Narrative Update • Sep 09
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Indian (NIFTY) Capital Markets Industry Analysis
UpdatedSep 22, 2026
DataAggregated Company Financials
Companies312
- 7D-0.8%
- 3M-3.1%
- 1Y7.3%
- YTD7.4%
Last week, the Capital Markets industry hasn't moved much but ICICI Prudential Asset Management is up 5.5% in that time. The past year has been better, since the industry has gained 7.3% in that time. Looking forward, earnings are forecast to grow by 16% annually.
Industry Valuation and Performance
Has the Indian Capital Markets Industry valuation changed over the past few years?
| Date | Market Cap | Revenue | Earnings | PE | Absolute PE | PS |
|---|---|---|---|---|---|---|
| Tue, 22 Sep 2026 | ₹14.9t | ₹2.4t | ₹416.0b | 22.4x | 35.7x | 6.1x |
| Thu, 20 Aug 2026 | ₹14.2t | ₹2.2t | ₹401.3b | 22.7x | 35.5x | 6.5x |
| Sat, 18 Jul 2026 | ₹13.3t | ₹2.0t | ₹354.9b | 28.1x | 37.6x | 6.6x |
| Mon, 15 Jun 2026 | ₹13.0t | ₹2.0t | ₹345.1b | 27.3x | 37.7x | 6.5x |
| Wed, 13 May 2026 | ₹12.8t | ₹1.6t | ₹355.4b | 26.6x | 36x | 7.8x |
| Fri, 10 Apr 2026 | ₹12.1t | ₹1.6t | ₹346.5b | 23.5x | 34.9x | 7.6x |
| Sun, 08 Mar 2026 | ₹11.4t | ₹1.6t | ₹346.5b | 22.4x | 32.9x | 7.2x |
| Tue, 03 Feb 2026 | ₹11.5t | ₹1.4t | ₹337.1b | 24x | 34.2x | 8x |
| Thu, 01 Jan 2026 | ₹12.0t | ₹1.4t | ₹327.5b | 26.2x | 36.5x | 8.4x |
| Sat, 29 Nov 2025 | ₹10.8t | ₹1.4t | ₹301.1b | 28.5x | 35.7x | 7.9x |
| Mon, 27 Oct 2025 | ₹10.0t | ₹1.2t | ₹293.1b | 26x | 34x | 8x |
| Wed, 24 Sep 2025 | ₹9.4t | ₹1.2t | ₹293.2b | 24.1x | 32.1x | 7.6x |
| Fri, 22 Aug 2025 | ₹10.0t | ₹1.3t | ₹296.9b | 24.2x | 33.6x | 7.8x |
| Sun, 20 Jul 2025 | ₹9.4t | ₹1.2t | ₹280.8b | 25.1x | 33.6x | 8.1x |
| Tue, 17 Jun 2025 | ₹9.2t | ₹1.2t | ₹301.7b | 22.7x | 30.6x | 7.6x |
| Thu, 15 May 2025 | ₹8.3t | ₹1.2t | ₹310.6b | 19x | 26.7x | 6.7x |
| Sat, 12 Apr 2025 | ₹7.2t | ₹1.2t | ₹310.2b | 19x | 23.2x | 5.8x |
| Mon, 10 Mar 2025 | ₹6.9t | ₹1.2t | ₹310.1b | 19.5x | 22.2x | 5.5x |
| Wed, 05 Feb 2025 | ₹7.8t | ₹1.2t | ₹346.6b | 20.7x | 22.5x | 6.3x |
| Fri, 03 Jan 2025 | ₹9.3t | ₹1.2t | ₹349.8b | 24.5x | 26.6x | 7.7x |
| Sun, 01 Dec 2024 | ₹8.7t | ₹1.2t | ₹348.8b | 22.9x | 25x | 7.2x |
| Tue, 29 Oct 2024 | ₹8.3t | ₹1.2t | ₹333.4b | 24.1x | 24.9x | 7x |
| Thu, 26 Sep 2024 | ₹8.2t | ₹1.2t | ₹331.7b | 24.8x | 24.7x | 7x |
| Sat, 24 Aug 2024 | ₹7.6t | ₹1.2t | ₹333.7b | 22.8x | 22.9x | 6.6x |
| Mon, 22 Jul 2024 | ₹6.6t | ₹1.2t | ₹309.8b | 22.9x | 21.4x | 5.7x |
| Wed, 19 Jun 2024 | ₹6.7t | ₹1.2t | ₹303.3b | 22.6x | 22.2x | 5.8x |
| Fri, 17 May 2024 | ₹6.4t | ₹1.2t | ₹311.3b | 23.4x | 20.5x | 5.5x |
| Sun, 14 Apr 2024 | ₹6.3t | ₹1.1t | ₹287.3b | 23.1x | 21.8x | 5.6x |
| Tue, 12 Mar 2024 | ₹6.0t | ₹1.1t | ₹301.7b | 22.4x | 19.9x | 5.5x |
| Thu, 08 Feb 2024 | ₹5.9t | ₹1.0t | ₹265.1b | 25.7x | 22.4x | 5.7x |
| Sat, 06 Jan 2024 | ₹5.5t | ₹1.0t | ₹251.6b | 23.4x | 22x | 5.4x |
| Mon, 04 Dec 2023 | ₹5.1t | ₹1.0t | ₹251.6b | 21.5x | 20.4x | 5x |
| Wed, 01 Nov 2023 | ₹4.6t | ₹1.1t | ₹250.5b | 23.2x | 18.2x | 4.3x |
| Fri, 29 Sep 2023 | ₹4.1t | ₹998.3b | ₹222.0b | 22.9x | 18.5x | 4.1x |
Price to Earnings Ratio
18.5x
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 35.7x which is higher than its 3-year average PE of 27.8x.
- The industry is trading close to its 3-year average PS ratio of 6.6x.
Past Earnings Growth
- The earnings for companies in the Capital Markets industry have grown 23% per year over the last three years.
- Revenues for these companies have grown 35% 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 Market | -0.19% | |
| Financials | -0.32% | |
| Capital Markets | -0.77% | |
| Asset Management | 1.12% | |
| Investment Banking and Brokerage | -2.62% | |
| Diversified Capital Markets | -3.07% | |
| Financial Exchanges and Data | -4.27% | |
Industry PE
- Investors are most optimistic about the Financial Exchanges and Data industry even though it's trading below its 3-year average PE ratio of 55.7x.
- Analysts are expecting annual earnings growth of 12.8%, which is lower than the prior year's growth of 23.2% per year.
- Investors are most pessimistic about the Investment Banking and Brokerage industry, although it looks like investor sentiment has improved given that it's trading above its 3-year average of 23.8x.
Forecasted Growth
- Analysts are most optimistic on the Diversified Capital Markets industry, expecting annual earnings growth of 26% over the next 5 years.
- This is better than its past earnings decline of 29% per year.
- In contrast, the Financial Exchanges and Data industry is expected to see its earnings grow by 13% per year over the next few years.
Top Stock Gainers and Losers
Which companies have driven the market over the last 7 days?
| Company | Last Price | 7D | 1Y | Valuation | |
|---|---|---|---|---|---|
| ICICIAMC ICICI Prudential Asset Management | ₹3.15k | 2.8% +₹42.6b | n/a | PE44.8x | |
| MCX Multi Commodity Exchange of India | ₹3.26k | 2.8% +₹22.7b | 102.9% | PE54x | |
| SBIFUNDS SBI Funds Management | ₹546.00 | 1.8% +₹19.3b | n/a | PE35.9x | |
| 539177 Authum Investment & Infrastructure | ₹547.10 | 3.2% +₹14.6b | -9.1% | PE22.1x | |
| 543225 Altius Telecom Infrastructure Trust | ₹175.00 | 2.6% +₹13.7b | 18.2% | PE42.5x |
