Angel One — Breaking Boundaries Through Strategic Diversification: Motilal Oswal

Motilal Oswal Report

Given the regulatory environment, where SEBI has implemented tighter norms for F&O, the focus on knowing the likely impact on Angel One Ltd. broking business is advertently high. Meanwhile, the company has made significant investments over the past couple of years to build its Wealth Management, assets management company, Assisted Partner Channel, and Loan Distribution businesses.

The company core business strategy is to focus on the Lifetime Value of a customer. Currently, of the 27.5 million customers, only 7.4 million customers are active (as defined by NSE). With a significant amount of data available on the behavior and financial strength of these customers, Angel one is well-positioned to increase the LTV of customers through the distribution of other financial products.

For instance, Angel One has built an SIP book in the past couple of years, which is the second largest incremental SIP generator. According to our understanding, the share of inactive broking clients in incremental SIPs is significantly higher for Angel One.

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