# Finance - Capital Markets - Brokers — company-by-company sector analysis

> Finance - Capital Markets - Brokers: Angel One Ltd owns the largest revenue base; Indo Thai Securities Ltd has the fastest current growth.

Sector Alpha — machine-written from the numbers. Data as of 2026-07-29. Not investment advice.

## Bottom line

Finance - Capital Markets - Brokers has outperformed NIFTY 500 by 20.4% over 52 weeks and 8% over 13 weeks. 10 of 14 covered companies beat NIFTY on Mansfield relative strength, while 4 of 14 beat the sector itself. Angel One Ltd leads with income of ₹5,426 crore, based on 16 of 16 comparable companies through Jun 2026.

### Is the Finance - Capital Markets - Brokers sector outperforming NIFTY 500?

Finance - Capital Markets - Brokers has outperformed NIFTY 500 by 20.4% over 52 weeks and 8% over 13 weeks. 10 of 14 covered companies beat NIFTY on Mansfield relative strength, while 4 of 14 beat the sector itself.

### Which Finance - Capital Markets - Brokers company is largest by income?

Angel One Ltd leads with income of ₹5,426 crore, based on 16 of 16 comparable companies through Jun 2026.

### Which Finance - Capital Markets - Brokers company is growing fastest?

Indo Thai Securities Ltd has the fastest current income growth at 100%, across 16 of 16 comparable companies.

### Which Finance - Capital Markets - Brokers company has the strongest 4-Factor Sector Score?

Indo Thai Securities Ltd ranks first at 76/100 with 76% evidence confidence. The score prioritizes research; it is not a buy recommendation.

### Which Finance - Capital Markets - Brokers company has the lowest comparable P/BV-to-ROE?

Share India Securities Ltd has the lowest comparable P/BV ÷ ROE at 0.12, among 16 of 16 companies that pass the metric’s comparability rules.

### How much history does this Finance - Capital Markets - Brokers comparison include?

The page compares up to 20 reported quarters per company for fundamentals, CAPEX, debt and valuation, ending Jun 2026. Missing observations remain blank rather than being estimated.

### How is the 4-Factor Sector Score calculated?

The four visible contributions add directly: growth and earnings up to 35 points, capital efficiency up to 25, valuation up to 20, and relative strength up to 20. Missing or stale evidence moves only the affected contribution toward neutral.

## Sector relative strength

Finance - Capital Markets - Brokers has outperformed NIFTY 500 by 20.4% over the last 52 weeks. Over 13 weeks the gap is a lead of 8%. 10 of 14 covered companies currently beat NIFTY on Mansfield relative strength, so leadership inside the sector is selective. Paisalo Digital Ltd is the strongest against the sector itself at +50.6%.

13-week sector return versus NIFTY 500: 8.0%
52-week sector return versus NIFTY 500: 20%
Stocks leading NIFTY: 10/14
Stocks leading sector: 4/14

Central tension: The central tension: the companies with the most scale are not necessarily the companies creating the most change.

Companies: 16
Combined market value: ₹2.1 L Cr

## 4-Factor Sector Score

An additive sector-relative research score. The four displayed point contributions always equal the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or stale evidence is absorbed inside the affected factor, never applied as a hidden adjustment.

1. Indo Thai Securities Ltd (INDOTHAI): 76/100 — Favorable setup; evidence 76%
   - Growth & earnings 32.5/35 | Capital efficiency 19.4/25 | Valuation 12.5/20 | Relative strength 11.6/20
   - Exact sum: 32.5 + 19.4 + 12.5 + 11.6 = 76
   - Decision use: Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence.
2. Paisalo Digital Ltd (PAISALO): 66/100 — Favorable setup; evidence 96%
   - Growth & earnings 22.6/35 | Capital efficiency 18.9/25 | Valuation 4.7/20 | Relative strength 20.0/20
   - Exact sum: 22.6 + 18.9 + 4.7 + 20 = 66.2
   - Decision use: Strong business, demanding price: keep it on the quality list, but require either earnings upgrades or valuation compression.
3. Monarch Networth Capital Ltd (MONARCH): 62/100 — Mixed-positive evidence; evidence 78%
   - Growth & earnings 19.8/35 | Capital efficiency 19.6/25 | Valuation 14.0/20 | Relative strength 9.0/20
   - Exact sum: 19.8 + 19.6 + 14 + 9 = 62.4
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
4. Share India Securities Ltd (SHAREINDIA): 59/100 — Mixed-positive evidence; evidence 76%
   - Growth & earnings 18.3/35 | Capital efficiency 15.7/25 | Valuation 15.2/20 | Relative strength 10.0/20
   - Exact sum: 18.3 + 15.7 + 15.2 + 10 = 59.2
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
5. Anand Rathi Share & Stock Brokers Ltd (ARSSBL): 56/100 — Mixed-positive evidence; evidence 62%
   - Growth & earnings 21.4/35 | Capital efficiency 13.3/25 | Valuation 11.4/20 | Relative strength 10.0/20
   - Exact sum: 21.4 + 13.3 + 11.4 + 10 = 56.1
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
6. Choice International Ltd (CHOICEIN): 56/100 — Mixed-positive evidence; evidence 61%
   - Growth & earnings 24.1/35 | Capital efficiency 17.8/25 | Valuation 3.6/20 | Relative strength 10.4/20
   - Exact sum: 24.1 + 17.8 + 3.6 + 10.4 = 55.9
   - Decision use: Strong business, demanding price: keep it on the quality list, but require either earnings upgrades or valuation compression.
7. Angel One Ltd (ANGELONE): 50/100 — Mixed-negative evidence; evidence 88%
   - Growth & earnings 14.5/35 | Capital efficiency 16.3/25 | Valuation 7.6/20 | Relative strength 11.3/20
   - Exact sum: 14.5 + 16.3 + 7.6 + 11.3 = 49.7
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
8. IIFL Capital Services Ltd (IIFLCAPS): 47/100 — Mixed-negative evidence; evidence 67%
   - Growth & earnings 12.4/35 | Capital efficiency 15.2/25 | Valuation 8.8/20 | Relative strength 10.3/20
   - Exact sum: 12.4 + 15.2 + 8.8 + 10.3 = 46.7
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
9. Meghna Infracon Infrastructure Ltd (538668): 46/100 — Thin evidence · provisional; evidence 58%
   - Growth & earnings 15.1/35 | Capital efficiency 15.8/25 | Valuation 3.0/20 | Relative strength 12.5/20
   - Exact sum: 15.1 + 15.8 + 3 + 12.5 = 46.4
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
10. SMC Global Securities Ltd (SMCGLOBAL): 46/100 — Mixed-negative evidence; evidence 76%
   - Growth & earnings 11.1/35 | Capital efficiency 11.5/25 | Valuation 12.6/20 | Relative strength 10.3/20
   - Exact sum: 11.1 + 11.5 + 12.6 + 10.3 = 45.5
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
11. Summit Securities Ltd (SUMMITSEC): 41/100 — Mixed-negative evidence; evidence 67%
   - Growth & earnings 23.5/35 | Capital efficiency 6.2/25 | Valuation 8.6/20 | Relative strength 2.2/20
   - Exact sum: 23.5 + 6.2 + 8.6 + 2.2 = 40.5
   - Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -29% and the one-year return is -28.6%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth.
12. Geojit Financial Services Ltd (GEOJITFSL): 35/100 — Adverse evidence; evidence 61%
   - Growth & earnings 9.0/35 | Capital efficiency 10.8/25 | Valuation 7.4/20 | Relative strength 7.4/20
   - Exact sum: 9 + 10.8 + 7.4 + 7.4 = 34.6
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
13. 5paisa Capital Ltd (5PAISA): 32/100 — Adverse evidence; evidence 80%
   - Growth & earnings 9.1/35 | Capital efficiency 11.2/25 | Valuation 4.2/20 | Relative strength 7.6/20
   - Exact sum: 9.1 + 11.2 + 4.2 + 7.6 = 32.1
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
14. Arihant Capital Markets Ltd (ARIHANTCAP): 30/100 — Adverse evidence; evidence 80%
   - Growth & earnings 7.2/35 | Capital efficiency 11.8/25 | Valuation 6.4/20 | Relative strength 4.2/20
   - Exact sum: 7.2 + 11.8 + 6.4 + 4.2 = 29.6
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
15. Emkay Global Financial Services Ltd (EMKAY): 25/100 — Adverse evidence; evidence 76%
   - Growth & earnings 9.0/35 | Capital efficiency 5.9/25 | Valuation 3.7/20 | Relative strength 6.2/20
   - Exact sum: 9 + 5.9 + 3.7 + 6.2 = 24.8
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
16. Billionbrains Garage Ventures Ltd (GROWW): 55/100 — Thin evidence · provisional; evidence 41%
   - Growth & earnings 24.7/35 | Capital efficiency 16.3/25 | Valuation 3.8/20 | Relative strength 10.0/20
   - Exact sum: 24.7 + 16.3 + 3.8 + 10 = 54.8
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

## Income Scale & Growth Durability

What the numbers say: Angel One Ltd is the scale leader at ₹5,426 crore, 3.5% ahead of Billionbrains Garage Ventures Ltd. Indo Thai Securities Ltd's growth is stored at the ≥100% scoring cap; the uncapped TTM change is 217.1% from a ₹111 crore base, with 20 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

Investor read: Angel One Ltd is the scale benchmark; Indo Thai Securities Ltd is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: Angel One Ltd's growth falls below Indo Thai Securities Ltd's for two consecutive comparable reports while operating margin also compresses.

Evidence: Angel One Ltd · ₹5,426 crore | 3.5% versus #2 · Billionbrains Garage Ventures Ltd | 5/8 recent comparable periods | 16/16 companies · 240 observations

Definition: For lenders, reported income is used instead of industrial-company sales. Growth is compared year-on-year.

### Income — largest
1. Angel One Ltd (ANGELONE): ₹5.4K Cr
2. Billionbrains Garage Ventures Ltd (GROWW): ₹5.2K Cr
3. IIFL Capital Services Ltd (IIFLCAPS): ₹2.4K Cr
4. SMC Global Securities Ltd (SMCGLOBAL): ₹1.9K Cr
5. Share India Securities Ltd (SHAREINDIA): ₹1.6K Cr

### Income growth — fastest growers
1. Indo Thai Securities Ltd (INDOTHAI): 100%
2. Billionbrains Garage Ventures Ltd (GROWW): 38%
3. Summit Securities Ltd (SUMMITSEC): 30%
4. Choice International Ltd (CHOICEIN): 23%
5. Paisalo Digital Ltd (PAISALO): 22%

### 20-quarter Income history
- 538668: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹10 Cr | Jun 2024 ₹15 Cr | Sep 2024 ₹3 Cr | Dec 2024 ₹10 Cr | Mar 2025 ₹12 Cr | Jun 2025 ₹10 Cr | Sep 2025 ₹9 Cr | Dec 2025 ₹8 Cr | Mar 2026 ₹18 Cr | Jun 2026 —
- GROWW: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 ₹1.1K Cr | Dec 2024 ₹975 Cr | Mar 2025 ₹801 Cr | Jun 2025 ₹904 Cr | Sep 2025 ₹1.0K Cr | Dec 2025 ₹1.2K Cr | Mar 2026 ₹1.5K Cr | Jun 2026 ₹1.5K Cr
- ANGELONE: Sep 2021 ₹538 Cr | Dec 2021 ₹607 Cr | Mar 2022 ₹677 Cr | Jun 2022 ₹687 Cr | Sep 2022 ₹746 Cr | Dec 2022 ₹749 Cr | Mar 2023 ₹826 Cr | Jun 2023 ₹808 Cr | Sep 2023 ₹1.0K Cr | Dec 2023 ₹1.1K Cr | Mar 2024 ₹1.4K Cr | Jun 2024 ₹1.4K Cr | Sep 2024 ₹1.5K Cr | Dec 2024 ₹1.3K Cr | Mar 2025 ₹1.1K Cr | Jun 2025 ₹1.1K Cr | Sep 2025 ₹1.2K Cr | Dec 2025 ₹1.3K Cr | Mar 2026 ₹1.5K Cr | Jun 2026 ₹1.4K Cr
- CHOICEIN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹96 Cr | Mar 2023 ₹137 Cr | Jun 2023 ₹138 Cr | Sep 2023 ₹191 Cr | Dec 2023 ₹207 Cr | Mar 2024 ₹215 Cr | Jun 2024 ₹201 Cr | Sep 2024 ₹247 Cr | Dec 2024 ₹209 Cr | Mar 2025 ₹253 Cr | Jun 2025 ₹235 Cr | Sep 2025 ₹274 Cr | Dec 2025 ₹303 Cr | Mar 2026 ₹307 Cr | Jun 2026 —
- IIFLCAPS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹342 Cr | Mar 2023 ₹402 Cr | Jun 2023 ₹409 Cr | Sep 2023 ₹507 Cr | Dec 2023 ₹559 Cr | Mar 2024 ₹686 Cr | Jun 2024 ₹640 Cr | Sep 2024 ₹645 Cr | Dec 2024 ₹583 Cr | Mar 2025 ₹537 Cr | Jun 2025 ₹617 Cr | Sep 2025 ₹572 Cr | Dec 2025 ₹586 Cr | Mar 2026 ₹644 Cr | Jun 2026 ₹631 Cr
- PAISALO: Sep 2021 ₹99 Cr | Dec 2021 ₹101 Cr | Mar 2022 ₹100 Cr | Jun 2022 ₹113 Cr | Sep 2022 ₹120 Cr | Dec 2022 ₹122 Cr | Mar 2023 ₹118 Cr | Jun 2023 ₹136 Cr | Sep 2023 ₹145 Cr | Dec 2023 ₹183 Cr | Mar 2024 ₹195 Cr | Jun 2024 ₹187 Cr | Sep 2024 ₹187 Cr | Dec 2024 ₹204 Cr | Mar 2025 ₹194 Cr | Jun 2025 ₹219 Cr | Sep 2025 ₹224 Cr | Dec 2025 ₹240 Cr | Mar 2026 ₹261 Cr | Jun 2026 —
- SHAREINDIA: Sep 2021 ₹218 Cr | Dec 2021 ₹203 Cr | Mar 2022 ₹295 Cr | Jun 2022 ₹233 Cr | Sep 2022 ₹243 Cr | Dec 2022 ₹277 Cr | Mar 2023 ₹341 Cr | Jun 2023 ₹277 Cr | Sep 2023 ₹366 Cr | Dec 2023 ₹374 Cr | Mar 2024 ₹465 Cr | Jun 2024 ₹414 Cr | Sep 2024 ₹453 Cr | Dec 2024 ₹342 Cr | Mar 2025 ₹239 Cr | Jun 2025 ₹341 Cr | Sep 2025 ₹341 Cr | Dec 2025 ₹372 Cr | Mar 2026 ₹416 Cr | Jun 2026 ₹448 Cr
- ARSSBL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 ₹211 Cr | Sep 2024 ₹231 Cr | Dec 2024 ₹204 Cr | Mar 2025 ₹200 Cr | Jun 2025 ₹201 Cr | Sep 2025 ₹227 Cr | Dec 2025 ₹248 Cr | Mar 2026 ₹256 Cr | Jun 2026 ₹246 Cr
- INDOTHAI: Sep 2021 ₹6 Cr | Dec 2021 ₹2 Cr | Mar 2022 ₹3 Cr | Jun 2022 ₹2 Cr | Sep 2022 ₹10 Cr | Dec 2022 ₹3 Cr | Mar 2023 ₹2 Cr | Jun 2023 ₹7 Cr | Sep 2023 ₹8 Cr | Dec 2023 ₹9 Cr | Mar 2024 ₹7 Cr | Jun 2024 ₹9 Cr | Sep 2024 ₹9 Cr | Dec 2024 ₹6 Cr | Mar 2025 ₹6 Cr | Jun 2025 ₹14 Cr | Sep 2025 ₹24 Cr | Dec 2025 ₹28 Cr | Mar 2026 ₹38 Cr | Jun 2026 ₹21 Cr
- MONARCH: Sep 2021 ₹42 Cr | Dec 2021 ₹41 Cr | Mar 2022 ₹37 Cr | Jun 2022 ₹36 Cr | Sep 2022 ₹38 Cr | Dec 2022 ₹48 Cr | Mar 2023 ₹40 Cr | Jun 2023 ₹42 Cr | Sep 2023 ₹78 Cr | Dec 2023 ₹83 Cr | Mar 2024 ₹68 Cr | Jun 2024 ₹85 Cr | Sep 2024 ₹104 Cr | Dec 2024 ₹77 Cr | Mar 2025 ₹61 Cr | Jun 2025 ₹98 Cr | Sep 2025 ₹83 Cr | Dec 2025 ₹91 Cr | Mar 2026 ₹100 Cr | Jun 2026 —
- GEOJITFSL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹114 Cr | Mar 2023 ₹111 Cr | Jun 2023 ₹110 Cr | Sep 2023 ₹144 Cr | Dec 2023 ₹152 Cr | Mar 2024 ₹208 Cr | Jun 2024 ₹181 Cr | Sep 2024 ₹218 Cr | Dec 2024 ₹172 Cr | Mar 2025 ₹177 Cr | Jun 2025 ₹144 Cr | Sep 2025 ₹170 Cr | Dec 2025 ₹160 Cr | Mar 2026 ₹182 Cr | Jun 2026 ₹160 Cr
- 5PAISA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹84 Cr | Mar 2023 ₹91 Cr | Jun 2023 ₹85 Cr | Sep 2023 ₹97 Cr | Dec 2023 ₹100 Cr | Mar 2024 ₹113 Cr | Jun 2024 ₹102 Cr | Sep 2024 ₹101 Cr | Dec 2024 ₹85 Cr | Mar 2025 ₹71 Cr | Jun 2025 ₹78 Cr | Sep 2025 ₹77 Cr | Dec 2025 ₹79 Cr | Mar 2026 ₹85 Cr | Jun 2026 ₹88 Cr
- SUMMITSEC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹3 Cr | Mar 2023 ₹7 Cr | Jun 2023 ₹11 Cr | Sep 2023 ₹53 Cr | Dec 2023 ₹18 Cr | Mar 2024 ₹20 Cr | Jun 2024 ₹21 Cr | Sep 2024 ₹107 Cr | Dec 2024 ₹1 Cr | Mar 2025 ₹10 Cr | Jun 2025 ₹28 Cr | Sep 2025 ₹120 Cr | Dec 2025 ₹22 Cr | Mar 2026 ₹11 Cr | Jun 2026 —
- SMCGLOBAL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹318 Cr | Mar 2023 ₹304 Cr | Jun 2023 ₹311 Cr | Sep 2023 ₹389 Cr | Dec 2023 ₹428 Cr | Mar 2024 ₹509 Cr | Jun 2024 ₹448 Cr | Sep 2024 ₹451 Cr | Dec 2024 ₹455 Cr | Mar 2025 ₹421 Cr | Jun 2025 ₹425 Cr | Sep 2025 ₹440 Cr | Dec 2025 ₹495 Cr | Mar 2026 ₹517 Cr | Jun 2026 —
- ARIHANTCAP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹34 Cr | Mar 2023 ₹29 Cr | Jun 2023 ₹43 Cr | Sep 2023 ₹56 Cr | Dec 2023 ₹73 Cr | Mar 2024 ₹64 Cr | Jun 2024 ₹73 Cr | Sep 2024 ₹76 Cr | Dec 2024 ₹52 Cr | Mar 2025 ₹46 Cr | Jun 2025 ₹51 Cr | Sep 2025 ₹57 Cr | Dec 2025 ₹49 Cr | Mar 2026 ₹49 Cr | Jun 2026 ₹78 Cr
- EMKAY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹54 Cr | Mar 2023 ₹42 Cr | Jun 2023 ₹47 Cr | Sep 2023 ₹71 Cr | Dec 2023 ₹75 Cr | Mar 2024 ₹91 Cr | Jun 2024 ₹83 Cr | Sep 2024 ₹108 Cr | Dec 2024 ₹77 Cr | Mar 2025 ₹71 Cr | Jun 2025 ₹73 Cr | Sep 2025 ₹72 Cr | Dec 2025 ₹87 Cr | Mar 2026 ₹148 Cr | Jun 2026 —

### 20-quarter Income growth history
- 538668: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 18% | Jun 2025 -28% | Sep 2025 167% | Dec 2025 -15% | Mar 2026 52% | Jun 2026 —
- GROWW: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 -9.4% | Dec 2025 25% | Mar 2026 88% | Jun 2026 66%
- ANGELONE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 39% | Dec 2022 23% | Mar 2023 22% | Jun 2023 18% | Sep 2023 40% | Dec 2023 41% | Mar 2024 64% | Jun 2024 74% | Sep 2024 45% | Dec 2024 19% | Mar 2025 -22% | Jun 2025 -19% | Sep 2025 -21% | Dec 2025 5.8% | Mar 2026 38% | Jun 2026 25%
- CHOICEIN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 116% | Mar 2024 57% | Jun 2024 46% | Sep 2024 29% | Dec 2024 1.0% | Mar 2025 18% | Jun 2025 17% | Sep 2025 11% | Dec 2025 45% | Mar 2026 21% | Jun 2026 —
- IIFLCAPS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 63% | Mar 2024 71% | Jun 2024 56% | Sep 2024 27% | Dec 2024 4.3% | Mar 2025 -22% | Jun 2025 -3.6% | Sep 2025 -11% | Dec 2025 0.5% | Mar 2026 20% | Jun 2026 2.3%
- PAISALO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 23% | Sep 2022 21% | Dec 2022 21% | Mar 2023 18% | Jun 2023 20% | Sep 2023 21% | Dec 2023 50% | Mar 2024 65% | Jun 2024 38% | Sep 2024 29% | Dec 2024 11% | Mar 2025 -0.5% | Jun 2025 17% | Sep 2025 20% | Dec 2025 18% | Mar 2026 35% | Jun 2026 —
- SHAREINDIA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 50% | Sep 2022 11% | Dec 2022 36% | Mar 2023 16% | Jun 2023 19% | Sep 2023 51% | Dec 2023 35% | Mar 2024 36% | Jun 2024 49% | Sep 2024 24% | Dec 2024 -8.6% | Mar 2025 -49% | Jun 2025 -18% | Sep 2025 -25% | Dec 2025 8.8% | Mar 2026 74% | Jun 2026 31%
- ARSSBL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 -4.7% | Sep 2025 -1.7% | Dec 2025 22% | Mar 2026 28% | Jun 2026 22%
- INDOTHAI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 67% | Dec 2022 50% | Mar 2023 -33% | Jun 2023 250% | Sep 2023 -20% | Dec 2023 200% | Mar 2024 250% | Jun 2024 29% | Sep 2024 13% | Dec 2024 -33% | Mar 2025 -14% | Jun 2025 56% | Sep 2025 167% | Dec 2025 367% | Mar 2026 533% | Jun 2026 50%
- MONARCH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 2.9% | Sep 2022 -9.5% | Dec 2022 17% | Mar 2023 8.1% | Jun 2023 17% | Sep 2023 105% | Dec 2023 73% | Mar 2024 70% | Jun 2024 102% | Sep 2024 33% | Dec 2024 -7.2% | Mar 2025 -10% | Jun 2025 15% | Sep 2025 -20% | Dec 2025 18% | Mar 2026 64% | Jun 2026 —
- GEOJITFSL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 33% | Mar 2024 87% | Jun 2024 65% | Sep 2024 51% | Dec 2024 13% | Mar 2025 -15% | Jun 2025 -20% | Sep 2025 -22% | Dec 2025 -7.0% | Mar 2026 2.8% | Jun 2026 11%
- 5PAISA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 19% | Mar 2024 24% | Jun 2024 20% | Sep 2024 4.1% | Dec 2024 -15% | Mar 2025 -37% | Jun 2025 -24% | Sep 2025 -24% | Dec 2025 -7.1% | Mar 2026 20% | Jun 2026 13%
- SUMMITSEC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 500% | Mar 2024 186% | Jun 2024 91% | Sep 2024 102% | Dec 2024 -94% | Mar 2025 -50% | Jun 2025 33% | Sep 2025 12% | Dec 2025 2,100% | Mar 2026 10% | Jun 2026 —
- SMCGLOBAL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 35% | Mar 2024 67% | Jun 2024 44% | Sep 2024 16% | Dec 2024 6.3% | Mar 2025 -17% | Jun 2025 -5.1% | Sep 2025 -2.4% | Dec 2025 8.8% | Mar 2026 23% | Jun 2026 —
- ARIHANTCAP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 118% | Mar 2024 118% | Jun 2024 70% | Sep 2024 36% | Dec 2024 -29% | Mar 2025 -28% | Jun 2025 -30% | Sep 2025 -25% | Dec 2025 -5.8% | Mar 2026 6.5% | Jun 2026 53%
- EMKAY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 38% | Mar 2024 116% | Jun 2024 77% | Sep 2024 53% | Dec 2024 2.8% | Mar 2025 -22% | Jun 2025 -12% | Sep 2025 -33% | Dec 2025 13% | Mar 2026 109% | Jun 2026 —

## Profit Scale & Acceleration

What the numbers say: Billionbrains Garage Ventures Ltd leads with ₹2,439 crore of TTM profit, 136.3% above Angel One Ltd. Indo Thai Securities Ltd shows ≥100% on the scoring scale (466.7% uncapped) growth from a ₹68 crore profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

Investor read: Billionbrains Garage Ventures Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current profit growth signal.

Evidence: Billionbrains Garage Ventures Ltd · ₹2,439 crore | 136.3% versus #2 · Angel One Ltd | 3/4 recent comparable periods | 16/16 companies · 240 observations

Definition: Net profit is ranked only where the comparison base is economically meaningful. Loss-to-profit flips are shown but do not win the growth table.

### Net profit — largest
1. Billionbrains Garage Ventures Ltd (GROWW): ₹2.4K Cr
2. Angel One Ltd (ANGELONE): ₹1.0K Cr
3. IIFL Capital Services Ltd (IIFLCAPS): ₹572 Cr
4. Share India Securities Ltd (SHAREINDIA): ₹364 Cr
5. Choice International Ltd (CHOICEIN): ₹238 Cr

### Profit growth — fastest growers
1. Indo Thai Securities Ltd (INDOTHAI): 100%
2. Choice International Ltd (CHOICEIN): 46%
3. Anand Rathi Share & Stock Brokers Ltd (ARSSBL): 35%
4. Billionbrains Garage Ventures Ltd (GROWW): 31%
5. Monarch Networth Capital Ltd (MONARCH): 21%

### 20-quarter Net profit history
- 538668: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹1 Cr | Jun 2024 ₹2 Cr | Sep 2024 ₹0 Cr | Dec 2024 ₹4 Cr | Mar 2025 ₹4 Cr | Jun 2025 ₹2 Cr | Sep 2025 ₹1 Cr | Dec 2025 ₹1 Cr | Mar 2026 ₹2 Cr | Jun 2026 —
- GROWW: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 ₹420 Cr | Dec 2024 ₹757 Cr | Mar 2025 ₹309 Cr | Jun 2025 ₹378 Cr | Sep 2025 ₹471 Cr | Dec 2025 ₹547 Cr | Mar 2026 ₹686 Cr | Jun 2026 ₹735 Cr
- ANGELONE: Sep 2021 ₹134 Cr | Dec 2021 ₹165 Cr | Mar 2022 ₹205 Cr | Jun 2022 ₹182 Cr | Sep 2022 ₹214 Cr | Dec 2022 ₹228 Cr | Mar 2023 ₹267 Cr | Jun 2023 ₹221 Cr | Sep 2023 ₹304 Cr | Dec 2023 ₹260 Cr | Mar 2024 ₹340 Cr | Jun 2024 ₹293 Cr | Sep 2024 ₹423 Cr | Dec 2024 ₹281 Cr | Mar 2025 ₹175 Cr | Jun 2025 ₹114 Cr | Sep 2025 ₹212 Cr | Dec 2025 ₹269 Cr | Mar 2026 ₹320 Cr | Jun 2026 ₹231 Cr
- CHOICEIN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹14 Cr | Mar 2023 ₹30 Cr | Jun 2023 ₹21 Cr | Sep 2023 ₹30 Cr | Dec 2023 ₹40 Cr | Mar 2024 ₹39 Cr | Jun 2024 ₹32 Cr | Sep 2024 ₹46 Cr | Dec 2024 ₹31 Cr | Mar 2025 ₹54 Cr | Jun 2025 ₹48 Cr | Sep 2025 ₹56 Cr | Dec 2025 ₹66 Cr | Mar 2026 ₹68 Cr | Jun 2026 —
- IIFLCAPS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹65 Cr | Mar 2023 ₹86 Cr | Jun 2023 ₹75 Cr | Sep 2023 ₹108 Cr | Dec 2023 ₹151 Cr | Mar 2024 ₹181 Cr | Jun 2024 ₹182 Cr | Sep 2024 ₹205 Cr | Dec 2024 ₹197 Cr | Mar 2025 ₹128 Cr | Jun 2025 ₹176 Cr | Sep 2025 ₹85 Cr | Dec 2025 ₹188 Cr | Mar 2026 ₹115 Cr | Jun 2026 ₹184 Cr
- PAISALO: Sep 2021 ₹21 Cr | Dec 2021 ₹26 Cr | Mar 2022 ₹15 Cr | Jun 2022 ₹21 Cr | Sep 2022 ₹24 Cr | Dec 2022 ₹28 Cr | Mar 2023 ₹21 Cr | Jun 2023 ₹38 Cr | Sep 2023 ₹47 Cr | Dec 2023 ₹56 Cr | Mar 2024 ₹37 Cr | Jun 2024 ₹41 Cr | Sep 2024 ₹50 Cr | Dec 2024 ₹62 Cr | Mar 2025 ₹46 Cr | Jun 2025 ₹47 Cr | Sep 2025 ₹52 Cr | Dec 2025 ₹66 Cr | Mar 2026 ₹72 Cr | Jun 2026 —
- SHAREINDIA: Sep 2021 ₹43 Cr | Dec 2021 ₹49 Cr | Mar 2022 ₹75 Cr | Jun 2022 ₹59 Cr | Sep 2022 ₹72 Cr | Dec 2022 ₹93 Cr | Mar 2023 ₹107 Cr | Jun 2023 ₹82 Cr | Sep 2023 ₹113 Cr | Dec 2023 ₹115 Cr | Mar 2024 ₹116 Cr | Jun 2024 ₹103 Cr | Sep 2024 ₹124 Cr | Dec 2024 ₹82 Cr | Mar 2025 ₹19 Cr | Jun 2025 ₹84 Cr | Sep 2025 ₹93 Cr | Dec 2025 ₹89 Cr | Mar 2026 ₹58 Cr | Jun 2026 ₹124 Cr
- ARSSBL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 ₹31 Cr | Sep 2024 ₹33 Cr | Dec 2024 ₹22 Cr | Mar 2025 ₹18 Cr | Jun 2025 ₹23 Cr | Sep 2025 ₹28 Cr | Dec 2025 ₹37 Cr | Mar 2026 ₹42 Cr | Jun 2026 ₹23 Cr
- INDOTHAI: Sep 2021 ₹4 Cr | Dec 2021 ₹0 Cr | Mar 2022 ₹0 Cr | Jun 2022 ₹-6 Cr | Sep 2022 ₹7 Cr | Dec 2022 ₹0 Cr | Mar 2023 ₹-8 Cr | Jun 2023 ₹3 Cr | Sep 2023 ₹4 Cr | Dec 2023 ₹5 Cr | Mar 2024 ₹2 Cr | Jun 2024 ₹5 Cr | Sep 2024 ₹5 Cr | Dec 2024 ₹1 Cr | Mar 2025 ₹-3 Cr | Jun 2025 ₹9 Cr | Sep 2025 ₹14 Cr | Dec 2025 ₹17 Cr | Mar 2026 ₹26 Cr | Jun 2026 ₹11 Cr
- MONARCH: Sep 2021 ₹14 Cr | Dec 2021 ₹15 Cr | Mar 2022 ₹12 Cr | Jun 2022 ₹12 Cr | Sep 2022 ₹12 Cr | Dec 2022 ₹14 Cr | Mar 2023 ₹4 Cr | Jun 2023 ₹17 Cr | Sep 2023 ₹37 Cr | Dec 2023 ₹39 Cr | Mar 2024 ₹31 Cr | Jun 2024 ₹40 Cr | Sep 2024 ₹44 Cr | Dec 2024 ₹41 Cr | Mar 2025 ₹25 Cr | Jun 2025 ₹45 Cr | Sep 2025 ₹45 Cr | Dec 2025 ₹45 Cr | Mar 2026 ₹46 Cr | Jun 2026 —
- GEOJITFSL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹25 Cr | Mar 2023 ₹30 Cr | Jun 2023 ₹22 Cr | Sep 2023 ₹37 Cr | Dec 2023 ₹38 Cr | Mar 2024 ₹52 Cr | Jun 2024 ₹46 Cr | Sep 2024 ₹57 Cr | Dec 2024 ₹37 Cr | Mar 2025 ₹32 Cr | Jun 2025 ₹29 Cr | Sep 2025 ₹23 Cr | Dec 2025 ₹14 Cr | Mar 2026 ₹17 Cr | Jun 2026 ₹20 Cr
- 5PAISA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹11 Cr | Mar 2023 ₹14 Cr | Jun 2023 ₹15 Cr | Sep 2023 ₹19 Cr | Dec 2023 ₹15 Cr | Mar 2024 ₹6 Cr | Jun 2024 ₹20 Cr | Sep 2024 ₹22 Cr | Dec 2024 ₹16 Cr | Mar 2025 ₹10 Cr | Jun 2025 ₹12 Cr | Sep 2025 ₹9 Cr | Dec 2025 ₹12 Cr | Mar 2026 ₹11 Cr | Jun 2026 ₹12 Cr
- SUMMITSEC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹4 Cr | Mar 2023 ₹5 Cr | Jun 2023 ₹8 Cr | Sep 2023 ₹38 Cr | Dec 2023 ₹15 Cr | Mar 2024 ₹14 Cr | Jun 2024 ₹3 Cr | Sep 2024 ₹75 Cr | Dec 2024 ₹-5 Cr | Mar 2025 ₹-5 Cr | Jun 2025 ₹20 Cr | Sep 2025 ₹91 Cr | Dec 2025 ₹17 Cr | Mar 2026 ₹-23 Cr | Jun 2026 —
- SMCGLOBAL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹32 Cr | Mar 2023 ₹22 Cr | Jun 2023 ₹30 Cr | Sep 2023 ₹40 Cr | Dec 2023 ₹52 Cr | Mar 2024 ₹66 Cr | Jun 2024 ₹53 Cr | Sep 2024 ₹46 Cr | Dec 2024 ₹44 Cr | Mar 2025 ₹4 Cr | Jun 2025 ₹30 Cr | Sep 2025 ₹21 Cr | Dec 2025 ₹31 Cr | Mar 2026 ₹21 Cr | Jun 2026 —
- ARIHANTCAP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹7 Cr | Mar 2023 ₹2 Cr | Jun 2023 ₹12 Cr | Sep 2023 ₹15 Cr | Dec 2023 ₹20 Cr | Mar 2024 ₹25 Cr | Jun 2024 ₹19 Cr | Sep 2024 ₹20 Cr | Dec 2024 ₹12 Cr | Mar 2025 ₹8 Cr | Jun 2025 ₹13 Cr | Sep 2025 ₹13 Cr | Dec 2025 ₹5 Cr | Mar 2026 ₹0 Cr | Jun 2026 ₹21 Cr
- EMKAY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹9 Cr | Mar 2023 ₹-5 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹9 Cr | Dec 2023 ₹12 Cr | Mar 2024 ₹11 Cr | Jun 2024 ₹14 Cr | Sep 2024 ₹26 Cr | Dec 2024 ₹9 Cr | Mar 2025 ₹8 Cr | Jun 2025 ₹5 Cr | Sep 2025 ₹0 Cr | Dec 2025 ₹4 Cr | Mar 2026 ₹6 Cr | Jun 2026 —

### 20-quarter Profit growth history
- 538668: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 616% | Jun 2025 -14% | Sep 2025 400% | Dec 2025 -70% | Mar 2026 -57% | Jun 2026 —
- GROWW: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 12% | Dec 2025 -28% | Mar 2026 122% | Jun 2026 94%
- ANGELONE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 60% | Dec 2022 38% | Mar 2023 30% | Jun 2023 21% | Sep 2023 42% | Dec 2023 14% | Mar 2024 27% | Jun 2024 33% | Sep 2024 39% | Dec 2024 8.1% | Mar 2025 -49% | Jun 2025 -61% | Sep 2025 -50% | Dec 2025 -4.3% | Mar 2026 83% | Jun 2026 103%
- CHOICEIN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 186% | Mar 2024 30% | Jun 2024 52% | Sep 2024 53% | Dec 2024 -23% | Mar 2025 38% | Jun 2025 50% | Sep 2025 22% | Dec 2025 113% | Mar 2026 26% | Jun 2026 —
- IIFLCAPS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 132% | Mar 2024 110% | Jun 2024 143% | Sep 2024 90% | Dec 2024 30% | Mar 2025 -29% | Jun 2025 -3.3% | Sep 2025 -59% | Dec 2025 -4.6% | Mar 2026 -10% | Jun 2026 4.6%
- PAISALO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 24% | Sep 2022 14% | Dec 2022 7.7% | Mar 2023 40% | Jun 2023 81% | Sep 2023 96% | Dec 2023 100% | Mar 2024 76% | Jun 2024 7.9% | Sep 2024 6.4% | Dec 2024 11% | Mar 2025 24% | Jun 2025 15% | Sep 2025 4.0% | Dec 2025 6.5% | Mar 2026 57% | Jun 2026 —
- SHAREINDIA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 74% | Sep 2022 67% | Dec 2022 90% | Mar 2023 43% | Jun 2023 39% | Sep 2023 57% | Dec 2023 24% | Mar 2024 8.4% | Jun 2024 26% | Sep 2024 9.7% | Dec 2024 -29% | Mar 2025 -84% | Jun 2025 -18% | Sep 2025 -25% | Dec 2025 8.5% | Mar 2026 205% | Jun 2026 48%
- ARSSBL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 -26% | Sep 2025 -15% | Dec 2025 68% | Mar 2026 133% | Jun 2026 0.0%
- INDOTHAI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 75% | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 -43% | Dec 2023 — | Mar 2024 — | Jun 2024 67% | Sep 2024 25% | Dec 2024 -80% | Mar 2025 -250% | Jun 2025 80% | Sep 2025 180% | Dec 2025 1,600% | Mar 2026 — | Jun 2026 22%
- MONARCH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -14% | Sep 2022 -14% | Dec 2022 -6.7% | Mar 2023 -67% | Jun 2023 42% | Sep 2023 208% | Dec 2023 179% | Mar 2024 675% | Jun 2024 135% | Sep 2024 19% | Dec 2024 5.1% | Mar 2025 -19% | Jun 2025 13% | Sep 2025 2.3% | Dec 2025 9.8% | Mar 2026 84% | Jun 2026 —
- GEOJITFSL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 52% | Mar 2024 73% | Jun 2024 109% | Sep 2024 54% | Dec 2024 -2.6% | Mar 2025 -38% | Jun 2025 -37% | Sep 2025 -60% | Dec 2025 -62% | Mar 2026 -47% | Jun 2026 -31%
- 5PAISA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 36% | Mar 2024 -57% | Jun 2024 33% | Sep 2024 16% | Dec 2024 6.7% | Mar 2025 67% | Jun 2025 -40% | Sep 2025 -59% | Dec 2025 -25% | Mar 2026 10% | Jun 2026 0.0%
- SUMMITSEC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 275% | Mar 2024 180% | Jun 2024 -63% | Sep 2024 97% | Dec 2024 -133% | Mar 2025 -136% | Jun 2025 567% | Sep 2025 21% | Dec 2025 — | Mar 2026 — | Jun 2026 —
- SMCGLOBAL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 63% | Mar 2024 200% | Jun 2024 77% | Sep 2024 15% | Dec 2024 -15% | Mar 2025 -94% | Jun 2025 -43% | Sep 2025 -54% | Dec 2025 -30% | Mar 2026 425% | Jun 2026 —
- ARIHANTCAP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 179% | Mar 2024 1,182% | Jun 2024 58% | Sep 2024 33% | Dec 2024 -40% | Mar 2025 -68% | Jun 2025 -32% | Sep 2025 -35% | Dec 2025 -58% | Mar 2026 -100% | Jun 2026 62%
- EMKAY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 40% | Mar 2024 — | Jun 2024 3,979% | Sep 2024 180% | Dec 2024 -30% | Mar 2025 -20% | Jun 2025 -66% | Sep 2025 -98% | Dec 2025 -50% | Mar 2026 -33% | Jun 2026 —

## Funding Base & Its Composition

What the numbers say: There is not enough comparable evidence to name a reliable deposits leader.

Investor read: The current leader sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current borrowings signal.

Evidence: No comparable leader | Not enough peers | Not enough history | 0/16 companies · 0 observations

Definition: For banks, debt is operating funding rather than industrial leverage. Deposits and borrowings are therefore shown as funding-base levels; asset quality, funding cost and liquidity determine whether that funding is attractive.

### Deposits — largest deposit bases

### Borrowings — largest borrowings
1. Angel One Ltd (ANGELONE): ₹8.0K Cr
2. Paisalo Digital Ltd (PAISALO): ₹4.4K Cr
3. SMC Global Securities Ltd (SMCGLOBAL): ₹2.0K Cr
4. IIFL Capital Services Ltd (IIFLCAPS): ₹1.8K Cr
5. Choice International Ltd (CHOICEIN): ₹908 Cr

### 20-quarter Deposits history

### 20-quarter Borrowings history
- 538668: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹2 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹3 Cr | Jun 2025 — | Sep 2025 ₹7 Cr | Dec 2025 — | Mar 2026 ₹22 Cr | Jun 2026 —
- GROWW: Sep 2021 — | Dec 2021 — | Mar 2022 ₹0 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹75 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹91 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹610 Cr | Jun 2025 — | Sep 2025 ₹367 Cr | Dec 2025 — | Mar 2026 ₹292 Cr | Jun 2026 —
- ANGELONE: Sep 2021 ₹1.2K Cr | Dec 2021 ₹1.2K Cr | Mar 2022 ₹1.3K Cr | Jun 2022 ₹1.3K Cr | Sep 2022 ₹3.0K Cr | Dec 2022 — | Mar 2023 ₹788 Cr | Jun 2023 ₹787 Cr | Sep 2023 ₹1.6K Cr | Dec 2023 ₹1.7K Cr | Mar 2024 ₹2.5K Cr | Jun 2024 ₹2.5K Cr | Sep 2024 ₹3.1K Cr | Dec 2024 ₹3.1K Cr | Mar 2025 ₹3.4K Cr | Jun 2025 ₹3.4K Cr | Sep 2025 ₹4.5K Cr | Dec 2025 ₹4.5K Cr | Mar 2026 ₹8.0K Cr | Jun 2026 ₹8.0K Cr
- CHOICEIN: Sep 2021 — | Dec 2021 — | Mar 2022 ₹219 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹206 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹455 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹679 Cr | Jun 2025 — | Sep 2025 ₹488 Cr | Dec 2025 — | Mar 2026 ₹908 Cr | Jun 2026 —
- IIFLCAPS: Sep 2021 — | Dec 2021 — | Mar 2022 ₹607 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹486 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹1.2K Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹937 Cr | Jun 2025 — | Sep 2025 ₹1.7K Cr | Dec 2025 — | Mar 2026 ₹1.8K Cr | Jun 2026 —
- PAISALO: Sep 2021 ₹1.4K Cr | Dec 2021 ₹1.4K Cr | Mar 2022 ₹1.7K Cr | Jun 2022 ₹1.7K Cr | Sep 2022 ₹1.8K Cr | Dec 2022 ₹1.8K Cr | Mar 2023 ₹2.1K Cr | Jun 2023 ₹2.1K Cr | Sep 2023 ₹2.2K Cr | Dec 2023 ₹2.2K Cr | Mar 2024 ₹2.7K Cr | Jun 2024 ₹2.7K Cr | Sep 2024 ₹2.8K Cr | Dec 2024 ₹2.8K Cr | Mar 2025 ₹3.6K Cr | Jun 2025 ₹3.6K Cr | Sep 2025 ₹3.8K Cr | Dec 2025 ₹3.8K Cr | Mar 2026 ₹4.4K Cr | Jun 2026 —
- SHAREINDIA: Sep 2021 ₹137 Cr | Dec 2021 ₹137 Cr | Mar 2022 ₹199 Cr | Jun 2022 ₹199 Cr | Sep 2022 ₹370 Cr | Dec 2022 ₹370 Cr | Mar 2023 ₹202 Cr | Jun 2023 ₹226 Cr | Sep 2023 ₹629 Cr | Dec 2023 ₹629 Cr | Mar 2024 ₹403 Cr | Jun 2024 ₹427 Cr | Sep 2024 ₹389 Cr | Dec 2024 ₹389 Cr | Mar 2025 ₹513 Cr | Jun 2025 ₹535 Cr | Sep 2025 ₹548 Cr | Dec 2025 ₹574 Cr | Mar 2026 ₹695 Cr | Jun 2026 —
- ARSSBL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹432 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹888 Cr | Jun 2024 ₹908 Cr | Sep 2024 ₹1.1K Cr | Dec 2024 — | Mar 2025 ₹914 Cr | Jun 2025 ₹940 Cr | Sep 2025 ₹1.2K Cr | Dec 2025 ₹1.2K Cr | Mar 2026 ₹840 Cr | Jun 2026 ₹855 Cr
- INDOTHAI: Sep 2021 ₹2 Cr | Dec 2021 ₹2 Cr | Mar 2022 ₹2 Cr | Jun 2022 ₹1 Cr | Sep 2022 ₹5 Cr | Dec 2022 ₹5 Cr | Mar 2023 ₹4 Cr | Jun 2023 ₹3 Cr | Sep 2023 ₹3 Cr | Dec 2023 ₹3 Cr | Mar 2024 ₹6 Cr | Jun 2024 ₹6 Cr | Sep 2024 ₹10 Cr | Dec 2024 ₹10 Cr | Mar 2025 ₹4 Cr | Jun 2025 ₹3 Cr | Sep 2025 ₹4 Cr | Dec 2025 ₹3 Cr | Mar 2026 ₹25 Cr | Jun 2026 ₹24 Cr
- MONARCH: Sep 2021 ₹26 Cr | Dec 2021 ₹26 Cr | Mar 2022 ₹17 Cr | Jun 2022 ₹17 Cr | Sep 2022 — | Dec 2022 — | Mar 2023 ₹3 Cr | Jun 2023 ₹3 Cr | Sep 2023 ₹98 Cr | Dec 2023 ₹98 Cr | Mar 2024 ₹113 Cr | Jun 2024 ₹113 Cr | Sep 2024 ₹66 Cr | Dec 2024 ₹66 Cr | Mar 2025 ₹9 Cr | Jun 2025 ₹9 Cr | Sep 2025 ₹11 Cr | Dec 2025 ₹11 Cr | Mar 2026 ₹37 Cr | Jun 2026 —
- GEOJITFSL: Sep 2021 — | Dec 2021 — | Mar 2022 ₹79 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹114 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹398 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹156 Cr | Jun 2025 — | Sep 2025 ₹131 Cr | Dec 2025 — | Mar 2026 ₹123 Cr | Jun 2026 —
- 5PAISA: Sep 2021 ₹293 Cr | Dec 2021 ₹293 Cr | Mar 2022 ₹279 Cr | Jun 2022 ₹282 Cr | Sep 2022 ₹302 Cr | Dec 2022 ₹302 Cr | Mar 2023 ₹169 Cr | Jun 2023 ₹169 Cr | Sep 2023 ₹280 Cr | Dec 2023 ₹280 Cr | Mar 2024 ₹336 Cr | Jun 2024 ₹336 Cr | Sep 2024 ₹169 Cr | Dec 2024 ₹169 Cr | Mar 2025 ₹217 Cr | Jun 2025 ₹217 Cr | Sep 2025 ₹291 Cr | Dec 2025 ₹291 Cr | Mar 2026 ₹379 Cr | Jun 2026 ₹379 Cr
- SUMMITSEC: Sep 2021 — | Dec 2021 — | Mar 2022 ₹0 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹0 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹0 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹0 Cr | Jun 2025 — | Sep 2025 ₹0 Cr | Dec 2025 — | Mar 2026 ₹0 Cr | Jun 2026 —
- SMCGLOBAL: Sep 2021 ₹310 Cr | Dec 2021 ₹310 Cr | Mar 2022 ₹497 Cr | Jun 2022 ₹571 Cr | Sep 2022 — | Dec 2022 — | Mar 2023 ₹944 Cr | Jun 2023 ₹1.0K Cr | Sep 2023 ₹1.2K Cr | Dec 2023 ₹1.2K Cr | Mar 2024 ₹1.5K Cr | Jun 2024 ₹1.5K Cr | Sep 2024 ₹1.6K Cr | Dec 2024 ₹1.6K Cr | Mar 2025 ₹1.7K Cr | Jun 2025 ₹1.7K Cr | Sep 2025 ₹2.0K Cr | Dec 2025 ₹2.0K Cr | Mar 2026 ₹2.0K Cr | Jun 2026 —
- ARIHANTCAP: Sep 2021 ₹62 Cr | Dec 2021 ₹62 Cr | Mar 2022 ₹82 Cr | Jun 2022 ₹83 Cr | Sep 2022 ₹98 Cr | Dec 2022 ₹98 Cr | Mar 2023 ₹60 Cr | Jun 2023 ₹60 Cr | Sep 2023 ₹122 Cr | Dec 2023 ₹122 Cr | Mar 2024 ₹99 Cr | Jun 2024 ₹99 Cr | Sep 2024 ₹198 Cr | Dec 2024 ₹198 Cr | Mar 2025 ₹96 Cr | Jun 2025 ₹98 Cr | Sep 2025 ₹211 Cr | Dec 2025 ₹212 Cr | Mar 2026 ₹239 Cr | Jun 2026 ₹244 Cr
- EMKAY: Sep 2021 — | Dec 2021 — | Mar 2022 ₹44 Cr | Jun 2022 ₹15 Cr | Sep 2022 ₹30 Cr | Dec 2022 ₹30 Cr | Mar 2023 ₹33 Cr | Jun 2023 ₹23 Cr | Sep 2023 ₹28 Cr | Dec 2023 ₹28 Cr | Mar 2024 ₹52 Cr | Jun 2024 ₹42 Cr | Sep 2024 ₹31 Cr | Dec 2024 ₹31 Cr | Mar 2025 ₹68 Cr | Jun 2025 ₹55 Cr | Sep 2025 ₹81 Cr | Dec 2025 ₹71 Cr | Mar 2026 ₹110 Cr | Jun 2026 —

## Return On Assets

What the numbers say: Indo Thai Securities Ltd leads both roa at 17.6% and roa change at +14.1 percentage points.

Investor read: Indo Thai Securities Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current roa change signal.

Evidence: Indo Thai Securities Ltd · 17.6% | 53% versus #2 · Monarch Networth Capital Ltd | 3/6 recent comparable periods | 12/16 companies · 77 observations

Definition: ROA is the cleanest first comparison for lenders because the balance sheet is the operating asset.

### ROA — highest
1. Indo Thai Securities Ltd (INDOTHAI): 18%
2. Monarch Networth Capital Ltd (MONARCH): 12%
3. Choice International Ltd (CHOICEIN): 7.7%
4. Share India Securities Ltd (SHAREINDIA): 7.1%
5. Angel One Ltd (ANGELONE): 3.8%

### ROA change — fastest improvers
1. Indo Thai Securities Ltd (INDOTHAI): +14.1 pp
2. Summit Securities Ltd (SUMMITSEC): +0.5 pp
3. Paisalo Digital Ltd (PAISALO): 0.0 pp
4. Monarch Networth Capital Ltd (MONARCH): −0.6 pp
5. SMC Global Securities Ltd (SMCGLOBAL): −1.2 pp

### 20-quarter ROA history
- ANGELONE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 8.1% | Dec 2022 — | Mar 2023 12% | Jun 2023 — | Sep 2023 9.4% | Dec 2023 8.4% | Mar 2024 8.9% | Jun 2024 11% | Sep 2024 7.1% | Dec 2024 — | Mar 2025 6.9% | Jun 2025 — | Sep 2025 4.3% | Dec 2025 — | Mar 2026 3.8% | Jun 2026 —
- PAISALO: Sep 2021 — | Dec 2021 — | Mar 2022 2.9% | Jun 2022 — | Sep 2022 2.9% | Dec 2022 — | Mar 2023 2.8% | Jun 2023 — | Sep 2023 3.7% | Dec 2023 — | Mar 2024 4.3% | Jun 2024 — | Sep 2024 4.2% | Dec 2024 — | Mar 2025 3.8% | Jun 2025 — | Sep 2025 3.7% | Dec 2025 — | Mar 2026 3.8% | Jun 2026 —
- SHAREINDIA: Sep 2021 — | Dec 2021 — | Mar 2022 14% | Jun 2022 — | Sep 2022 16% | Dec 2022 — | Mar 2023 18% | Jun 2023 — | Sep 2023 16% | Dec 2023 — | Mar 2024 15% | Jun 2024 — | Sep 2024 13% | Dec 2024 — | Mar 2025 8.7% | Jun 2025 — | Sep 2025 6.4% | Dec 2025 — | Mar 2026 7.1% | Jun 2026 —
- ARSSBL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 3.1% | Jun 2025 — | Sep 2025 1.8% | Dec 2025 — | Mar 2026 1.8% | Jun 2026 —
- INDOTHAI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 0.8% | Dec 2022 — | Mar 2023 -6.5% | Jun 2023 — | Sep 2023 -0.8% | Dec 2023 — | Mar 2024 12% | Jun 2024 — | Sep 2024 11% | Dec 2024 — | Mar 2025 3.5% | Jun 2025 — | Sep 2025 7.4% | Dec 2025 — | Mar 2026 18% | Jun 2026 —
- MONARCH: Sep 2021 — | Dec 2021 — | Mar 2022 8.5% | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 6.9% | Jun 2023 — | Sep 2023 4.4% | Dec 2023 — | Mar 2024 15% | Jun 2024 — | Sep 2024 12% | Dec 2024 — | Mar 2025 12% | Jun 2025 — | Sep 2025 13% | Dec 2025 — | Mar 2026 12% | Jun 2026 —
- 5PAISA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 2.9% | Dec 2023 — | Mar 2024 2.7% | Jun 2024 — | Sep 2024 3.2% | Dec 2024 — | Mar 2025 4.1% | Jun 2025 — | Sep 2025 2.7% | Dec 2025 — | Mar 2026 2.3% | Jun 2026 —
- SUMMITSEC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 0.6% | Dec 2023 — | Mar 2024 0.7% | Jun 2024 — | Sep 2024 0.8% | Dec 2024 — | Mar 2025 0.6% | Jun 2025 — | Sep 2025 0.8% | Dec 2025 — | Mar 2026 1.1% | Jun 2026 —
- SMCGLOBAL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 2.8% | Dec 2023 — | Mar 2024 4.0% | Jun 2024 — | Sep 2024 4.2% | Dec 2024 — | Mar 2025 3.0% | Jun 2025 — | Sep 2025 1.9% | Dec 2025 — | Mar 2026 1.8% | Jun 2026 —
- ARIHANTCAP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 4.9% | Dec 2023 — | Mar 2024 9.2% | Jun 2024 — | Sep 2024 8.5% | Dec 2024 — | Mar 2025 7.5% | Jun 2025 — | Sep 2025 4.8% | Dec 2025 — | Mar 2026 2.8% | Jun 2026 —
- EMKAY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 1.4% | Dec 2023 — | Mar 2024 3.0% | Jun 2024 — | Sep 2024 5.3% | Dec 2024 — | Mar 2025 4.6% | Jun 2025 — | Sep 2025 1.4% | Dec 2025 — | Mar 2026 0.9% | Jun 2026 —

### 20-quarter ROA change history
- ANGELONE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 +1.3 pp | Dec 2023 — | Mar 2024 −3.0 pp | Jun 2024 — | Sep 2024 −2.3 pp | Dec 2024 — | Mar 2025 −2.0 pp | Jun 2025 — | Sep 2025 −2.8 pp | Dec 2025 — | Mar 2026 −3.1 pp | Jun 2026 —
- PAISALO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 −0.1 pp | Jun 2023 — | Sep 2023 +0.8 pp | Dec 2023 — | Mar 2024 +1.5 pp | Jun 2024 — | Sep 2024 +0.5 pp | Dec 2024 — | Mar 2025 −0.5 pp | Jun 2025 — | Sep 2025 −0.5 pp | Dec 2025 — | Mar 2026 0.0 pp | Jun 2026 —
- SHAREINDIA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 +3.9 pp | Jun 2023 — | Sep 2023 −0.1 pp | Dec 2023 — | Mar 2024 −3.1 pp | Jun 2024 — | Sep 2024 −3.6 pp | Dec 2024 — | Mar 2025 −6.2 pp | Jun 2025 — | Sep 2025 −6.3 pp | Dec 2025 — | Mar 2026 −1.6 pp | Jun 2026 —
- ARSSBL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 −1.3 pp | Jun 2026 —
- INDOTHAI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 −1.6 pp | Dec 2023 — | Mar 2024 +18.0 pp | Jun 2024 — | Sep 2024 +12.1 pp | Dec 2024 — | Mar 2025 −8.0 pp | Jun 2025 — | Sep 2025 −3.9 pp | Dec 2025 — | Mar 2026 +14.1 pp | Jun 2026 —
- MONARCH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 −1.6 pp | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 +8.4 pp | Jun 2024 — | Sep 2024 +7.6 pp | Dec 2024 — | Mar 2025 −3.2 pp | Jun 2025 — | Sep 2025 +1.0 pp | Dec 2025 — | Mar 2026 −0.6 pp | Jun 2026 —
- 5PAISA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 +0.3 pp | Dec 2024 — | Mar 2025 +1.4 pp | Jun 2025 — | Sep 2025 −0.5 pp | Dec 2025 — | Mar 2026 −1.8 pp | Jun 2026 —
- SUMMITSEC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 +0.2 pp | Dec 2024 — | Mar 2025 −0.1 pp | Jun 2025 — | Sep 2025 0.0 pp | Dec 2025 — | Mar 2026 +0.5 pp | Jun 2026 —
- SMCGLOBAL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 +1.4 pp | Dec 2024 — | Mar 2025 −1.0 pp | Jun 2025 — | Sep 2025 −2.3 pp | Dec 2025 — | Mar 2026 −1.2 pp | Jun 2026 —
- ARIHANTCAP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 +3.6 pp | Dec 2024 — | Mar 2025 −1.7 pp | Jun 2025 — | Sep 2025 −3.7 pp | Dec 2025 — | Mar 2026 −4.7 pp | Jun 2026 —
- EMKAY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 +3.9 pp | Dec 2024 — | Mar 2025 +1.6 pp | Jun 2025 — | Sep 2025 −3.9 pp | Dec 2025 — | Mar 2026 −3.7 pp | Jun 2026 —

## ROE — Leaders & Improvers

What the numbers say: Billionbrains Garage Ventures Ltd leads roe at 28.8%; Indo Thai Securities Ltd leads roe change at +48.9 percentage points.

Investor read: Billionbrains Garage Ventures Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current roe change signal.

Evidence: Billionbrains Garage Ventures Ltd · 28.8% | 0.7% versus #2 · Indo Thai Securities Ltd | Not enough history | 16/16 companies · 193 observations

Definition: ROE shows the return to shareholders, but should be read with asset quality and leverage.

### ROE — highest
1. Billionbrains Garage Ventures Ltd (GROWW): 29%
2. Indo Thai Securities Ltd (INDOTHAI): 29%
3. Meghna Infracon Infrastructure Ltd (538668): 22%
4. Monarch Networth Capital Ltd (MONARCH): 21%
5. IIFL Capital Services Ltd (IIFLCAPS): 20%

### ROE change — fastest improvers
1. Indo Thai Securities Ltd (INDOTHAI): +48.9 pp
2. Angel One Ltd (ANGELONE): +8.6 pp
3. Summit Securities Ltd (SUMMITSEC): +0.8 pp
4. 5paisa Capital Ltd (5PAISA): 0.0 pp
5. Share India Securities Ltd (SHAREINDIA): −0.4 pp

### 20-quarter ROE history
- ANGELONE: Sep 2021 — | Dec 2021 44% | Mar 2022 50% | Jun 2022 57% | Sep 2022 46% | Dec 2022 49% | Mar 2023 41% | Jun 2023 43% | Sep 2023 41% | Dec 2023 51% | Mar 2024 39% | Jun 2024 47% | Sep 2024 39% | Dec 2024 41% | Mar 2025 21% | Jun 2025 13% | Sep 2025 8.1% | Dec 2025 15% | Mar 2026 18% | Jun 2026 21%
- PAISALO: Sep 2021 7.8% | Dec 2021 9.7% | Mar 2022 12% | Jun 2022 6.2% | Sep 2022 8.2% | Dec 2022 9.0% | Mar 2023 10% | Jun 2023 7.2% | Sep 2023 13% | Dec 2023 16% | Mar 2024 18% | Jun 2024 11% | Sep 2024 13% | Dec 2024 15% | Mar 2025 18% | Jun 2025 13% | Sep 2025 12% | Dec 2025 13% | Mar 2026 16% | Jun 2026 —
- SHAREINDIA: Sep 2021 49% | Dec 2021 55% | Mar 2022 56% | Jun 2022 76% | Sep 2022 52% | Dec 2022 55% | Mar 2023 63% | Jun 2023 53% | Sep 2023 32% | Dec 2023 40% | Mar 2024 37% | Jun 2024 31% | Sep 2024 23% | Dec 2024 25% | Mar 2025 15% | Jun 2025 3.2% | Sep 2025 14% | Dec 2025 15% | Mar 2026 14% | Jun 2026 —
- ARSSBL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 31% | Mar 2025 21% | Jun 2025 19% | Sep 2025 7.0% | Dec 2025 12% | Mar 2026 11% | Jun 2026 13%
- INDOTHAI: Sep 2021 — | Dec 2021 24% | Mar 2022 -2.1% | Jun 2022 -1.0% | Sep 2022 -38% | Dec 2022 43% | Mar 2023 -1.4% | Jun 2023 -49% | Sep 2023 20% | Dec 2023 27% | Mar 2024 32% | Jun 2024 14% | Sep 2024 27% | Dec 2024 21% | Mar 2025 4.0% | Jun 2025 -7.5% | Sep 2025 19% | Dec 2025 29% | Mar 2026 31% | Jun 2026 41%
- MONARCH: Sep 2021 50% | Dec 2021 44% | Mar 2022 41% | Jun 2022 32% | Sep 2022 30% | Dec 2022 — | Mar 2023 19% | Jun 2023 21% | Sep 2023 30% | Dec 2023 59% | Mar 2024 55% | Jun 2024 39% | Sep 2024 46% | Dec 2024 33% | Mar 2025 22% | Jun 2025 13% | Sep 2025 23% | Dec 2025 22% | Mar 2026 21% | Jun 2026 —
- 5PAISA: Sep 2021 — | Dec 2021 2.1% | Mar 2022 0.8% | Jun 2022 4.8% | Sep 2022 7.9% | Dec 2022 11% | Mar 2023 10% | Jun 2023 13% | Sep 2023 13% | Dec 2023 16% | Mar 2024 12% | Jun 2024 4.4% | Sep 2024 15% | Dec 2024 16% | Mar 2025 11% | Jun 2025 6.8% | Sep 2025 7.7% | Dec 2025 6.2% | Mar 2026 7.9% | Jun 2026 6.8%
- SUMMITSEC: Sep 2021 0.3% | Dec 2021 3.3% | Mar 2022 0.1% | Jun 2022 0.2% | Sep 2022 1.1% | Dec 2022 1.3% | Mar 2023 0.3% | Jun 2023 0.4% | Sep 2023 0.7% | Dec 2023 2.4% | Mar 2024 0.8% | Jun 2024 0.7% | Sep 2024 0.1% | Dec 2024 3.0% | Mar 2025 -0.2% | Jun 2025 -0.2% | Sep 2025 0.8% | Dec 2025 3.4% | Mar 2026 0.6% | Jun 2026 —
- SMCGLOBAL: Sep 2021 14% | Dec 2021 20% | Mar 2022 23% | Jun 2022 26% | Sep 2022 16% | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 13% | Dec 2023 17% | Mar 2024 21% | Jun 2024 25% | Sep 2024 19% | Dec 2024 16% | Mar 2025 15% | Jun 2025 1.4% | Sep 2025 9.8% | Dec 2025 6.8% | Mar 2026 9.8% | Jun 2026 —
- ARIHANTCAP: Sep 2021 — | Dec 2021 26% | Mar 2022 26% | Jun 2022 24% | Sep 2022 13% | Dec 2022 21% | Mar 2023 12% | Jun 2023 3.1% | Sep 2023 18% | Dec 2023 22% | Mar 2024 28% | Jun 2024 33% | Sep 2024 23% | Dec 2024 23% | Mar 2025 13% | Jun 2025 8.2% | Sep 2025 13% | Dec 2025 13% | Mar 2026 5.0% | Jun 2026 0.5%
- EMKAY: Sep 2021 24% | Dec 2021 21% | Mar 2022 42% | Jun 2022 -9.8% | Sep 2022 9.1% | Dec 2022 12% | Mar 2023 17% | Jun 2023 -10% | Sep 2023 -2.5% | Dec 2023 18% | Mar 2024 23% | Jun 2024 19% | Sep 2024 23% | Dec 2024 40% | Mar 2025 12% | Jun 2025 12% | Sep 2025 6.3% | Dec 2025 0.6% | Mar 2026 5.7% | Jun 2026 —

### 20-quarter ROE change history
- ANGELONE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 +5.1 pp | Mar 2023 −9.2 pp | Jun 2023 −13.7 pp | Sep 2023 −4.9 pp | Dec 2023 +1.8 pp | Mar 2024 −2.6 pp | Jun 2024 +3.7 pp | Sep 2024 −2.4 pp | Dec 2024 −10.3 pp | Mar 2025 −17.3 pp | Jun 2025 −33.9 pp | Sep 2025 −30.4 pp | Dec 2025 −25.9 pp | Mar 2026 −2.9 pp | Jun 2026 +8.6 pp
- PAISALO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.4 pp | Dec 2022 −0.7 pp | Mar 2023 −1.5 pp | Jun 2023 +1.0 pp | Sep 2023 +5.0 pp | Dec 2023 +6.8 pp | Mar 2024 +8.1 pp | Jun 2024 +4.2 pp | Sep 2024 −0.7 pp | Dec 2024 −1.3 pp | Mar 2025 −0.5 pp | Jun 2025 +1.1 pp | Sep 2025 −0.2 pp | Dec 2025 −1.6 pp | Mar 2026 −1.7 pp | Jun 2026 —
- SHAREINDIA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +2.9 pp | Dec 2022 +0.5 pp | Mar 2023 +6.7 pp | Jun 2023 −22.3 pp | Sep 2023 −19.4 pp | Dec 2023 −15.2 pp | Mar 2024 −25.7 pp | Jun 2024 −22.4 pp | Sep 2024 −8.9 pp | Dec 2024 −15.4 pp | Mar 2025 −22.9 pp | Jun 2025 −27.7 pp | Sep 2025 −9.0 pp | Dec 2025 −9.3 pp | Mar 2026 −0.4 pp | Jun 2026 —
- ARSSBL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 −18.6 pp | Mar 2026 −9.2 pp | Jun 2026 −6.5 pp
- INDOTHAI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 +19.0 pp | Mar 2023 +0.7 pp | Jun 2023 −47.5 pp | Sep 2023 +58.4 pp | Dec 2023 −15.9 pp | Mar 2024 +33.2 pp | Jun 2024 +62.6 pp | Sep 2024 +6.4 pp | Dec 2024 −5.4 pp | Mar 2025 −27.8 pp | Jun 2025 −21.6 pp | Sep 2025 −7.7 pp | Dec 2025 +7.4 pp | Mar 2026 +27.1 pp | Jun 2026 +48.9 pp
- MONARCH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −20.5 pp | Dec 2022 — | Mar 2023 −21.6 pp | Jun 2023 −10.7 pp | Sep 2023 +0.6 pp | Dec 2023 — | Mar 2024 +36.4 pp | Jun 2024 +18.3 pp | Sep 2024 +16.1 pp | Dec 2024 −25.9 pp | Mar 2025 −33.1 pp | Jun 2025 −26.1 pp | Sep 2025 −23.6 pp | Dec 2025 −11.2 pp | Mar 2026 −1.6 pp | Jun 2026 —
- 5PAISA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 +8.5 pp | Mar 2023 +9.3 pp | Jun 2023 +8.0 pp | Sep 2023 +4.7 pp | Dec 2023 +5.2 pp | Mar 2024 +2.0 pp | Jun 2024 −8.4 pp | Sep 2024 +2.3 pp | Dec 2024 −0.1 pp | Mar 2025 −0.9 pp | Jun 2025 +2.4 pp | Sep 2025 −7.2 pp | Dec 2025 −9.5 pp | Mar 2026 −3.3 pp | Jun 2026 0.0 pp
- SUMMITSEC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.8 pp | Dec 2022 −2.0 pp | Mar 2023 +0.2 pp | Jun 2023 +0.2 pp | Sep 2023 −0.4 pp | Dec 2023 +1.1 pp | Mar 2024 +0.5 pp | Jun 2024 +0.3 pp | Sep 2024 −0.6 pp | Dec 2024 +0.6 pp | Mar 2025 −1.0 pp | Jun 2025 −0.9 pp | Sep 2025 +0.7 pp | Dec 2025 +0.4 pp | Mar 2026 +0.8 pp | Jun 2026 —
- SMCGLOBAL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +2.5 pp | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 −3.1 pp | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 +6.5 pp | Dec 2024 −0.6 pp | Mar 2025 −6.2 pp | Jun 2025 −23.9 pp | Sep 2025 −9.6 pp | Dec 2025 −9.2 pp | Mar 2026 −5.0 pp | Jun 2026 —
- ARIHANTCAP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 −4.8 pp | Mar 2023 −14.1 pp | Jun 2023 −20.7 pp | Sep 2023 +5.0 pp | Dec 2023 +0.9 pp | Mar 2024 +16.6 pp | Jun 2024 +29.7 pp | Sep 2024 +5.3 pp | Dec 2024 +1.1 pp | Mar 2025 −14.8 pp | Jun 2025 −24.6 pp | Sep 2025 −10.1 pp | Dec 2025 −9.9 pp | Mar 2026 −8.3 pp | Jun 2026 −7.7 pp
- EMKAY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −14.4 pp | Dec 2022 −9.3 pp | Mar 2023 −25.0 pp | Jun 2023 −0.4 pp | Sep 2023 −11.6 pp | Dec 2023 +5.4 pp | Mar 2024 +5.7 pp | Jun 2024 +28.7 pp | Sep 2024 +25.5 pp | Dec 2024 +22.4 pp | Mar 2025 −10.3 pp | Jun 2025 −6.9 pp | Sep 2025 −16.7 pp | Dec 2025 −39.3 pp | Mar 2026 −6.6 pp | Jun 2026 —

## Gross NPA — Leaders & Improvers

What the numbers say: Paisalo Digital Ltd leads both gross npa at 0.7% and gnpa change at -0.2 percentage points.

Investor read: Paisalo Digital Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current gnpa change signal.

Evidence: Paisalo Digital Ltd · 0.7% | Not enough peers | 1/1 recent comparable periods | 1/16 companies · 4 observations

Definition: Lower gross NPA is better. Improvement means the ratio is falling, so ranks are intentionally inverted.

### Gross NPA — lowest
1. Paisalo Digital Ltd (PAISALO): 0.7%

### GNPA change — fastest improvers
1. Paisalo Digital Ltd (PAISALO): −0.2 pp

### 20-quarter Gross NPA history
- PAISALO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 0.3% | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 1.1% | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 0.8% | Mar 2026 0.7% | Jun 2026 —

### 20-quarter GNPA change history
- PAISALO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 −0.2 pp | Mar 2026 — | Jun 2026 —

## Valuation Against Growth & Quality

What the numbers say: Share India Securities Ltd has the lowest comparable P/BV ÷ ROE at 0.12×, 14.3% below Monarch Networth Capital Ltd. Only 16 of 16 companies pass the guard, so no broad “cheapest stock” conclusion is defensible unless the current multiple, own-history position and growth durability agree.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/bv signal.

Evidence: Share India Securities Ltd · 0.12× | 14.3% versus #2 · Monarch Networth Capital Ltd | 0/8 recent comparable periods | 16/16 companies · 179 observations

Definition: Banks are compared on P/BV and P/BV÷ROE, not PEG. Lower is better only if asset quality and return durability hold; cheap book value with weakening NPAs is not automatically attractive.

### P/BV ÷ ROE — lowest return-adjusted price
1. Share India Securities Ltd (SHAREINDIA): 0.1
2. Monarch Networth Capital Ltd (MONARCH): 0.1
3. Indo Thai Securities Ltd (INDOTHAI): 0.2
4. SMC Global Securities Ltd (SMCGLOBAL): 0.2
5. Anand Rathi Share & Stock Brokers Ltd (ARSSBL): 0.2

### P/BV — lowest P/BV
1. Summit Securities Ltd (SUMMITSEC): 0.2
2. SMC Global Securities Ltd (SMCGLOBAL): 1.2
3. Share India Securities Ltd (SHAREINDIA): 1.6
4. Emkay Global Financial Services Ltd (EMKAY): 1.7
5. Geojit Financial Services Ltd (GEOJITFSL): 1.8

### 20-quarter P/BV ÷ ROE history
- ANGELONE: Sep 2021 — | Dec 2021 0.2 | Mar 2022 0.2 | Jun 2022 0.1 | Sep 2022 0.1 | Dec 2022 0.1 | Mar 2023 0.2 | Jun 2023 0.2 | Sep 2023 0.2 | Dec 2023 0.2 | Mar 2024 0.3 | Jun 2024 0.2 | Sep 2024 0.2 | Dec 2024 0.1 | Mar 2025 0.2 | Jun 2025 0.4 | Sep 2025 0.4 | Dec 2025 0.3 | Mar 2026 0.2 | Jun 2026 0.2
- PAISALO: Sep 2021 0.5 | Dec 2021 0.4 | Mar 2022 0.3 | Jun 2022 0.6 | Sep 2022 0.3 | Dec 2022 0.3 | Mar 2023 0.2 | Jun 2023 0.3 | Sep 2023 0.2 | Dec 2023 0.2 | Mar 2024 0.2 | Jun 2024 0.5 | Sep 2024 0.3 | Dec 2024 0.2 | Mar 2025 0.1 | Jun 2025 0.2 | Sep 2025 0.2 | Dec 2025 0.2 | Mar 2026 0.1 | Jun 2026 —
- SHAREINDIA: Sep 2021 0.2 | Dec 2021 0.2 | Mar 2022 0.2 | Jun 2022 0.2 | Sep 2022 0.1 | Dec 2022 0.1 | Mar 2023 0.1 | Jun 2023 0.2 | Sep 2023 0.1 | Dec 2023 0.1 | Mar 2024 0.1 | Jun 2024 0.2 | Sep 2024 0.2 | Dec 2024 0.1 | Mar 2025 0.1 | Jun 2025 0.6 | Sep 2025 0.1 | Dec 2025 0.1 | Mar 2026 0.1 | Jun 2026 —
- ARSSBL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 0.3 | Dec 2025 0.2 | Mar 2026 0.2 | Jun 2026 0.2
- INDOTHAI: Sep 2021 — | Dec 2021 0.2 | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 0.1 | Mar 2023 — | Jun 2023 — | Sep 2023 0.2 | Dec 2023 0.1 | Mar 2024 0.1 | Jun 2024 0.3 | Sep 2024 0.4 | Dec 2024 0.6 | Mar 2025 5.2 | Jun 2025 — | Sep 2025 0.9 | Dec 2025 0.6 | Mar 2026 0.6 | Jun 2026 0.1
- MONARCH: Sep 2021 0.1 | Dec 2021 0.1 | Mar 2022 0.1 | Jun 2022 0.2 | Sep 2022 0.2 | Dec 2022 — | Mar 2023 0.2 | Jun 2023 0.2 | Sep 2023 0.2 | Dec 2023 0.1 | Mar 2024 0.1 | Jun 2024 0.2 | Sep 2024 0.2 | Dec 2024 0.1 | Mar 2025 0.2 | Jun 2025 0.5 | Sep 2025 0.1 | Dec 2025 0.1 | Mar 2026 0.1 | Jun 2026 —
- 5PAISA: Sep 2021 — | Dec 2021 2.3 | Mar 2022 5.1 | Jun 2022 0.7 | Sep 2022 0.4 | Dec 2022 0.3 | Mar 2023 0.3 | Jun 2023 0.3 | Sep 2023 0.4 | Dec 2023 0.3 | Mar 2024 0.4 | Jun 2024 1.2 | Sep 2024 0.3 | Dec 2024 0.2 | Mar 2025 0.3 | Jun 2025 0.5 | Sep 2025 0.4 | Dec 2025 0.4 | Mar 2026 0.3 | Jun 2026 0.4
- SUMMITSEC: Sep 2021 0.7 | Dec 2021 0.0 | Mar 2022 1.0 | Jun 2022 0.5 | Sep 2022 0.1 | Dec 2022 0.1 | Mar 2023 0.3 | Jun 2023 0.5 | Sep 2023 0.3 | Dec 2023 0.1 | Mar 2024 0.3 | Jun 2024 0.6 | Sep 2024 3.0 | Dec 2024 0.1 | Mar 2025 — | Jun 2025 — | Sep 2025 0.3 | Dec 2025 0.1 | Mar 2026 0.2 | Jun 2026 —
- SMCGLOBAL: Sep 2021 0.1 | Dec 2021 0.1 | Mar 2022 0.0 | Jun 2022 0.0 | Sep 2022 0.1 | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 0.1 | Dec 2023 0.1 | Mar 2024 0.1 | Jun 2024 0.1 | Sep 2024 0.1 | Dec 2024 0.1 | Mar 2025 0.1 | Jun 2025 1.1 | Sep 2025 0.1 | Dec 2025 0.2 | Mar 2026 0.1 | Jun 2026 —
- ARIHANTCAP: Sep 2021 — | Dec 2021 0.1 | Mar 2022 0.2 | Jun 2022 0.2 | Sep 2022 0.2 | Dec 2022 0.1 | Mar 2023 0.2 | Jun 2023 0.6 | Sep 2023 0.2 | Dec 2023 0.1 | Mar 2024 0.1 | Jun 2024 0.1 | Sep 2024 0.2 | Dec 2024 0.1 | Mar 2025 0.1 | Jun 2025 0.3 | Sep 2025 0.2 | Dec 2025 0.2 | Mar 2026 0.3 | Jun 2026 3.4
- EMKAY: Sep 2021 0.1 | Dec 2021 0.1 | Mar 2022 0.0 | Jun 2022 — | Sep 2022 0.1 | Dec 2022 0.1 | Mar 2023 0.1 | Jun 2023 — | Sep 2023 — | Dec 2023 0.1 | Mar 2024 0.1 | Jun 2024 0.1 | Sep 2024 0.1 | Dec 2024 0.1 | Mar 2025 0.2 | Jun 2025 0.2 | Sep 2025 0.4 | Dec 2025 3.7 | Mar 2026 0.3 | Jun 2026 —

### 20-quarter P/BV history
- 538668: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 36.9 | Sep 2024 46.7 | Dec 2024 52.6 | Mar 2025 59.7 | Jun 2025 55.1 | Sep 2025 52.2 | Dec 2025 53.7 | Mar 2026 49.2 | Jun 2026 —
- GROWW: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 12.6 | Jun 2026 13.1
- ANGELONE: Sep 2021 9.1 | Dec 2021 7.5 | Mar 2022 10.2 | Jun 2022 6.2 | Sep 2022 6.0 | Dec 2022 5.8 | Mar 2023 6.1 | Jun 2023 6.6 | Sep 2023 7.1 | Dec 2023 11.2 | Mar 2024 9.8 | Jun 2024 10.0 | Sep 2024 7.0 | Dec 2024 4.9 | Mar 2025 4.0 | Jun 2025 4.7 | Sep 2025 3.4 | Dec 2025 3.9 | Mar 2026 3.7 | Jun 2026 5.0
- CHOICEIN: Sep 2021 — | Dec 2021 — | Mar 2022 3.4 | Jun 2022 — | Sep 2022 — | Dec 2022 5.8 | Mar 2023 6.1 | Jun 2023 7.8 | Sep 2023 8.8 | Dec 2023 8.5 | Mar 2024 10.2 | Jun 2024 13.4 | Sep 2024 14.7 | Dec 2024 12.4 | Mar 2025 11.2 | Jun 2025 22.2 | Sep 2025 15.6 | Dec 2025 13.8 | Mar 2026 11.7 | Jun 2026 —
- IIFLCAPS: Sep 2021 — | Dec 2021 — | Mar 2022 2.5 | Jun 2022 — | Sep 2022 — | Dec 2022 1.5 | Mar 2023 1.3 | Jun 2023 1.6 | Sep 2023 2.0 | Dec 2023 2.9 | Mar 2024 2.5 | Jun 2024 4.8 | Sep 2024 5.9 | Dec 2024 4.7 | Mar 2025 3.0 | Jun 2025 6.0 | Sep 2025 3.4 | Dec 2025 3.6 | Mar 2026 2.9 | Jun 2026 3.5
- PAISALO: Sep 2021 4.1 | Dec 2021 3.4 | Mar 2022 3.5 | Jun 2022 3.8 | Sep 2022 2.7 | Dec 2022 3.1 | Mar 2023 2.3 | Jun 2023 2.2 | Sep 2023 2.5 | Dec 2023 3.3 | Mar 2024 4.4 | Jun 2024 5.5 | Sep 2024 4.1 | Dec 2024 3.3 | Mar 2025 2.1 | Jun 2025 2.1 | Sep 2025 2.2 | Dec 2025 1.9 | Mar 2026 1.9 | Jun 2026 —
- SHAREINDIA: Sep 2021 7.4 | Dec 2021 9.7 | Mar 2022 10.9 | Jun 2022 12.7 | Sep 2022 7.1 | Dec 2022 7.0 | Mar 2023 7.7 | Jun 2023 9.5 | Sep 2023 4.2 | Dec 2023 5.0 | Mar 2024 4.3 | Jun 2024 4.8 | Sep 2024 3.6 | Dec 2024 3.0 | Mar 2025 1.6 | Jun 2025 2.0 | Sep 2025 1.2 | Dec 2025 1.5 | Mar 2026 1.1 | Jun 2026 1.1
- ARSSBL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 2.2 | Dec 2025 3.0 | Mar 2026 2.0 | Jun 2026 2.6
- INDOTHAI: Sep 2021 2.0 | Dec 2021 5.4 | Mar 2022 5.0 | Jun 2022 3.3 | Sep 2022 2.4 | Dec 2022 5.1 | Mar 2023 3.8 | Jun 2023 4.0 | Sep 2023 3.5 | Dec 2023 3.5 | Mar 2024 4.3 | Jun 2024 4.8 | Sep 2024 10.3 | Dec 2024 12.5 | Mar 2025 20.6 | Jun 2025 24.0 | Sep 2025 16.9 | Dec 2025 18.4 | Mar 2026 17.1 | Jun 2026 4.5
- MONARCH: Sep 2021 5.2 | Dec 2021 3.0 | Mar 2022 4.1 | Jun 2022 7.2 | Sep 2022 5.7 | Dec 2022 5.6 | Mar 2023 3.5 | Jun 2023 4.4 | Sep 2023 5.1 | Dec 2023 5.3 | Mar 2024 6.4 | Jun 2024 7.9 | Sep 2024 8.0 | Dec 2024 4.6 | Mar 2025 3.5 | Jun 2025 5.9 | Sep 2025 3.2 | Dec 2025 2.7 | Mar 2026 2.2 | Jun 2026 —
- GEOJITFSL: Sep 2021 — | Dec 2021 — | Mar 2022 2.5 | Jun 2022 — | Sep 2022 — | Dec 2022 1.8 | Mar 2023 1.4 | Jun 2023 1.7 | Sep 2023 1.8 | Dec 2023 2.6 | Mar 2024 2.2 | Jun 2024 3.1 | Sep 2024 4.7 | Dec 2024 3.5 | Mar 2025 2.2 | Jun 2025 2.9 | Sep 2025 1.9 | Dec 2025 1.8 | Mar 2026 1.3 | Jun 2026 1.9
- 5PAISA: Sep 2021 11.1 | Dec 2021 4.9 | Mar 2022 4.1 | Jun 2022 3.5 | Sep 2022 3.4 | Dec 2022 3.2 | Mar 2023 3.4 | Jun 2023 4.4 | Sep 2023 4.4 | Dec 2023 5.3 | Mar 2024 4.8 | Jun 2024 5.1 | Sep 2024 4.7 | Dec 2024 3.8 | Mar 2025 2.9 | Jun 2025 3.6 | Sep 2025 2.7 | Dec 2025 2.5 | Mar 2026 2.0 | Jun 2026 2.5
- SUMMITSEC: Sep 2021 0.2 | Dec 2021 0.1 | Mar 2022 0.1 | Jun 2022 0.1 | Sep 2022 0.1 | Dec 2022 0.1 | Mar 2023 0.1 | Jun 2023 0.2 | Sep 2023 0.2 | Dec 2023 0.2 | Mar 2024 0.2 | Jun 2024 0.4 | Sep 2024 0.3 | Dec 2024 0.3 | Mar 2025 0.2 | Jun 2025 0.2 | Sep 2025 0.2 | Dec 2025 0.2 | Mar 2026 0.1 | Jun 2026 —
- SMCGLOBAL: Sep 2021 1.1 | Dec 2021 1.0 | Mar 2022 1.0 | Jun 2022 1.1 | Sep 2022 1.0 | Dec 2022 0.9 | Mar 2023 0.9 | Jun 2023 0.8 | Sep 2023 0.9 | Dec 2023 1.1 | Mar 2024 1.3 | Jun 2024 1.5 | Sep 2024 1.5 | Dec 2024 1.2 | Mar 2025 0.9 | Jun 2025 1.5 | Sep 2025 1.2 | Dec 2025 1.5 | Mar 2026 1.0 | Jun 2026 —
- ARIHANTCAP: Sep 2021 1.6 | Dec 2021 2.0 | Mar 2022 4.0 | Jun 2022 4.5 | Sep 2022 3.1 | Dec 2022 2.7 | Mar 2023 1.8 | Jun 2023 1.8 | Sep 2023 2.8 | Dec 2023 2.6 | Mar 2024 2.0 | Jun 2024 2.9 | Sep 2024 3.4 | Dec 2024 2.9 | Mar 2025 1.9 | Jun 2025 2.7 | Sep 2025 3.0 | Dec 2025 2.3 | Mar 2026 1.6 | Jun 2026 1.7
- EMKAY: Sep 2021 1.7 | Dec 2021 1.4 | Mar 2022 1.4 | Jun 2022 1.0 | Sep 2022 1.0 | Dec 2022 0.9 | Mar 2023 0.8 | Jun 2023 0.9 | Sep 2023 1.0 | Dec 2023 1.6 | Mar 2024 1.3 | Jun 2024 1.9 | Sep 2024 2.1 | Dec 2024 2.9 | Mar 2025 1.9 | Jun 2025 2.3 | Sep 2025 2.7 | Dec 2025 2.2 | Mar 2026 1.7 | Jun 2026 —

## Market action

Paisalo Digital Ltd has the strongest one-year price move in Finance - Capital Markets - Brokers at +125.2%. It also leads on Mansfield relative strength against NIFTY at +69.7%. 10 of 14 covered companies are above zero on that measure. Every line covers 313 weekly closes through 2026-07-24.

### Strongest one-year price performers
1. Paisalo Digital Ltd (PAISALO): 125%
2. Meghna Infracon Infrastructure Ltd (538668): 27%
3. Angel One Ltd (ANGELONE): 15%
4. Share India Securities Ltd (SHAREINDIA): 8.1%
5. IIFL Capital Services Ltd (IIFLCAPS): 7.0%

### Strongest relative strength versus NIFTY 500
1. Paisalo Digital Ltd (PAISALO): 70%
2. Share India Securities Ltd (SHAREINDIA): 27%
3. Meghna Infracon Infrastructure Ltd (538668): 19%
4. Monarch Networth Capital Ltd (MONARCH): 16%
5. Angel One Ltd (ANGELONE): 15%

## What can make this comparison misleading?
- A high growth rate can be a low-base artefact. The page keeps level and change separate for that reason.
- A high ROE can be manufactured with leverage. Read it beside ROA and asset quality.
- The 4-Factor Sector Score ranks research priority, not portfolio action. Management quality, catalysts and risks need equally fresh evidence before capital is deployed.
- An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion.
- Banks and lenders are not forced through operating-margin or ROCE comparisons; missing lender-specific fields remain visibly missing.
- 5 companies draw at least one figure from a second data feed with too little overlapping history to cross-check against the primary source; they are marked unverified wherever those figures appear.
- 4 companies are missing from the second-feed metrics by decision, not by absence: the two sources disagree, so nothing from the second is drawn. Read those rows as narrower evidence, never as a weaker business.
- Thin comparisons: Funding base, Asset quality have fewer than three usable current readings.

## Every company
- Billionbrains Garage Ventures Ltd (GROWW) — market value ₹1.3 L Cr; latest fundamentals Jun 2026; second-feed figures WITHHELD
- Angel One Ltd (ANGELONE) — market value ₹28.1K Cr; latest fundamentals Jun 2026
- Choice International Ltd (CHOICEIN) — market value ₹17.8K Cr; latest fundamentals Mar 2026; second-feed figures WITHHELD
- IIFL Capital Services Ltd (IIFLCAPS) — market value ₹10.7K Cr; latest fundamentals Jun 2026; second-feed figures WITHHELD
- Paisalo Digital Ltd (PAISALO) — market value ₹6.4K Cr; latest fundamentals Mar 2026
- Share India Securities Ltd (SHAREINDIA) — market value ₹4.2K Cr; latest fundamentals Jun 2026
- Anand Rathi Share & Stock Brokers Ltd (ARSSBL) — market value ₹3.2K Cr; latest fundamentals Jun 2026
- Indo Thai Securities Ltd (INDOTHAI) — market value ₹2.9K Cr; latest fundamentals Jun 2026
- Monarch Networth Capital Ltd (MONARCH) — market value ₹2.8K Cr; latest fundamentals Mar 2026
- Geojit Financial Services Ltd (GEOJITFSL) — market value ₹2.1K Cr; latest fundamentals Jun 2026; second-feed figures WITHHELD
- 5paisa Capital Ltd (5PAISA) — market value ₹1.7K Cr; latest fundamentals Jun 2026; includes UNVERIFIED second-feed figures
- Summit Securities Ltd (SUMMITSEC) — market value ₹1.6K Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- SMC Global Securities Ltd (SMCGLOBAL) — market value ₹1.6K Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- Meghna Infracon Infrastructure Ltd (538668) — market value ₹1.6K Cr; latest fundamentals Mar 2026
- Arihant Capital Markets Ltd (ARIHANTCAP) — market value ₹895 Cr; latest fundamentals Jun 2026; includes UNVERIFIED second-feed figures
- Emkay Global Financial Services Ltd (EMKAY) — market value ₹656 Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures

## Source standing of each company

Cross-checked: 6. Unverified: 6. Withheld: 4. Graded companies: 16.

5 of 16 companies draw at least one figure from a second data feed that could not be cross-checked against the primary source, because the two do not share enough reported history to compare. Those figures are marked unverified wherever they appear.

4 of 16 companies have a second data feed that is known to disagree with the primary source, so nothing from it is drawn: Billionbrains Garage Ventures Ltd (GROWW) — its two data sources disagree by up to 4% on reported income across 8 comparable periods, so its derived ratios are withheld; Choice International Ltd (CHOICEIN) — its two data sources disagree by up to 11% on reported income across 14 comparable periods, so its derived ratios are withheld; IIFL Capital Services Ltd (IIFLCAPS) — its two data sources disagree by up to 14% on reported income across 14 comparable periods, so its derived ratios are withheld; Geojit Financial Services Ltd (GEOJITFSL) — its two data sources disagree by up to 5.5% on reported income across 14 comparable periods, so its derived ratios are withheld.

- WITHHELD | GROWW | Billionbrains Garage Ventures Ltd | diff_gt_2pct | disagreement up to 3.95% over 8 comparable periods
- WITHHELD | CHOICEIN | Choice International Ltd | diff_gt_2pct | disagreement up to 10.58% over 14 comparable periods
- WITHHELD | IIFLCAPS | IIFL Capital Services Ltd | diff_gt_2pct | disagreement up to 13.77% over 14 comparable periods
- WITHHELD | GEOJITFSL | Geojit Financial Services Ltd | diff_gt_2pct | disagreement up to 5.52% over 14 comparable periods

- UNVERIFIED | 5PAISA | 5paisa Capital Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | SUMMITSEC | Summit Securities Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | SMCGLOBAL | SMC Global Securities Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | ARIHANTCAP | Arihant Capital Markets Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | EMKAY | Emkay Global Financial Services Ltd | too little overlapping reported history to cross-check the second feed

## Methodology and freshness

Fundamentals through Jun 2026; prices through 2026-07-24.
Up to 20 quarters per company. Reported history is normalized to Indian rupees crore. Missing values are not interpolated. Derived metrics are calculated only when their inputs are comparable.

## Frequently asked questions

### What is the Nifty Finance - Capital Markets - Brokers index?

The Nifty Finance - Capital Markets - Brokers index tracks India's listed Finance - Capital Markets - Brokers companies as a single basket. This page follows the same 16 companies and equal-weights them, so every company's weekly return counts once whatever it is worth, and the reading belongs to the Finance - Capital Markets - Brokers sector rather than to its largest constituent. Figures are as of Jun 2026.

### Which are the best Finance - Capital Markets - Brokers stocks in India?

Ranked by this page's four-factor score, Indo Thai Securities Ltd places first among 16 listed Finance - Capital Markets - Brokers companies, followed by Paisalo Digital Ltd. That is a ranking of published data — earnings, quality, valuation and market behaviour as of Jun 2026 — and not a recommendation; Sector Alpha is not registered with SEBI as an investment adviser.

### How many Finance - Capital Markets - Brokers stocks are listed in India?

This comparison covers 16 listed Finance - Capital Markets - Brokers companies in India, each above the size floor the site applies, with 20 quarters of reported figures per company where the filings exist. The full ranked list is on this page, as of Jun 2026.

### Which Finance - Capital Markets - Brokers company is the biggest?

Angel One Ltd is the largest, with trailing-twelve-month income of ₹5,426 crore, ahead of Billionbrains Garage Ventures Ltd at ₹5,241 crore. That covers 16 of 16 companies with comparable reporting through Jun 2026.

### Which Finance - Capital Markets - Brokers company is growing fastest?

Indo Thai Securities Ltd has the fastest income growth at 100% year on year, across 16 of 16 comparable companies. Fast growth off a small base is not the same as proven scale — check whether the rate holds across several quarters on the chart above before treating it as a trend.

### Which Finance - Capital Markets - Brokers company makes the most profit?

Billionbrains Garage Ventures Ltd earns the most, at ₹2,439 crore of trailing-twelve-month net profit, from 16 of 16 comparable companies. Indo Thai Securities Ltd has the fastest profit growth at 100%, though growth off a small or recovering profit base overstates how much has actually changed.

### Which Finance - Capital Markets - Brokers lender has the best asset quality?

Paisalo Digital Ltd reports the lowest gross NPA ratio at 0.7% — lower is better — across 1 of 16 lenders. Read the direction as well as the level: a rising NPA ratio off a low base can matter more than a high but falling one.

### Which Finance - Capital Markets - Brokers company earns the highest return on capital?

Indo Thai Securities Ltd leads on return on assets at 17.6%, across 12 of 16 companies. Read it beside the length of its reported history: a high return that repeats for years is evidence of a durable business, while a single high reading can be a small capital base or one good year.

### Which Finance - Capital Markets - Brokers stock is the cheapest?

On price-to-book divided by return on equity — where a LOWER number is cheaper — Share India Securities Ltd screens cheapest at 0.12×. Only 16 of 16 companies pass the comparability guard, so this is not a sector-wide "cheapest stock" verdict. Cheap on a multiple is a reason to investigate, never a reason to buy on its own.

### Is the Finance - Capital Markets - Brokers sector beating the market?

Finance - Capital Markets - Brokers has outperformed NIFTY 500 by 20.4% over the last 52 weeks and 8% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 10 of 14 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it.

### Which Finance - Capital Markets - Brokers stock has the strongest price momentum?

Paisalo Digital Ltd has the strongest relative strength against NIFTY 500. Relative strength answers last, after growth, quality and valuation: price can move well before the fundamentals confirm it, and sometimes without them confirming at all.

### Which Finance - Capital Markets - Brokers company scores highest for research priority?

Indo Thai Securities Ltd scores 76 out of 100 with 76% evidence confidence, from 32.5 points on growth and earnings, 19.4 on capital efficiency, 12.5 on valuation and 11.6 on relative strength. This ranks what deserves work next. It is not a buy recommendation, and management quality, catalysts and risk still need separate research.

### How many Finance - Capital Markets - Brokers companies does this comparison cover, and over what period?

It compares 16 listed companies over up to 20 reported quarters of fundamentals and 10 fiscal years of capital allocation, ending Jun 2026, plus weekly price and relative-strength history. Membership is the full sector list — nothing is dropped for having thin data.

### What is the total market cap of the Finance - Capital Markets - Brokers sector?

The 16 Finance - Capital Markets - Brokers companies on this page carry ₹2,13,107 crore of combined market value. Billionbrains Garage Ventures Ltd is the largest at ₹1,26,821 crore, about 60% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-07-29.

### What is the Finance - Capital Markets - Brokers sector's P/B ratio?

The median price-to-book ratio across the 16 Finance - Capital Markets - Brokers companies on this page is 2.9×, measured on the 16 that report a comparable figure. A sector-level history for this multiple is not held here, so this is a cross-section of today, not a comparison with the sector’s own past. Figures are as of 2026-07-29.

### How is the Finance - Capital Markets - Brokers sector performing?

10 of the 14 covered Finance - Capital Markets - Brokers companies are beating NIFTY 500 on Mansfield relative strength. The sector itself is 20.4% ahead of NIFTY 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-07-29.

### Why are some values on this page blank?

A blank means that company did not report a comparable figure for that period, so nothing is shown. Missing observations are never interpolated, carried forward, or replaced with a similar-looking accounting line, and a company with missing evidence has its research score pulled toward neutral rather than being scored as bad.

### Is this investment advice?

No. Every figure here is a deterministic calculation from reported company filings and market data, published for research. It contains no recommendation to buy or sell any security, does not account for your circumstances, and is not a substitute for advice from a licensed adviser.

Narrative sector analysis: https://www.sectoralpha.in/sectors/finance-capital-markets-brokers