Stockbroking & Allied industry
43 companies · ₹3.6 L cr · 11 with AI deep dives · Q1FY27 report
SEBI F&O tightening forces revenue mix shift to MTF and wealth; RBI intraday ban adds a Q2 cost headwind.
- Revenue YoY
- +23.4%
- EBITDA margin
- 0.0%
- 0bps YoY
- Price, 1 year
- +14.4%
- 58% of names up
- P/E vs own 5y
- +64.0%
- 22.6x now
Exhibit 1The quarter in numbers
constant panel of 17 companies above ₹500 cr- Jun 26
- 10,117 cr
- Mar 26
- 9,205 cr
- QoQ
- +9.9%
- Jun 25
- 8,197 cr
- YoY
- +23.4%
- Peak
- 10,117 cr
- vs peak
- 0.0%
- Jun 26
- 0.0%
- Mar 26
- 0.0%
- QoQ
- 0bps
- Jun 25
- 0.0%
- YoY
- 0bps
- Peak
- 0.0%
- vs peak
- 0bps
Breadth: 90% of 19 companies grew revenue year on year (was 89% a quarter earlier) and 0% expanded margin (was 0%).
Exhibit 2What it costs
14.71x - 32.56x across the panel todayThe median name trades at 22.6x, +64.0% against this industry's own 5-year median of 13.8x, and -19.5% against its own peak of 28.0x.
Exhibit 3Structure
₹3.6 L crBillionbrains Garage Ventures Ltd is 33.5% of this industry by market cap. The top 5 are 82.1% and the top 10 are 95.1%.
Exhibit 5Coverage (25 of 43)
Every company here with a deep dive, topped up by market cap. The rest of the industry is in the appendix.
- Mcap
- ₹1.3 L cr
- P/E
- 51.1x
- EV/EBITDA
- -
- ROCE
- 29.4%
- Margin
- -
- Rev YoY
- -
- Mcap
- ₹61,843 cr
- P/E
- 31.2x
- EV/EBITDA
- -
- ROCE
- 10.7%
- Margin
- -
- Rev YoY
- +25.2%
- Mcap
- ₹3,082 cr
- P/E
- 23.6x
- EV/EBITDA
- -
- ROCE
- 23.9%
- Margin
- -
- Rev YoY
- +22.4%
- Mcap
- ₹1,010 cr
- P/E
- -
- EV/EBITDA
- -
- ROCE
- 2.9%
- Margin
- -
- Rev YoY
- +43.6%
- Mcap
- ₹681 cr
- P/E
- 33.2x
- EV/EBITDA
- -
- ROCE
- 2.7%
- Margin
- -
- Rev YoY
- +26.0%
Exhibit 6What managements said
from this industry's latest earnings calls · as of 2026-06-30Across six managements - Groww, Angel One, ARSSBL, Share India, 5paisa and SMC Global - MTF books expanded 47-55% YoY with yields clustering around 14-15%. Groww's book is adding…
- GROWW (Q1FY27): “we are seeing that roughly INR600 crores to INR700 crores getting added on a quarterly…”
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 18 companies
1-18- Mcap
- ₹124 cr
- P/E
- 16.8x
- EV/EBITDA
- -
- ROCE
- 8.0%
- Margin
- -
- Rev YoY
- +3.1%
- Mcap
- ₹97 cr
- P/E
- 32.6x
- EV/EBITDA
- -
- ROCE
- 6.9%
- Margin
- -
- Rev YoY
- +48.4%
- Mcap
- ₹87 cr
- P/E
- 16.8x
- EV/EBITDA
- -
- ROCE
- 30.6%
- Margin
- -
- Rev YoY
- 0.0%