Q2 FY2026 Analysis: Stock/Commodity Brokers

Indian Stock and Commodity Brokers Sector Analysis: Navigating Digital Transformation, Diversification, and Regulatory Shifts

The Indian Stock and Commodity Brokers sector is undergoing a profound transformation, characterized by rapid digital adoption, increasing retail participation, and a strategic pivot towards diversified, fee-based revenue models. This comprehensive analysis synthesizes data from six key players – Groww, Motilal Oswal Financial Services Limited, 360 ONE WAM LIMITED, Angel One Limited, Anand Rathi Share and Stock Brokers Limited, Geojit Financial Services Limited, 5paisa Capital Limited, and SMC Global Securities Limited – to provide an in-depth understanding of the industry's current landscape, competitive dynamics, financial health, and future trajectory. The sector is a vibrant ecosystem, ranging from agile fintech discount brokers leveraging AI and digital-first strategies to established full-service players expanding their wealth management, asset management, and lending arms, all while navigating a dynamic regulatory environment and global economic headwinds.

**A. INDUSTRY OVERVIEW & MARKET LANDSCAPE**

The Indian financial services sector, particularly stock and commodity broking, is experiencing a multi-year expansion driven by robust domestic savings, increasing financial literacy, and a young, digitally native population. This growth is further propelled by government reforms and the deepening financialization of equities.

**Total Addressable Market (TAM) Size and Growth Rates:** The market for financial services in India is vast and continues to expand significantly. * **Demat Accounts:** As of September 2025, India's total Demat accounts crossed **207 million**, representing approximately **14.4% of the total population**. The first half of FY26 alone saw an addition of **14.6 million new Demat accounts**, indicating a sustained high pace of new investor onboarding. * **NSE Active Clients:** The total number of active clients on the National Stock Exchange (NSE) reached **45 million as of September 2025**, accounting for **3.2% of the total population**. While Groww reported an industry total of 50.2 million in January 2025, it subsequently noted 45.3 million by the end of Q2 FY26, suggesting some churn or reclassification, but the overall trend remains upward over a longer horizon. This figure has seen a **2.5x growth in the past 5 years**, surging to 46.2 million by August 2025 (5paisa Capital data). * **Investible Wealth (PWM TAM):** Motilal Oswal estimates the Private Wealth Management (PWM) Total Addressable Market (TAM) for investible wealth in India to be a staggering **₹240 trillion**, highlighting the immense potential for wealth management services. * **Individual Investor Holdings:** The direct holding of individual investors in the NSE listed universe has steadily increased from **8.4% to 9.6% over the last 5 years** (5paisa Capital). The aggregate value of holdings by individual investors surged **2.4x to ₹44 lakh crore as of June 2025** from March 2021. Retail investors collectively hold nearly **20.2% of the market**, valued at **₹92 lakh crore**. * **Derivative ADTO (Notional):** The notional Average Daily Turnover (ADTO) in the derivatives segment has witnessed an impressive **82% CAGR over the last 5 years**, reaching **₹384 trillion in H1 FY26** (5paisa Capital). While it peaked at ₹537 trillion in September 2024 and saw a sharp decline, it rebounded by over **43% to ₹415 trillion by September 2025**. This segment remains a significant driver of brokerage income for many players. * **Mutual Fund SIP Inflows:** Mutual Fund SIP inflows are a critical indicator of retail participation and long-term wealth creation. Groww reported SIP inflows of **₹112,537 million in Q2 FY26**, up from ₹83,832 million in Q2 FY25, demonstrating a healthy **34.2% YoY growth**.

**Market Structure and Segmentation:** The sector is broadly segmented by customer type, product offerings, and service models.

1. **Discount Brokers (Digital-First):** Companies like Groww, Angel One, and 5paisa Capital primarily target the mass retail segment, including first-time investors and those in Tier 2/3 cities ("Bharat"). Their model emphasizes low-cost or zero-brokerage trading, superior UI/UX, and extensive digital product ecosystems. * **Groww's New User Acquisition (Q2 FY26):** Diversified, with **36% MF SIPs-first** (+7pp YoY), **37% Stocks-first** (-15pp YoY), **6% ETFs-first** (6x YoY), and **6% IPO-first** (2x YoY). This indicates a shift towards broader investment products beyond just stocks. * **Angel One:** Reports that **40% of its mutual fund activated clients** subsequently invest in equities, showcasing effective cross-selling. * **5paisa Capital:** Focuses on unlocking new markets and deep penetration in F&O, with a significant portion of its client base acquired through DIY digital channels (**89.2% in Q2 FY26**).

2. **Full-Service Brokers (Diversified Offerings):** Motilal Oswal, Anand Rathi, Geojit, SMC Global, and Emkay Global offer a comprehensive suite of services including broking, wealth management, asset management, investment banking, lending, and insurance. They cater to a broader spectrum of clients from retail to HNI/UHNI and institutional. * **Motilal Oswal:** Operates a "twin-engine" model with strong Asset & Private Wealth Management alongside Capital Markets. * **Anand Rathi:** Emphasizes strong client relationships, research-backed advisory, and a diversified revenue model. * **Geojit:** Known for its long-standing presence, particularly in Kerala and Tier 2/3 cities, and expanding its wealth management offerings, including for NRIs in the Middle East. * **SMC Global:** Diversified across broking, insurance broking, and an NBFC arm. * **Emkay Global:** Strong in institutional equities, growing its PMS and AIF businesses, and expanding wealth management.

3. **Wealth Management Specialists:** 360 ONE WAM is a prime example, focusing exclusively on Ultra-High Net Worth Individuals (UHNI) and High Net Worth Individuals (HNI). Their offerings include bespoke wealth advisory, asset management (including alternatives), and lending solutions, characterized by high AUM per client and robust fee-based revenue.

**Product Segmentation:** The industry offers a wide array of products and services: * **Equity & Derivatives:** Cash equities, Futures & Options (F&O), commodity derivatives. * **Mutual Funds & ETFs:** Distribution and advisory for various schemes. * **IPOs & Bonds:** Facilitating participation in primary market offerings. * **Lending Solutions:** Margin Trading Facility (MTF), Loan Against Securities (LAS), Personal Loans (PL). * **Wealth & Asset Management:** Portfolio Management Services (PMS), Alternative Investment Funds (AIFs), discretionary and non-discretionary advisory. * **Insurance:** Life, health, and general insurance distribution. * **Investment Banking:** Corporate advisory, IPO/QIP/Rights Issue management.

**Geographic Distribution and Regional Dynamics:** * **Tier 2/3 City Penetration:** A significant growth driver. Anand Rathi reports **71% of its total active clients from Tier 2 and Tier 3 cities**. Geojit notes that **78% of its branch network and 76% of its clientele are based in Tier II and Tier III cities**. Angel One and 5paisa Capital also highlight their deep reach into "Bharat." * **International Presence:** Geojit has a notable presence in Gulf Cooperation Council (GCC) countries (UAE, Oman, Bahrain, Kuwait) through JVs and subsidiaries, with plans to open a new entity in DIFC for NRI/Middle East wealth management. Angel One plans a GIFT City branch. Emkay Global also has institutional clients globally.

**Market Maturity and Lifecycle Stage:** The Indian broking and financial services sector is in a robust **growth stage**. While traditional broking might be maturing in terms of pure brokerage yields, the broader financialization trend, coupled with increasing disposable incomes and digital penetration, presents significant headroom for growth across wealth management, asset management, and allied financial products. The shift from physical assets to financial assets is a long-term structural tailwind.

**Industry Value Chain and Ecosystem:** The value chain is comprehensive, encompassing: * **Client Acquisition & Onboarding:** Increasingly digital, leveraging AI for faster KYC. * **Broking & Trading Platforms:** Online/offline, desktop/mobile, advanced tools for traders. * **Research & Advisory:** Fundamental, technical, and thematic research for investors. * **Product Distribution:** Mutual funds, insurance, IPOs, bonds, structured products. * **Lending:** Margin funding, loans against securities, personal loans. * **Wealth & Asset Management:** Portfolio construction, management, and alternative investments. * **Investment Banking:** Capital raising, M&A advisory. * **Back-office & Compliance:** Clearing, settlement, regulatory reporting. * **Technology Providers:** Core trading systems, AI/ML tools, cybersecurity.

**B. FINANCIAL & ECONOMIC PROFILE**

The financial performance of companies in the Indian stock and commodity broking sector reflects a dynamic interplay of market conditions, regulatory changes, and strategic diversification efforts. While broking income remains a significant component, there's a clear industry-wide pivot towards more stable, fee-based, and recurring revenue streams.

**Industry Aggregate Revenue Scale and Growth Trajectory:** The sector's revenue mix is evolving. * **Broking Income:** Directly linked to exchange volumes and market activity, making it inherently volatile. Companies like Geojit, 5paisa Capital, and SMC Global have seen brokerage income decline YoY in Q2 FY26 due to market moderation and regulatory changes. * **Geojit:** Brokerage Income Q2 FY26: ₹44.44 Cr, down from ₹81.15 Cr in Q2 FY25 (-45.2% YoY). * **5paisa Capital:** Brokerage Income Q2 FY26: ₹348 Mn, down from ₹475 Mn in Q2 FY25 (-26.8% YoY). * **SMC Global:** Broking, Distribution & Trading Revenue Q2 FY26: ₹240.9 Cr, down from Q2 FY25 (-12.8% YoY). * **Interest Income (MTF, LAS):** A growing and relatively stable revenue stream, dependent on market volatility and client funding book size. * **Groww:** PL + LAS contributed 6% of total income (Q2 FY26), up from 5% in Q2 FY25. MTF contributed 3% (up from 1%). * **Anand Rathi:** Interest on MTF: ₹36.4 Cr (+30% QoQ, +24% YoY) in Q2 FY26. * **Angel One:** Interest income from client funding book and fixed deposits: 32% of total gross income. Total interest income: ₹3.8 Bn (+6.5% QoQ) in Q2 FY26. * **Distribution Income (MF, Insurance, IPOs):** A key focus for diversification, offering recurring fees. * **Anand Rathi:** Distribution Income: ₹31.6 Cr (+50% QoQ, +74% YoY) in Q2 FY26. * **Geojit:** Financial products income: ₹62.33 Cr (+66% QoQ, +12% YoY) in Q2 FY26, with insurance distribution growing significantly (+343% QoQ, +17% YoY). * **Angel One:** Distribution income grew by 28% in Q2 FY26. * **Asset & Wealth Management Fees:** Highly recurring and less volatile, driving revenue quality. * **Motilal Oswal:** Annual Recurring Revenue (ARR): 61% of total net revenues. Fee-based revenue: 45% of total revenues. * **360 ONE WAM:** ARR revenue (Q2 FY26): ₹554 Cr (+39.4% YoY), constituting 73% of total revenue from operations. * **Emkay Global:** PMS & AIF AUM grew 25% YoY, contributing to asset management revenue.

**Profitability Levels Across Companies:** Profitability varies significantly based on business model, scale, and revenue mix.

• **Groww:** Demonstrates exceptional profitability, indicative of its tech-driven, scalable platform model.
• **Motilal Oswal:** Strong operating profitability, though overall PAT can be influenced by treasury performance.
• **360 ONE WAM:** High profitability driven by its UHNI focus and recurring fees.
• **Angel One:** Shows improving profitability with normalized metrics, but new business investments impact reported PAT.
• **Anand Rathi:** Maintains healthy margins for a full-service broker with a diversified model.
• **Geojit Financial Services:** Experienced significant margin compression in Q2 FY26 due to declining broking income and increased expenses (hiring, marketing).
• **5paisa Capital:** Shows lower and declining margins, indicative of intense competition in the discount broking space and high operating costs relative to income.
• **SMC Global Securities:** Also experienced significant margin contraction, similar to Geojit and 5paisa, due to reduced broking activity and fair value gains.

**Range of Margins with Median and Outliers Noted:** The sector exhibits a wide range of profitability. * **EBITDA Margins (Q2 FY26):** * **High:** Groww (61.3%) * **Mid-to-High:** Motilal Oswal (PBT 51%), 360 ONE WAM (Cost-to-income 49.2% implies ~50.8% operating margin) * **Mid:** Anand Rathi (40.8%), Angel One (Normalized EBDAT 34.5%) * **Low:** SMC Global (19.2%), Geojit (PBT 18%), 5paisa Capital (PAT 12% implies higher operating margin but lower net) * **PAT Margins (Q2 FY26):** * **High:** Groww (44%) * **Mid-to-High:** 360 ONE WAM (38.9% calculated from PAT/Total Revenue) * **Mid:** Angel One (Normalized PAT 22.4% calculated from PAT/Total Net Income), Anand Rathi (12.2%) * **Low:** 5paisa Capital (12%), Geojit (14%), SMC Global (4.8%), Emkay Global (0.65% from PAT/Total Revenue)

The median PAT margin appears to be in the 12-15% range, with Groww being a significant outlier on the high side, and Emkay Global and SMC Global on the lower side for Q2 FY26, reflecting specific challenges or business model differences.

**Return Profiles (ROCE, ROE, ROIC) by Company:** * **Motilal Oswal:** Strong historical and current returns. Operating RoE (H1 FY26 Annualised): **29%**. Average ROE (last decade): **22%**. * **360 ONE WAM:** Excellent tangible returns. Tangible ROE (Q2 FY26): **20.6%**. ROE Ex Goodwill & Intangibles (H1 FY26): **20.1%**. * **Anand Rathi:** Healthy returns. ROCE (Annualized): **20.8%**. ROE (Annualized): **20.6%** (Q2 FY26). * **Emkay Global:** Experienced a sharp decline in returns in Q2 FY26. ROE (Annualized): **3.47%** (Q2 FY26), significantly down from FY25 (20.89%). * **5paisa Capital:** Declining returns. Return on Net Worth (Q2 FY26): **6.1%**, down from 15.5% in Q2 FY25. * **SMC Global:** Moderate returns. ROE %: FY23: 13.0%; FY25: 12.7%. ROCE %: FY23: 15.6%; FY25: 14.8%.

**Working Capital Characteristics and Cash Conversion Cycles:** * **Client Funding Books (MTF, LAS):** These are capital-intensive activities. Companies need significant net worth or borrowings to fund these books. * **Groww:** MTF Book Q2 FY26: ₹16,683 Mn (+28.8% QoQ). * **Angel One:** Client Funding Book Q2 FY26: ₹59.5 Bn (+26.1% QoQ, +40% YoY). * **Anand Rathi:** MTF book Sep 25: ₹1,085 Cr (+26% QoQ, +41% YoY). * **5paisa Capital:** Average Client Funding Book Q2 FY26: ₹3,643 Mn (+17% QoQ). * **Geojit:** Lending Book Sep 25: ₹735 Cr. Cash net worth ₹1,081 Cr, with 65-70% used for funding loan products and working capital. * **Cash Balances:** Groww's cash balance declined by 6% QoQ to ₹35,990 Mn at Q2 FY26 end, indicating active capital deployment or operational cash usage. Anand Rathi successfully raised ₹745 Cr through an IPO primarily for working capital, margin trading facility, and cash margin.

**Capital Intensity Requirements:** * **Lending Businesses:** Companies with significant MTF, LAS, or NBFC operations (Groww CreditServ, Motilal Oswal Housing Finance, SMC Global NBFC, Geojit Credit) require substantial capital. SMC Global's NBFC AUM is ₹1,088.18 Cr (H1 FY26), with total borrowings of ₹757.87 Cr. * **Wealth/Asset Management:** Generally less capital-intensive, relying more on human capital and technology. However, seed capital for AIFs or PMS strategies can be required. * **Technology Investments:** All players are investing heavily in technology, which requires ongoing capital expenditure. Emkay Global spent approximately ₹18 Mn on technology capex in Q2 FY26.

**Revenue Quality (Recurring vs. One-time, Contract Length):** The industry is actively shifting towards higher-quality, recurring revenue streams to mitigate the volatility of transactional broking income. * **High Recurring Revenue:** * **Motilal Oswal:** 61% of total net revenues are Annual Recurring Revenue (ARR). Share of Fees Based Revenue & NII increased to ~75% from ~58% in FY21. * **360 ONE WAM:** 73% of total revenue from operations is ARR revenue. * **Angel One:** Interest income (32% of gross income) and distribution income (growing 28% QoQ) contribute to recurring streams. * **Anand Rathi:** Aiming for a 50:50 mix between broking and non-broking revenue by 2027. * **Geojit:** Recurring Revenue Assets (AUM) of ₹25,935 Cr (Sep 25). Financial products income (MF, insurance) is a growing recurring stream. * **SMC Global:** H1 FY26 Revenue Pie: Broking, Distribution & Trading 58%, Financing 31%, Insurance Broking 11%. This shows a significant portion from non-broking activities. * **Retention Rates:** 360 ONE WAM reports ARR retentions of 76 basis points (bps) in Q2 FY26, indicating strong client stickiness and value capture.

**C. COMPETITIVE STRUCTURE & DYNAMICS**

The Indian stock and commodity broking sector is characterized by intense competition, a mix of established and new-age players, and a continuous battle for market share, particularly in client acquisition and trading volumes.

**Number of Players and Market Concentration:** The market is fragmented yet shows signs of increasing concentration among the top digital-first players. While there are numerous brokers, a few large players dominate active client bases and trading volumes. * **Groww and Angel One** are emerging as dominant forces in terms of client acquisition and active client market share, challenging traditional leaders. * **360 ONE WAM** leads in the niche UHNI segment, demonstrating that specialized focus can yield significant market presence within specific client tiers.

**Market Share Distribution (with specific percentages):**

| Metric | Company | Q2 FY25 / Sep 24 | Q2 FY26 / Sep 25 | YoY Change (bps) | | :--------------------------- | :------------- | :--------------- | :--------------- | :--------------- | | **NSE Active Clients** | Groww | 25.6% (12.3 Mn) | 26.3% (11.9 Mn) | +70 | | | Angel One | 14.5% (est.) | 15.2% | +64 | | **Mutual Funds SIP Inflows** | Groww | 11.7% | 13.1% | +140 | | | Motilal Oswal | N/A | 4.8% | N/A | | **Retail Cash ADTO** | Groww | 17.7% | 25.8% | +810 | | | Motilal Oswal | N/A | 7.1% | N/A | | | Angel One | N/A | 18.7% | N/A | | **Retail Derivatives Premium ADTO** | Groww | 10.7% | 17.3% | +660 | | | Motilal Oswal | N/A | 8.7% | N/A | | | Angel One | N/A | 21.7% | N/A | | **Commodity Turnover Market Share** | Angel One | N/A | 65.1% | N/A | | **Incremental Demat Accounts** | Angel One | N/A | 21% (H1 FY26) | N/A | | **UHNI Market Share** | 360 ONE WAM | 8-11% | 8-11% (aiming 10-12%) | N/A | | **MTF Book Market Share** | Groww | N/A | 1.7% | N/A |

**Key Observations on Market Share:** * **Groww** has established itself as a market leader in active clients and is rapidly gaining share in retail cash and derivatives ADTO, as well as SIP inflows. Its growth in retail cash ADTO market share by **810 bps YoY to 25.8%** is particularly notable. * **Angel One** is a strong contender, leading in F&O and commodity turnover market share and being the second-largest player in incremental SIPs and incremental NSE active clients. Its overall retail equity turnover market share increased by **114 bps YoY to 20.5%**. * **Motilal Oswal** maintains a significant presence, especially in cash segment revenue market share, despite lower volume market share. * **360 ONE WAM** is a dominant player in the specialized UHNI segment, indicating that niche focus can lead to strong market positioning.

**Competitive Intensity Assessment (Porter's 5 Forces Style):**

1. **Threat of New Entrants: Moderate to High.** * **Low Barriers (Digital):** The rise of fintech has lowered entry barriers for digital-first broking, requiring less physical infrastructure. * **High Barriers (Capital & Trust):** Significant capital is needed for lending books (MTF, LAS) and for building trust and brand equity. Regulatory compliance is also complex. * **M&A:** Consolidation through M&A (e.g., Groww acquiring Fisdom) can increase market power for existing players.

2. **Bargaining Power of Buyers (Clients): High.** * **Price Sensitivity:** The proliferation of discount brokers has made clients highly price-sensitive, leading to intense pricing pressure (e.g., ₹20 per trade, or even free delivery trades). * **Low Switching Costs:** Digital platforms make it easy for clients to open multiple accounts and switch between brokers. * **Information Availability:** Clients have access to abundant information and comparison tools.

3. **Bargaining Power of Suppliers (Exchanges, Regulators, Technology Vendors): Moderate to High.** * **Exchanges:** NSE, BSE, MCX are critical infrastructure providers, and their fees/rules impact brokers. * **Regulators (SEBI, RBI):** Regulatory changes (e.g., F&O margin norms, mutual fund consultation papers, NBFC oversight) directly impact business models, profitability, and risk management. * **Technology Vendors:** Dependence on core trading systems, data analytics, and cybersecurity providers.

4. **Threat of Substitute Products or Services: Moderate.** * **Direct Mutual Funds/ETFs:** Investors can directly invest in mutual funds without a broker. * **Bank-led Investment Services:** Banks offer investment products, though often with higher fees. * **Alternative Investments:** Real estate, physical gold, direct private equity investments. * However, the convenience and comprehensive offerings of broking platforms, especially for active trading and diversified portfolios, limit the direct substitution threat.

5. **Rivalry Among Existing Competitors: Very High.** * **Price Wars:** Discount broking has led to aggressive pricing strategies. * **Feature Wars:** Continuous innovation in trading platforms, AI tools, advisory services, and product ecosystems. * **Client Acquisition:** Intense competition for new Demat accounts and active clients, leading to elevated Customer Acquisition Costs (CAC) for some. * **Diversification:** Players are aggressively diversifying into wealth management, asset management, and lending to capture wallet share and build recurring revenue.

**Entry Barriers and Competitive Moats:** * **Brand & Trust:** Established players like Motilal Oswal and Anand Rathi benefit from decades of trust and brand recognition. * **Technology & User Experience:** Fintechs like Groww and Angel One have built strong moats through superior, intuitive, and feature-rich digital platforms. * **Distribution Network:** Extensive physical and partner networks (Anand Rathi, Geojit, SMC Global) provide deep reach into Tier 2/3 cities. * **Capital:** Significant capital is required to build and scale lending books (MTF, LAS) and for regulatory compliance. * **Research & Advisory:** Full-service brokers differentiate with in-depth research and personalized advisory, crucial for HNI/UHNI clients. * **Regulatory Compliance:** Navigating complex and evolving regulations requires significant investment and expertise.

**Pricing Power Dynamics and Pricing Trends:** * **Downward Pressure:** The rise of discount brokers has exerted significant downward pressure on brokerage fees, especially for equity delivery and F&O. * **Free vs. Paid:** Some platforms offer free equity delivery, while others charge a flat fee (e.g., 5paisa Capital charges ₹20). There's a management view (5paisa) that the industry might eventually start charging for services currently offered for free. * **Yields:** Cash market yields for some players are around **0.165%** (Angel One, Geojit), with consolidated cash and F&O yields as low as **0.010-0.10%**. This highlights the volume-driven nature of broking. * **Wealth/Asset Management:** Fees here are typically AUM-based (e.g., 360 ONE WAM's 76 bps ARR retention, Motilal Oswal's 45 bps MF yields), offering more stable and higher yields.

**Differentiation Strategies Employed:** * **Digital-First & UI/UX:** Groww, Angel One, 5paisa focus on seamless digital onboarding, intuitive apps, and AI-powered tools (e.g., Angel One's "Ask Angel" chatbot, 5paisa's Scalper platform). * **Comprehensive Financial Ecosystem:** Motilal Oswal, SMC Global, Emkay Global offer a wide range of services from broking to wealth, asset management, lending, and insurance, aiming for a "one-stop shop" experience. * **Niche Specialization:** 360 ONE WAM exclusively targets UHNI/HNI clients with bespoke wealth solutions, alternative investments, and global collaborations (e.g., UBS AG). * **Geographic Reach:** Anand Rathi, Geojit, and Angel One emphasize expanding their footprint into Tier 2/3 cities, tapping into underserved markets. * **Research & Advisory:** Full-service brokers invest heavily in research teams (e.g., Anand Rathi's 68-member research team, Emkay's 150+ institutional equities team) to provide value-added insights. * **Product Innovation:** Continuous launch of new products like Bond IPOs, Commodity Derivatives, SIFs, and specialized AIFs/PMS strategies.

**Consolidation Trends and M&A Activity:** The sector is witnessing strategic M&A and collaborations to expand capabilities and market reach. * **Groww:** Completed the acquisition of Fisdom (Finwizard Technology Private Limited) in October 2025, expected to impact P&L from Q3 FY26. * **360 ONE WAM:** Acquired B&K, which is tracking well, and entered into an exclusive strategic collaboration with UBS AG in 2025, expected to unlock synergies in Wealth and Asset Management. * **Angel One:** Entered a joint venture with LivWell Holding Company PTE Limited for a life insurance offering, holding a 26% stake in the ₹4 billion JV. * **Anand Rathi:** Acquired a corporate agency license for insurance broking, adding a new distribution revenue stream.

**Competitive Advantages of Each Player:** * **Groww:** Market leader in NSE active clients (26.3%), strong digital platform, high profitability (61.3% EBITDA margin), diversified new user acquisition strategy. * **Motilal Oswal:** Diversified "twin-engine" model (Asset & Private Wealth, Capital Market), strong brand, extensive research, robust treasury book, high operating ROE (29%). * **360 ONE WAM:** Dominant UHNI specialist, high AUM (₹2.95 Tn ARR AUM), strong recurring revenue (73% of total), high retention rates (76 bps), expertise in alternative assets, global partnerships. * **Angel One:** Rapid client acquisition (34 Mn+ total clients), strong market share in F&O (21.7%) and commodities (65.1%), tech-driven platform with AI integration, expanding into new businesses (wealth, asset management, credit, insurance). * **Anand Rathi:** Strong client relationships and loyalty (~57% clientele >3 years), high ARPC (₹10,302), prudent MTF book with zero NPAs, wide geographical reach in Tier 2/3 cities, diversified revenue model. * **Geojit Financial Services:** Long-standing presence (since 1987), strong regional footprint (Kerala, Tier 2/3), established GCC presence, focus on long-term wealth creation, comprehensive product suite. * **5paisa Capital:** Large customer base (5 Mn+), high app installs (22.75 Mn+), strong ADTO (₹2.68 Tn), focus on F&O, continuous tech upgrades, competitive CAC. * **SMC Global Securities:** Diversified business model (broking, insurance broking, NBFC), extensive network of authorized persons (2,152) and financial distributors (6,573), strong credit ratings. * **Emkay Global Financial Services:** Strong institutional equities franchise (organized 14 roadshows, 35 corporate/expert calls in Q2 FY26), growing PMS & AIF AUM (+25% YoY), focus on wealth management for HNI, robust research capabilities.

**D. OPERATIONAL CHARACTERISTICS**

The operational landscape of the broking sector is increasingly defined by technology, efficiency, and the ability to scale diverse service offerings.

**Capacity and Utilization Trends Across Companies:** * **Client Acquisition & Onboarding:** Companies are demonstrating high capacity for client acquisition. Angel One added **1.7 million new clients in Q2 FY26** (+12.2% QoQ), while 5paisa Capital acquired **0.95 lakh new clients** (+20% QoQ). Geojit added **40,013 new clients** in Q2 FY26 (+15% YoY). Groww's total transacting users grew **5% QoQ to 19 Mn**. This indicates significant operational capacity to handle new user influx, largely driven by digital onboarding processes. * **Trading Volumes:** ADTO figures reflect platform utilization. Groww's Retail Cash ADTO remained stable at **₹101,294 Mn** in Q2 FY26, while Retail Derivatives Premium ADTO grew to **₹95,735 Mn** (+20.9% YoY). 5paisa Capital's Notional ADTO increased by **18% QoQ to ₹2.68 Tn**. Angel One's overall ADTO grew **58% YoY to ₹1.4 Tn**. This suggests high utilization of trading platforms, especially in derivatives. * **Lending Book Growth:** MTF and LAS books are expanding rapidly, indicating efficient capital deployment and risk management. Groww's MTF Book grew **28.8% QoQ to ₹16,683 Mn**. Angel One's average client funding book grew **26.1% QoQ to ₹53 Bn**. Anand Rathi's MTF book grew **26% QoQ to ₹1,085 Cr**.

**Production Economics and Cost Structures:** The cost structures vary based on the business model (discount vs. full-service, tech-heavy vs. human-intensive). * **Technology & Digital-First Players (Groww, Angel One, 5paisa):** Aim for high operating leverage. * **Groww:** Describes its business model as "Software platform-like," with **>90% of costs not direct**. Its Cost to Grow was **₹1,253 Mn** (+15% QoQ), Cost to Serve **12.5% of Revenue**, and Adj. Cost to Operate **14.0% of Revenue** in Q2 FY26. This indicates a highly scalable cost base. * **Angel One:** Employee cost (including ESOPs) was **₹2.7 Bn** (stable QoQ). Other expenses, normalized for IPL spends, were higher by **9.8% QoQ**, primarily due to **12.2% higher client acquisitions**, suggesting variable costs tied to growth. * **5paisa Capital:** Reports a high Cost to Income ratio of **83%** in Q2 FY26, indicating significant operational expenses relative to income, possibly due to aggressive marketing and technology investments. Its Customer Acquisition Cost (CAC) was in the range of **₹700-₹715** (reduced by 15% QoQ). * **Full-Service & Wealth Management Players (Motilal Oswal, 360 ONE WAM, Anand Rathi, Geojit, Emkay, SMC Global):** Have higher employee costs due to extensive RM networks, research teams, and advisory services. * **Motilal Oswal:** Retail Broking cost structure is **1/3 fixed and 2/3 variable**. Employee Expense was **₹507 Cr** (+14% YoY) in Q2 FY26. * **360 ONE WAM:** Employee costs were **₹285 Cr** (+27.1% YoY) in Q2 FY26. Its Cost to Income ratio was **49.2%**. The company notes that RM break-even is **2.5 to 3 years for fresh RMs** and **18 to 24 months for senior RMs** with existing books, highlighting the upfront investment in human capital. * **Geojit:** Employee expenses increased by **28% QoQ to ₹75.4 Cr** in Q2 FY26, attributed to hiring in sales, wealth, and IT functions. Total expenses increased by **22% QoQ**, also due to increasing offices and marketing. * **Anand Rathi:** Employee Benefits Expenses were **₹71 Cr** (+2% QoQ) in Q2 FY26. * **Emkay Global:** Employee Benefits Expenses were **₹419 Mn** (-2% QoQ) in Q2 FY26.

**Supply Chain Structure and Dependencies:** The sector's operational "supply chain" involves several critical dependencies: * **Stock Exchanges (NSE, BSE, MCX):** Provide the trading infrastructure. * **Depositories (CDSL, NSDL):** For Demat account services. * **Regulatory Bodies (SEBI, RBI):** Govern operations, compliance, and risk management. * **Banking Partners:** For fund transfers, payment gateways, and lending facilities. * **Technology Providers:** For core trading platforms, data analytics, cybersecurity, and AI/ML tools. * **Lending Partners:** For credit products (e.g., Angel One has 7 lending partners). * **Business Partners/Authorized Persons:** Extend reach, especially in Tier 2/3 cities (Anand Rathi has 1250 business partners, SMC Global has 2152 authorized persons).

**Technology Landscape and Innovation Pace:** Technology is a core differentiator and a significant investment area across the industry. * **AI/ML Integration:** * **Angel One:** Launched "Ask Angel," an AI-powered chatbot developed in-house using open-source LLM models, resolving over 80% of user queries without escalation and reducing resolution time by 67%. Also launching "Ionic Agent" for portfolio review and investment planning. AI is central to its transformation. * **5paisa Capital:** Migrated from Android Native to Flutter for its app, implemented AI-led service delivery, and is developing an Algo platform. * **SMC Global:** Utilizes AI capabilities in its online insurance portal (www.smcinsurance.com). * **Digital Platforms & UI/UX:** * **Groww:** Launched "915," a desktop-first browser-based trading terminal (beta stage). * **Geojit:** Offers multiple scalable technology platforms: Flip, TraderX (advanced trading), Smartfolios (27 baskets), FundsGenie (MF app), MyGeojit (one-stop platform). * **5paisa Capital:** Launched "Scalper Platform - Web," upgraded digital onboarding with real-time bank verification, and expanded its MTF universe. * **Emkay Global:** Continues to upgrade client management systems, automation initiatives, and enhance security frameworks. Its "Naavik" mobile app offers an intuitive interface for wealth management. * **Cybersecurity:** Companies like 5paisa Capital (ISO 27001:2013 Certified) and Angel One (ISO/IEC 27001:2022 certified) emphasize robust security frameworks. Emkay Global is onboarding an advanced Privileged Access Management platform and conducts Red Team Exercises. * **APIs & Integration:** 5paisa Capital offers Open APIs (Xstream) for algorithmic trading.

**Operational Efficiency Benchmarks:** * **Customer Acquisition Cost (CAC) & First Year Revenue (FYR):** * **5paisa Capital:** CAC in Q2 FY26 was **₹700-₹715** (reduced by 15% QoQ), with First Year Revenue (FYR) between **₹1,000-₹1,200** (improved by 25% QoQ). This indicates a payback period of **7-8 months** for clients. * **Average Revenue Per Client (ARPC):** * **Anand Rathi:** ARPC was **₹10,302** in Q2 FY26, and **₹16,671** for H1 FY26, suggesting a high-value client base. * **RM Productivity:** * **Motilal Oswal (PWM):** Per Client AUM of **₹2 Mn**, Per RM AUM of **₹29 Cr**, and Per RM Clients of **144**. * **360 ONE WAM:** Aims to add **7-10 teams (60-80 RMs)** over the next 12-18 months, with a longer-term target of **15-20 team leaders and 100-120 RMs** in 2-2.5 years, indicating a structured approach to scaling human capital. * **Client Service Efficiency:** Angel One's "Ask Angel" chatbot boasts an **80% query resolution rate** without escalation and a **67% reduction in resolution time**. 5paisa Capital reports a CSAT of **94%** in Q1 FY26.

**Key Performance Indicators (KPIs):** Common KPIs across the sector include: * **Total Clients / Transacting Users:** Groww (19 Mn), Angel One (34 Mn+), 5paisa (5 Mn+), Motilal Oswal (14.5 Mn+), Geojit (1.58 Mn+), Anand Rathi (0.95 Mn+), SMC Global (1.25 Mn+). * **Active Clients / NSE Active Clients:** Groww (14.8 Mn), Angel One (15.2% market share), Anand Rathi (149,849). * **Assets Under Management (AUM) / Assets Under Advice (AUA) / Assets Under Custody (AUC):** Motilal Oswal (₹6.7 lakh Cr AUA), 360 ONE WAM (₹6.7 lakh Cr Total AUM), Groww (₹2.7 Tn Total Customer Assets), Anand Rathi (₹1.01 lakh Cr AUC), Geojit (₹1.09 lakh Cr Customer Assets). * **Average Daily Turnover (ADTO):** Retail Cash, F&O, Commodities. * **SIP Flows:** New SIPs registered, SIP AUM. * **MTF/Lending Book Size:** Groww (₹16.68 Bn), Angel One (₹59.5 Bn), Anand Rathi (₹10.85 Bn), SMC Global (₹10.88 Bn). * **Revenue Mix:** Percentage from broking, interest, distribution, asset/wealth management. * **Cost-to-Income Ratio / EBITDA Margin / PAT Margin:** Key profitability indicators. * **Net Flows:** In asset and wealth management businesses.

**Asset Efficiency Metrics:** (Covered in Section B: Financial & Economic Profile - ROE, ROCE)

**E. GROWTH DYNAMICS & DRIVERS**

The Indian stock and commodity broking sector is poised for sustained growth, fueled by a confluence of macroeconomic, demographic, and technological factors. Companies are strategically leveraging these drivers while also pursuing specific initiatives to accelerate their expansion.

**Historical Growth Trajectory (3-5 year view with specific rates):** The sector has demonstrated robust growth, particularly in client acquisition and AUM, driven by the post-pandemic surge in retail participation and digital adoption. * **Demat Accounts:** India's Demat account base grew from ~60 million in FY20 to **207 million by Sep 2025**, a significant multi-fold increase. * **NSE Active Clients:** Grew **2.5X in the past 5 years** to 46.2 million by Aug 2025 (5paisa Capital). * **Derivative ADTO (Notional):** Witnessed an **82% CAGR over the last 5 years** (5paisa Capital). * **Motilal Oswal:** Operating PAT CAGR of **31% over the last decade**. Net Worth grew **10x from Mar'15 to Sep'25**. * **360 ONE WAM:** Wealth Management AUM (ex-custody) grew at **20% CAGR from FY21**. Asset Management AUM grew at **23% CAGR from FY21**. * **Angel One:** Client base grew from 1.3 Mn in FY19 to **34 Mn+ by Q2 FY26**, demonstrating exponential growth. * **Anand Rathi:** Total Assets Under Custody grew **39% YoY** to ₹1,01,961 Cr by Sep 2025. * **SMC Global:** 5 Year PAT CAGR of **43.8%** and 5 Year Revenue CAGR of **17.9%** as of Mar'25.

**Current Growth Rates and Acceleration/Deceleration (QoQ/YoY):** Recent performance shows continued growth in key metrics, though some areas like broking income have seen moderation due to regulatory changes and market conditions.

| Metric | Company | Q2 FY26 vs Q1 FY26 (QoQ) | Q2 FY26 vs Q2 FY25 (YoY) | | :----------------------------------- | :------------- | :----------------------- | :----------------------- | | **Total Income** | Groww | +13% | +36.5% (Q2 FY26 vs Q2 FY25) | | **Adjusted EBITDA** | Groww | +15% | -13% (Q2 FY26 vs Q2 FY25) | | **PAT** | Groww | +24% | +12% (Q2 FY26 vs Q2 FY25) | | **Total Transacting Users** | Groww | +5% | +27% | | **Total Customer Assets** | Groww | +2% | +33% | | **Total Net Revenues** | Motilal Oswal | +2% | +7% | | **Asset & Private Wealth PAT** | Motilal Oswal | N/A | +36% | | **Total ARR AUM** | 360 ONE WAM | N/A | +21.7% | | **ARR Revenue** | 360 ONE WAM | N/A | +39.4% | | **PAT** | 360 ONE WAM | +10.6% | +28% | | **New Clients** | Angel One | +12.2% | N/A | | **Overall Retail Equity Turnover MS** | Angel One | N/A | +114 bps | | **Credit Disbursed** | Angel One | +97% | +240% (Q2 FY26 vs Q2 FY25) | | **Total Revenue from Operations** | Anand Rathi | +13% | -1% | | **EBITDA** | Anand Rathi | +24% | -22% | | **PAT** | Anand Rathi | +22% | -16% | | **Distribution Income** | Anand Rathi | +50% | +74% | | **MTF Book** | Anand Rathi | +26% | +41% | | **Financial Products Income** | Geojit | +66% | +12% | | **Insurance Distribution Income** | Geojit | +343% | +17% | | **Total Income** | Geojit | +13% | -21% | | **PAT** | Geojit | -18% | -59% | | **ADTO (Notional)** | 5paisa Capital | +18% | -23% | | **Client Acquisition** | 5paisa Capital | +20% | -70% (Q2 FY26 vs Q2 FY25) | | **MTF Income** | 5paisa Capital | +22% | N/A | | **Total Income from Operations** | 5paisa Capital | -1% | -23% | | **PAT** | 5paisa Capital | -18% | -57% | | **Insurance Broking Revenue** | SMC Global | N/A | +21.1% | | **PMS & AIF AUM** | Emkay Global | N/A | +25% | | **Wealth Management Advisory Rev** | Emkay Global | N/A | +23% |

**Volume vs. Price Contribution to Growth:** * **Groww:** Revenue per Broking Order increased from **₹18.0 in Q2 FY25 to ₹19.8 in Q2 FY26** (+10% YoY). This growth was driven by a **higher average order value (+66% YoY to ₹59,079)** and pricing changes, indicating both volume (higher order value) and potentially some price adjustments. * **Discount Brokers:** Primarily rely on volume growth to offset low per-trade brokerage. * **Wealth Managers:** Focus on AUM growth, which directly translates to higher recurring fees (price being a percentage of AUM).

**Organic vs. Inorganic Growth Components:** * **Organic Growth:** * **Client Acquisition:** All companies emphasize acquiring new clients through digital marketing, referrals, and expanding physical/partner networks. * **Cross-selling:** Increasing engagement with existing customers by offering more products (e.g., Angel One's MF clients moving to equities, Groww's diversified new user acquisition). * **Product Innovation:** Launching new features, platforms, and investment products (e.g., Groww's 915 terminal, Angel One's AI tools, 5paisa's Scalper). * **Geographic Expansion:** Penetrating Tier 2/3 cities (Anand Rathi, Geojit, Angel One) and international markets (Geojit in GCC, Angel One in GIFT City). * **Inorganic Growth:** * **Acquisitions:** Groww's acquisition of Fisdom, 360 ONE WAM's acquisition of B&K. * **Strategic Collaborations/JVs:** 360 ONE WAM's partnership with UBS AG, Angel One's life insurance JV. These provide access to new client segments, products, or expertise.

**Geographic Expansion Opportunities and Progress:** * **Domestic (Tier 2/3 Cities):** A major focus for most players. Anand Rathi has a pan-India footprint in **351 cities** through 92 owned branches and 1250 business partners, with **71% of active clients from Tier 2/3**. Geojit has **504 offices across India** in 20 States and 3 UTs, with **78% branch network and 76% clientele in Tier II/III cities**. Angel One also emphasizes deep reach into "Bharat." * **International:** * **Geojit:** Has established JVs and subsidiaries in UAE, Oman, Bahrain, and Kuwait since 2001. It plans to open a new entity, Geojit Private Wealth (DIFC) Ltd, in DIFC for NRI/Middle East wealth management, expected to be operational by end of Q2 FY26. * **Angel One:** Plans to set up a GIFT City branch (subject to approvals). * **SMC Global:** Has 1 branch in Dubai.

**Product/Service Innovation Pipeline:** Innovation is continuous and critical for competitive differentiation and capturing new market segments. * **Groww:** Launched **915** (desktop-first trading terminal), **Bond IPOs** (digital application), and **Commodity Derivatives** (phased launch in Sep 2025). Its in-house NBFC, Groww CreditServ Technology, is scaling personal loans organically. * **Motilal Oswal:** Planning to launch a **Private Credit vertical**. * **360 ONE WAM:** Strong new product pipeline in Asset Management, strengthening sub-strategies (listed, unlisted, credit, RE, infra). Launched **HNI business** as a feeder for UHNI. * **Angel One:** Launched **"Ask Angel"** (AI chatbot), **cross-widget discovery engine**, enhanced **NXT platform** for partners, and **Ionic Agent** (AI-powered portfolio review). Launched its first commodity fund (Angel One Gold ETF and FoF). Planning **Life Insurance offering** via JV. * **Anand Rathi:** Acquired **corporate agency license for insurance broking**. Expanding RM force and strengthening online platform. * **Geojit:** Launched **Alternate Investment Fund - Geojit Yield Plus**, introduced **Non-Discretionary Portfolio Management Services**. Focusing on internal implementation of software through Geojit Technologies. * **5paisa Capital:** Launched **Scalper Platform - Web**, upgraded digital onboarding, **Strategy Analyzer & Alpha Scan**, faster MF SIP Payments, expanded **MTF Universe with "Pay Later"**, and an **ETF Dashboard**. Building something on algorithms. * **Emkay Global:** Launched **Emkay SMIDCap PMS and AIF** (garnering ₹1,000 Mn in one quarter). Planning to launch **Emkay Emerging Stars Fund Series VII** (close-ended Category III AIF). Exploring new SEBI-introduced asset class Specialised Investment Funds (SIFs).

**Adjacent Market Opportunities:** Companies are actively diversifying into adjacent financial services to increase wallet share and create more stable revenue streams. * **Lending (MTF, LAS, Personal Loans):** Groww CreditServ, Angel One's client funding book, Anand Rathi's MTF, Geojit Credit, SMC Global NBFC. This is a high-growth area, with Angel One's credit disbursals growing **97% QoQ to ₹4.6 Bn** (annual run rate ₹18 Bn). * **Insurance:** Anand Rathi, Geojit, Angel One (JV), SMC Global are expanding into insurance distribution, leveraging existing client bases. SMC Global's Insurance Broking revenue grew **21.1% YoY** in Q2 FY26. * **Wealth & Asset Management:** A major focus for almost all players, especially full-service and UHNI specialists. This includes PMS, AIFs, mutual funds, and advisory services. * **Investment Banking:** Motilal Oswal and Emkay Global have strong IB franchises. Motilal Oswal ranked #1 in IPO, QIP, and Rights Issue (H1 FY26 by number of issues).

**Customer Acquisition and Penetration Trends:** * **Digital-First Acquisition:** Over **97% of Geojit's clients are onboarded online**. 5paisa Capital's DIY acquisition was **89.2%** in Q2 FY26. * **"Bharat" Penetration:** Discount brokers are effectively tapping into Tier 2/3 cities and first-time investors. * **Affluent User Growth:** Groww reported **52% YoY growth in affluent users** (vs 20% for overall active users), who now constitute **34% of Total Customer Assets** (up from 31% YoY). This indicates successful upselling and attracting higher-value clients. * **Cross-Sell Ratio:** Angel One highlights that nearly half of its MF-activated clients subsequently invest in equities, showcasing strong platform leverage for cross-selling.

**F. RISK LANDSCAPE**

The Indian stock and commodity broking sector, while exhibiting strong growth potential, is exposed to a range of risks, both systematic and idiosyncratic, that can impact profitability and operational stability.

**Industry-Wide Systematic Risks:** 1. **Market Volatility:** * **Global Headwinds & Geopolitical Uncertainties:** Mentioned by almost all companies (Groww, Motilal Oswal, 360 ONE WAM, Angel One, Geojit, SMC Global, Emkay Global). These can lead to FII outflows, investor risk-off sentiment, and subdued market performance. Emkay Global noted Nifty 50 declined 3.20%, Midcap 150 by 4.09%, Smallcap 250 by 5.92% in Q2 FY26, with FII outflows of ₹766.2 billion. * **Valuation Sentiments:** Investors becoming more valuation-conscious can temper market activity. * **Volatility in Returns:** Groww explicitly mentions this as a risk, impacting investor confidence and participation. 2. **Cyclicality and Economic Sensitivity:** The industry's performance is highly correlated with capital market cycles and overall economic health. A slowdown in GDP growth, inflation, or interest rate hikes can dampen investor enthusiasm and trading volumes. 3. **Competition:** The sector is hypercompetitive, leading to pricing pressure and elevated Customer Acquisition Costs (CAC). Discount brokers intensify this rivalry.

**Regulatory and Policy Risks by Geography:** Regulatory evolution is a constant and significant risk, impacting business models and profitability. 1. **SEBI Consultations & Norms:** * **Mutual Funds:** SEBI's consultation paper on mutual funds could materially impact revenues for companies with significant MF distribution (Motilal Oswal, 360 ONE WAM, Emkay Global). * **F&O Margin Norms & Expiry Cycles:** Tighter F&O margin norms and revised expiry cycles can decrease derivatives revenue per order, impact trading volumes, and increase capital requirements (Groww, Motilal Oswal, SMC Global, 5paisa Capital, Geojit). * **Client Margin Reduction:** Angel One mentions this as a risk, potentially impacting interest income from client funding. * **Qualified Stockbroker Framework:** 5paisa Capital highlights its compliance, indicating the evolving regulatory landscape for brokers. 2. **RBI Oversight for NBFCs:** * **Tighter Oversight & Higher Risk-Weight Norms:** For NBFCs (SMC Global, Geojit, Groww CreditServ), this can lead to moderation in credit growth, increased capital requirements, and margin compression. * **Uneven Funding Conditions:** Can impact the cost of borrowing for NBFCs. * **Unsecured Lending:** NBFCs are actively reducing exposure to unsecured business loans (SMC Global aims to reduce from 35% to <25% over next year; Geojit plans similar reduction). 3. **Other Regulatory Impacts:** * **B30 Not Enforced:** Geojit noted that its average yield on mutual fund distribution business was ~7% less YoY due to B30 not being enforced, impacting revenue. * **Derivatives Revenue per Order Decrease:** Groww specifically highlights this risk due to regulation.

**Technology Disruption Threats:** * **Rapid Innovation:** The need for continuous investment in technology (AI, digital platforms, cybersecurity) to stay competitive. Failure to innovate can lead to loss of market share. * **Cybersecurity Risks:** Increased reliance on digital platforms makes companies vulnerable to cyberattacks, data breaches, and system outages. Angel One and 5paisa Capital emphasize ISO certifications and robust security measures.

**ESG and Sustainability Challenges:** While companies mention ESG initiatives (Motilal Oswal's CRISIL "STRONG" rating, 360 ONE WAM's ESG rating, Geojit's CSR), specific ESG-related risks (e.g., climate change impact on operations, social license to operate) are not explicitly detailed as threats in the provided data.

**Supply Chain Vulnerabilities:** Not explicitly detailed in the provided data, but dependencies on external technology vendors, payment gateways, and clearing houses could pose operational risks.

**Competitive Threats:** * **New Entrants & Substitutes:** While barriers exist, new fintechs or evolving investment avenues (e.g., direct investing platforms) can pose threats. * **Pricing Pressure:** The intense competition, especially from discount brokers, can lead to continuous pressure on brokerage yields and overall profitability. * **Elevated CAC:** High customer acquisition costs can erode margins, particularly for players in the mass market segment. * **Attrition:** Losing key Relationship Managers (RMs) in wealth management can lead to AUM outflows (360 ONE WAM mentions RM recruitment for 3-4 quarters).

**Customer Concentration Risks:** * **UHNI Segment:** While highly profitable, a focus on a smaller number of UHNI clients (e.g., 360 ONE WAM) could imply higher concentration risk if a few large clients withdraw assets. However, 360 ONE WAM serves 7,527 relevant clients, with 3,324 having AUM > ₹10 Cr, suggesting a diversified UHNI base.

**Other Specific Risks Mentioned:** * **Volatility in Treasury Investments:** Motilal Oswal and SMC Global experienced significant negative impacts on PAT from treasury investments in Q2 FY26, highlighting this as a source of earnings volatility. * **New Business Burn:** Angel One anticipates ~₹100 crores annually for new businesses (Asset Management and Wealth Management), and its life insurance JV is expected to take >decade to turn profitable, posing long-term investment risks. * **Longer Timelines for Institutional Mandates:** 360 ONE WAM notes this as a risk for its asset management business. * **Dormant Users:** 5paisa Capital mentions dormant users due to financial constraints, losses, or switching platforms as a risk to active client base. * **Kerala Revenue Decrease:** Geojit expects its Kerala revenue to decrease as it expands nationally, implying a shift in regional revenue concentration.

**G. CAPITAL ALLOCATION & INVESTOR RETURNS**

Capital allocation strategies in the Indian stock and commodity broking sector are primarily focused on funding growth, enhancing technology, expanding into new business segments, and returning value to shareholders.

**Capex Trends and Requirements (Growth vs. Maintenance):** * **Technology Infrastructure:** A major area of investment for all players. * **Angel One:** Continuously invests in technology, with AI being central to its transformation. * **360 ONE WAM:** Highlights "significant investment area" in technology, focusing on internal and client-facing developments, and initiated pilots on AI use cases. * **Emkay Global:** Spent approximately **₹18 million on technology capex** during Q2 FY26, indicating ongoing upgrades to client management systems, automation, and security frameworks. * **Branch & Network Expansion:** Traditional and hybrid models continue to invest in physical presence and partner networks. * **Anand Rathi:** Expanding RM force in different branches and growing its business partner channel in Tier 2/3 cities. * **Geojit:** Increasing the number of offices and hiring more employees in the field (sales function). * **Lending Book Capital:** Funding Margin Trading Facility (MTF), Loan Against Securities (LAS), and NBFC operations requires substantial capital. * **Anand Rathi:** Raised **₹745 crores through an IPO** primarily for working capital, MTF, and cash margin. It aims to grow its MTF book to **~₹1,500 crores by March '26**, noting it can utilize 50% of its capital base for MTF, balancing with borrowing. * **Angel One:** Its MTF book can "easily double without additional capital," suggesting efficient capital utilization or significant headroom. * **360 ONE WAM:** Deployed additional capital in FY25 for its Lending and Alternate business. Used **55-60% of UBS warrant amount for NBFC capital** and **35-40% for Alternate Assets business**. * **Geojit:** Uses **65-70% of its cash net worth (₹1,081 Cr)** for funding loan products and working capital. * **SMC Global:** NBFC AUM is ₹1,088.18 Cr with total borrowings of ₹757.87 Cr, and a CRAR of 45.2% (H1 FY26). * **New Business Incubation:** Capital is allocated to new ventures, often with longer gestation periods. * **Angel One:** Anticipates **~₹100 crores annually** for new businesses (Asset Management and Wealth Management), with the life insurance JV expected to take **>decade to turn profitable**. * **Motilal Oswal:** Allocates capital to Wealth Management (₹1,181 Cr), Asset Management (₹1,324 Cr), and Lending (₹3,192 Cr) in H1 FY26.

**R&D Investment Levels as % of Revenue:** While not explicitly stated as "R&D," significant investments in technology and product development serve a similar function. Companies like Groww, Angel One, and 5paisa Capital have a high proportion of their workforce dedicated to technology and product development. * **5paisa Capital:** Over **33% of its workforce is in Technology and Product**. * **Angel One:** AI is central to its continuous transformation, implying substantial investment in this area.

**Dividend Policies and Payout Ratios:** * **Motilal Oswal:** Has a consistent dividend policy, with an average payout of operating profits as dividends of **20% over the last decade**. Declared a second interim dividend of **₹6 per share** for Q2 FY26. * **360 ONE WAM:** Also approved a second interim dividend of **₹6 per share**. * **Anand Rathi:** Not explicitly mentioned in the provided data, but generally, profitable companies in this sector tend to have dividend policies.

**Share Buyback Programs:** Not explicitly mentioned in the provided data for any of the companies.

**M&A Activity and Strategy:** M&A and strategic collaborations are used to gain market share, acquire new capabilities, and diversify offerings. * **Groww:** Acquired Fisdom to expand its financial product distribution. * **360 ONE WAM:** Acquired B&K for institutional equities and entered a strategic collaboration with UBS AG to unlock synergies in wealth and asset management, particularly for global clients. * **Angel One:** Formed a joint venture for life insurance, indicating a strategic move into a new product category.

**Cash Generation and Free Cash Flow Profiles:** * **Groww:** Reported a cash balance of **₹35,990 Mn** at the end of Q2 FY26, which was **6% lower QoQ**, suggesting active deployment of cash or operational usage. * **Anand Rathi:** Successfully raised **₹745 crores through an IPO**, significantly boosting its cash and working capital. * **Geojit:** Has a healthy cash net worth of **₹1,081 crores**, with a significant portion deployed in funding loan products and working capital. * **Angel One:** Reports "healthy" cash and cash equivalents.

**Capital Efficiency Improvements:** Companies are focused on improving capital efficiency through various means: * **Operating Leverage:** Tech-driven platforms (Groww) aim for high operating leverage, where incremental revenue growth outpaces cost growth. * **Diversification:** Shifting towards fee-based, recurring revenue streams reduces reliance on volatile broking income, improving revenue quality and stability. * **Risk Management:** Prudent management of lending books (e.g., Anand Rathi's zero NPAs in MTF, SMC Global's tightened underwriting for unsecured loans) minimizes capital at risk. * **Treasury Management:** Motilal Oswal's treasury investments have a CAGR of 42% since inception, contributing significantly to net worth growth. However, treasury volatility can also impact short-term PAT.

**H. FUTURE OUTLOOK & PROJECTIONS**

The future outlook for the Indian stock and commodity brokers sector is largely positive, underpinned by strong structural tailwinds, but tempered by potential short-term market volatility and evolving regulatory landscape. Companies are strategically positioning themselves for long-term growth through diversification, technology adoption, and client-centric approaches.

**Industry Growth Projections (with timeframes):** * **Overall Market:** India is viewed as a structurally attractive growth story, with a multiyear expansion expected in financial services. Growth drivers include India's GDP/savings growth, financialization of equities, and digitization of retail participation. * **NSE Active Clients:** Groww believes the market is at an "inflection point" with a "significant growth runway." * **PWM TAM:** Motilal Oswal sees substantial growth potential in the ₹240 Tn Private Wealth Management market. * **Lending Book:** Motilal Oswal projects its lending book to grow at a **25% CAGR over the next few years**. SMC Global anticipates NBFC credit growth of **13-15% in FY25-26**. * **Alternates Market:** 360 ONE WAM expects continued growth in the alternates market, with even better collections on the Alternate side in the next 24 months. * **IPO Pipeline:** Emkay Global expects a "robust second half" for IPO activity, which should help achieve full-year guidance.

**Management Guidance Across Companies:** * **Groww:** * **Roadmap:** Focus on customer growth, building a beautiful experience, increasing retention, and adding more products. * **Monetization:** Believes monetization "follows customer love." * **PAT Margins:** Better to look at annually due to quarterly variations. * **MTF Book:** Expected to grow and achieve a fair market share. * **Motilal Oswal:** * **Housing Finance:** H2 FY26 profits expected to be "substantially higher" than H1 FY26. * **Wealth Management Market Share:** Strategies in place to "recoup and raise market share." * **Capital Market Deal Pipeline:** "Healthy for H2," expecting similar growth/profitability. * **MF Yields:** Expects to maintain current run-rate, with potential moderation if passive AUM grows. * **Treasury Book:** Expects a "10-year compounding" effect and "similar multiplier impact." * **360 ONE WAM:** * **Flow Outlook:** "Very positive for the year," guiding for **10-12% of opening AUM for the entire year**. * **Cost to Income Ratio:** Expects to improve to **47-48% in Q3/Q4 next FY**, and closer to **45-46% next to next year**. Core businesses to reach 45-46% within next couple of quarters. * **HNI Business:** Expected to breakeven in **Q3-Q4 of next year**. * **UHNI Market Share:** Expects to maintain 8-11% and potentially increase by 200-250 basis points to **10-12%**. * **Angel One:** * **Vision:** To "touch a billion lives and serve financial needs through one integrated digital ecosystem." * **OPM Guidance:** Aims to exit at **40-45% OPM**. * **New Businesses:** Takes a "long-term view," invested early for "meaningful compounding." AMC breakeven ~7-8 years, Wealth ~2.5-3 years. * **Broking Business:** Expects "better order run rate in H2," remaining a "mainstay of growth." * **MTF Book:** Has "scope for growth," can "easily double without additional capital." * **Anand Rathi:** * **H2 FY26:** Expected to be "better, more robust than last year's H2," with "good traction in broking revenue." * **Revenue Mix:** Aiming for **50-50 between broking and non-broking by 2027**. * **MTF Book:** Aiming to reach **~₹1,500 crores by March '26**. * **Distribution Book AUM:** Aiming for **~₹9,500 crores +/- by March '26**. * **Geojit Financial Services:** * **H2 FY26:** Expects to be "better," hoping to achieve profits similar to last year (FY25 PAT was ₹10,323 lacs). Target PAT for H2 FY26 is **₹90-100 crores** if market conditions support. * **Insurance Segment:** Expected to "improve further in Q4." * **NBFC:** Plans to reduce unsecured business loan exposure to **below 25%** over the next year or so. * **5paisa Capital:** * **H2 FY26:** Expects H2 to be "better," but markets need to contribute equally. * **Market Share Ambition:** Likely to reach "top three position in five years, if not three." * **Pricing Strategy:** Management believes the industry might start charging for services currently free, though no immediate plans to increase delivery trade prices. * **SMC Global Securities:** * **H2 FY26:** Expects next two quarters to be "better," hopeful to recover to last year's profit levels (FY25 PAT was ₹147 crores). Target PAT for H2 FY26 is **₹90-100 crores** if market conditions support. * **NBFC Strategy:** Reducing exposure to unsecured business loan product (SME WCTL) from 35% to **below 25%** over next year or so. * **Insurance Margins:** Expects "further improvement in Q4." * **Emkay Global Financial Services:** * **Overall Outlook:** Confident that India's macroeconomic fundamentals and policy tailwinds will drive a "stronger recovery in H2 FY26." * **IPO Pipeline:** Expects a "robust second half" that should help comfortably achieve full-year guidance.

**Emerging Opportunities and Whitespace:** 1. **Private Credit & SIFs:** Motilal Oswal is launching a private credit vertical. Emkay Global is exploring Specialised Investment Funds (SIFs), indicating a move into alternative credit and structured products. 2. **Global Markets:** Angel One's plan for a GIFT City branch and Geojit's expansion in GCC countries highlight the opportunity to serve NRIs and tap into international wealth. 3. **Fractionalized Products:** Angel One is exploring wealth solutions through fractionized products. 4. **AI-Driven Advisory:** Angel One's "Ionic Agent" and "Ask Angel" demonstrate the potential for AI to personalize advice and enhance customer service. 5. **Bond IPOs:** Groww's launch of Bond IPOs indicates a growing market for digital access to fixed-income primary offerings. 6. **Commodity Derivatives:** Groww and Angel One are expanding into commodity derivatives, tapping into a less penetrated market.

**Transformation Themes and Inflection Points:** * **Digitalization:** The shift to digital platforms and mobile-first strategies is complete, with the focus now on enhancing UI/UX and integrating advanced technologies. * **AI Integration:** AI is becoming central to customer service, advisory, and trading analytics, promising significant operational efficiencies and personalized experiences. * **Financialization of Savings:** India's demographic dividend and rising incomes are driving a structural shift from physical assets to financial assets, providing a long-term tailwind. * **Increasing Retail Participation:** The surge in Demat accounts and SIPs indicates a deepening of capital markets, with significant headroom for further penetration. * **Diversification of Revenue Streams:** The industry is actively moving away from pure brokerage dependence towards a more balanced mix of recurring fees from wealth management, asset management, lending, and distribution.

**Long-Term Structural Trends (5-10 year view):** * **Demographic Dividend:** India's young population will continue to drive demand for investment products. * **Rising Income Levels:** Increasing disposable incomes will fuel savings and investments. * **Financial Literacy:** Growing awareness and education about financial products will lead to broader adoption. * **Deepening Capital Markets:** Continued regulatory reforms, infrastructure development, and product innovation will enhance market depth and liquidity. * **Digital Adoption:** Further penetration of smartphones and internet access will drive digital-first financial services.

**Potential Disruptions on the Horizon:** * **Further Regulatory Changes:** SEBI and RBI could introduce more stringent norms, impacting business models and profitability. * **New Fintech Entrants:** Agile startups with innovative models could disrupt specific segments. * **Evolving Customer Preferences:** A shift towards passive investing, ESG-focused products, or hyper-personalized solutions could require rapid adaptation. * **Global Economic Shocks:** Geopolitical events or global recessions could temporarily dampen market sentiment and activity.

**Expected Margin Evolution:** * **Wealth & Asset Management:** Players with a strong focus on these segments (Motilal Oswal, 360 ONE WAM) are expected to maintain or improve stable, higher margins due to recurring AUM-based fees. * **Discount Brokers:** Will continue to seek operating leverage through scale and technology. Groww's high margins suggest this is achievable with sufficient scale and efficient cost management. However, 5paisa Capital's declining margins highlight the pressure points. * **Traditional Brokers:** Those successfully diversifying into non-broking segments (Anand Rathi, Geojit, SMC Global) will likely see their margins stabilize or improve, while those heavily reliant on transactional broking may face continued pressure. The goal for many is to increase the share of recurring, fee-based income to improve margin stability.

**I. COMPANY-BY-COMPANY PROFILES**

This section provides a detailed profile for each company, synthesizing their financial performance, strategic priorities, competitive positioning, and outlook.

---

**Company: Groww (Billionbrains Garage Ventures Limited)**

**Brief Description:** Groww is a leading digital-first investment platform in India, primarily known for its discount broking and mutual fund distribution services. It leverages technology and a user-friendly interface to attract a large base of retail investors, including first-time users and those from Tier 2/3 cities.

**Scale Metrics:** * **Total Transacting Users (Q2 FY26):** 19 Mn (+5% QoQ, +27% YoY). * **Active Users (Q2 FY26):** 14.8 Mn (+3.2% QoQ). * **Total Customer Assets (Q2 FY26):** ₹2.7 Tn (+2% QoQ, +33% YoY). Mutual Funds constitute 53% of these assets. * **NSE Active Clients (Q2 FY26):** 11.9 Mn, holding a **26.3% market share** (up from 25.6% in Q2 FY25), making it the market leader. * **Mutual Funds SIP Inflows (Q2 FY26):** ₹112,537 Mn, with a **13.1% market share** (up from 11.7% in Q2 FY25). * **Retail Cash ADTO (Q2 FY26):** ₹101,294 Mn, with a **25.8% market share** (up from 17.7% in Q2 FY25). * **Retail Derivatives Premium ADTO (Q2 FY26):** ₹95,735 Mn, with a **17.3% market share** (up from 10.7% in Q2 FY25). * **MTF Book (Q2 FY26):** ₹16,683 Mn (+28.8% QoQ), with a **1.7% market share**. * **Loan Against Securities (LAS) customers (Q2 FY26):** 9.8k. * **Bond IPOs market share (retail allocations in Q2 FY26):** 5-6%.

**Financial Performance Summary:** Groww demonstrates exceptional financial performance, characterized by high growth and strong profitability, indicative of its scalable, software-platform-like business model. * **Total Income:** Q2 FY26: ₹10,708 Mn (+13% QoQ). * **Adjusted EBITDA:** Q2 FY26: ₹6,241 Mn (+23% QoQ). * **Adjusted EBITDA Margin (Q2 FY26):** **61.3% of Revenue**. * **Profit After Tax (PAT):** Q2 FY26: ₹4,713 Mn (+24% QoQ). * **PAT Margin (Q2 FY26):** **44%**. PAT margin for FY25 full year was broadly in-line. * **Revenue per Broking Order (Q2 FY26):** ₹19.8 (vs ₹18.0 in Q2 FY25), driven by higher average order value (+66% YoY to ₹59,079) and pricing changes. * **Cost to Grow (Q2 FY26):** ₹1,253 Mn (+15% QoQ, +23% YoY). * **Cost to Serve (Q2 FY26):** ₹1,272 Mn (12.5% of Revenue). * **Adj. Cost to Operate (Q2 FY26):** ₹1,422 Mn (14.0% of Revenue). * **Cash Balance (Q2 FY26 end):** ₹35,990 Mn (6% lower QoQ).

**Strategic Priorities and Focus Areas:** * **Customer Growth & Experience:** Primary focus on acquiring new customers and building a "beautiful experience" to drive word-of-mouth and retention. * **Product Diversification:** Expanding product offerings to increase engagement and diversify revenue. New users are increasingly coming through MF SIPs, ETFs, and IPOs, shifting away from a stocks-first approach. * **New Product Launches:** Launched **915** (desktop-first trading terminal), **Bond IPOs** (digital application), and **Commodity Derivatives** (phased launch in Sep 2025). * **Lending Business:** Scaling its in-house NBFC, Groww CreditServ Technology, with disbursements growing **58% QoQ to ₹1,444 Mn** in Q2 FY26, with 36% from LAS. * **Acquisitions:** Completed the acquisition of Fisdom (Finwizard Technology Private Limited) in October 2025, with impact on P&L from Q3 FY26, to strengthen its financial product distribution. * **Affluent Users:** Focused on growing its affluent user base, which grew **52% YoY** and now constitutes 34% of total customer assets. * **Branding:** Discretionary branding activities in Q2 FY26 (Asia Cup, KBC).

**Competitive Advantages and Positioning:** * **Market Leadership:** #1 in NSE active clients, demonstrating strong market penetration and brand recall. * **Digital-First & UI/UX:** Known for its user-friendly platform, attracting a large base of young, digital-first investors. * **High Profitability:** Achieves industry-leading EBITDA and PAT margins due to its scalable tech platform and efficient cost structure. * **Diversified User Acquisition:** Successfully attracting new users through multiple product entry points (MF SIPs, Stocks, ETFs, IPOs), indicating a broad appeal. * **Growing Lending Arm:** In-house NBFC provides an additional revenue stream and enhances customer stickiness.

**Key Metrics and KPIs:** Total Transacting Users, Active Users, Total Customer Assets, NSE Active Client Market Share, SIP Inflow Market Share, Retail Cash/Derivatives ADTO Market Share, Adjusted EBITDA Margin, PAT Margin, Revenue per Broking Order, Cost to Grow/Serve/Operate.

**Management Outlook and Guidance:** * **Roadmap:** Committed to customer growth, enhancing user experience, increasing retention, and adding more products. * **Monetization:** Believes monetization naturally follows "customer love." * **PAT Margins:** Advises looking at annually due to quarterly variations. * **Business Model:** Views itself as a "Software platform-like" business with high operating leverage. * **NSE Active Clients:** Believes the market is at an "inflection point" with a "significant growth runway." * **MTF Book:** Expected to grow and achieve a "fair market share." * **Commodity Derivatives:** Still in early days, more color when significant. * **NBFC:** Personal loans are scaling organically.

---

**Company: Motilal Oswal Financial Services Limited**

**Brief Description:** Motilal Oswal Financial Services (MOFSL) is a well-established diversified financial services firm offering a wide range of products including broking, asset management, private wealth management, housing finance, and investment banking. It operates on a "twin-engine" model, balancing capital market activities with fee-based asset and wealth management businesses.

**Scale Metrics:** * **Customer Count (Q2 FY26):** 14.5 Mn+ (9.4 Mn+ unique MF folios, 5.1 Mn+ unique broking accounts). * **Assets under Advice (AUA) (Q2 FY26):** ₹6.7 lakh crore mark (up from ₹19,900 Cr in Mar'15). * **AMC AUM (Sep 2025):** ₹1.6 Lakh Crs (+46% YoY), highest ever market share of 2.6%. * **PWM AUM (Q2 FY26):** ₹1.87 Tn, serving 7000+ relevant families with ₹1+ Crs AUM. * **Lending Book AUM (Q2 FY26):** ₹6,305 Crs (+13% YoY). * **Retail cash broking volumes (ADTO, Q2 FY26):** ₹2,776 Cr, with 7.1% market share. * **F&O Premium market share (Q2 FY26):** 8.7%. * **Total blended ADTO market share (Q2 FY26):** 8%. * **Investment Banking Deals (H1 FY26):** 39 deals worth ~₹49,000 Cr, ranked #1 in IPO, QIP, Rights Issue (by number of issues). * **Treasury Investments (Sep'25):** ₹8,957 Cr (+14% YoY). * **Employees (Sep'25):** 12,850+. * **Distribution Network:** 9,340+ External Wealth Managers, 1,750+ RMs.

**Financial Performance Summary:** MOFSL demonstrates strong operating profitability, particularly in its fee-based businesses, though overall PAT can be volatile due to treasury performance. * **Total Net Revenues (Q2 FY26):** ₹1,460 Cr (+2% QoQ, +7% YoY). * **Operating Profit After Tax (Q2 FY26):** ₹554 Cr (+2% YoY). * **Operating PAT (Asset and Private Wealth businesses):** Grew **36% YoY**. * **PBT Margin (Q2 FY26):** **51%**. * **Total PAT (Q2 FY26):** ₹286 Cr (vs ₹1,242 Cr in Q2 FY25, ₹1,430 Cr in Q1 FY26), significantly impacted by negative Treasury Investments PAT of (₹268) Cr. * **Annual Recurring Revenue (ARR):** 61% of total net revenues. * **Fee-based revenue:** 45% of total revenues. * **Segmental PAT (Q2 FY26):** Asset & Private Wealth Management: ₹290 Cr (+36% YoY); Capital Market: ₹90 Cr (+24% YoY); Housing Finance: ₹33 Cr (+25% YoY). * **Operating RoE (H1 FY26 Annualised):** **29%**. Average ROE (last decade): **22%**. * **Net Worth (Sep'25):** ₹12,871 Cr (+16% YoY), 10x growth from Mar'15. * **Operating PAT CAGR (last decade):** 31%.

**Strategic Priorities and Focus Areas:** * **Diversified "Twin-Engine" Model:** Continued focus on growing both capital market and asset/private wealth management businesses to ensure balanced growth and mitigate cyclical risks. * **Recurring Revenue Focus:** Increasing the share of fee-based and recurring revenues (AMC, PWM, distribution) to enhance revenue quality and stability. Share of Fees Based Revenue & NII increased to ~75% from ~58% in FY21. * **Wealth Management Expansion:** Growing PWM AUM and client base (7000+ relevant families), improving RM productivity and vintage. Intends to increase the revenue share of the distribution business within Wealth Management. * **Asset Management Growth:** Gaining MF AUM market share (2.6%), increasing net flows and SIP flows (4.8% market share). Strong new product pipeline, including Private Credit vertical. * **Investment Banking Leadership:** Maintaining #1 ranking in IPO, QIP, and Rights Issue deals. * **Technology & Digital:** Investing in a digital-first, AI-driven, innovative, and secure IT ecosystem. * **ESG Initiatives:** Upgraded CRISIL rating to "STRONG," SES ESG Rating to "A." * **Capital Allocation:** Strategic deployment of capital across various business segments.

**Competitive Advantages and Positioning:** * **Strong Brand & Trust:** Decades of market presence and a reputable brand. * **Diversified Business Model:** "Twin-engine" approach provides resilience against market cycles. * **Research Prowess:** Known for its strong research capabilities, covering 332 companies across 26 sectors. * **Leadership in Wealth & Asset Management:** Significant AUM in both AMC and PWM, with strong growth rates and market share gains. * **Robust Balance Sheet:** Strong net worth and treasury book provide financial stability. * **Institutional Equities Strength:** Large team and client base in institutional equities.

**Key Metrics and KPIs:** AUA, AMC AUM, PWM AUM, Operating PAT, PBT Margin, ARR %, Fee-based Revenue %, Net Worth, Operating RoE, Customer Count, Market Share in various segments (AMC, PWM, IB).

**Management Outlook and Guidance:** * **Overall:** Committed to creating long-term value for shareholders, leveraging India's growth in savings and financialization. * **Housing Finance:** Expects H2 FY26 profits to be "substantially higher." * **Lending Book:** Projects **25% CAGR growth** over the next few years. * **Treasury Book:** Expects "10-year compounding" and a "similar multiplier impact." * **Wealth Management:** Strategies in place to "recoup and raise market share." * **Capital Market Deal Pipeline:** "Healthy for H2," expecting similar growth/profitability. * **MF Yields:** Expects to maintain current run-rate, with potential moderation if passive AUM grows.

---

**Company: 360 ONE WAM LIMITED**

**Brief Description:** 360 ONE WAM (formerly IIFL Wealth Management) is India's leading wealth management firm, specializing in serving Ultra-High Net Worth Individuals (UHNI) and High Net Worth Individuals (HNI), family offices, and corporate treasuries. It offers a comprehensive suite of wealth and asset management solutions, including advisory, distribution, lending, brokerage, and alternative investments.

**Scale Metrics:** * **Total AUM (Q2 FY26):** ₹6,71,625 Crs (+18.0% YoY). * **Wealth Management AUM (Q2 FY26):** ₹5,79,509 Crs (+19.8% YoY). * **Asset Management AUM (Q2 FY26):** ₹92,116 Crs (+7.4% YoY). * **Total ARR AUM (Q2 FY26):** ₹2,95,324 Crs (+21.7% YoY). * **Lending Book (Q2 FY26):** ₹10,342 Crs (+52.1% YoY). * **Net flows (H1 FY26):** ₹32,132 Crs. * **Net flows (Q2 FY26, core wealth and asset businesses, excluding UBS):** ₹8,734 Crs. * **No. of relevant clients (FY25):** 7,527. * **No. of clients (AUM > INR 10 Crs) (FY25):** 3,324. * **RM count:** ~100-110 Team Leads, ~240-250 Relationship Managers. * **UHNI market share:** 8-11%.

**Financial Performance Summary:** 360 ONE WAM consistently delivers strong financial results, driven by its high-value client base and a significant proportion of recurring, fee-based revenue. * **Total Revenue (Q2 FY26):** ₹813 Crs (+31.5% YoY). * **ARR revenue (Q2 FY26):** ₹554 Crs (+39.4% YoY), representing **73% of total revenue from operations**. * **PAT (Q2 FY26):** ₹316 Crs (+28% YoY), highest ever quarterly PAT. * **Cost to Income Ratio (Q2 FY26):** **49.2%**. * **Tangible ROE (Q2 FY26):** **20.6%**. ROE Ex Goodwill & Intangibles (H1 FY26): **20.1%**. * **ARR retentions (Q2 FY26):** **76 basis points** (67 bps excluding carry). * **Wealth Management retention (Q2 FY26):** 72 bps. * **Asset Management retention (Q2 FY26):** 83 bps. * **Transactional / Brokerage Income (Q2 FY26):** ₹209 Crs (+9.3% YoY, +37.8% QoQ). * **NBFC NIM (Q2 FY26):** 5.83% (down from >6% due to UBS loan book transfer and ECL provision).

**Strategic Priorities and Focus Areas:** * **UHNI/HNI Client Focus:** Deepening engagement with existing UHNI families (4,000-4,500 engaged day-to-day) and acquiring new ones. * **Global Collaboration:** Exclusive strategic collaboration with UBS AG (completed in 2025) to unlock synergies in Wealth and Asset Management, bringing in over ₹5,200 crores of relevant AUM from 80+ UHNI families. * **HNI Business Ramp-up:** Scaling its HNI business (AUM grown to ₹2,300-₹2,400 crores) as a feeder for the core UHNI proposition. * **Asset Management Growth:** Strong new product pipeline, strengthening and adding sub-strategies (listed, unlisted, credit, RE, infra), and securing institutional mandates. * **Technology Investment:** Significant investment in internal and client-facing technology developments, including AI use cases. * **Full-Stack Player:** Consolidating across business lines (Wealth Management, Public Markets, Alternates, Global business, Capital Markets). * **Client Centricity & Product Innovation:** Cornerstone of differentiation. * **Lending & Alternate Business:** Deploying additional capital to grow these segments. * **Acquisition Integration:** Successfully integrating the B&K acquisition, bringing synergies by integrating treasury and equities offerings.

**Competitive Advantages and Positioning:** * **Market Leader in UHNI Segment:** Dominant position in serving India's wealthiest individuals and families. * **High Recurring Revenue:** Strong ARR base provides stability and predictability to earnings. * **Strong Retention Rates:** High retention rates indicate client satisfaction and sticky AUM. * **Expertise in Alternatives:** Significant AUM in Private Equity, Private Credit, Real Estate, and Infrastructure funds. * **Global Reach & Partnerships:** Collaboration with UBS AG enhances global capabilities and client access. * **Experienced RM Force:** Focus on building a strong team of RMs with significant vintage.

**Key Metrics and KPIs:** Total AUM, ARR AUM, Net Flows, PAT, Cost to Income Ratio, Tangible ROE, ARR Retentions, RM Count, UHNI Market Share.

**Management Outlook and Guidance:** * **Flow Outlook:** Remains "very positive for the year," guiding for **10-12% of opening AUM for the entire year**. * **Cost to Income Ratio:** Expects improvement to **47-48% in Q3/Q4 next FY**, and closer to **45-46% next to next year**. Core businesses to reach 45-46% within next couple of quarters. * **HNI Business:** Expected to breakeven in **Q3-Q4 of next year**. * **UBS Strategic Tie-ups:** Contribution to P&L expected to be clearer in about 6 months. * **Transaction Income:** Targets **₹1,000-₹1,200 crore range** (from ₹750-₹800 Cr steady state). * **UHNI Market Share:** Expects to maintain 8-11% and potentially increase by **200-250 basis points to 10-12%**.

---

**Company: Angel One Limited**

**Brief Description:** Angel One is a prominent digital-first discount broker in India, known for its aggressive client acquisition, strong market share in derivatives and commodities, and rapid expansion into a comprehensive digital financial ecosystem. It targets a young, digital-first population, including those in Tier 2/3 cities.

**Scale Metrics:** * **Client base:** Crossed **34 million**. * **New clients (Q2 FY26):** 1.7 million (+12.2% QoQ). * **Demat market share (Q2 FY26):** Rose to **16.5%** (+79 bps YoY). * **Overall retail equity turnover market share (Q2 FY26):** Increased by **71 bps to 20.5%** (+114 bps YoY). * **F&O Turnover Market Share (Q2 FY26):** **21.7%**. * **Cash Turnover Market Share (Q2 FY26):** **18.7%**. * **Commodity Turnover Market Share (Q2 FY26):** **65.1%**. * **Orders executed (Q2 FY26):** Over **360 million**. * **Average client funding book (Q2 FY26):** ₹53 billion (+26.1% QoQ, +36% YoY). * **New SIPs registered (Q2 FY26):** Nearly **2.4 million** (+24% QoQ), making it the second-largest player in incremental SIPs. * **Mutual fund clients:** Over **3 million**. * **Credit disbursed (Q2 FY26):** Nearly **₹4.6 billion** (+97% QoQ), with an annual run rate of ₹18 billion. * **Ionic Wealth AUM (Q2 FY26):** Over **₹61 billion** (Active Assets: ₹54.8 Bn, Custody Assets: ₹6.7 Bn). * **Ionic Wealth clients:** >1,250 clients. * **Asset management business AUM (Q2 FY26):** ₹4 billion. * **Asset management business folios (Q2 FY26):** Nearly 1.4 lakhs.

**Financial Performance Summary:** Angel One shows strong revenue growth and improving normalized profitability, despite significant investments in new businesses. * **Total Gross Income (Q2 FY26):** ₹12,042 Mn (+5% QoQ, -21% YoY). * **Total Net Income (Q2 FY26):** ₹9,410 Mn (+6% QoQ, -21% YoY). * **Net broking income (Q2 FY26):** ₹5.5 billion (+5.4% QoQ). Direct business share: 77% (+84 bps). * **Interest income from client funding book and fixed deposits:** 32% of total gross income. Total interest income: ₹3.8 billion (+6.5% QoQ). * **Distribution income:** Grew by **28%** in Q2 FY26. * **Reported EBDAT (Q2 FY26):** ₹3,246 Mn (+67% QoQ, -46% YoY). * **Reported EBDAT margin (Q2 FY26):** **34.5%** (+1,270 basis points over Q1 FY26). * **Normalized EBDAT (Q2 FY26):** ₹3.2 billion (+6.1% QoQ). * **Reported PAT (Q2 FY26):** ₹2,117 Mn (+85% QoQ, -50% YoY). * **Normalized PAT (Q2 FY26):** ₹2.1 billion (+10.1% QoQ). * **New businesses burn:** ~₹100 crores annually (Asset Management and Wealth Management). * **Networth (Sep 30, 2025):** ₹58.3 billion.

**Strategic Priorities and Focus Areas:** * **Integrated Digital Ecosystem:** Vision to "touch a billion lives and serve financial needs through one integrated digital ecosystem." * **AI-Powered Platform:** Central to its transformation. Launched **"Ask Angel"** (AI-powered chatbot) and **"Ionic Agent"** (AI-powered portfolio review). * **Product Diversification & Cross-Sell:** Expanding into new areas like credit, insurance, wealth management, and asset management to increase wallet share. Launched its first commodity fund. * **Client Acquisition & Engagement:** Focus on high-quality client acquisition and enhancing engagement through technology and diversified offerings. * **Channel Partner Enablement:** Enhancing the NXT platform for channel partners with unified revenue views and smart advisory. * **Geographic Expansion:** Planning a **GIFT City branch** (subject to approvals). * **Life Insurance Offering:** Joint venture with LivWell Holding Company PTE Limited (26% stake in ₹4 billion JV). * **Security:** ISO/IEC 27001:2022 certified, embedding security at each touchpoint.

**Competitive Advantages and Positioning:** * **Massive Client Base:** One of the largest client bases in India, driven by aggressive digital acquisition. * **Market Share Leadership:** Strong market share in F&O, commodities, and incremental SIPs. * **Technology & AI Prowess:** Early adopter and innovator in AI for customer service and advisory. * **Diversified Product Ecosystem:** Building a comprehensive suite of financial products beyond broking. * **Deep Reach into "Bharat":** Effectively targets and acquires clients from Tier 2/3 cities. * **Strong Platform Leverage:** High cross-sell ratio from MF clients to equities.

**Key Metrics and KPIs:** Client base, Demat market share, Overall retail equity turnover market share, F&O/Commodity turnover market share, Average client funding book, New SIPs registered, Credit disbursed, Normalized EBDAT/PAT, OPM.

**Management Outlook and Guidance:** * **Vision:** Long-term vision to touch a billion lives. * **OPM Guidance:** Aims to exit at **40-45% OPM**. * **New Businesses:** Takes a "long-term view," with AMC business breakeven expected in **~7-8 years** and Wealth business in **~2.5-3 years**. * **Broking Business:** Expects "better order run rate in H2," remaining a "mainstay of growth." * **MTF Book:** Believes it can "easily double without additional capital." * **Costs:** Expects costs to remain "stable," with no bump up. * **Life Insurance JV:** A long-term business, expected to take **>decade to turn profitable**.

---

**Company: Anand Rathi Share and Stock Brokers Limited**

**Brief Description:** Anand Rathi is a full-service financial services firm offering broking, wealth management, distribution, and lending services. It emphasizes strong client relationships, research-backed advisory, and a wide geographical reach, particularly in Tier 2 and Tier 3 cities.

**Scale Metrics:** * **Total asset under custody (Sep 25):** ₹1,01,961 crores (+39% YoY). * **Total asset under management (Sep 25):** ₹7,736 crores (+14% YoY). * **Active client base (Q2 FY26):** 1,49,849 customers (+7% QoQ). * **MTF book (Sep 25):** ₹1,085 crores (+26% QoQ, +41% YoY). * **Geographical reach:** 351 cities through 92 owned branches and 1250 business partners. * **Tier 2 and Tier 3 cities:** 71% of total active clients from these regions. * **Client longevity:** 57% of clientele with the company for >3 years, 43% for >5 years. * **ARPC (Q2 FY26):** INR10,302. * **Research Team (Q2 FY26):** 68 members.

**Financial Performance Summary:** Anand Rathi shows solid financial performance with healthy margins, driven by diversified revenue streams and strong client engagement. * **Total consolidated revenue from operations (Q2 FY26):** ₹227.2 crores (+13% QoQ, -1% YoY). * **EBITDA (Q2 FY26):** ₹92.6 crores (+24% QoQ, -22% YoY). * **EBITDA margin (Q2 FY26):** **40.8%**. * **PAT (Q2 FY26):** ₹27.9 crores (+22% QoQ, -16% YoY). * **PAT margin (Q2 FY26):** **12.2%**. * **Broking and Related Services revenue (Q2 FY26):** ₹115.8 crores (51% of quarterly revenue, +4% QoQ). * **Distribution Income (Q2 FY26):** ₹31.6 crores (+50% QoQ, +74% YoY). * **Interest on MTF (Q2 FY26):** ₹36.4 crores (+30% QoQ, +24% YoY). * **ROCE (Annualized, Q2 FY26):** **20.8%**. * **ROE (Annualized, Q2 FY26):** **20.6%**. * **Debt equity ratio (Sep 25):** 0.93 (down from 2.31 in Q1 FY26 due to IPO).

**Strategic Priorities and Focus Areas:** * **Diversified Revenue Model:** Aiming for a **50:50 split between broking and non-broking revenue by 2027**. * **Client Relationship & Advisory:** Emphasizes enduring client relationships and providing research-backed advisory. * **Geographical Expansion:** Expanding its business partner channel and RM force in Tier 2 and Tier 3 cities. * **Product Expansion:** Acquired a **corporate agency license for insurance broking** as a new distribution revenue stream. * **Online Platform Strengthening:** Continuously enhancing its online platform to provide comprehensive services. * **Investor Education:** Focus on educating investors about investment products rather than just trading/derivatives. * **Capital Raising:** Successfully completed an IPO on Sep 30th, raising ₹745 crores for working capital, MTF, and cash margin.

**Competitive Advantages and Positioning:** * **Strong Client Loyalty:** High percentage of long-term clients (57% >3 years, 43% >5 years) indicates strong trust and retention. * **High ARPC:** Demonstrates the ability to extract significant value from its client base. * **Prudent MTF Book:** Reports **zero NPAs** in its MTF book, indicating robust risk management. * **Wide Distribution Network:** Extensive network of branches and business partners provides deep market penetration. * **Diversified Revenue:** Growing contribution from distribution and MTF income reduces reliance on volatile broking. * **Mature Client Base:** 84% of active clients are >30 years, suggesting a focus on more stable, long-term investors.

**Key Metrics and KPIs:** Total Assets Under Custody/Management, Active Client Base, MTF Book, Distribution Income, Interest on MTF, EBITDA Margin, PAT Margin, ROCE, ROE, ARPC.

**Management Outlook and Guidance:** * **Overall Growth:** Expects "sustainable, consistent growth." * **H2 FY26:** Anticipates H2 to be "better, more robust than last year's H2," with "good traction in broking revenue." * **Revenue Mix:** Aiming for **50-50 between broking and non-broking by 2027**. * **MTF Book:** Aiming to reach **~₹1,500 crores by March '26**. * **MTF Book Headroom:** Can utilize 50% of capital base for MTF, balancing through borrowing. * **Distribution Book AUM:** Aiming for **~₹9,500 crores +/- by March '26**. * **Insurance Strategy:** Focus on addressing investment needs, cross-selling, and suitability for customer segments.

---

**Company: Geojit Financial Services Limited**

**Brief Description:** Geojit Financial Services is a long-standing financial services company with a strong presence in South India, particularly Kerala, and a growing footprint in Tier 2/3 cities. It offers a range of services including broking, financial product distribution (MF, insurance), wealth management, and lending (LAS, MF). Geojit also has a notable international presence in GCC countries.

**Scale Metrics:** * **Customers (Sep 25):** Over **15.89 lakh**. * **Customer Assets (Sep 25):** ₹1,09,947 crores. * **Recurring Revenue Assets (AUM) (Sep 25):** ₹25,935 crores (+7.8% YoY). * **Mutual Fund AUM (Sep 25):** ₹16,751 crores (+6% YoY). * **SIP Book value (Sep 25):** ₹137 crores (+20% YoY). * **New Clients (Q2 FY26):** 40,013 (+15% YoY). * **Employees (Sep 25):** 3,501 (+14% YoY). * **Offices:** 510 offices (504 in India), presence in 20 States and 3 UTs. * **Tier 2 and Tier 3 cities:** 78% branch network and 76% clientele. * **Lending Book (Sep 25):** ₹735 crores. * **Cash Market ADTO (Q2 FY26):** ₹426 crores. * **Derivatives ADTO (Q2 FY26):** ₹8,526 crores (+9% QoQ, +39.7% YoY). * **Brokerage Business % Online on Total (Q2 FY26):** Volume 87%, Brokerage 53%.

**Financial Performance Summary:** Geojit experienced a challenging Q2 FY26 with declining profitability, primarily due to reduced broking income and increased operational expenses related to strategic investments in hiring and marketing. * **Total Income (Q2 FY26):** ₹172.95 crores (+13% QoQ, -21% YoY). * **PBT (Q2 FY26):** ₹30.3 crores (-17% QoQ, -60% YoY). * **PAT (Q2 FY26):** ₹23.47 crores (-18% QoQ, -59% YoY). * **PBT Margin (Q2 FY26):** **18%** (down from 35% in Q2 FY25). * **PAT Margin (Q2 FY26):** **14%** (down from 26% in Q2 FY25). * **Equity and equity related income (Q2 FY26):** ₹81.64 crores (-6% QoQ, -37% YoY). * **Financial products income (Q2 FY26):** ₹62.33 crores (+66% QoQ, +12% YoY). * **Mutual fund income (distribution, Q2 FY26):** ₹33.06 crores (+11% QoQ, +7% YoY). * **Insurance distribution income (Q2 FY26):** ₹27.37 crores (+343% QoQ, +17% YoY). * **Employee expenses (Q2 FY26):** ₹75.4 crores (+28% QoQ, +5% YoY). * **Average yield on mutual fund distribution business (Q2 FY26):** 0.76% (after tax), ~7% less YoY due to B30 not being enforced. * **Cash net worth (Sep 25):** ₹1,081 crores.

**Strategic Priorities and Focus Areas:** * **Diversification into Financial Products:** Growing mutual fund and insurance distribution income to reduce reliance on broking. Acquired a **corporate agency license in insurance broking**. * **Wealth Management Expansion:** Focusing on long-term wealth creation. Launched **Alternate Investment Fund - Geojit Yield Plus** and **Non-Discretionary Portfolio Management Services**. * **NRI/Middle East Wealth Management:** Opening a new entity, **Geojit Private Wealth (DIFC) Ltd**, in DIFC, expected to be operational by end of Q2 FY26. * **Geographical Expansion & Hiring:** Increasing offices and hiring more employees in sales, wealth, and IT functions, particularly in Tier 2/3 cities. * **Technology Investment:** Focusing on internal implementation of software through its subsidiary Geojit Technologies. * **Marketing:** Sizable increase in marketing spending to support growth initiatives. * **Client-centricity:** Emphasizes helping customers create long-term wealth.

**Competitive Advantages and Positioning:** * **Established Brand:** Long history (since 1987) and strong brand recognition, especially in South India. * **Strong Regional Footprint:** Deep penetration in Kerala and Tier 2/3 cities provides a loyal client base. * **International Presence:** Unique advantage with JVs and subsidiaries in GCC countries, tapping into NRI wealth. * **Comprehensive Product Suite:** Offers a wide range of investment, protection, and lending solutions. * **Focus on Long-Term Wealth:** Positions itself as a wealth creator rather than just a transactional broker. * **Robust Technology Stack:** Multiple in-house developed platforms like Flip, TraderX, Smartfolios, FundsGenie.

**Key Metrics and KPIs:** Customer Assets, Recurring Revenue Assets, Mutual Fund AUM, SIP Book, Financial Products Income, Insurance Distribution Income, PBT/PAT Margins, Employee Count, New Clients, Lending Book.

**Management Outlook and Guidance:** * **Overall Outlook:** Expects H2 FY26 to be "better, more robust than last year's H2," with "good traction in broking revenue." * **Profitability:** Hopes to achieve profits similar to last year (FY25 PAT was ₹10,323 lacs), targeting **₹90-100 crores PAT for H2 FY26** if market conditions support. * **Expenses:** Planned expenditure on hiring, offices, and marketing is expected to yield results by year-end. * **Employee Deployment:** Expected to take one more quarter to start seeing fruits from recent hiring. * **Margin Funding:** Still sees "scope for growth." * **NBFC:** Plans to reduce unsecured business loan exposure to **below 25%** over the next year or so. * **Kerala Revenue:** Expected to decrease as business expands nationally.

---

**Company: 5paisa Capital Limited**

**Brief Description:** 5paisa Capital is a prominent discount broker in India, known for its digital-first approach, aggressive client acquisition, and focus on high-volume trading, particularly in the F&O segment. It aims to be the first-choice platform for traders and investors, leveraging technology and a competitive pricing strategy.

**Scale Metrics:** * **Customer Base (Q2 FY26):** 50.1 lakh (+2% QoQ), crossed 5 million. * **App Users (Q2 FY26):** 22.7 Mn (+2% QoQ), with 22.75+ Mn app installs. * **Average Daily Turnover (ADTO) - Notional (Q2 FY26):** ₹2.68 Tn (+18% QoQ). * **Mutual Fund AUM (Q2 FY26):** ₹1,647 Cr (+5% QoQ). * **Average Client Funding Book (Q2 FY26):** ₹3,643 Mn (+17% QoQ). * **Client Acquisition (Q2 FY26):** 0.95 lakh (+20% QoQ). * **DIY Acquisition (Q2 FY26):** 89.2%. * **Total Orders (Q2 FY26):** 21.1 Mn (-4% QoQ). * **Active client base:** Closer to 3,92,000 to 4 lakh.

**Financial Performance Summary:** 5paisa Capital experienced a challenging Q2 FY26 with declining profitability, primarily due to reduced brokerage income and a high cost-to-income ratio, reflecting intense competition and ongoing investments. * **Total Income from operations (Q2 FY26):** ₹773 Mn (-1% QoQ, -23% YoY). * **Brokerage Income (Q2 FY26):** ₹348 Mn (-2% QoQ, -27% YoY). * **Allied Broking Income (Q2 FY26):** ₹196 Mn (+9% QoQ, -28% YoY). * **PBT (Q2 FY26):** ₹128 Mn (-18% QoQ, -56% YoY). * **PAT (Q2 FY26):** ₹95 Mn (-18% QoQ, -57% YoY). * **PAT margin % (Q2 FY26):** **12%** (down from 22% in Q2 FY25). * **Cost to Income ratio (Q2 FY26):** **83%** (up from 71% in Q2 FY25). * **Return on Net Worth (Q2 FY26):** **6.1%** (down from 15.5% in Q2 FY25). * **Customer Acquisition Cost (CAC):** In the range of **₹700-₹715** (reduced by 15% QoQ). * **First Year Revenue (FYR):** Between **₹1,000-₹1,200** (improved by 25% QoQ). * **MTF income:** Grew by **22% QoQ**.

**Strategic Priorities and Focus Areas:** * **Elevating User Experience:** Continuous improvement of its all-in-one investment platform, focusing on high stability, best UI/UX, and algo platform development. * **Branding & Client Engagement:** Building a distinctive value proposition, consistent omni-channel brand presence, faster onboarding, real-time client support, and knowledge-sharing through FinSchool. * **Growth Focused:** Unlocking new markets, deep focus on F&O, strategies to monetize older client cohorts, and expanding wallet share (Mutual Funds, MTF). * **Technology Stack:** Investing heavily in trading platforms, APIs, cloud infrastructure, algorithmic trading, and cybersecurity (ISO 27001:2013 Certified). Over **33% of workforce in Technology and Product**. * **New Features:** Launched **Scalper Platform - Web**, upgraded digital onboarding, **Strategy Analyzer & Alpha Scan**, faster MF SIP Payments, expanded **MTF Universe with "Pay Later"**, and an **ETF Dashboard**. * **Customer Service:** High CSAT (94% in Q1 FY26), AI-led service delivery, and focused TAT.

**Competitive Advantages and Positioning:** * **Large Customer Base & App Reach:** One of the largest customer bases and app installs among discount brokers. * **Strong ADTO:** High average daily turnover, particularly in F&O. * **Tech-Driven Platform:** Continuous innovation in trading tools, analytics, and user experience. * **Competitive Pricing:** Offers a flat ₹20 brokerage for equity delivery and other segments. * **Efficient Client Acquisition:** Reduced CAC and improved FYR, indicating efficient marketing and monetization. * **Robust Cybersecurity:** ISO 27001:2013 Certified.

**Key Metrics and KPIs:** Customer Base, App Users, ADTO, Client Acquisition, MTF Book, PAT Margin, Cost to Income Ratio, CAC, FYR, Return on Net Worth.

**Management Outlook and Guidance:** * **Focus:** Delivering best-in-class solutions, high-quality customer acquisition, and ensuring strong lifetime value. * **Payback Period:** Clients have a payback period of **7-8 months**. * **H2 FY26:** Expects H2 to be "better," but market conditions need to contribute equally. * **Product Roadmap:** Continuously improving product, upgrading tech stack, and setting an independent product roadmap. * **Market Share Ambition:** Aims to reach a "top three position in five years, if not three." * **Pricing Strategy:** Believes the industry might eventually start charging for services currently free, though no immediate plans to increase delivery trade prices.

---

**Company: SMC Global Securities Limited**

**Brief Description:** SMC Global Securities is a diversified financial services company offering broking, distribution, insurance broking, and financing (NBFC) services. It has a pan-India presence through a wide network of authorized persons and financial distributors, aiming to provide comprehensive financial solutions.

**Scale Metrics:** * **Broking Clients (H1 FY26):** 1,250 Thousand. * **Authorized persons:** 2,152 (spanning 412 cities). * **Financial distributors:** 6,573. * **Broking DP AUA (H1 FY26):** ₹1,42,214 Crs. * **Mutual Fund AUM (H1 FY26):** ₹4,459 Crs. * **NBFC AUM (H1 FY26):** ₹1,088.18 Crs. * **Insurance Gross Premium (H1 FY26):** ₹1,364 Crs. * **Insurance Policies (H1 FY26):** 493 Thousand. * **Branches Across India:** 203 (including 1 in Dubai). * **Employees:** 4,117. * **Online trading contribution (H1 FY26):** 67% of overall turnover.

**Financial Performance Summary:** SMC Global experienced a significant decline in profitability in H1 FY26, primarily due to moderation in trading activity, reduced exchange commission income, and a cautious lending approach in its NBFC segment. * **Revenue from operations (Q2 FY26):** ₹440.3 Crores (+3.6% QoQ, -2.3% YoY). * **EBITDA (Q2 FY26):** ₹84.4 Crores (-29% YoY). * **EBITDA margin (Q2 FY26):** **19.2%** (down from 26.4% in Q2 FY25). * **PAT (Q2 FY26):** ₹21.0 Crores (-54% YoY). * **PAT margin (Q2 FY26):** **4.8%** (down from 10.1% in Q2 FY25). * **Broking, Distribution & Trading Revenue (Q2 FY26):** ₹240.9 Crores (-12.8% YoY). * **Insurance Broking Revenue (Q2 FY26):** ₹162.5 Crores (+21.1% YoY). * **Financing (NBFC) Revenue (Q2 FY26):** ₹46.4 Crores (-7.9% YoY). * **NBFC NNPA % (H1 FY26):** 2.49%. * **NBFC ROA % (H1 FY26):** 2.33%. * **NBFC Total Borrowings/Leverage Ratio (H1 FY26):** ₹757.87 Crs / 1.56x. * **Consolidated Net worth (Sept-25):** ₹1,257.87 Crs. * **5 Year PAT CAGR (Mar-25):** 43.8%. * **5 Year Revenue CAGR (Mar-25):** 17.9%.

**Strategic Priorities and Focus Areas:** * **Diversified Financial Offerings:** Continued focus on its multi-segment approach (broking, insurance, NBFC) to mitigate risks and capture cross-selling opportunities. * **Broking & Distribution:** Deepening partnerships with PSU and private banks, expanding digital reach, and increasing customer engagement via research-driven advisory tools. * **Insurance Broking:** Leveraging its online portal www.smcinsurance.com with AI capabilities to drive growth. * **Financing (NBFC) Strategy:** Shifting focus from prime LAP to Micro LAP, tightening underwriting policies for unsecured products, and reducing unsecured exposure from over 50% of AUM to 35%. * **Technology Integration:** Fintech-focused approach to enhance distribution and client experience. * **Brand & Relationships:** Leveraging its established national brand and extensive corporate relationships.

**Competitive Advantages and Positioning:** * **Comprehensive Offerings:** Provides a wide array of financial products and services under one roof. * **Extensive Distribution Network:** Large network of authorized persons, financial distributors, and strategic alliances with banks. * **Strong Insurance Broking Arm:** Significant player in insurance distribution, a growing fee-based segment. * **Diversified NBFC Portfolio:** Offers various lending products (SME WCTL, LAP, Gold Loan, Micro-LAP) with a focus on secured lending. * **Established Brand:** Long history (founded 1994) and recognized brand in the Indian financial market. * **Strong Ratings:** ICRA A1+ (Short Term), ICRA A (STABLE) and CRISIL A (STABLE) (Long Term).

**Key Metrics and KPIs:** Broking DP AUA, MF AUM, NBFC AUM, Insurance Gross Premium, Revenue from each segment, EBITDA/PAT Margins, NBFC NNPA%, ROA%, Net Worth.

**Management Outlook and Guidance:** * **Overall Outlook:** Acknowledges the broking industry is undergoing realignment, challenging in the short term but promising for the future. Regulatory changes are fostering market discipline. * **H2 FY26:** Expects next two quarters to be "better," hopeful to recover to last year's profit levels (FY25 PAT was ₹147 crores). Target PAT for H2 FY26 is **₹90-100 crores** if market conditions support. * **Insurance Segment:** Benefits from favorable structural tailwinds, expects "further improvement in Q4." * **NBFC Strategy:** Reducing exposure to unsecured business loan product (SME WCTL) from 35% to **below 25%** over the next year or so. * **Trading Activity:** Expects trading activity and investor participation to gradually recover.

---

**Company: Emkay Global Financial Services Limited**

**Brief Description:** Emkay Global Financial Services is a diversified financial services firm with a strong focus on institutional equities, asset management (PMS & AIF), and wealth management. It caters to institutional clients, HNI/UHNI, and retail investors, leveraging its research capabilities and comprehensive advisory services.

**Scale Metrics:** * **Total Assets (Q2 FY26):** ₹199,776 Mn (-6% YoY degrowth). * **Wealth Assets (Q2 FY26):** ₹184,149 Mn (-8% YoY degrowth). * **PMS & AIF AUM (Q2 FY26):** ₹15,627 Mn (+25% YoY growth). * **Number of Clients (Q2 FY26):** 40,400+. * **Institutional Equities team:** Organized 14 roadshows, 35 corporate/expert client calls, 14 group calls/events/conferences in Q2 FY26. * **Emkay Confluence 2025:** Facilitated over 5,000 meetings with ~200 companies and 250 funds. * **Total Employees (Q2 FY26):** 547. * **Networth (Q2 FY26):** ₹3,015 Mn.

**Financial Performance Summary:** Emkay Global experienced a significant decline in revenue and profitability in Q2 FY26, primarily due to subdued market performance, FII outflows, and a decrease in transactional wealth management revenue. * **Total Revenue (Q2 FY26):** ₹771 Mn (-1% QoQ, -33% YoY degrowth). * **PBT (Q2 FY26):** ₹3 Mn (-94% QoQ, -99% YoY degrowth). * **PAT (Q2 FY26):** ₹5 Mn (-90% QoQ, -98% YoY degrowth). * **ROE (Annualized, Q2 FY26):** **3.47%** (down from 20.89% in FY25). * **Capital Markets Revenue (Q2 FY26):** ₹400 Mn (+3% QoQ, -31% YoY degrowth). * **Wealth Management Revenue (Q2 FY26):** ₹171 Mn (+4% QoQ, -50% YoY degrowth). * Advisory revenue: ₹54 Mn (+23% YoY). * Transactional revenue: ₹117 Mn (-61% YoY). * **Asset Management Revenue (Q2 FY26):** ₹79 Mn (+64.6% QoQ, +31.7% YoY). * **Others including Treasury Revenue (Q2 FY26):** ₹121 Mn (+22% QoQ, -27% YoY degrowth). * **Employee Benefits Expenses (Q2 FY26):** ₹419 Mn (-2% QoQ, -14% YoY).

**Strategic Priorities and Focus Areas:** * **Institutional Equities:** Maintaining strong relationships with institutional clients through conferences (Emkay Confluence), roadshows, and corporate calls. * **Asset Management Growth:** Driving growth in PMS and AIF segments. Emkay Capital Builder and SMIDCap strategies showing strong performance and investor response. Planning to launch **Emkay Emerging Stars Fund Series VII (Category III AIF)**. * **Wealth Management:** Expanding footprint across Tier-2 and Tier-3 cities. Deepening penetration in equity-linked offerings and exploring new SEBI-introduced asset class **Specialised Investment Funds (SIFs)**. * **Technology & Digital Infrastructure:** Continuous upgrades to client management systems, automation, enhanced security frameworks, and digital transformation initiatives. * **Capital Infusion:** Raised ₹2,275 million during Q2 FY26. * **Self-Clearing Member (SCM) to Clearing Member (CM) transition:** Successfully transitioned across key exchange segments.

**Competitive Advantages and Positioning:** * **Strong Institutional Equities Franchise:** Well-regarded for its research and client access in the institutional segment. * **Growing Asset Management Business:** Successful launch and performance of PMS and AIF strategies. * **Comprehensive Wealth Management:** Offers advisory and distribution mechanisms with regular portfolio monitoring. * **Robust Research Capabilities:** Supports both institutional and wealth management clients. * **Technology-Driven:** Continuous investment in technology for client management, security, and digital transformation.

**Key Metrics and KPIs:** PMS & AIF AUM, Wealth Assets, Institutional Equities activity, Revenue Mix, PBT/PAT, ROE.

**Management Outlook and Guidance:** * **Overall Outlook:** Confident that India's macroeconomic fundamentals and policy tailwinds will drive a "stronger recovery in H2 FY26." Committed to delivering long-term value. * **IPO Pipeline:** Expects a "robust second half" that should help comfortably achieve full-year guidance. * **Investor Appetite:** Notes that issuers offering reasonable pricing witnessed healthy post-listing performance, emphasizing the importance of upfront margin of safety. * **Asset Management:** Actively strengthening engagement with IFAs and expanding outreach beyond metros into Tier-2 markets. * **Wealth Management:** Aims to deepen penetration in equity-linked offerings and explore SIFs. * **Investments:** Continued investment in relationships, research, and technology.

---

**J. TABLES**

Here are the tables extracted from the documents, formatted for clarity:

---

**Groww (Billionbrains Garage Ventures Limited) - Financial Metrics**

| Metric | Q2 FY25 (₹ Mn) | Q3 FY25 (₹ Mn) | Q4 FY25 (₹ Mn) | Q1 FY26 (₹ Mn) | Q2 FY26 (₹ Mn) | QoQ Growth (Q2 FY26 vs Q1 FY26) | | :-------------------------- | :------------- | :------------- | :------------- | :------------- | :------------- | :------------------------------ | | Total Income | 11,600 | 10,045 | 8,496 | 9,485 | 10,708 | 13% | | Adjusted EBITDA | 7,177 | 5,980 | 4,070 | 5,072 | 6,241 | 23% | | Profit After Tax (PAT) | 4,201 | 7,571 | 3,092 | 3,784 | 4,713 | 24% | | Cost to Grow | N/A | N/A | N/A | N/A | 1,253 | 15% | | Cash Balance (end of period)| N/A | N/A | N/A | 38,197 | 35,990 | -6% |

**Groww - Key Ratios (Q2 FY26)**

| Metric | Value | | :-------------------------- | :------ | | Adjusted EBITDA Margin | 61.3% | | PAT Margin | 44% | | Cost to Serve | 12.5% | | Adj. Cost to Operate | 14.0% |

**Groww - Revenue per Broking Order**

| Period | Value (₹) | | :---------- | :-------- | | Q2 FY25 | 18.0 | | Q2 FY26 | 19.8 |

**Groww - Market Position & Operational Metrics**

| Metric | Q2 FY25 | Q2 FY26 | YoY Growth | | :-------------------------------------- | :------------- | :------------- | :--------- | | Total Transacting Users | 15 Mn (est.) | 19 Mn | +27% | | Active Users | 14.3 Mn (est.) | 14.8 Mn | +3.2% QoQ | | Total Customer Assets | ₹2.0 Tn (est.) | ₹2.7 Tn | +33% | | NSE Active Clients | 12.3 Mn (25.6%)| 11.9 Mn (26.3%)| +70 bps MS | | Mutual Funds SIP Inflows | ₹83,832 Mn (11.7%)| ₹112,537 Mn (13.1%)| +140 bps MS | | Retail Cash ADTO | ₹101,246 Mn (17.7%)| ₹101,294 Mn (25.8%)| +810 bps MS | | Retail Derivatives Premium ADTO | ₹79,158 Mn (10.7%)| ₹95,735 Mn (17.3%)| +660 bps MS | | MTF Active Users | 20k | 78k | +290% | | MTF Book | ₹3,890 Mn | ₹16,683 Mn | +329% | | Affluent Users YoY Growth | 20% (overall) | 52% | | | Affluent Users % of Total Customer Assets| 31% | 34% | | | Loan Against Securities (LAS) customers | N/A | 9.8k | | | Disbursements by Groww CreditServ Technology| N/A | ₹1,444 Mn | +58% QoQ |

**Groww - New Users by Product (Q2 FY26)**

| Product | % of New Users | YoY Change (pp) | | :---------------- | :------------- | :-------------- | | MF SIPs-first | 36% | +7 | | Stocks-first | 37% | -15 | | ETFs-first | 6% | 6x | | IPO-first | 6% | 2x |

**Groww - Total Income Mix by Products (Q2 FY26)**

| Product | Q2 FY25 (%) | Q2 FY26 (%) | | :---------------- | :---------- | :---------- | | Equity Derivatives| 15% | 5% | | Stocks | 8% | 19% | | Float | 8% | 7% | | PL + LAS | 5% | 6% | | Treasury | 3% | 5% | | MTF | 1% | 3% | | Other Income | 2% | 5% |

---

**Motilal Oswal Financial Services Limited - Financial Metrics**

**Motilal Oswal - Q2 FY26 Performance**

| Metric | Value (₹ Cr) | YoY Change | QoQ Change | | :-------------------------------------- | :----------- | :--------- | :--------- | | Total Net Revenues | 1,460 | +7% | +2% | | Employee Expense | 507 | +14% | -2% | | Other Expense | 213 | +7% | +8% | | Total Expense | 720 | +12% | +1% | | PBT | 740 | +2% | +4% | | PBT Margin | 51% | | | | Operating profit after tax | 554 | +2% | | | Operating PAT (Asset and Private Wealth)| N/A | +36% | | | Treasury Investments PAT | (268) | (vs 701) | (vs 896) | | Total PAT | 286 | (vs 1,242) | (vs 1,430) | | Lending Book AUM | 6,305 | +13% | | | Housing Finance Disbursement Growth | 544 | +48% | | | Annual Recurring Revenue (ARR) | 61% of total net revenues | | | | Fee-based revenue | 45% of total revenues | | | | MF Yields | 45 bps | (vs 42 bps)| |

**Motilal Oswal - H1 FY26 Performance**

| Metric | Value (₹ Cr) | YoY Change | | :-------------------------------------- | :----------- | :--------- | | Total Net Revenues | 2,888 | +15% | | Employee Expense | 1,025 | +23% | | Other Expense | 411 | +10% | | Total Expense | 1,436 | +19% | | PBT | 1,452 | +11% | | PBT Margin | 50% | | | Operating PAT | 1,088 | +11% | | Treasury Investments PAT | 628 | (vs 1,286) | | Total PAT | 1,716 | (vs 2,263) | | Operating RoE (Annualised) | 29% | | | Capital Market Business (IB) Fees income| 120 | +65% |

**Motilal Oswal - Segmental PAT (Q2 FY26)**

| Segment | Value (₹ Cr) | YoY Change | | :------------------------------ | :----------- | :--------- | | Asset & Private Wealth Management | 290 | +36% | | Wealth Management | 170 | -24% | | Capital Market | 90 | +24% | | Housing Finance | 33 | +25% |

**Motilal Oswal - Net Worth & Treasury Investments**

| Metric | Mar'15 (₹ Cr) | Sep'25 (₹ Cr) | YoY Change (Sep'25) | | :-------------------------- | :------------ | :------------ | :------------------ | | Net Worth | 1,295 | 12,871 | +16% | | Treasury Investments | N/A | 8,957 | +14% |

**Motilal Oswal - Consolidated Net Revenue Mix (Q2 FY26)**

| Revenue Stream | Value (₹ Cr) | % of Total | | :------------------------ | :----------- | :--------- | | Brokerage | 313 | 39% | | NII | 429 | 47% | | Management Fees & Advisory| 262 | 18% | | Distribution | 44 | 3% | | Other Operating | 51 | 3% |

**Motilal Oswal - Market Position**

| Metric | Q2 FY26 | YoY Change | | :-------------------------------------- | :------------- | :--------- | | Customer Count | 14.5mn+ | | | Assets under Advice (AUA) | ₹6.7 lakh crore| | | AMC AUM (Sep 2025) | ₹1.6 Lakh Crs | +46% | | AMC MF AUM market share | 2.6% | | | AMC Net flow market share | 8.2% | (from 7.7% QoQ) | | AMC SIP flow Market share | 4.8% | | | PWM AUM | ₹1.87 Tn | | | PWM Net Sales (Q2 FY26) | ₹7,358 Crs | 3x | | Wealth Management Cash volume market share| 7.1% | | | Wealth Management F&O Premium market share| 8.7% | | | Wealth Management Total blended ADTO market share| 8% | | | Investment Banking Rank (H1 FY26) | #1 in IPO, QIP, Rights Issue (by number of issues) | |

---

**360 ONE WAM LIMITED - Financial Metrics**

**360 ONE WAM - Q2 FY26 Performance**

| Metric | Value (₹ Cr) | YoY Change | QoQ Change | | :-------------------------------------- | :----------- | :--------- | :--------- | | Total Revenue | 813 | +31.5% | | | Revenue from Operations | 763 | +29.6% | | | ARR revenue | 554 | +39.4% | | | Transactional / Brokerage Income | 209 | +9.3% | +37.8% | | Total costs | 400 | | +13.9% | | Cost to income ratio | 49.2% | | | | PAT | 316 | +28% | +10.6% | | Tangible ROE | 20.6% | | | | ARR retentions | 76 bps | | | | Wealth Management retention | 72 bps | | | | Asset Management retention | 83 bps | | | | Employee costs | 285 | +27.1% | | | Administrative costs | 115 | +53.5% | | | NBFC NIM | 5.83% | | |

**360 ONE WAM - H1 FY26 Performance**

| Metric | Value (₹ Cr) | YoY Change | | :-------------------------------------- | :----------- | :--------- | | Total Revenue | 1,539 | +17.0% | | Annual Recurring Revenue | 1,064 | +37.7% | | Transactional / Brokerage Revenue | 361 | -13.3% | | Total Revenue from Operations | 1,425 | +19.9% | | Total Expenses | 751 | +33.2% | | Operating Profit before Taxes (OPBT) | 674 | +7.8% | | Profit before Tax | 787 | +24.1% | | PAT | 603 | +22.9% | | ROE Ex Goodwill & Intangibles | 20.1% | | | Net flows (core wealth and asset businesses, excluding UBS)| 32,132 | |

**360 ONE WAM - AUM Metrics (Q2 FY26)**

| Metric | Value (₹ Crs) | YoY Change | | :-------------------------------------- | :------------ | :--------- | | Total AUM | 6,71,625 | +18.0% | | Wealth Management AUM | 5,79,509 | +19.8% | | Asset Management AUM | 92,116 | +7.4% | | Closing ARR AUM | 2,95,324 | +21.7% | | Average ARR AUM | 2,90,709 | +24.9% | | Lending Book | 10,342 | +52.1% | | Transactional & Broking (TBR ex-custody)| 2,17,690 | +34.4% | | AMC net flows | 1,860 | |

**360 ONE WAM - Market Position**

| Metric | Value | | :-------------------------------------- | :------------- | | UHNI market share | 8-11% | | Families and corporates (including Treasury)| >4,200 | | UHNI families engaged (day-to-day) | 4,000-4,500 | | UHNI families meaningfully engaged | 1,800-2,000 | | RM count | ~100-110 Team Leads, ~240-250 Relationship Managers | | Employees | 1,700+ |

---

**Angel One Limited - Financial Metrics**

**Angel One - Q2 FY26 Performance**

| Metric | Value (₹ Mn) | QoQ Change | YoY Change | | :-------------------------------------- | :----------- | :--------- | :--------- | | Total Gross Income | 12,042 | +5% | -21% | | Total Net Income | 9,410 | +6% | -21% | | Net broking income | 5,500 | +5.4% | | | Average client funding book | 53,000 | +26.1% | +36% | | Total interest income | 3,800 | +6.5% | | | Finance cost | 932 | +12.4% | | | Net interest income | 2,900 | +4.6% | | | Distribution income | 447 | +28% | 3.4x | | Employee cost (including ESOPs) | 2,700 | Stable | | | Other expenses | 3,400 | -19.2% | | | Reported EBDAT | 3,246 | +67% | -46% | | Reported EBDAT margin | 34.5% | +1,270 bps | | | Normalized EBDAT | 3,200 | +6.1% | -33% | | Reported PAT | 2,117 | +85% | -50% | | Normalized PAT | 2,100 | +10.1% | -37% | | Period ending client funding book | 59,474 | | +40% | | Total borrowings | 44,176 | | | | Networth | 58,341 | | |

**Angel One - H1 FY26 Performance**

| Metric | Value (₹ Mn) | YoY Change | | :-------------------------------------- | :----------- | :--------- | | Total Reported Gross Income | 23,473 | -20% | | Total Net Income | 18,323 | -21% | | Reported EBDAT | 5,190 | -49% | | Normalised EBDAT | 6,307 | -30% | | Reported PAT | 3,262 | -54% | | Normalised PAT | 4,057 | -36% |

**Angel One - Market Position**

| Metric | Q2 FY26 | YoY Change | | :-------------------------------------- | :------------- | :--------- | | Client base | 34 Mn+ | | | New clients | 1.7 Mn | +12.2% QoQ | | Demat market share | 16.5% | +79 bps | | Overall retail equity turnover market share| 20.5% | +114 bps | | NSE Active Client Base market share | 15.2% | +64 bps | | F&O Turnover Market Share | 21.7% | | | Cash Turnover Market Share | 18.7% | | | Commodity Turnover Market Share | 65.1% | | | Orders executed | 360 Mn | -26% | | New SIPs registered | 2.4 Mn | +24% QoQ | | Credit disbursed | ₹4.6 Bn | +97% QoQ | | Ionic Wealth AUM | ₹61 Bn+ | | | Ionic Wealth clients | >1,250 | | | Asset management business AUM | ₹4 Bn | | | Asset management business folios | 1.4 lakhs | |

**Angel One - Client Funding Book Segmentation (Q2 FY26)**

| Exposure Segment | % of Clients | | :--------------- | :----------- | | <0.1mn | 83.6% | | 0.1-0.5mn | 9.8% | | >0.5mn | 6.5% |

**Angel One - Consolidated P&L (Q2 FY26) (₹ Mn)**

| Item | Value | | :------------------------------------ | :------- | | Interest Income | 3,794 | | Fees and Commission Income | 8,167 | | Net gain on fair value changes | 57 | | Total Revenue from operations | 12,018 | | Other Income | 24 | | Total Income | 12,042 | | Finance costs | 932 | | Fees and commission expense | 1,700 | | Impairment on financial instruments | -8 | | Employee benefits expenses | 2,275 | | Expense on Employee Stock Option Scheme| 470 | | Depreciation, amortization and impairment| 307 | | Other expenses | 3,427 | | Total Expenses | 9,102 | | PBT | 2,940 | | Total Income tax expense | 823 | | Profit for the period/year | 2,117 |

---

**Anand Rathi Share and Stock Brokers Limited - Financial Metrics**

**Anand Rathi - Q2 FY26 Performance**

| Metric | Value (₹ Cr) | QoQ Change | YoY Change | | :-------------------------------------- | :----------- | :--------- | :--------- | | Total consolidated revenue from operations| 227.2 | +13% | -1% | | EBITDA | 92.6 | +24% | -22% | | EBITDA margin | 40.8% | | | | PAT | 27.9 | +22% | -16% | | PAT margin | 12.2% | | | | Broking and Related Services revenue | 115.8 | +4% | -14% | | Distribution Income | 31.6 | +50% | +74% | | Interest on MTF | 36.4 | +30% | +24% | | ROCE (Annualized) | 20.8% | | | | ROE (Annualized) | 20.6% | | | | MTF book | 1,085 | +26% | +41% | | Debt equity ratio | 0.93 | (down from 2.31) | |

**Anand Rathi - H1 FY26 Performance**

| Metric | Value (₹ Cr) | YoY Change | | :-------------------------------------- | :----------- | :--------- | | Total consolidated revenue from operations| 428.3 | -3% | | EBITDA | 167.4 | +4% | | EBITDA margin | 39.1% | | | PAT | 50.7 | -20% | | PAT margin | 11.8% | | | Broking and Related Services income | 226.7 | -22% | | Interest on MTF income | 64.5 | +16% | | Distribution Income | 52.6 | +55% | | ROCE (Annualized) | 19.5% | | | ROE (Annualized) | 19.1% | | | ARPC | 16,671 | |

**Anand Rathi - Market Position (Sep 25)**

| Metric | Value | YoY Change | | :-------------------------------------- | :------------- | :--------- | | Total asset under custody | ₹1,01,961 crores| +39% | | Total asset under management | ₹7,736 crores | +14% | | Active client base (Q2 FY26) | 149,849 | +7% QoQ | | Active clients (H1 FY26) | 173,998 | | | Client engagement (>3 years) | 57% | | | Client engagement (>5 years) | 43% | | | Client age profile (>30 years) | 84% | | | Geographical reach (Tier 2 and Tier 3 cities)| 71% of total active clients | | | Pan India footprint | 351 cities (92 owned branches, 1250 business partners) | | | Active broking clients (Q2 FY26) | 92,326 | | | Clients actively traded in equity cash segment (Q2 FY26)| 89,208 (97%) | | | MTF Clients (Q2 FY26) | 8,148 | +41% |

**Anand Rathi - Segment-wise Split of Brokerage Income (Q2 FY26)**

| Segment | % of Brokerage Income | | :---------------------- | :-------------------- | | Equity Cash Segment | 49% | | F&O and Others | 51% |

**Anand Rathi - MTF Book Outstanding (Q2 FY26)**

| Outstanding Range | % Outstanding | | :---------------- | :------------ | | Above ₹50 Mn | 10.3% | | ₹30-50 Mn | 6.1% | | ₹10-30 Mn | 17.0% | | ₹5-10 Mn | 17.5% | | ₹2.5-5 Mn | 14.3% | | ₹1-2.5 Mn | 19.6% | | >₹1 Mn | 15.2% |

---

**Geojit Financial Services Limited - Financial Metrics**

**Geojit - Consolidated Results (in lacs)**

| Metric | Q2 FY25 | Q1 FY26 | Q2 FY26 | QoQ Growth (Q2 FY26 vs Q1 FY26) | YoY Growth (Q2 FY26 vs Q2 FY25) | H1 FY25 | H1 FY26 | YoY Growth (H1 FY26 vs H1 FY25) | | :-------------------------- | :------ | :------ | :------ | :------------------------------ | :------------------------------ | :------ | :------ | :------------------------------ | | Total Income | 21,855 | 15,330 | 17,295 | 13% | -21% | 39,973 | 32,625 | -18% | | PBT | 7,553 | 3,664 | 3,030 | -17% | -60% | 13,526 | 6,695 | -51% | | PAT | 5,742 | 2,867 | 2,347 | -18% | -59% | 10,323 | 5,214 | -49% | | Total Comprehensive Income | 5,739 | 2,849 | 2,354 | -17% | -59% | 10,313 | 5,204 | -50% |

**Geojit - Consolidated Revenue Mix (in lacs)**

| Revenue Stream | Q2 FY25 | Q1 FY26 | Q2 FY26 | QoQ Growth | YoY Growth | H1 FY25 | H1 FY26 | YoY Growth | | :------------------------ | :------ | :------ | :------ | :--------- | :--------- | :------ | :------ | :--------- | | Equity and Equity related | 12,963 | 8,683 | 8,164 | -6% | -37% | 25,080 | 16,808 | -33% | | - Brokerage Services | 9,500 | 6,140 | 5,398 | -12% | -43% | 18,480 | 11,552 | -37% | | - Depository Services | 885 | 816 | 753 | -8% | -15% | 1,780 | 1,572 | -12% | | - Interest income from Clients| 2,578 | 1,667 | 2,013 | 21% | -22% | 4,820 | 3,684 | -22% | | Financial Products income | 5,564 | 3,750 | 6,233 | 66% | 12% | 8,690 | 9,994 | 15% | | - Mutual fund distribution| 3,086 | 2,969 | 3,306 | 11% | 7% | 5,650 | 6,275 | 11% | | - Insurance distribution | 2,333 | 618 | 2,737 | 343% | 17% | 2,840 | 3,355 | 18% | | - Other distribution income| 145 | 163 | 190 | 9% | 23% | 200 | 364 | 89% | | Geojit PMS Income | 1,162 | 722 | 794 | 10% | -32% | 1,920 | 1,516 | -21% | | Treasury Income | 1,667 | 1,530 | 1,324 | -14% | -21% | 3,250 | 2,861 | -12% | | Software Income | 290 | 340 | 151 | -56% | -48% | 590 | 495 | -16% | | Other operational income | 250 | 305 | 314 | 3% | 24% | 443 | 622 | 29% |

**Geojit - Revenue Mix (%)**

| Revenue Stream | Q2 FY25 | Q1 FY26 | Q2 FY26 | | :------------------------ | :------ | :------ | :------ | | Financial Products & PMS | 31% | 29% | 41% | | Equity and Equity related | 59% | 56% | 47% | | Treasury Income | 8% | 10% | 8% | | Software Income | 1% | 2% | 1% | | Others | 1% | 2% | 4% |

**Geojit - Recurring Revenue Assets (AUM) (in Crores)**

| Metric | Sep.24 | Jun.25 | Sep.25 | | :-------------------------- | :----- | :----- | :----- | | Total Recurring Revenue Assets | 24,046 | 25,363 | 25,935 | | Mutual fund - Geojit | 15,800 | 16,610 | 16,751 | | AUA - Financial Planning | 4,285 | 3,811 | 3,970 | | Mutual fund - Barjeel | 1,301 | 1,451 | 1,426 | | Smartfolios | 1,003 | 1,804 | 1,041 | | Geojit PMS | 1,188 | 1,119 | 2,045 | | AIF & 3rd Party PMS | 469 | 567 | 702 |

**Geojit - Market Position**

| Metric | Sep.24 | Sep.25 | Growth | | :-------------------------- | :----- | :----- | :----- | | Customer Assets (in Crores) | 1,14,448| 1,09,947| -4% | | Employees | 3,065 | 3,501 | 14% | | SIP Book value (in Crores) | 114 | 137 | 20% | | New Clients (Q2 FY) | 34,763 | 40,013 | 15% | | Life Insurance Book (in Crores)| 305 | 412 | 35% | | PMS AUM (in Crores) | 1,301 | 1,426 | 10% | | Smartfolios AUM (in Crores) | 1,188 | 1,041 | -12% | | Lending Book (in Crores) | 785 | 735 | -6% | | Market Capitalization (Sep.25)| ₹2,187 crore | | | | Networth (Sep.25) | ₹1,255 crore | | |

**Geojit - Brokerage Business % Online on Total (Volume/Brokerage)**

| Period | Volume | Brokerage | | :------ | :----- | :-------- | | Q2 FY25 | 84% | 51% | | Q1 FY26 | 85% | 54% | | Q2 FY26 | 87% | 53% |

**Geojit - Yield (Cash/Total Yield)**

| Period | Cash Yield | Total Yield | | :------ | :--------- | :---------- | | Q2 FY25 | 0.191% | 0.022% | | Q1 FY26 | 0.165% | 0.012% | | Q2 FY26 | 0.165% | 0.010% |

---

**SMC Global Securities Limited - Financial Metrics (Consolidated)**

**SMC Global - Consolidated Financials**

| Metric | Q2 FY25 (₹ Cr) | Q2 FY26 (₹ Cr) | YoY Change | H1 FY25 (₹ Cr) | H1 FY26 (₹ Cr) | YoY Change | | :-------------------------- | :------------- | :------------- | :--------- | :------------- | :------------- | :--------- | | Revenue from operations | 450.8 | 440.3 | -2.3% | 898.8 | 865.2 | -3.7% | | EBITDA | 118.9 | 84.4 | -29.0% | 244.4 | 184.5 | -24.5% | | EBITDA margin | 26.4% | 19.2% | -720 bps | 27.2% | 21.3% | -590 bps | | PAT | 45.6 | 21.0 | -54.0% | 98.9 | 50.9 | -48.5% | | PAT margin | 10.1% | 4.8% | -530 bps | 11.0% | 5.9% | -510 bps | | Basic & Diluted EPS (INR) | N/A | 1.97 | | N/A | 4.81 | |

**SMC Global - Segment-wise Performance (Q2 FY26 vs Q2 FY25)**

| Segment | Revenue (₹ Cr) | YoY Change | EBIT (₹ Cr) | YoY Change | | :---------------------------- | :------------- | :--------- | :---------- | :--------- | | Broking, Distribution & Trading | 240.9 | -12.8% | 48.8 | -38.1% | | Insurance Broking | 162.5 | +21.1% | 4.2 | +7.7% | | Financing (NBFC) | 46.4 | -7.9% | 26.3 | -14.0% |

**SMC Global - Segment-wise Performance (H1 FY26 vs H1 FY25)**

| Segment | Revenue (₹ Cr) | YoY Change | EBIT (₹ Cr) | YoY Change | | :---------------------------- | :------------- | :--------- | :---------- | :--------- | | Broking, Distribution & Trading | 515.9 | -7.8% | 112.0 | -26.3% | | Insurance Broking | 278.3 | +6.3% | 6.6 | -9.6% | | Financing (NBFC) | 97.3 | -12.0% | 54.9 | -25.8% |

**SMC Global - AUM & NBFC Financials (H1 FY26)**

| Metric | Value | | :-------------------------- | :------------- | | Broking DP AUA | ₹1,42,214 Crs | | Mutual Fund AUM | ₹4,459 Crs | | Wealth AUM/AUA | ₹1,091 Crs | | NBFC AUM | ₹1,088.18 Crs | | NBFC Net Worth | ₹485 Crs | | NBFC NNPA % | 2.49% | | NBFC ROA % | 2.33% | | NBFC OPEX to AUM | 5.34% | | NBFC Total Borrowings/Leverage Ratio| ₹757.87 Crs / 1.56x | | NBFC Cost of Borrowing % | 10.66% | | NBFC CRAR % | 45.2% | | NBFC Secured AUM % | 65.32% | | NBFC Collection Efficiency | 98.47% | | NBFC PAT | ₹13.8 Crs |

**SMC Global - NBFC AUM (In Crs) by product (H1 FY26)**

| Product | AUM (₹ Crs) | % of Portfolio | | :-------------------- | :---------- | :------------- | | SME WCTL | 377 | 34.60% | | Onward Lending | 170 | 15.65% | | SME LAP | 263 | 24.14% | | SME Assets | 136 | 12.54% | | CMF | 33 | 3.07% | | Consumable Durables | 56 | 5.14% | | Gold Loan | 52 | 4.82% | | Supply Chain Financing| 0 | 0.00% | | Micro - LAP | 61 | 5.18% |

**SMC Global - H1 FY26 Revenue Pie (%)**

| Segment | % of Revenue | | :---------------------------- | :----------- | | Broking, Distribution & Trading | 58% | | Financing | 31% | | Insurance Broking | 11% |

---

**5paisa Capital Limited - Financial Metrics (Consolidated)**

**5paisa Capital - Q2 FY26 Performance**

| Metric | Value (₹ Mn) | QoQ Change | YoY Change | | :-------------------------- | :----------- | :--------- | :--------- | | Total Income from operations| 773 | -1% | -23% | | Brokerage Income | 348 | -2% | -27% | | Allied Broking Income | 196 | +9% | -28% | | Other Operating Income | 230 | -5% | -13% | | Total Expenses | 645 | +4% | -10% | | PBT | 128 | -18% | -56% | | PAT | 95 | -18% | -57% | | PAT margin % | 12% | -18% | -43% | | Basic EPS | 3.04 | -18% | -57% | | Diluted EPS | 3.03 | -18% | -57% | | Avg Client Funding Book Size| 3,643 | +17% | | | Low Per Client Exposure (₹) | 21,907 | +11.5% | | | Cost to Income ratio | 83% | +3% | +12% | | Return on Net Worth | 6.1% | -1.5% | -9.4% |

**5paisa Capital - H1 FY26 Performance**

| Metric | Value (₹ Mn) | YoY Change | | :-------------------------- | :----------- | :--------- | | Total Income from operations| 1,551 | -24% | | Brokerage Income | 704 | -25% | | Allied Broking Income | 376 | -34% | | Other Operating Income | 472 | -11% | | Total Expenses | 1,268 | -14% | | PBT | 283 | -50% | | PAT | 210 | -50% | | PAT margin % | 14% | -34% | | Basic EPS | 6.73 | -50% | | Diluted EPS | 6.72 | -50% |

**5paisa Capital - Net-worth (In Cr)**

| Period | Value | | :------ | :---- | | Q1 FY25 | 553 | | Q2 FY25 | 576 | | Q3 FY25 | 593 | | Q4 FY25 | 604 | | Q1 FY26 | 616 | | Q2 FY26 | 626 |

**5paisa Capital - Market Position**

| Metric | Q2 FY26 | QoQ Change | | :-------------------------- | :------------- | :--------- | | Customer Base | 50.1 lakh | +2% | | App Users | 22.7 Mn | +2% | | Average Daily Turnover (ADTO) - Notional| ₹2.68 Tn | +18% | | Mutual Fund AUM | ₹1,647 Cr | +5% | | Client Acquisition | 0.95 lakh | +20% | | DIY Acquisition | 89.2% | +4% | | Total Orders | 21.1 Mn | -4% | | Customer Acquisition Cost (CAC)| ₹700-₹715 | -15% | | First Year Revenue (FYR) | ₹1,000-₹1,200 | +25% |

**5paisa Capital - Client Funding Book Segmentation (% age of client using the facility) (Q2 FY26)**

| Exposure Segment | % of Clients | | :--------------- | :----------- | | Less than 50K | 97.2% | | 50K to 1Lac | 0.7% | | More than 1Lac | 2.1% |

---

**Emkay Global Financial Services Limited - Financial Metrics**

**Emkay Global - Q2 FY26 (INR Mn)**

| Metric | Value | YoY Degrowth | QoQ Change | | :-------------------------- | :------- | :----------- | :--------- | | Total Assets | 199,776 | 6% | | | Wealth Assets | 184,149 | 8% | | | PMS & AIF AUM | 15,627 | +25% YoY | | | Revenue | 771 | 33% | -1% | | PBT | 3 | 99% | -94% | | PAT | 5 | 98% | -90% | | Total Employees | 547 | | | | Market Cap | 8,016 | | | | Networth | 3,015 | | | | ROE (Annualized) | 3.47% | | |

**Emkay Global - Revenue Mix (INR Mn)**

| Revenue Stream | Q2 FY25 | Q1 FY26 | Q2 FY26 | YoY Degrowth (Q2 FY26) | QoQ Change (Q2 FY26) | | :------------------------ | :------ | :------ | :------ | :--------------------- | :------------------- | | Capital Markets | 581 | 411 | 400 | 31% | -3% | | Wealth Management | 342 | 164 | 171 | 50% | +4% | | Asset Management | 60 | 48 | 79 | +31.7% YoY | +64.6% | | Others including Treasury | 165 | 155 | 121 | 27% | -22% |

**Emkay Global - PMS & AIF AUM (INR Mn)**

| Metric | Q2 FY25 | Q2 FY26 | YoY Growth | | :-------------------------- | :------ | :------ | :--------- | | PMS AUM | 7,569 | 9,412 | | | AIF AUM | 4,919 | 6,215 | | | Total PMS & AIF AUM | 12,488 | 15,627 | +25% |

**Emkay Global - Wealth Management Metrics**

| Metric | Q2 FY25 | Q2 FY26 | YoY Change | | :-------------------------- | :------ | :------ | :--------- | | Wealth Assets (INR Mn) | 2,00,797| 1,84,149| -8% | | Number of Clients | 36,510 | 38,175 | | | Advisory revenue (INR Mn) | N/A | 54 | +23% | | Transactional revenue (INR Mn)| N/A | 117 | -61% |

**Emkay Global - Portfolio Mix (%) (Q2 FY26)**

| Asset Class | % of Portfolio | | :------------ | :------------- | | Direct Equity | 74.43% | | Mutual Fund | 12.94% | | AIF/PMS | 4.75% | | Others | 7.88% |

**Emkay Global - Historical Financial Performance (INR Mn)**

| Metric | FY22 | FY23 | FY24 | FY25 | | :-------------------------- | :------ | :------ | :------ | :------ | | Operational Revenue | 2,712 | 2,155 | 3,171 | 3,362 | | PAT | 338 | 140 | 322 | 568 | | PAT Margins (%) | 12.46% | 6.50% | 10.15% | 16.89% | | Debt to Equity (X) | 0.05 | 0.07 | 0.10 | 0.15 | | Net Worth | 2,006 | 2,160 | 2,600 | 3,032 | | ROE (%) | 24.05% | 13.00% | 15.00% | 20.89% | | ROCE (%) | 18.42% | 10.00% | 12.00% | 13.69% |