Other Financial Services industry

127 companies · ₹69,801 cr · 9 with AI deep dives · Q1FY27 report

AUM growth continues but microfinance stress forces portfolio pivots and margin payback is deferred to H2

Mid cyclemargin range-bound near 0.0%

Revenue YoY: +25.0%
EBITDA margin: 0.0%; 0bps YoY
Price, 1 year: -5.0%; 20% of names up
P/E vs own 5y: +46.9%; 39.1x now

Exhibit 1The quarter in numbers

constant panel of 9 companies above ₹500 cr

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

Metric	Jun 26	Mar 26	QoQ	Jun 25	YoY	Peak	vs peak
Revenue	2,253 cr	2,501 cr	-9.9%	1,803 cr	+25.0%	2,501 cr	-9.9%
EBITDA margin	0.0%	0.0%	0bps	0.0%	0bps	0.0%	0bps

Revenue

Jun 26: 2,253 cr
Mar 26: 2,501 cr
QoQ: -9.9%
Jun 25: 1,803 cr
YoY: +25.0%
Peak: 2,501 cr
vs peak: -9.9%

EBITDA margin

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

Sept 26: 2 of 12 reported so far, so it is not in the trend above.

Breadth: 67% of 9 companies grew revenue year on year (was 67% a quarter earlier) and 0% expanded margin (was 0%).

Exhibit 2What it costs

27.59x - 60.27x across the panel today

The median name trades at 39.1x, +46.9% against this industry's own 5-year median of 26.6x, and +2.0% against its own peak of 38.4x.

Exhibit 3Structure

₹69,801 cr

Crisil Limited is 49.6% of this industry by market cap. The top 5 are 82.3% and the top 10 are 89%.

mid 2small 4micro 12112 above ₹500 cr

Exhibit 5Coverage (25 of 127)

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
Crisil Limited	₹34,964 cr	39.0x	-	-	-	+20.2%	Unlock
Onemi Technology Solutions Ltd	₹5,419 cr

Exhibit 6What managements said

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

tailwindDeliberate pivot from stressed unsecured/micro segments toward secured and higher-quality books3 managements

KISSHT, Regency Fincorp, and RNFI all described active portfolio repositioning. KISSHT accepted 249 bps of yield dilution to attract better-quality borrowers and kept 270 pin…

KISSHT (Q1FY27): “As a share of average AUM, total income fell 249 basis points over the quarter. This drop…”

headwind2 managements mixed3 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 102 companies

1-30

sort: mcap · composite · name

Company	Mcap	P/E	EV/EBITDA	ROCE	Margin	Rev YoY	Read
Paul Merchants Ltd	₹137 cr	-	-	-	-	-2.5%	Unlock