Shares of Angel One Limited touched a day high of Rs 341.95 on NSE on Thursday, 4 June, gaining 1.73% after the broking firm dropped its May business update. The numbers told two stories at once, a growing client base but slowing fresh sign-ups.

The headline figure was straightforward. Total clients on the platform rose to 38.17 million in May, up 1% from 37.79 million in April. Year-on-year, that’s a 19.5% jump. In a market where acquiring new users is getting harder and more expensive, holding that growth rate is no small thing.

But new client additions are where it gets complicated. Gross acquisitions in May fell 9.7% from April to 0.42 million. Worse, that figure was also down 16.7% compared to May last year.  The slowdown in fresh sign-ups is a trend worth watching.

Trading activity was mixed too. Total orders placed in May dipped 4% from April to 130.35 million, though year-on-year they were still up 7.2%. 

Average daily orders actually nudged higher to 6.86 million from 6.79 million the previous month, and were up 18.5% versus a year ago.

On market share, retail turnover slipped 18 basis points month-on-month overall. Cash turnover share dropped 41 basis points from April, and commodity turnover fell sharply by 813 basis points. 

The one bright spot was F&O market share, which gained 11 basis points from April and was up 93 basis points year-on-year.

Average daily turnover held broadly flat, down just 0.4% overall from April, while the year-on-year picture looked much healthier at 45.2% growth. 

The company also disclosed that its average client funding book hit an all-time high during the month.

At 11:24 am, shares of Angel One were trading at Rs 338.50 on NSE, up 1.12% from the previous close of Rs 334.75. The stock has rallied 43.26% so far this year.

Ready to invest like a pro? Tradz by EquityPandit app equips you with 100+ Free tools and knowledge you need to succeed. Download the Tradz by EquityPandit app and gain access to daily stock lists and insightful market analysis and much more!