188% 4.6 +341% 14.3 2.3 5.0 0.5 FY20 FY21 FY22 FY23 FY24 FY25 FY20 FY21 FY22 FY23 FY24 FY25 Angel’s market share in incremental
Slide 35: 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 229 bps Expansion In Market Share 14.8% 15.0% 15.2% 15.4% 15.5% 15.4% 14.3% 14.6% 13.1% Q4 '23 Q1 '24 Q2 '2 4 Q3 '2 4 Q4 '24 Q1 '25 Q2 '2 5 Q3 '2 5 Q4 '25 Angel One’s Ranking In Incremental NSE Acti
Slide 36: 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 7.6 489 7.4 471 462 6.7 422 6.1 350 5.3 338 327 4.9 4.3 4.4 263 249 Q4 '23 Q1 '24 Q2 '24 Q3 '24 Q4 '24 Q1 '25 Q2 '2 5 Q3 '2 5 Q4 '25 Q4 '23 Q1 '24 Q2 '2 4 Q3 '2 4 Q4 '24 Q1 '25 Q2 '2 5 Q
Slide 37: FinTech Model Successfully Weathering Market Volatility
36 90% 30% 60% -60% -30% 0% 18 Apr - 15 May 2019 26 4 Jun - 19 Jun 2019 5 Jul - 5 Aug 2019 35 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 38: Retail ADTO Market Share Across Segments
Retail ADTO Market Share Across Segments Market share based on notional turnover for equity futures, premium Overall Equity Market Share (%) turnover for equity options 22.8% 18.9% 19.3% 20.1% 19.9% 15.9% 16.5% 17.2% 18.1% Q4 '23 Q1 '24 Q2 '2 4 Q3 '2 4 Q4 '24 Q1 '25 Q2 '2 5 Q3 '2 5 Q4 '25 F&O Market
Slide 39: FinTech Business Drives Multifold Increase In Client Activity
FinTech Business Drives Multifold Increase In Client Activity Overall ADTO & Number Of Orders Cash Segment Orders Overall ADTO (₹ Trn) No of Orders (Mn) (Mn) 50.0 595 462 489 422 7.1mn 471 510 40.0 350 327 425 Peak 338 30.0 orders 340 263 249 handled 44 45 44 255 117 in Q4 20.0 ’25, 36 40 102 97 in
Slide 40: Investor Relations Contacts
Company : Investor Relations Advisors : 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 shogun.jain@sgapl.net / shrikant.sangani@sgapl.n