Other financial services

While core premium under management (PUM) grew a healthy 22.3% YoY in Q2, the flat YoY trend in core TPA revenue (ex-Paramount) remains a challenge. Higher integration expenses (-150bp) and tech investments (-100bp) led

Q2 revenue grew -1% YoY/23.2% QoQ to INR3.19bn (+4.8% versus estimate). QoQ growth was largely driven by stronger IPO/corporate charges (+195.2% QoQ) and online data charges (+48.4% QoQ). Higher-than-estimated staff &

Total QAAUM growth of 19.5% YoY/7.1% QoQ helped NAM post Q2FY26 revenue growth of 15.2% YoY/8.5% QoQ to INR6.6bn (1.9% above estimate). Robust SIP-led inflows in Q1 were partially offset by weak MTM action, leading to an

Strong fund flows were partially offset by weak equity markets (Nifty -3.6% in Q2), resulting in CAMS’s equity AAUM to grow 7.5% QoQ in Q2FY26. With yields stabilising, MF revenue (85.6% of revenue) increased 4.7% QoQ.

KFINTECH delivered strong Q2FY26 revenue growth of 10.3% YoY supported by an impressive performance in the MF segment, up 9.9% YoY. MF yields at 3.48bp beat our estimate of 3.45bp, driving up MF RTA revenue 9.9% YoY to

Groww is India’s largest retail broker in terms of active clients (MS: 26.3%) and Q1FY26 cash/F&O retail market share of 23.1%/14.4%. We also expect Groww to be less hurt by any reduced F&O trading—we estimate a 5% drop

ABSLAMC’s Q2FY26 equity QAAUM grew just 6.8% QoQ (HDFCAMC at 7.5%). This led to 3.1% QoQ revenue growth despite blended yields remaining flat QoQ. A decrease in admin and other expense (-4.3% YoY/-8.2% QoQ) to INR692mn

Choppy equity markets led UTIAM to post a muted 4.3% QoQ increase in Q2FY26 equity QAAUM. Yields declined 1.9bp YoY/0.7bp QoQ due to a fall in equity share, resulting in stunted revenue growth of just 4.6% YoY/2.9% QoQ.

Strong SIP flows of INR861bn in Q2FY26 (6.8% QoQ) were partially offset by a weak equity market (Nifty50: -3.6% QoQ), resulting in equity QAAUM growth of 15.5% YoY/7.5% QoQ. This drove revenue/EBIT growth of 15.8%/13.5%

Backed by robust SIP inflows of INR294bn (+3.9% MoM—an all-time high) and lumpsum inflows of INR117bn (-16.9% MoM), active equity net inflows for Sep-25 were INR411bn (-3.0% MoM). Active equity flows through existing

The asset management industry continues to report healthy equity inflows (Jul/Aug-25 at INR565bn/INR424bn); this shall be partly offset by adverse equity MTM action (Nifty 50: -3.6% QoQ) and likely result in slightly

Following SEBI chair Mr Tuhin Kanta Pandey’s remarks, a discussion paper on increasing the tenure of index options is expected. Market is abuzz with likely contours of the paper and potential changes to derivative expiry

Active equity net inflows for Aug-25 came in at INR423.6bn (-25.1% MoM). Active equity net inflows were assisted by robust SIP inflows of INR282.7bn (-0.7% MoM) and lumpsum inflows of INR141bn (-49.8% MoM). Active equity

Active equity net inflows for Jul-25 grew strongly at 80% MoM to INR565.4bn—an all-time high. Active equity net inflows were assisted by robust SIP inflows of INR284.6bn (+4.4% MoM) and lumpsum inflows of INR280.7bn

BSE reported Q1FY26 index options ADPTV market share of 23.8% (+241bp QoQ), driving up revenue 57.7% YoY/13.2% QoQ. Operating leverage drove EBITDA margin higher by 1,859bp YoY/812bp QoQ to 65.3%, resulting in EBITDA

While Q1FY26 core premium under management (PUM) grew 18.5% YoY, domestic non-government revenue grew just 6.8% YoY/0.2% QoQ. Management highlighted a lag in conversion of PUM to revenue. Strong control over costs

Strong equity markets (Nifty +8.5% in Q1FY26) along with strong net inflows (industry at INR825bn in Q1) led CAMS to post 7.7% QoQ rise in Q1FY26 equity AAUM under service; however given yield pressures, MF revenue

Given 26.6% YoY/10% QoQ growth in total QAAUM in Q1FY26, NAM posted revenue growth of 20.1% YoY/7.1% QoQ to INR6.1bn (3% above estimate). Robust SIP led inflows in Q1 were complemented by strong MTM action leading to

Revenue grew 0.6% YoY/15.3% QoQ to INR2.59bn in Q1. QoQ growth was largely driven by stronger annual issuer charges (+50.0% YoY/31.0% QoQ), transaction charges (+26.5% QoQ) and other operating revenue (+16.5% QoQ).

KFINTECH delivered strong revenue growth of 15.4% YoY in Q1FY26 supported by an impressive performance in the MF segment, which grew 17.3% YoY. MF equity QAAUM under service surged 21.7% YoY with stable QoQ market share