Holding Company industry

16 companies · ₹5.0 L cr · 7 with AI deep dives · Q1FY27 report

AUM franchises inflect while incubated insurance and AMC arms stay loss-making; holdco P/E below own median

Mid cyclemargin range-bound near 0.0%
Revenue YoY
+21.9%
EBITDA margin
0.0%
0bps YoY
Price, 1 year
-6.5%
33% of names up
P/E vs own 5y
-5.2%
12.9x now

Exhibit 1The quarter in numbers

constant panel of 12 companies above ₹500 cr
aggregate revenue (₹ cr)EBITDA margin (right axis)
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%
YoY
0bps
Peak
0.0%
vs peak
0bps

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

8.89x - 25.38x across the panel today

The median name trades at 12.9x, -5.2% against this industry's own 5-year median of 13.7x, and -40.1% against its own peak of 21.6x.

Exhibit 3Structure

₹5.0 L cr

Bajaj Finserv Ltd is 63.3% of this industry by market cap. The top 5 are 96% and the top 10 are 99.5%.

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

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.

Bajaj Finserv Ltd
Mcap
₹3.1 L cr
P/E
30.2x
EV/EBITDA
-
ROCE
8.6%
Margin
-
Rev YoY
+18.6%
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Bajaj Holdings & Investment Ltd
Mcap
₹1.2 L cr
P/E
14.0x
EV/EBITDA
-
ROCE
1.2%
Margin
-
Rev YoY
+21.4%
Unlock
Choice International Ltd
Mcap
₹16,886 cr
P/E
68.2x
EV/EBITDA
-
ROCE
18.8%
Margin
-
Rev YoY
+32.4%
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Edelweiss Financial Services Ltd
Mcap
₹12,565 cr
P/E
20.9x
EV/EBITDA
-
ROCE
7.5%
Margin
-
Rev YoY
+3.7%
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JM Financial Ltd
Mcap
₹11,952 cr
P/E
11.5x
EV/EBITDA
-
ROCE
10.6%
Margin
-
Rev YoY
+8.0%
Unlock
Rane Holdings Ltd
Mcap
₹2,404 cr
P/E
28.5x
EV/EBITDA
-
ROCE
16.2%
Margin
-
Rev YoY
+18.4%
Unlock
Abans Financial Services Ltd
Mcap
₹1,025 cr
P/E
8.0x
EV/EBITDA
-
ROCE
11.2%
Margin
-
Rev YoY
+96.1%
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Max India Ltd
Mcap
₹823 cr
P/E
-
EV/EBITDA
-
ROCE
-22.6%
Margin
-
Rev YoY
+62.9%
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Tamboli Industries Ltd
Mcap
₹311 cr
P/E
29.3x
EV/EBITDA
-
ROCE
11.1%
Margin
-
Rev YoY
+10.3%
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Kama Holdings Ltd
Mcap
₹7,285 cr
P/E
6.7x
EV/EBITDA
-
ROCE
13.4%
Margin
-
Rev YoY
+31.5%
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Pilani Investment & Industries Corporation Ltd
Mcap
₹4,637 cr
P/E
-
EV/EBITDA
-
ROCE
1.3%
Margin
-
Rev YoY
-70.9%
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BF Investment Ltd
Mcap
₹1,680 cr
P/E
4.3x
EV/EBITDA
-
ROCE
0.7%
Margin
-
Rev YoY
+19.6%
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GFL Ltd
Mcap
₹626 cr
P/E
10.3x
EV/EBITDA
-
ROCE
0.1%
Margin
-
Rev YoY
+12.0%
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Nurture Well Industries Ltd
Mcap
₹488 cr
P/E
8.4x
EV/EBITDA
-
ROCE
19.7%
Margin
-
Rev YoY
-38.8%
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Nisus Finance Services Co Ltd
Mcap
₹356 cr
P/E
5.1x
EV/EBITDA
-
ROCE
26.9%
Margin
-
Rev YoY
+551.4%
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BIL Vyapar Ltd
Mcap
₹13 cr
P/E
19.7x
EV/EBITDA
-
ROCE
0.0%
Margin
-
Rev YoY
-
Unlock

Exhibit 6What managements said

from this industry's latest earnings calls · as of 2026-06-30
tailwindWealth and AUM franchises delivering broad-based double-digit growth4 managements

Across four holdcos, wealth and asset management arms are compounding rapidly: Bajaj Finserv's BFL AUM grew 23.9% YoY; Choice International's client wealth AUM rose 38% YoY with…

  • BAJAJFINSV (Q1 FY27): “The consolidated total income for Bajaj Finserv grew at 19% to INR 42,037 crore. And the…”
headwind3 managementsheadwind2 managementsmixed3 managementsmixed3 managementsmixed2 managements
5 more themes from this quarter's earnings calls are locked. A free account opens 3 full reports a quarter: every theme with verbatim management quotes, the demand picture, companies running against the tide, and the regulatory & disruption watch. Sign up free →

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.

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AppendixThe other 0 companies

1-0
sort: mcap · composite · name