Investment Company industry

73 companies · ₹3.7 L cr · 10 with AI deep dives · Q1FY27 report

Lending arms scaling fast, but insurance underwriting stress in three holdcos undercuts the revenue momentum

Mid cyclemargin range-bound near 0.0%

Revenue YoY: +30.6%
EBITDA margin: 0.0%; 0bps YoY
Price, 1 year: -25.0%; 22% of names up
P/E vs own 5y: +5.1%; 22.4x now

Exhibit 1The quarter in numbers

constant panel of 26 companies above ₹500 cr

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

Metric	Jun 26	Mar 26	QoQ	Jun 25	YoY	Peak	vs peak
Revenue	46,083 cr	43,793 cr	+5.2%	35,274 cr	+30.6%	46,083 cr	0.0%
EBITDA margin	0.0%	0.0%	0bps	0.0%	0bps	0.0%	0bps

Revenue

Jun 26: 46,083 cr
Mar 26: 43,793 cr
QoQ: +5.2%
Jun 25: 35,274 cr
YoY: +30.6%
Peak: 46,083 cr
vs peak: 0.0%

EBITDA margin

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

Sept 26: 3 of 27 reported so far, so it is not in the trend above.

Breadth: 74% of 27 companies grew revenue year on year (was 63% a quarter earlier) and 0% expanded margin (was 0%).

Exhibit 2What it costs

11.56x - 57.18x across the panel today

The median name trades at 22.4x, +5.1% against this industry's own 5-year median of 21.3x, and -47.1% against its own peak of 42.3x.

Exhibit 3Structure

₹3.7 L cr

Jio Financial Services Ltd is 36.3% of this industry by market cap. The top 5 are 81.5% and the top 10 are 93.4%.

large 2mid 5small 12micro 5427 above ₹500 cr

Exhibit 4Screen

P/E below the sub-industry median of 22.39x, 5y ROCE above its median of 2.26%, 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.

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Exhibit 5Coverage (25 of 73)

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
Jio Financial Services Ltd	₹1.4 L cr	78.4x	-	1.8%	-	+73.2%	Unlock
Aditya Birla Capital Ltd	₹96,097 cr

Exhibit 6What managements said

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

tailwindNBFC and HFC loan books scaling rapidly with improving asset quality3 managements

JIOFIN, ABCAPITAL, and CHOLAHLDNG (via CIFCL) all reported strong AUM expansion in their lending subsidiaries. JIOFIN disbursements rose 173% YoY; ABCAPITAL NBFC GS3 fell 127 bps…

JIOFIN (Q1FY27): “Gross Assets Under Management grew by 163% year-on-year to over ₹30,000 crores. Quarterly…”

headwind3 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.

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AppendixThe other 48 companies

1-30

sort: mcap · composite · name

Company	Mcap	P/E	EV/EBITDA	ROCE	Margin	Rev YoY	Read
BEML Land Assets Ltd	₹653 cr	-	-	-18.8%	-	-	Unlock