4 companies · ₹6.6 L cr · 3 with AI deep dives · Q2FY27 report
Derivative rule changes squeeze trading volumes while SIP-fed AUM and alternates keep fee pools growing
Every company here with a deep dive, topped up by market cap. The rest of the industry is in the appendix.
Seven managements, including brokers, exchanges and a prop trader, linked weaker F&O or futures activity to policy rather than to the market. The rules cited were the April 2026…
The outlook and what resolves next quarter
Where these managements said things are heading, and the dated, checkable events that would change it. Free with an account - 3 full reports a quarter.
Create a free account →Sept 26: 0 of 4 reported so far, so it is not in the trend above.
Breadth: 100% of 3 companies grew revenue year on year (was 100% a quarter earlier) and 0% expanded margin (was 0%).
The median name trades at 46.5x, +21.2% against this industry's own 5-year median of 38.4x, and -17.2% against its own peak of 56.2x.
BSE Ltd is 67.1% of this industry by market cap. The top 5 are 100% and the top 10 are 100%.
| 51.5x |
| - |
| - |
| - |
| +88.1% |
| Unlock |
| Indian Energy Exchange Ltd | ₹9,247 cr | 18.2x | - | - | - | +11.4% | Unlock |
| National Stock Exchange Of India Ltd | ₹4.4 L cr | - | - | - | - | - | Unlock |