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Indian (NIFTY) Capital Markets Industry Analysis

UpdatedFeb 07, 2026
DataAggregated Company Financials
Companies306
  • 7D1.4%
  • 3M-3.6%
  • 1Y20.0%
  • YTD0.6%

In the last week, the Capital Markets industry is up 1.4%, with HDFC Asset Management up 8.1%. In the last 12 months, the industry was up 20%. As for the next few years, earnings are expected to grow by 20% per annum.

Industry Valuation and Performance

Has the Indian Capital Markets Industry valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sat, 07 Feb 2026₹12.0t₹1.5t₹339.1b24x35.3x8.1x
Mon, 05 Jan 2026₹12.0t₹1.4t₹327.5b26.4x36.7x8.5x
Wed, 03 Dec 2025₹10.6t₹1.4t₹301.1b28.2x35.4x7.8x
Fri, 31 Oct 2025₹9.8t₹1.2t₹293.4b25.7x33.3x7.9x
Sun, 28 Sep 2025₹9.2t₹1.2t₹293.2b23.8x31.3x7.4x
Tue, 26 Aug 2025₹10.0t₹1.3t₹296.7b23x33.6x7.8x
Thu, 24 Jul 2025₹9.5t₹1.2t₹280.9b25.1x33.9x8.1x
Sat, 21 Jun 2025₹8.9t₹1.2t₹282.3b22.9x31.6x7.6x
Mon, 19 May 2025₹8.5t₹1.3t₹313.6b19.4x27.1x6.8x
Wed, 16 Apr 2025₹7.5t₹1.3t₹307.9b19.2x24.2x5.9x
Fri, 14 Mar 2025₹6.6t₹1.2t₹310.1b18.7x21.3x5.3x
Sun, 09 Feb 2025₹8.0t₹1.2t₹344.7b20.9x23.1x6.4x
Tue, 07 Jan 2025₹8.7t₹1.2t₹341.1b24.1x25.6x7.2x
Thu, 05 Dec 2024₹8.9t₹1.2t₹348.8b23.8x25.5x7.3x
Sat, 02 Nov 2024₹8.8t₹1.2t₹336.8b24.8x26x7.3x
Mon, 30 Sep 2024₹8.1t₹1.2t₹331.7b24.9x24.5x7x
Wed, 28 Aug 2024₹7.8t₹1.2t₹333.6b23.9x23.5x6.7x
Fri, 26 Jul 2024₹6.8t₹1.2t₹313.6b24.1x21.8x5.8x
Sun, 23 Jun 2024₹6.7t₹1.2t₹305.1b21.8x22x5.8x
Tue, 21 May 2024₹6.5t₹1.2t₹313.6b23x20.6x5.5x
Thu, 18 Apr 2024₹6.2t₹1.1t₹287.3b22.8x21.7x5.6x
Sat, 16 Mar 2024₹5.7t₹1.1t₹301.8b21.3x19x5.2x
Mon, 12 Feb 2024₹5.9t₹1.1t₹264.9b25.8x22.4x5.6x
Wed, 10 Jan 2024₹5.6t₹1.0t₹251.6b24.1x22.1x5.4x
Fri, 08 Dec 2023₹5.3t₹1.0t₹251.6b21.9x20.9x5.1x
Sun, 05 Nov 2023₹4.6t₹1.1t₹250.2b23.1x18.4x4.4x
Tue, 03 Oct 2023₹4.2t₹1.0t₹224.0b23.1x18.9x4.2x
Thu, 31 Aug 2023₹3.8t₹997.8b₹221.7b21.6x17.1x3.8x
Sat, 29 Jul 2023₹3.7t₹1.0t₹215.7b24.6x16.9x3.6x
Mon, 26 Jun 2023₹3.3t₹1.0t₹202.8b24.3x16.1x3.3x
Wed, 24 May 2023₹3.0t₹999.0b₹178.1b21x17x3x
Fri, 21 Apr 2023₹2.9t₹990.3b₹179.4b20.7x16.2x2.9x
Sun, 19 Mar 2023₹2.8t₹990.8b₹161.2b18.7x17.2x2.8x
Tue, 14 Feb 2023₹2.9t₹1.0t₹162.5b20.5x17.8x2.9x
Price to Earnings Ratio

17.8x


Total Market Cap: ₹2.9tTotal Earnings: ₹162.5bTotal Revenue: ₹1.0tTotal Market Cap vs Earnings and Revenue0%0%0%
Indian Capital Markets Industry Price to Earnings3Y Average 23.9x202420252026
Current Industry PE
  • Investors are optimistic on the Indian Capital Markets industry, and appear confident in long term growth rates.
  • The industry is trading at a PE ratio of 35.3x which is higher than its 3-year average PE of 23.9x.
  • The 3-year average PS ratio of 5.8x is lower than the industry's current PS ratio of 8.1x.
Past Earnings Growth
  • The earnings for companies in the Capital Markets industry have grown 28% per year over the last three years.
  • Revenues for these companies have grown 13% per year.
  • This means that more sales are being generated by these companies overall, and subsequently their profits are increasing too.

Industry Trends

Which industries have driven the changes within the Indian Financials industry?

IN Market1.60%
Financials1.51%
Capital Markets1.41%
Diversified Capital Markets3.43%
Asset Management2.94%
Financial Exchanges and Data0.092%
Investment Banking and Brokerage-1.70%
Industry PE
  • Investors are most optimistic about the Financial Exchanges and Data industry, which is trading close to its 3-year average PE ratio of 53.5x.
    • Analysts are expecting annual earnings growth of 19.9%, which is lower than the prior year's growth of 25.6% per year.
  • Investors are most pessimistic about the Diversified Capital Markets industry, although it looks like investor sentiment has improved given that it's trading above its 3-year average of 15.2x.
Forecasted Growth
  • Analysts are most optimistic on the Investment Banking and Brokerage industry, expecting annual earnings growth of 31% over the next 5 years.
  • This is better than its past earnings decline of 16% per year.
  • In contrast, the Asset Management industry is expected to see its earnings grow by 16% per year over the next few years.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

CompanyLast Price7D1YValuation
HDFCAMC HDFC Asset Management₹2.72k8.1%
+₹87.4b		38.7%PE40.5x
ICICIAMC ICICI Prudential Asset Management₹3.06k3.0%
+₹43.5b		n/aPE46.9x
BSE BSE₹2.90k3.6%
+₹41.2b		51.8%PE66.4x
NAM-INDIA Nippon Life India Asset Management₹919.804.7%
+₹26.6b		53.4%PE40.6x
MOTILALOFS Motilal Oswal Financial Services₹779.803.5%
+₹15.8b		15.6%PE23.1x

Latest News

HDFCAMC
₹2,719.80
HDFC Asset Management
7D
8.1%
1Y
38.7%

HDFCAMC: Stable Margins And Upcoming Results Will Support Future Confidence

Analysts have made a marginal upward adjustment to their fair value estimate for HDFC Asset Management to ₹3,060, reflecting updated assumptions around the discount rate, revenue growth, profit margins, and future P/E multiple. What's in the News A board meeting is scheduled on January 14, 2026, to review and approve the unaudited standalone and consolidated financial results for the quarter and nine months ending December 31, 2025, subject to a limited review by the statutory auditors (Key Developments).
IEX
₹120.94
Indian Energy Exchange
7D
-4.6%
1Y
-33.6%

IEX: Strong Margins And Power Market Volumes Will Support Forward Confidence

Analysts have trimmed their fair value estimate for Indian Energy Exchange from ₹149.50 to about ₹144.64. This reflects updated assumptions around slightly softer revenue, stronger profit margins and a lower assumed future P/E multiple.
523405
₹122.15
JM Financial
7D
-5.2%
1Y
4.0%
UTIAMC
₹1,062.70
UTI Asset Management
7D
9.3%
1Y
1.1%

UTIAMC: Upcoming Board Reviews And Higher Margins Will Support Bullish Outlook

Analysts have trimmed their price target on UTI Asset Management from ₹1,650.00 to about ₹1,527.78, reflecting updated assumptions around discount rate, revenue growth, profit margin, and future P/E. What's in the News A board meeting is scheduled on Jan 21, 2026 to review and approve unaudited standalone and consolidated financial results for the quarter and nine months ending Dec 31, 2025, along with other general and business matters (company filing).
MOTILALOFS
₹779.80
Motilal Oswal Financial Services
7D
3.5%
1Y
15.6%

MOTILALOFS: Higher Margins And Dividend Payouts Will Support A Stronger Earnings Outlook

Analysts have trimmed their price target on Motilal Oswal Financial Services slightly from ₹1,063 to ₹1,050, citing updated assumptions that include a lower discount rate, moderated revenue growth expectations, a higher projected profit margin, and a slightly reduced future P/E multiple. What's in the News The Board approved an interim dividend of ₹6 per equity share with a face value of ₹1 for the financial year 2025-26, declared on January 27, 2026, out of the company's profits (Key Developments).
MCX
₹2,380.40
Multi Commodity Exchange of India
7D
-5.8%
1Y
98.3%

MCX: Higher Margins And Stock Split Will Likely Support Balanced Outlook

Analysts have revised their price target for Multi Commodity Exchange of India to ₹2,400 from ₹6,859, reflecting updated assumptions around the discount rate, revenue growth, profit margin, and future P/E expectations. What's in the News Board meeting scheduled on January 23, 2026 to consider and approve the unaudited standalone and consolidated financial results for the quarter and nine months ended December 31, 2025 (Key Developments).
ANGELONE
₹2,642.00
Angel One
7D
4.0%
1Y
9.5%

ANGELONE: Board Actions On Share Split And Dividend Will Support Bullish Outlook

Analysts have nudged their price target on Angel One from ₹3,006.36 to ₹3,075.00. This reflects updated assumptions around discount rate, revenue growth, profit margin and future P/E that modestly adjust their view of the stock's risk and earnings power.
GROWW
₹169.22
Billionbrains Garage Ventures
7D
-4.4%
1Y
n/a

Long-Term Digital Adoption And Wealth Expansion Will Drive A Stronger Business Model

Catalysts About Billionbrains Garage Ventures Billionbrains Garage Ventures, known as GROWW, operates a broad based investing and wealth platform focused on making financial products simple and accessible for Indian investors. What are the underlying business or industry changes driving this perspective?
ICRA
₹5,923.50
ICRA
7D
-6.1%
1Y
-5.4%

ICRA Limited Just Missed EPS By 16%: Here's What Analysts Think Will Happen Next

Jan 31
ICRA Limited Just Missed EPS By 16%: Here's What Analysts Think Will Happen Next
NAM-INDIA
₹919.80
Nippon Life India Asset Management
7D
4.7%
1Y
53.4%
544467
₹969.25
National Securities Depository
7D
-1.0%
1Y
n/a
360ONE
₹1,113.90
360 One Wam
7D
-1.8%
1Y
9.3%

360ONE: GIFT City Expansion Will Support Future Upside Potential

Analysts have modestly lifted their price target for 360 One Wam from ₹1,355 to about ₹1,397, reflecting updated assumptions around the discount rate, revenue growth, profit margin and forward P/E multiples. What's in the News Board meeting scheduled for January 15, 2026, to review and approve standalone and consolidated unaudited financial results for the quarter and nine months ended December 31, 2025.
KFINTECH
₹967.70
KFin Technologies
7D
-4.6%
1Y
-21.0%

KFINTECH: Board Actions And New Client Mandate Will Support Bullish Outlook

Analysts have kept their price target for KFin Technologies steady at ₹1,150.00, citing only very small tweaks to assumptions on discount rate, revenue growth, profit margins and future P/E that did not materially shift their valuation view. What's in the News Upcoming board meeting on Feb 13, 2026 to consider and approve standalone and consolidated unaudited financial results for the quarter and nine months ending Dec 31, 2025 (company filing).
BSE
₹2,897.00
BSE
7D
3.6%
1Y
51.8%

BSE: Regulatory Penalty Risk Will Challenge Rich P E Assumptions

Analysts now see slightly higher upside for BSE, lifting their fair value estimate from ₹1,580.23 to ₹1,600.11 as they factor in small adjustments to revenue growth, profit margins and future P/E assumptions. What's in the News BSE has scheduled a board meeting on Nov 11, 2025, at 14:00 IST to consider and approve its unaudited consolidated and standalone financial results for the quarter and half year ended Sep 30, 2025, along with the statutory auditor's limited review report (company filing).
ABSLAMC
₹813.00
Aditya Birla Sun Life AMC
7D
7.1%
1Y
16.8%
ICICIAMC
₹3,060.60
ICICI Prudential Asset Management
7D
3.0%
1Y
n/a