Angel One Ltd

We made significant strides across m?ltiple strategic pillars, reinforcing our position as a superior platform offering a broad array of financial products

Dear Stakeholders,

The Indian capital market has witnessed remarkable growth over the past five years, signalling the onset of a sustained multi-year structural uptrend, underpinned by favourable demographic tailwinds and a dynamic regulatory framework. This momentum underscores the increasing confidence of retail investors in eguities as a compelling asset class. Angel One has firmly positioned itself as a trusted platform for over 31 million Indians, driven by strategic investments in cutting- edge technology, an ?ndustry-leading app, curated product journeys for all types of clients, anda well-calibrated and transparent pricing strategy. These key differentiators have been instrumental in strengthening our market leadership and expanding our share across critical performance metrics. As we continu? our jo urney to being amongst India's most trusted FinTech platforms, we are strategically diversifying our offerings to become a comprehensive financial Services play, catering to the evolving and lifetime financial needs of our clients.

At this juncture, let me take the opportunity to introduce you to Ambarish Kenghe, our Group CEO. With four patents to his name, he is a highly accomplished leader with a proven track record in building and scaling impactful technology products across global and Indian markets, including his instrumental role in the growth of Google Pay in India. Prior to that, Ambarish held senior leadership roles at Myntra, where he led product and platform strategy, and at Cisco, where he focussed on building innovative collaboration technologies. He also brings strategic insight from his time at Bain & Company, where he advised global clients on business transformaron.

Ambarish brings a wealth of relevant experience that is decisive to Angel One's next phase - accelerating innovation, enhancing customer engagement and shaping the future of digital f?nance. His well-built technology prowess, coupled with capabilities to develop and scale businesses that cater to large client sets, augurs well for Angel One as we continue on our trajectory of growth.

FY25: A Defining Year in Our Growth Journey

FY25 marked a pivotal phase in our journey as we made significant strides across multiple strategic pillars, reinforcing our position as a superior platform offering a broad array of financial products. This year not only reflects our growth trajectory but also exemplifies our efforts for attaining sustained success in the years to come.

Expansi?n into Asset Management

One of the most defining achievements for FY25 was, securing the license for our asset management business. This milestone was followed by the imminent launch of our maiden schemes. These developments are pivotal as they mark our entry into a new, high-potential segment of the financial services industry. Our asset management business underscores our growth strategy and our market presence in the enormous retail segment.

The Launch of ionio Wealth

We conceptualized our wealth management business in late FY24, and I am happy to share that we have since, received most of the regulatory approvals. We introduced 'Ionic Wealth' as the premier wealth management brand to serve the entire landscape of affluent and aspirational high net worth individuals (HNIs) and Ultra HNIs, by providing them with tailored financial solutions to align with their long-term goals and at the same time, laying a strong foundation for digitally serving the needs of emerging HNIs, a customer segment that is growing at a rapid pace. The establishment of Ionic Wealth is not just a milestone; it represents our broader vision of becoming a full-spectrum financial services provider.

Expanding New Business Opportunities

Our distribution business gained strong momentum in FY25, significantly enhancing client engagement, as we expanded our product offerings. In the mutual fund distribution space, we cemented our position as the second-largest player in incremental Systematic Investment Plan (SIP) registrations, consistently growing our market share. The growth reflects the trust clients place in us and our ability to cater to their evolving investment needs.

Simultaneously, our credit distribution business also gained traction, with cumulative disbursements reaching '7 billion as of March 2025. Although we function primarily as a distributor, our focus on making strategic investments in risk modelling and advanced decision systems ensures that we can offer the right products to our clients, enhance underwriting efficiencies for lenders and optimise collections—all, while maintaining a zero-risk approach on our books.

Disrupting Digital Insurance Distribution

A major leap in our digital distribution strategy was the introduction of motor insurance through our app. We integrated with five leading insurers and initiated a phased rollout to select clients. This move marks the first phase of our digital insurance expansion. We are set to onboard additional insurers, improvise the digital journey and progressively expand the service to our entire client base. This initiative strengthens our digital ecosystem and opens new avenues for growth, offering clients a seamless and comprehensive suite of insurance products.

Scaling up the Assisted Business

In addition to our digital endeavours, our assisted business grew significantly during the year. By leveraging data science, and garnering better behavioural insights, we enhanced client engagement through improved app discovery, creating a more personalised and intuitive experience. Furthermore, we made key enhancements to the NXT platform for our assisted business partners.

This platform offers deeper client visibility, a wider range of product offerings and more powerful tools to deliver a superior, curated service experience.

We refined our partner acquisition strategy, focusing on onboarding better quality partners. Our hyperlocal engagement strategy with partners is yielding better long- term outcomes. These efforts bridge the gap between digital convenience and personalised community-centric engagement, creating a seamless and impactful financial experience for our clients.

Foundation for Sustainable Growth

With a strong foundation, a diversified service offering and a relentless commitment to innovation, we are well- positioned for sustainable growth. Our strategic moves in asset management, wealth management, credit distribution, digital insurance and assisted business serve as the pillars for future success. We are driven by a clear vision: to redefine the financial services landscape and provide holistic solutions that meet the lifetime needs of our clients.

As we look ahead, we remain focused on driving innovation, expanding our reach and delivering exceptional value to our clients. With each milestone, we are not just reinforcing our position in the competitive landscape but are creating a legacy of growth, trust, and transformative change in the financial Services industry.

Resilient Performance

Throughout the year, we remained unwavering in our commitment to our core investments in acguisition channels, product innovation, technology, and analytics, alI while scaling our operations to meet the needs of a growing, dynamic market. Central to our approach was the creation and continuousdevelopment oftheSuperApp — an integrated financial ecosystem designed not just to serve, but to antic?pate the needs of our clients. Our goal always has been to ensure that the Su per App becomes the first port of cali for every user seeking financial empowerment.

As we built the app's capabilities, we focused on enhancing user experience by seamlessly weaving Al and machine learning-driven intelligence. These innovations allowed us to offer deeper levels of personalisation, enabling our clients to make more informed financial decisions while fostering stronger relationships with them.

Through a disciplined focus on unit economics and a digital-first strategy, we have successfully protected our profitability even amidst market turbulence. This strategic approach not only safeguarded our financial position but also ensured that we are poised for sustainable, long-term growth.

The results of these speak for themselves. Despite external challenges, we delivered a healthy performance. Overthe past year, we onboarded 9.3 mn new clients, the highest ever by us in a year, with more than 88% of them coming from Tier 2, Tier 3 and beyond cities. This expansion reinforced our commitment to ensuring that wealth creation and financial inclusi?n are accessible to every Indian, no matter where they reside.

In parallel, our market share expanded by 143 bps in total demat accounts, a testament to our increasing influence in the industry. Our growth trajectory continued to gain momentum, with our market share in NSE active clients and overall eguity tu mover expanding by 41 bps and 243 bps to 15.4% and 19.5%, respectively, in FY25. These metrics serve as a powerful reminder of our ability to adapt, inn?vate and lead in an ever-changing market landscape.

Through a disciplined focus on unit economics anda digital-first strategy, we have successfully protected our profitability even amidst market turbulence. This strategic approach not only safeguarded ourfinancial position but also ensured that we are poised for sustainable, long- term growth.

Reflecting on this dynamic year, I feel immense pride in the progress we have made. But more than that, I am filled with anticipation for the road ahead. The journey has just begun, and as we continue to innovate, unlock new opportunities, and refine our offerings, we remain resolute in our mission to enhance the value we bring to every stakeholder and further strengthen the foundations of our thriving business.

Regulatory Environment: Navigate Change with Agility

The Indian capital market experienced a remarkable surge in participation from domestic retail investors, particularly from Tier 2, Tier 3 and beyond cities, especially over the last 6 years. This shift is driven by a young, digitally savvy investor base that is redefining the way the market operates. This growing demographic penetration, combined with the increasing accessibility of financial markets, is reshaping market dynamics in profound ways.

One of the key factors driving this transformation is the enhanced transparency across the market, thanks to consistent regulatory updates that have fostered greater

trust amongst clients. This wave of trust has, in turn, translated into increased participation and higher trading volumes—an encouraging sign of the health and vitality of the market. We fully support these advancements, as they not only empower individual investors but also contribute to long-term client retention, which is essential to our growth strategy.

While regulatory changes inevitably create short-term disruptions, history has demonstrated that clients gradually adapt themselves to the new regulatory regime. We have witnessed this resilience firsthand. Their positive reception to these changes serves as a testament to our platform's ability to navigate and excel through an evolving landscape. When faced with permanent diminution of certain revenue streams and in order to stay on course of striking a fine balance between profitability and growth, we proactively implemented strategic pricing adjustments while ensuring a seamless experience for our clients. It is a powerful reminder that, in this industry, service excellence far outweighs the impact of minor pricing shifts. Our approach to pricing has allowed us to maintain agility and remain responsive to the constantly shifting business environment.

Beyond just adapting to regulatory changes, our senior leadership remains deeply engaged with regulatory bodies to foster a secure, investor-friendly ecosystem. Our commitment goes beyond simply reacting to shifts, and we actively contribute to shaping a market that prioritises clients' interests. We also place a strong emphasis on client education, ensuring that our users are well-informed about regulatory updates and equipped to make confident, educated decisions. This proactive approach not only empowers our clients but also strengthens the trust they place in our platform and the broader market itself.

Driving Visibility with IPL

Cricket in India is far more than just a sport—it is a passion that unites millions of people across the country. Among the many facets of Indian cricket, the Indian Premier League (IPL) stands out as an unparalleled event, with its immense reach and deep regional loyalty. This makes the IPL an incredibly powerful platform to engage with young, dynamic audiences—audiences who are not just passionate about the game, but are also increasingly gaining awareness about their financial future.

Recognising this unique opportunity, we strategically partnered with the IPL, leveraging this powerful highway to reach the Indian masses across cities. Through this collaboration, we aim to inform the client set about the right tools and knowledge they need to make informed financial decisions—turning their passion for the game into an avenue for learning and growth.

The results of this partnership have been resounding.

A third-party study ranked Angel One among the top three most visible and recalled brands during IPL 2024, a testament to the effectiveness of our investment in this high-visibility platform. But beyond just brand visibility, such strategic alliances serve a deeper purpose. They drive long-term brand recall and reinforce our alignment with the growth aspirations we have for our business.

As we expand our footprint in asset and wealth management and diversify into distributing credit, fixed-income, and insurance products, our association with the IPL plays a

A third-party study ranked Angel One amongst the top three most visible and recalled brands during IPL 2024, a testament to the effectiveness of our investment in this high- visibility platform

crucial role in strengthening brand trust. It helps accelerate our journey toward becoming a holistic financial services provider, one that offers not only trading solutions but also comprehensive wealth-building opportunities for every client. This partnership is not just about visibility; it is about creating lasting connections with the next generation of financial decision-makers, ensuring that our brand is trusted and recognised as a partner in their financial journey.

It is India's Moment

India's demographic landscape is undergoing a remarkable change. According to UN estimates, approximately 1.0 billion Indian's, fall within the working-age group of 15 to 64 years. This group is projected to expand to 1.05 and 1.12 billion by 2030 and 2040, respectively. This demographic shift, coupled with a low median age, rise in per capita income, financial literacy, digital access and market awareness, is poised to drive rapid growth in India's capital markets for the foreseeable future. It will also foster broader market participation, contributing to long-term economic resilience across the nation.

At the heart of this shift lies the growing middle-income population, a key catalyst for both domestic savings and consumption. Between FY16 and FY21, the number of middle-income households grew at a healthy 4% CAGR, with projections indicating a more robust 5% CAGR over the next decade. As India's young population embarks on their investment journey, their financial needs will evolve over time, encompassing everything from wealth creation to credit access, insurance and retirement planning. This presents a significant opportunity for a holistic financial services provider, one who can cater to the needs of clients at every stage of their financial journey, thus creating long- term customer relationships built on trust.

By leveraging data-driven insights, innovative product offerings and seamless digital experiences, we are poised to position ourselves as the trusted financial partner for millions of individu?is across the country. Our goal is to empower our clients to make informed financial decisions throughout their lifetime, thus creating a lasting impact on their financial well-being.

The rise of digitisation has been a key enabler of India's rapid growth across various industries. The transformative India Stack has created the world's most efficient payment ecosystem, further accelerating mobile internet adoption with the widespread availability of low-cost data. This has expanded financial participation far beyond the top 30 cities, unlocking new potential for capital markets. Flowever, despite this progress, demat account and mutual fund penetration remain low compared to developed nations, presenting a vast opportunity for growth. As financial literacy contin?es to rise and digital access deepens, more and more people will be empowered to partic?pate in India's vibrant financial markets.

At Angel One, we are exceptionally well-positioned to capitalise on these multi-year growth opportunities, thanks to our sustained investments in digitisation. These efforts have significantly enhanced our ability to acquire clients, engage with them meaningfully and increase their lifetime value. By harnessing insights from our vast client base and integrating advanced AI and ML capabilities, we have developed an intuitive Super App that delivers highly personalised product offerings, making it easier for clients to manage their finances.

Our data-driven machine learning algorithms not only optimise the user experience but also strengthen security measures, ensuring the protection of sensitive information and mitigating potential fraud risks. As we continue to enhance our platform with cutting-edge technology, we remain steadfast in our commitment to delivering a seamless, secure, and customised financial ecosystem.

Our goal is to empower clients across diverse segments, reinforcing our leadership in the evolving financial services landscape and ensuring that we continue to meet the needs of a rapidly changing market.

As a responsible organisation, we are deeply committed to empowering individuals with both knowledge and opportunity. In collaboration with partner organisations, we are actively bridging the skill gap and enhancing employability among underprivileged youth across India. By equipping them with industry-relevant financial and digital skills, we are enabling sustainable, future-ready careers in the dynamic and fast-evolving FinTech landscape.

Looking Ahead with Optimism

As I look towards the future, I am filled with immense optimism for the growth potential within the financial services sector. Rising per capita income, combined with a low market capitalisation-to-GDP ratio and limited debt penetration, presents a compelling opportunity for multi- cycle expansion. This dynamic landscape is further bolstered by the rapid expansion of the middle-income segment and the increasing adoption of digital tools, which are unlocking new avenues for growth.

The emergence of the Account Aggregator ecosystem promises to accelerate this momentum even further, enabling more seamless financial interactions across the country. At the same time, the industry is actively innovating to serve previously underserved populations, developing apps that function efficiently in low-network areas, offering micro-sized financial products and integrating regional languages at key customer touchpoints. These innovations are expanding financial inclusion, and ensuring that no segment of the population is left behind.

At Angel One, we are proud to be at the forefront of this transformation. Our diversified suite of offerings,

personalised experiences and engaging educational content are designed to empower our clients at every stage of their financial journey. We are committed to providing not just products, but solutions that are tailored to the unique needs of each individual, fostering a deeper connection and trust with our clients.

As we continue to expand our product portfolio and enhance our technological capabilities, we remain steadfast in our commitment to governance and regulatory compliance— prioritising transparency and accountability in everything we do. This unwavering dedication to maintaining the highest standards ensures that we stay resilient in the face of evolving market conditions.

With new product initiatives, continuous tech-driven advancements, and the opportunities unlocked by our diversificaron strategy, I am confident in our ability to maintain strong, sustainable growth in the years ahead. However, none of this would be possible without the collective effort of the remarkable people who form the Angel One family. I extend my heartfelt gratitude to each of our directors, employees, partners, and stakeholders, whose steadfast commitment and support have been instrumental in driving our success.

The journey ahead is full of promise, and together, we are uniquely positioned to create significant value for all our stakeholders—empowering individuals, fostering financial literacy, and shaping the future of the financial services industry.