Holding Company industry

16 companies · ₹4.4 L cr · 11 with AI deep dives · Q1FY27 report

AUM flywheel broadens revenue growth; pre-profitable subsidiaries absorb capital and keep holdco ROE depressed

Mid cyclemargin range-bound near 0.0%

Revenue YoY: +21.9%
EBITDA margin: 0.0%; 0bps YoY
Price, 1 year: -22.5%; 8% of names up
P/E vs own 5y: -12.8%; 11.9x now

Exhibit 1The quarter in numbers

constant panel of 12 companies above ₹500 cr

aggregate revenue (₹ cr)EBITDA margin (right axis)

Metric	Jun 26	Mar 26	QoQ	Jun 25	YoY	Peak	vs peak
Revenue	56,727 cr	56,851 cr	-0.2%	46,543 cr	+21.9%	57,594 cr	-1.5%
EBITDA margin	0.0%	0.0%	0bps	0.0%	0bps	0.0%	0bps

Revenue

Jun 26: 56,727 cr
Mar 26: 56,851 cr
QoQ: -0.2%
Jun 25: 46,543 cr
YoY: +21.9%
Peak: 57,594 cr
vs peak: -1.5%

EBITDA margin

Jun 26: 0.0%
Mar 26: 0.0%
QoQ: 0bps
Jun 25: 0.0%

Sept 26: 0 of 12 reported so far, so it is not in the trend above.

Breadth: 92% of 12 companies grew revenue year on year (was 67% a quarter earlier) and 0% expanded margin (was 0%).

Exhibit 2What it costs

8.41x - 22.74x across the panel today

The median name trades at 11.9x, -12.8% against this industry's own 5-year median of 13.7x, and -44.9% against its own peak of 21.6x.

Exhibit 3Structure

₹4.4 L cr

Bajaj Finserv Ltd is 59.7% of this industry by market cap. The top 5 are 95.9% and the top 10 are 99.4%.

large 2mid 3small 5micro 612 above ₹500 cr

Exhibit 4Screen

P/E below the sub-industry median of 11.9x, 5y ROCE above its median of 9.72%, and at least 2 growth triggers stated on the latest earnings call.

Which names clear this screen is premium

The screen runs on stated growth triggers from the latest earnings calls - the same guidance data the stock screener reserves for premium. Premium names every company in this industry that is cheap against its own median and has the triggers behind it.

Diwali open house: sign in free and Premium is open to you until 8 Nov.See plans →

Exhibit 5Coverage (16 of 16)

Every company here with a deep dive, topped up by market cap. The rest of the industry is in the appendix.

Company	Mcap	P/E	EV/EBITDA	ROCE	Margin	Rev YoY	Read
Bajaj Finserv Ltd	₹2.7 L cr	26.5x	-	8.1%	-	+18.6%	Unlock
Bajaj Holdings & Investment Ltd	₹1.2 L cr

Exhibit 6What managements said

from this industry's latest earnings calls · as of 2026-06-30

tailwindAUM-linked businesses are the primary growth engine across diversified holdcos5 managements

Wealth, mutual fund, and alternative asset management arms drove revenue and fee-income growth for five holdcos. BAJAJFINSV's BFL consolidated AUM grew 23.9% YoY to ₹5,46,944 Cr…

BAJAJFINSV (Q1 FY27): “The consolidated total income for Bajaj Finserv grew at 19% to INR 42,037 crore. And the…”

headwind4 managements headwind2 managements

Exhibit 7Outlook

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 →

AppendixThe other 0 companies

1-0

sort: mcap · composite · name