New Research Reports

Nuvama Wealth’s (NUVAMA) 2QFY26 operating revenue at INR7.7b grew 4% YoY, with the Wealth/Private/Asset services businesses growing 19%/37%/5% YoY in 2QFY26, while AMC/Capital markets business declined 21%/28% YoY.

Company is a direct-to-customer digital investment platform that provides wealth creation opportunities to customers through multiple financial products and services. Company is India's largest and fastest growing investment platform by active users on NSE as of June 30, 2025. With Groww, customers can invest and trade in stocks (including via IPOs), derivatives, bonds, mutual funds (including Groww Mutual Fund) and other products. They can also avail margin trading facility and personal...

BILLIONBRAINS GARAGE VENTURES LTD is a direct-to-customer digital investment platform that enables individuals to invest and trade across stocks (cash, F&O, IPOs), bonds, and mutual funds (including Groww Mutual Fund schemes), along with providing margin trading facilities and personal loans. The company leverages an in-house technology stack and intuitive design to simplify investing and improve user experience. As of June 30, 2025, Groww is India's largest and fastest-growing investment platform by active NSE users, with a presence across 98.36% of India's pin codes. Founded in 2016 by former Flipkart...

IPO NOTE

Strong brand recall and well-established PAN India presence: Groww's market share in retail cash ADTO and derivatives ADTO stood at 23.7% and 14.4% resp. as on Q1FY26. On mutual funds front, Groww is one of the foremost platforms for mutual funds distribution in India with ~13% market share. The company has grown rapidly with strong brand recall value and is a well-known and preferred broking brand. During FY25, FY24 and FY23, 83.6%, 81.1% and 81.0% customers were acquired organically ensuring low cost of acquisition on platform. It has active users in 98.4% of pin-codes in India. Further ~81% active...

In-line result; robust volume growth trends continue: Indian Energy Exchange (IEX) reported 2QFY26 standalone revenue of INR1.5b and EBITDA of INR1.3b, both in line with estimates, supported by traded electricity volumes of 35.2BUs, which were also in line with expectations.

Anand Rathi Wealth (ARWM) reported operating revenue of ~INR3b in 2QFY26 (in line), up 23% YoY/9% QoQ, primarily driven by 28% YoY growth in revenue from the distribution of financial products and 16% YoY growth in MF revenue.

The regulator is considering measures to increase the tenure of the options segment. One of the measures could be shifting from weekly to monthly expiries for index contracts.

Strong AUM Growth: AUM has grown at 24% CAGR over the last five years, reflecting strong client acquisition and retention capabilities. High Recurring Revenue Base: Rising share of fee-based Annual Recurring Revenue (ARR) AUM enhances earnings visibility and stability. Expanding Market Reach: Strengthening presence among mass affluent and tier II/III city clients through recent acquisitions. High Operating Leverage Potential: Strong AUM growth and improving RM productivity provide scope for operating leverage and margin expansion....

Diversified revenue streams alongwith pan India presence: The company derives 60% of its revenue from broking & related services, 23% from nonbroking (14% from interest on MTF book and 9% from distribution) while the balance other income from operations. Alongwith multi-channel distribution network as described above, the company has pan India client base with Tier 1...

IPO Note

Over its operational history of three decades, it has built entrenched client relations through a robust suite of digital platforms, which helps it to maintain the highest average revenue per client of INR 29,347 in FY25 (in the broking industry), driven by its mature customer base and personalized engagement approach.

Nuvama Wealth’s (NUVAMA) 1QFY26 operating revenue grew 15% YoY to INR7.7b (in-line), fueled by 18%/46% growth in the wealth management/asset services businesses.

BSE enjoys strong prospects of volume growth across segments (options, cash as well as MF platform) led by derivatives, which has been our investment thesis for the stock.

MCX posted a 59% YoY growth in operating revenue, reaching the bestever quarterly revenue of INR3.7b (in-line), backed by volume growth of 77% YoY.

360ONE WAM (360ONE) reported an operating revenue of INR6.6b (in line), reflecting 10% YoY growth in 1QFY26.

Angel One (ANGELONE) reported a total income of INR8.9b (+7% QoQ/- 20% YoY) in 1QFY26, in line with our estimate.

Anand Rathi Wealth (ARWM) reported operating revenue of INR2.7b in 1QFY26, up 15% YoY/24% QoQ, primarily driven by 27% YoY growth in MF revenue.

We had upgraded BSE to BUY from Neutral in our thematic report titled “Indian Capital Market: A golden era!” published in Dec’24. We followed up in Jan’25 with BSE as one of our top ideas for 2025.

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