Stockbroking & Allied industry

42 companies · ₹3.0 L cr · 21 with AI deep dives · Q2FY27 report

F&O curbs shrink broking volumes, so brokers grow revenue through MTF books and wealth/AUM fees instead

Mid cyclemargin range-bound near 0.0%

Revenue YoY: +23.4%
EBITDA margin: 0.0%; 0bps YoY
Price, 1 year: -11.4%; 33% of names up
P/E vs own 5y: +66.3%; 22.0x now

Exhibit 1The quarter in numbers

constant panel of 17 companies above ₹500 cr

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

Metric	Jun 26	Mar 26	QoQ	Jun 25	YoY	Peak	vs peak
Revenue	10,117 cr	9,205 cr	+9.9%	8,197 cr	+23.4%	10,117 cr	0.0%
EBITDA margin	0.0%	0.0%	0bps	0.0%	0bps	0.0%	0bps

Revenue

Jun 26: 10,117 cr

Exhibit 5Coverage (25 of 42)

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
Billionbrains Garage Ventures Ltd	₹1.2 L cr	42.8x	-	-	-	+47.4%	Unlock
Motilal Oswal Financial Services Ltd

Exhibit 6What managements said

from this industry's latest earnings calls · as of 2026-09-30

headwindDerivatives regulation is still cutting into F&O broking revenue8 managements

Groww, Angel One, 5paisa, SMC, Share India, Rikhav, Nuvama and Dolat all cite SEBI derivatives measures. These include CAS, true-to-label, the weekly expiry limit and STT on…

GROWW (Q2FY27): “While our Equity Derivatives revenue declined 14.3% QoQ, the bulk of which we attribute…”

tailwind7 managements tailwind8 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 17 companies

1-17

sort: mcap · composite · name

Company	Mcap	P/E	EV/EBITDA	ROCE	Margin	Rev YoY	Read
Swastika Investmart Ltd	₹251 cr	16.1x	-	-	-	+5.7%	Unlock