Who manages and trades India's money
17 listed companies earned ₹79,601 crore from asset management, broking and exchanges in FY26, up 14.4% on FY25. Indian Bank earned the most, 23.5% of it. HDFC Asset Management Company Ltd earned the most on each rupee of sales: 90.3%.
The brands, and who owns them
RIISE, MO Alternates, StratX are Motilal Oswal Financial Services Ltd's; ARQ Prime, SmartAPI, NXT are Angel One Ltd's; 360 ONE Plus is 360 ONE WAM Ltd's; Nuvama Asset Management, Nuvama Market App, Nuvama Private, Nuvama Wealth and others are Nuvama Wealth Management Ltd's; HDFC Mutual Fund, HDFC Flexi Cap Fund, HDFC AMC AIF, HDFC AMC AIF-II and others are HDFC Asset Management Company Ltd's; iCOMDEX is Multi Commodity Exchange of India Ltd's; ABSL Money Manager Fund, ABSL Flexi Cap Fund (IFSC), ABSL Global Bluechip Fund (IFSC), ABSL Structured Opportunities Fund II are Aditya Birla Sun Life AMC Ltd's. Brands are read from each company's filings and checked against a public source.
Who sells the most
Indian Bank had 23.5% of the listed companies' revenue from asset management, broking and exchanges here, 2.5 times as much as Kotak Mahindra Bank Ltd, the next largest. The two together sold 33%; the other 15 the rest.
What it is made of
Of the sales reported by product line, asset management is the largest at ₹28,986 Cr, then broking at ₹12,355 Cr.
How the sales have grown, and who sold them
The listed companies here earned ₹79,601 Cr from asset management, broking and exchanges in FY26. Counting only the companies with figures in both years, sales went from ₹7,157 Cr in FY19 to ₹23,976 Cr, 3.4 times as much. The biggest rise was in FY24 (+39%) and the weakest year FY20 (-8%). Indian Bank's part of the total went from 25% in FY25 to 24% in FY26. Over three years BSE Ltd grew fastest, +68.9% a year. Some companies are counted only from a later year (Indian Bank from FY25; Kotak Mahindra Bank Ltd from FY25; Motilal Oswal Financial Services Ltd from FY25; SBI Funds Management Ltd from FY20; 360 ONE WAM Ltd from FY25; Nuvama Wealth Management Ltd from FY25; HDFC Asset Management Company Ltd from FY23; Aditya Birla Capital Ltd from FY25; Authum Investment & Infrastructure Ltd from FY26; Tata Capital Ltd from FY26).
Who earns the most on each rupee
Operating profit before interest and tax, as a share of revenue from asset management, broking and exchanges. Indian Bank earned 33.9% on its sales in FY26, against 35.7% in FY25. Kotak Mahindra Bank Ltd earned 47.6% on its sales in FY26, against 48.6% in FY25. Motilal Oswal Financial Services Ltd earned 39.7% on its sales in FY26, against 33.1% in FY25. ICICI Prudential Asset Management Co Ltd earned 73.4% on its sales in FY26, against 54.4% in FY17; its best year was FY21 at 74.2%. Angel One Ltd earned 33.3% on its sales in FY26, against 8.7% in FY17; its best year was FY23 at 39.4%. SBI Funds Management Ltd earned 80.6% on its sales in FY26, against 60.2% in FY20.
The companies, and their brands
| Company and brands | Sales FY26 | Growth 1 yr | 3 yrs | 5 yrs | Margin | Profit share | Return on assets | P/E | ROE | Share price 1 yr |
|---|---|---|---|---|---|---|---|---|---|---|
| Indian Bank | ₹18,740 Cr | +9.1% | — | — | 33.9% | 15.6% | 2.2% | 8.9 | 18.2% | +9.6% |
| Kotak Mahindra Bank Ltd Sells in 30 states and 2 countries; exports 0.0% of turnover |
₹7,500 Cr | +12.2% | — | — | 47.6% | 8.7% | 8.7% | 21.5 | 11.1% | +2.0% |
| Motilal Oswal Financial Services Ltd RIISE, MO Alternates, StratX Sells in 22 states and 6 countries; exports 0.23% of turnover |
₹7,410 Cr | -0.8% | — | — | 39.7% | 7.2% | 9.7% | 32.5 | 12.2% | +7.0% |
| ICICI Prudential Asset Management Co Ltd Sells in 27 states; exports 1.8% of turnover |
₹6,001 Cr | +20.5% | +28.3% | +21.9% | 73.4% | 10.8% | — | 41.0 | 85.8% | — |
| Angel One Ltd ARQ Prime, SmartAPI, NXT Sells in 16 states and 1 countries; exports 0.02% of turnover |
₹5,137 Cr | -1.9% | +19.3% | +31.7% | 33.3% | 4.2% | — | 27.3 | 17.3% | +28.9% |
| SBI Funds Management Ltd | ₹4,990 Cr | +17.4% | +27.2% | +25.2% | 80.6% | 9.8% | — | — | 43.0% | — |
| BSE Ltd Sells in 28 states; exports 1.0% of turnover |
₹4,834 Cr | +63.5% | +68.9% | +47.3% | 66.9% | 7.9% | — | 49.1 | 49.1% | +37.9% |
| 360 ONE WAM Ltd 360 ONE Plus Sells in 16 states and 4 countries; exports 3.26% of turnover |
₹4,475 Cr | +21.5% | — | — | 35.2% | 3.9% | 5.9% | 34.6 | 6.1% | -4.4% |
| Nuvama Wealth Management Ltd Nuvama Asset Management, Nuvama Market App, Nuvama Private, Nuvama Wealth, Cosmos, Nuvama Asset Services, Nuvama One Sells in 22 states and 6 countries; exports 2.11% of turnover |
₹4,175 Cr | +11.6% | — | — | 32.9% | 3.4% | 3.9% | 30.3 | 33.0% | +26.5% |
| HDFC Asset Management Company Ltd HDFC Mutual Fund, HDFC Flexi Cap Fund, HDFC AMC AIF, HDFC AMC AIF-II, HDFC AMC Portfolio Managers Sells in 36 states and 1 countries; exports 0.04% of turnover |
₹4,122 Cr | +17.8% | +18.4% | — | 90.3% | 9.1% | — | 33.9 | 32.9% | -16.7% |
| Nippon Life India Asset Management Ltd | ₹2,709 Cr | +21.4% | +21.3% | +13.8% | 73.1% | 4.8% | — | 41.5 | 35.5% | +21.1% |
| Aditya Birla Capital Ltd Sells in 28 states; exports 0.0% of turnover |
₹2,503 Cr | +3.5% | — | — | 53.7% | 3.3% | 16.8% | 25.3 | 11.5% | +29.1% |
| Multi Commodity Exchange of India Ltd iCOMDEX |
₹2,302 Cr | +107.0% | +64.9% | +42.6% | 73.4% | 4.1% | — | 54.7 | 43.4% | +76.0% |
| Aditya Birla Sun Life AMC Ltd ABSL Money Manager Fund, ABSL Flexi Cap Fund (IFSC), ABSL Global Bluechip Fund (IFSC), ABSL Structured Opportunities Fund II Sells in 29 states and 3 countries; exports 0.0% of turnover |
₹1,845 Cr | +9.5% | +10.9% | +8.9% | 68.9% | 3.1% | — | 28.3 | 25.5% | +16.3% |
| Authum Investment & Infrastructure Ltd Sells in 14 states; exports 0.0% of turnover |
₹1,276 Cr | — | — | — | 77.2% | 2.4% | 7.0% | 22.0 | 13.2% | -13.2% |
| Anand Rathi Wealth Ltd Sells in 12 states and 1 countries; exports 0.0% of turnover |
₹1,149 Cr | +22.4% | +27.1% | +32.7% | 48.0% | 1.4% | — | 76.5 | 45.3% | +32.8% |
| Tata Capital Ltd | ₹435 Cr | — | — | — | 20.2% | 0.2% | 2.9% | 25.4 | 9.6% | +2.5% |
Also sold by
See every one of these companies in Valarth
Questions people ask
Who manages and trades India's money?
17 listed companies report their revenue from asset management, broking and exchanges: Indian Bank (INDIANB), Kotak Mahindra Bank Ltd (KOTAKBANK), Motilal Oswal Financial Services Ltd (MOTILALOFS), ICICI Prudential Asset Management Co Ltd (ICICIAMC), Angel One Ltd (ANGELONE), SBI Funds Management Ltd (SBIFUNDS), BSE Ltd (BSE), 360 ONE WAM Ltd (360ONE). 3 more sell them but report them together with other products.
Which listed company earns the most from asset management, broking and exchanges in India?
Indian Bank, with revenue from asset management, broking and exchanges of ₹18,740 crore in FY26: 23.5% of the listed companies' total here.
How much do listed companies earn from asset management, broking and exchanges?
The listed companies here earned ₹79,601 crore from asset management, broking and exchanges in FY26, up 14.4% on FY25. Private makers are not included.
Which listed company makes the most profit from asset management, broking and exchanges?
HDFC Asset Management Company Ltd: its operating profit was 90.3% of its revenue from asset management, broking and exchanges in FY26.
Who owns RIISE?
RIISE is a brand of Motilal Oswal Financial Services Ltd, listed on the NSE as MOTILALOFS.
Who owns MO Alternates?
MO Alternates is a brand of Motilal Oswal Financial Services Ltd, listed on the NSE as MOTILALOFS.
Who owns ARQ Prime?
ARQ Prime is a brand of Angel One Ltd, listed on the NSE as ANGELONE.
Who owns SmartAPI?
SmartAPI is a brand of Angel One Ltd, listed on the NSE as ANGELONE.
Who owns 360 ONE Plus?
360 ONE Plus is a brand of 360 ONE WAM Ltd, listed on the NSE as 360ONE.
Who owns Nuvama Asset Management?
Nuvama Asset Management is a brand of Nuvama Wealth Management Ltd, listed on the NSE as NUVAMA.
Who owns Nuvama Market App?
Nuvama Market App is a brand of Nuvama Wealth Management Ltd, listed on the NSE as NUVAMA.
Who owns HDFC Mutual Fund?
HDFC Mutual Fund is a brand of HDFC Asset Management Company Ltd, listed on the NSE as HDFCAMC.
Who owns HDFC Flexi Cap Fund?
HDFC Flexi Cap Fund is a brand of HDFC Asset Management Company Ltd, listed on the NSE as HDFCAMC.
Who owns iCOMDEX?
iCOMDEX is a brand of Multi Commodity Exchange of India Ltd, listed on the NSE as MCX.