Leading the rally within the capital markets pack was Multi Commodity Exchange of India, whose shares soared 143% in FY26, more than doubling investor wealth in less than a year. The strong stock performance was supported by robust financial results. In the third quarter of FY26, the exchange reported revenue from operations of about Rs 697 crore, up roughly 115% year-on-year, while net profit jumped over 150% YoY to Rs 401 crore, significantly higher than the same quarter last year.
Other companies in the sector also delivered strong returns during the fiscal year. Stocks such as Anand Rathi Wealth, BSE, and Aditya Birla Sun Life AMC rallied between 50% and 65%, benefiting from rising investor inflows into financial markets and expanding wealth management services.
Among newer entrants, online investment platform Groww has also delivered notable gains. The company’s stock has risen around 55% from its issue price since listing in November last year. However, despite operating in the capital markets ecosystem, the stock is not currently part of the Nifty Capital Markets Index.
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Several other financial services firms also recorded double-digit gains during FY26, including HDFC Asset Management Company, Motilal Oswal Financial Services, and 360 ONE WAM, reflecting sustained investor interest in companies linked to the expanding financialisation of savings in India.
Among major listed online brokerage firms, Groww currently commands the largest market capitalisation at around Rs 98,500 crore. It is followed by Motilal Oswal Financial Services with a market value of about Rs 43,000 crore, while Anand Rathi Wealth and Angel One trail with market caps of roughly Rs 26,200 crore and Rs 20,500 crore, respectively.
The rally has also attracted stronger participation from institutional investors. Foreign institutional investors (FIIs) and mutual funds increased their stakes in several capital market companies in the December quarter compared with the previous quarter, including Anand Rathi Wealth, BSE, Nippon Life India Asset Management, Central Depository Services (India), and Nuvama Wealth Management.
According to estimates compiled by Trendlyne, analyst sentiment remains positive on several sector players. The consensus recommendation for Multi Commodity Exchange of India from 11 analysts is “BUY,” with a potential upside of about 10.6% from current levels. Angel One also carries a “BUY” rating from 11 analysts, with an estimated upside of around 38.1%, while Anand Rathi Wealth has a “HOLD” recommendation from two analysts, suggesting a modest upside of about 1.9%.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)