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Indian (NIFTY) Capital Markets Industry Analysis

UpdatedDec 24, 2025
DataAggregated Company Financials
Companies306
  • 7D3.6%
  • 3M1.6%
  • 1Y9.4%
  • YTD7.6%

The Capital Markets industry is up 3.1% in the last week, with Billionbrains Garage Ventures up 11%. In the last 12 months, the industry was up 9.6%. As for the next few years, earnings are expected to grow by 19% per annum.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 24 Dec 2025₹12.0t₹1.4t₹327.5b26.3x36.7x8.5x
Fri, 21 Nov 2025₹10.8t₹1.4t₹300.4b28.9x35.9x7.9x
Sun, 19 Oct 2025₹10.0t₹1.2t₹295.3b25.4x33.9x8.1x
Tue, 16 Sep 2025₹9.5t₹1.2t₹293.3b23.7x32.4x7.6x
Thu, 14 Aug 2025₹9.4t₹1.2t₹295.3b24.1x31.9x7.6x
Sat, 12 Jul 2025₹9.3t₹1.2t₹282.0b23.9x32.8x7.9x
Mon, 09 Jun 2025₹9.4t₹1.2t₹301.9b22.4x31.2x7.8x
Wed, 07 May 2025₹7.6t₹1.2t₹299.8b19.3x25.5x6.2x
Fri, 04 Apr 2025₹7.4t₹1.2t₹310.1b19.4x24x6x
Sun, 02 Mar 2025₹7.0t₹1.2t₹312.3b19.1x22.3x5.6x
Tue, 28 Jan 2025₹7.7t₹1.2t₹346.3b21.1x22.3x6.2x
Thu, 26 Dec 2024₹9.0t₹1.2t₹349.0b24.1x25.8x7.4x
Sat, 23 Nov 2024₹8.6t₹1.2t₹342.8b22.3x25.1x7.2x
Mon, 21 Oct 2024₹8.8t₹1.2t₹336.8b25.6x26x7.4x
Wed, 18 Sep 2024₹8.1t₹1.2t₹333.9b23.8x24.1x6.9x
Fri, 16 Aug 2024₹7.1t₹1.2t₹333.5b22.9x21.2x6.1x
Sun, 14 Jul 2024₹6.8t₹1.2t₹306.1b23.7x22.2x5.8x
Tue, 11 Jun 2024₹6.4t₹1.2t₹303.2b21x21.3x5.6x
Thu, 09 May 2024₹6.3t₹1.2t₹309.7b24x20.5x5.5x
Sat, 06 Apr 2024₹6.2t₹1.1t₹301.8b23.2x20.5x5.6x
Mon, 04 Mar 2024₹6.2t₹1.1t₹296.7b23.9x20.8x5.7x
Wed, 31 Jan 2024₹5.7t₹1.0t₹265.2b24.3x21.6x5.5x
Fri, 29 Dec 2023₹5.4t₹1.0t₹251.6b22.6x21.4x5.3x
Sun, 26 Nov 2023₹5.0t₹1.0t₹251.6b21.7x19.9x4.9x
Tue, 24 Oct 2023₹4.5t₹1.1t₹249.7b23.4x17.9x4.2x
Thu, 21 Sep 2023₹4.0t₹998.4b₹222.1b23.6x17.8x4x
Sat, 19 Aug 2023₹3.7t₹997.8b₹221.6b20.9x16.8x3.7x
Mon, 17 Jul 2023₹3.6t₹999.8b₹204.1b25.1x17.4x3.6x
Wed, 14 Jun 2023₹3.2t₹1.0t₹202.8b23.5x16x3.2x
Fri, 12 May 2023₹3.0t₹987.3b₹173.8b21.8x17.5x3.1x
Sun, 09 Apr 2023₹2.9t₹992.3b₹161.2b18.9x17.8x2.9x
Tue, 07 Mar 2023₹2.9t₹990.8b₹161.2b19.9x18.1x2.9x
Thu, 02 Feb 2023₹2.9t₹1.0t₹160.3b20.8x18.3x2.9x
Sat, 31 Dec 2022₹3.1t₹1.0t₹159.7b21.8x19.3x3x
Price to Earnings Ratio

19.3x


Total Market Cap: ₹3.1tTotal Earnings: ₹159.7bTotal Revenue: ₹1.0tTotal Market Cap vs Earnings and Revenue0%0%0%
Indian Capital Markets Industry Price to Earnings3Y Average 23.2x202320242025
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 36.8x which is higher than its 3-year average PE of 23.2x.
  • The 3-year average PS ratio of 5.6x is lower than the industry's current PS ratio of 8.5x.
Past Earnings Growth
  • The earnings for companies in the Capital Markets industry have grown 27% per year over the last three years.
  • Revenues for these companies have grown 12% 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 Market1.42%
Financials1.35%
Capital Markets3.59%
Diversified Capital Markets5.79%
Investment Banking and Brokerage5.23%
Financial Exchanges and Data3.77%
Asset Management2.55%
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 52.8x.
    • Analysts are expecting annual earnings growth of 18.7%, which is lower than the prior year's growth of 29.0% 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 14.6x.
Forecasted Growth
  • Analysts are most optimistic on the Diversified Capital Markets industry, expecting annual earnings growth of 25% over the next 5 years.
  • This is better than its past earnings decline of 69% 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
GROWW Billionbrains Garage Ventures₹160.8211.5%
+₹102.3b		n/aPE51.8x
BSE BSE₹2.74k5.1%
+₹54.2b		50.7%PE62.7x
HDFCAMC HDFC Asset Management₹2.71k4.9%
+₹53.8b		28.5%PE42.3x
MCX Multi Commodity Exchange of India₹10.83k6.5%
+₹33.9b		70.7%PE79.3x
MOTILALOFS Motilal Oswal Financial Services₹881.055.7%
+₹28.5b		-4.1%PE26.1x

Latest News

HDFCAMC
₹2,709.30
HDFC Asset Management
7D
4.9%
1Y
28.5%

HDFCAMC: Upcoming Bonus And Stock Split Will Support Future Market Confidence

Analysts have nudged their price target for HDFC Asset Management slightly higher to Rs 3,040 from Rs 2,989, citing a marginally lower discount rate and expectations of a richer future valuation multiple, despite a modest trim to profit margin assumptions. What's in the News Board meeting scheduled for October 15, 2025, to consider unaudited Q2 and half-year FY26 financial results and to review a proposal to issue bonus equity shares, subject to shareholder and regulatory approvals (company filing) A planned 2-for-1 stock split or significant stock dividend is slated for November 26, 2025, and is aimed at improving stock liquidity and retail participation (company filing) A special or extraordinary shareholders meeting will be conducted via postal ballot on November 16, 2025, and is expected to seek member approval for key capital-related proposals, including a potential bonus issue (company filing) Valuation Changes Fair Value Estimate has risen slightly to ₹3,039.94 from ₹2,988.69, reflecting a modestly richer target valuation.
BSE
₹2,737.50
BSE
7D
5.1%
1Y
50.7%

BSE: Outlook Will Remain Steady As Fair Value Signals Balanced Prospects

Analysts have nudged their price target on BSE slightly higher to reflect a modest increase in estimated fair value, supported by incremental improvements in projected revenue growth, profit margins, and a slightly lower discount rate, even though there has been a small trim to future P/E assumptions. What's in the News BSE Limited has scheduled a board meeting on November 11, 2025, at 14:00 IST to consider and approve its unaudited consolidated and standalone financial results for the quarter and half year ended September 30, 2025, together with the statutory auditor's limited review report, in accordance with Regulation 33 of SEBI LODR (Key Developments).
CRISIL
₹4,272.30
CRISIL
7D
-3.6%
1Y
-25.4%

CRISIL: Dividend Continuity And Stable Margins Will Support Future Upside

Analysts have marginally trimmed their price target on CRISIL to ₹5,056.50, reflecting slightly lower discount rate and future P E assumptions while keeping long term growth and margin expectations broadly unchanged. What's in the News The Board approved a third interim dividend of INR 16 per equity share of face value INR 1 for the financial year ending December 31, 2025, payable on November 6, 2025 (company filing).
360ONE
₹1,181.70
360 One Wam
7D
4.3%
1Y
-4.4%

360ONE: New Fund Subsidiary And ESOP Plans Will Drive Upside

Analysts have trimmed their price target on 360 One Wam slightly, reflecting a modest recalibration of fair value to align with marginally higher discount rates and a slightly softer profit margin outlook, even as long term growth and valuation assumptions remain broadly intact. What's in the News The board of 360 ONE Asset Management has approved setting up a wholly owned fund management subsidiary in Gujarat International Finance Tec City, making it a step-down subsidiary of 360 One Wam (Key Developments).
MOTILALOFS
₹881.05
Motilal Oswal Financial Services
7D
5.7%
1Y
-4.1%

MOTILALOFS: Stronger Earnings Outlook To Support Higher Future Profit Margins

Analysts have raised their price target on Motilal Oswal Financial Services from ₹763 to ₹1,063, citing stronger expected revenue growth, slightly higher profit margins, and a richer future valuation multiple to reflect the firm's improved earnings outlook and risk profile. What's in the News Board meeting scheduled for October 30, 2025, to review unaudited standalone and consolidated financial results for the quarter and half year ended September 30, 2025; consider appointments of new directors; and evaluate grant of employee stock options (company filing) Special or extraordinary shareholders meeting set for December 30, 2025, to be conducted via postal ballot in India, indicating forthcoming shareholder resolutions requiring wider participation (company filing) Valuation Changes Fair Value Estimate: increased significantly from ₹763 to ₹1,063, reflecting a materially improved earnings outlook.
SHAREINDIA
₹174.64
Share India Securities
7D
-2.9%
1Y
-43.6%
PRUDENT
₹2,628.90
Prudent Advisory Services
7D
-1.8%
1Y
-11.2%

PRUDENT: Faster Revenue Outlook Will Support Stronger Returns Ahead

Analysts have lowered their price target on Prudent Advisory Services from $3,600 to $3,400, citing expectations for faster revenue growth and a slightly reduced discount rate, partially offset by a modestly lower profit margin and a more conservative future price-to-earnings multiple. What's in the News Board meeting scheduled for November 4, 2025, to consider and approve unaudited financial results for the quarter and half year ended September 30, 2025 (Key Developments) Special or extraordinary shareholders meeting to be conducted via postal ballot in India on December 11, 2025, focused on approving remuneration for Non-Executive, Non-Independent Director Mr. Chirag Ashwinkumar Shah for the 2025-26 financial year (Key Developments) Valuation Changes The consensus analyst price target was reduced slightly from ₹3,600 to ₹3,400, reflecting a modestly more conservative fair value assessment.
NAM-INDIA
₹899.10
Nippon Life India Asset Management
7D
3.6%
1Y
19.5%

NAM-INDIA: Interim Dividend Will Support Attractive Long-Term Return Potential

Analysts have marginally raised their price target for Nippon Life India Asset Management to ₹948.48. This reflects slightly higher long term discount rate assumptions while maintaining a robust outlook on revenue growth, profit margins, and future valuation multiples.
MCX
₹10,828.00
Multi Commodity Exchange of India
7D
6.5%
1Y
70.7%

MCX: New Contracts And Index Inclusion Will Be Balanced Against Margin Resilience

Analysts have inched up their price target for Multi Commodity Exchange of India by 0.3 percent to ₹10,110.67 per share, citing slightly higher required returns and a marginally richer future earnings multiple, while maintaining robust growth and profitability assumptions. What's in the News MCX will launch monthly options contracts on the MCX iCOMDEX Bullion Index (MCX BULLDEX) from October 27, 2025, offering a new hedging and investment tool linked to gold and silver futures (Key Developments).
INDUSINVIT
₹114.64
Indus Infra Trust
7D
-2.0%
1Y
1.2%
526935
₹139.15
Kalind
7D
-5.9%
1Y
52.3%
GROWW
₹160.82
Billionbrains Garage Ventures
7D
11.5%
1Y
n/a
526506
₹156.70
Systematix Services
7D
-2.8%
1Y
-21.2%
500306
₹199.50
Jaykay Enterprises
7D
-2.5%
1Y
56.1%
539177
₹2,881.90
Authum Investment & Infrastructure
7D
2.6%
1Y
72.2%
533676
₹349.80
Indo Thai Securities
7D
-12.3%
1Y
212.3%