Merchant Banker Stocks and Companies in India

The largest Merchant Banker stocks in India by market value are JM Financial (₹10,905 crore), Ashika Credit Capital (₹2,952 crore) and Dam Capital Advisors (₹985 crore), at prices of 4 Nov 2026.

• JM Financial: ₹113.95 | market value ₹10,905 crore | P/BV 1.0
• Ashika Credit Capital: ₹399 (price from the week of 19 Jul 2026) | market value ₹2,952 crore | P/BV 1.53
• Dam Capital Advisors: ₹139.26 | market value ₹985 crore | P/BV 3.0

Share price | market value | P/BV or P/E, biggest first. Prices, market values and ratios at the official close of 4 Nov 2026; the score list below uses the weekly figures.

All 3 listed Indian Finance - Investment Bankers companies are named here, largest first. This is the set of companies people mean when they search for a Nifty Finance - Investment Bankers index; NSE publishes its own indices only for the largest sectors, so this equal-weighted set stands in for one. One large company cannot set the reading.

1. JM Financial Ltd₹10,300 cr
2. Ashika Credit Capital Ltd₹2,950 cr
3. Dam Capital Advisors Ltd₹905 cr

3 Merchant Banker companies in the Finance - Investment Bankers industry group have a page on Sector Alpha, by market value as of 30 October 2026, and all 3 are listed below, largest first. The largest is JM Financial (₹10,315 crore) and the smallest with a market value is Dam Capital Advisors.

Download all 3 Merchant Banker companies (CSV)

The line below covers up to 5.2 years and opens on the 5Y view; the buttons cut it shorter. Over the last two years (104 weeks) this sector is 37% behind NIFTY 500. Earnings across its companies grew 58% on average over the last four reported quarters.

0 of 3 companies pass the momentum test (5+ points ahead of the Nifty 500 over 3 months, within 20% of the 52-week high).

Not ahead of NIFTY 500 on the three-month view this week; 1 of the 3 companies in the industry index above their 200-day average (no change from four weeks earlier); 0 of those 3 pass the momentum test (no change from four weeks earlier); earnings direction not measurable.

Behind NIFTY 500 by −22.2% over a year, with participation off the floor of its own 26-week range. Earnings not called, only 2 of 3 members have four comparable quarters on file, and three is the floor for a reading.

Both lines start at 200 in the same week, so the gap between them tells the story: the sector line is an equal-weighted index of its 3 companies. The bars underneath are trailing 12-month earnings per share, one bar per reported quarter, each member set to 100 at the start and the sector taking the middle value, so a price line pulling away from flat bars means the market is paying more for the same earnings. A bar turns grey when that figure is lower than the quarter before. The rules are fixed and the same everywhere on this site: ahead by 5% or more over three months, or behind by 20% or more over a year while earnings grew 20% or more. Hover or tap any point to read both values and the gap.

Finance - Investment Bankers has done worse than the NIFTY 500 by 26.1% over the last 52 weeks. Over 13 weeks the gap is a shortfall of 6.7%. Readings are as of 30 October 2026.

Relative-strength score for the industry: 9.2 as of 30 October 2026 (consolidation, falling).

Finance - Investment Bankers has done worse than the NIFTY 500 by 26.1% over 52 weeks and by 6.7% over 13 weeks. 0 of 3 companies we track are beating the NIFTY on relative strength (how a share price has done against the index over recent months) (1 has no relative-strength reading yet).

A score that ranks each company against the others in its industry. The four parts shown always add up to the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or old evidence affects only its own part, never as a hidden adjustment.

JM Financial Ltd has the strongest current balance of earnings trajectory, business quality, valuation and price confirmation, with 58.2% evidence confidence.

JM Financial Ltd scores well on valuation against its peers or its own history, but its earnings have not yet improved enough to back that up.

Ranked last: too little evidence (1 company)

Under 60% of the evidence behind this score is available, so it ranks after every company above, whatever the score.

JM Financial Ltd has the strongest one-year price move in Finance - Investment Bankers at −34.3%. It also leads on relative strength against the NIFTY, at −13.2%. 0 of 3 companies we track are ahead of the index on that measure (1 has no relative-strength reading yet). Every line covers 313 weekly closes through 30 October 2026.

Price and relative strength

Price · same starting point: Every company, the sector's own index and NIFTY 500 all start level on the left edge of the window, so only the distance between the lines counts: the highest line has risen the most since then, and the chart at the top of this page is drawn the same way. It opens on one year; the buttons beside it stretch that to three or five.

RS vs NIFTY 500: How far ahead of or behind NIFTY 500 each company has been running, measured against its own recent average of that comparison, so the flat line at zero IS NIFTY 500: above it the company is beating the market, below it the market is beating the company. It opens on one year.

RS vs sector: The same measure taken against Finance - Investment Bankers itself instead of the whole market, so the flat line at zero is the sector: above it the company is beating its own peers, which is the sharper test of the two. It opens on one year.

Biggest one-year moves

Strongest against NIFTY 500

2 of 4 Finance - Investment Bankers companies held a results call for April to June 2026. Edelweiss Financial Services guided: EAAA IPO planned for October within October to December 2026; sustainable ROE framed at 25-35% and FPAUM growth to remain near 25%.

From the results calls for April to June 2026.

Big funds, foreign and Indian, cut their stake by 1.1 points over the last two quarters. Founders and promoters raised theirs by 5.5 points.

• Spending on plants is not a useful measure for a lender, so it is left out.

Big funds = foreign and Indian institutions, change in their share of ownership across 3 Finance - Investment Bankers companies, in percentage points.

Ownership and spending as of 10 October 2026.

JM Financial Ltd has the highest Income among the 3 Finance - Investment Bankers companies compared here, at ₹4,180 crore. Dam Capital Advisors Ltd is next at ₹236 crore. Dam Capital Advisors Ltd has the highest Income growth at 0.6%, so level and change sit with different companies. Its Income series carries 15 reported observations across the 20-quarter window.

What the numbers say: JM Financial Ltd is the largest at ₹4,180 crore, 17.7× the revenue of Dam Capital Advisors Ltd. Dam Capital Advisors Ltd's growth is 0.6% from a ₹236 crore base, with 11 reported quarters out of the last 20. Fast growth from a smaller base is not yet the same as proven size.

What this means: JM Financial Ltd is the size to compare against; Dam Capital Advisors Ltd is the one growing fastest. The faster grower has to keep that growth and turn it into margin and returns before it counts as more than a fast start.

This conclusion weakens if: JM Financial Ltd's growth falls below Dam Capital Advisors Ltd's for two consecutive comparable reports while operating margin also compresses.

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

Income · company comparison

Income · largest

Income growth · fastest growers

All-company data · latest reported quarter

In every all-company table on this page, each figure is the company’s latest single reported quarter. The rankings above them use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.

Revenue shows both size and speed. A large company can absorb shocks and pay for wide distribution; faster growth can mean market-share gains, new capacity or stronger demand. The best sign is usually growth that lasts without hurting margins and returns.

JM Financial Ltd has the highest Net profit among the 3 Finance - Investment Bankers companies compared here, at ₹1,111 crore. Dam Capital Advisors Ltd is next at ₹73 crore. The same company also has the highest Profit growth, at 6.3%. 3 of 3 companies report a comparable reading, the latest through Jun 2026.

What the numbers say: JM Financial Ltd earns the most, ₹1,111 crore of profit over the last 12 months, 15.3× the profit of Dam Capital Advisors Ltd. A fast rate from a small base matters less than a large profit that keeps coming.

What this means: JM Financial Ltd sets the level to compare against; the company improving fastest needs another report to confirm the change.

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

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 · company comparison

Net profit · largest

Profit growth · fastest growers

All-company data · latest reported quarter

No company in this Finance - Investment Bankers comparison reports a funding base figure this section can compare, so the Deposits rank is empty. On Borrowings, JM Financial Ltd is highest at ₹11,635 crore, across 3 of 3 companies with a usable reading.

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

What this means: The current leader sets the level to compare against; the company improving fastest needs another report to confirm the change.

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

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.

Funding base · company comparison

Deposits · largest deposit bases

Not enough comparable data.

Borrowings · largest borrowings

All-company data · latest reported quarter

Deposits is left out: no company here reports it on a comparable basis.

Deposit scale can lower funding risk, while rising wholesale borrowings can change cost and liquidity. Asset quality and margins decide whether the funding base creates value.

Dam Capital Advisors Ltd has the highest ROA among the 3 Finance - Investment Bankers companies compared here, at 16%. Ashika Credit Capital Ltd is next at 7.2%. The same company also has the highest ROA change, at −9.8 percentage points. 3 of 3 companies report a comparable reading, the latest through Jun 2026.

What the numbers say: Dam Capital Advisors Ltd leads both roa at 16% and roa change at −9.8 percentage points.

What this means: Dam Capital Advisors Ltd sets the level to compare against; the company improving fastest needs another report to confirm the change.

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

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

Return on assets · company comparison

Withheld from this chart: JM Financial Ltd (JMFINANCIL): its two data sources disagree by up to 77% on reported income across 15 comparable periods, so its derived ratios are withheld; Ashika Credit Capital Ltd (ASHIKA): its two data sources disagree by up to 94% on reported income across 5 comparable periods, so its derived ratios are withheld. A figure two sources cannot agree on is not drawn, the gap is a decision, not missing data.

ROA · highest

ROA change · fastest improvers

All-company data · latest reported quarter

Dam Capital Advisors Ltd has the highest ROE among the 3 Finance - Investment Bankers companies compared here, at 24.6%. JM Financial Ltd is next at 11.9%. Ashika Credit Capital Ltd has the highest ROE change at +27 percentage points, so level and change sit with different companies. Its ROE series carries 8 reported observations across the 20-quarter window.

What the numbers say: Dam Capital Advisors Ltd leads roe at 24.6%; Ashika Credit Capital Ltd leads roe change at +27 percentage points.

What this means: Dam Capital Advisors Ltd sets the level to compare against; the company improving fastest needs another report to confirm the change.

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

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

Return on equity · company comparison

Withheld from this chart: JM Financial Ltd (JMFINANCIL): its two data sources disagree by up to 77% on reported income across 15 comparable periods, so its derived ratios are withheld; Ashika Credit Capital Ltd (ASHIKA): its two data sources disagree by up to 94% on reported income across 5 comparable periods, so its derived ratios are withheld. A figure two sources cannot agree on is not drawn, the gap is a decision, not missing data.

ROE · highest

ROE change · fastest improvers

All-company data · latest reported quarter

No company in this Finance - Investment Bankers comparison reports gross NPA on a comparable basis, so there is nothing to rank here, 0 of 3 companies have a usable current reading. The section is shown rather than removed so an unavailable metric is not mistaken for one that was quietly left out. Filings were read through Jun 2026.

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

Withheld from this chart: JM Financial Ltd (JMFINANCIL): its two data sources disagree by up to 77% on reported income across 15 comparable periods, so its derived ratios are withheld; Ashika Credit Capital Ltd (ASHIKA): its two data sources disagree by up to 94% on reported income across 5 comparable periods, so its derived ratios are withheld. A figure two sources cannot agree on is not drawn, the gap is a decision, not missing data.

JM Financial Ltd has the lowest P/BV ÷ ROE among the 3 Finance - Investment Bankers companies compared here, at 0.08×. Dam Capital Advisors Ltd is next at 0.11×. The same company also has the lowest P/BV, at 0.97×. 3 of 3 companies report a comparable reading, the latest through Jun 2026.

What the numbers say: JM Financial Ltd has the lowest comparable P/BV ÷ ROE at 0.08×, 27.3% below Dam Capital Advisors Ltd. That would need today's multiple, the company's own history and steady growth to agree.

What this means: A low valuation is a reason to look closer at the business, not a conclusion on its own.

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

Banks are compared on P/BV and P/BV÷ROE, not PEG. A lower figure is better only if loan quality and returns stay strong; a low price against book value while bad loans are rising is not a good sign by itself.

Valuation · company comparison

P/BV ÷ ROE · lowest return-adjusted price

P/BV · lowest P/BV

All-company data · latest reported quarter

Finance - Investment Bankers companies show up on 2 of our India lists. The most are on the 52 week high & low list (1 company).

This Finance - Investment Bankers comparison names 7 specific ways its own evidence can mislead, all listed below. All 3 companies here report on comparable dates, so no rank carries a stale marker. 2 have second-source figures left out because the two sources disagree. 2 of the 7 ranked sections have fewer than three usable current readings.

Keep these limits visible

• A high growth rate can come from a very small starting figure. The page keeps level and change separate for that reason.
• A high ROE can come from heavy borrowing. It is best read beside ROA and loan quality.
• The 4-Factor Sector Score ranks published data only. Management quality, upcoming events and risks are not part of it.
• 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.
• 2 companies are missing from the second-source figures on purpose: the two sources disagree, so nothing from the second is drawn. Those rows have less evidence; that does not make the business weaker.
• Thin comparisons: Funding base, Asset quality have fewer than three usable current readings.

This comparison is built from the reported filings of 3 Finance - Investment Bankers companies, normalized to a common ₹ scale and a shared quarter axis of up to 20 quarters each. Fundamentals run through Jun 2026 and market data through 30 October 2026.

2 of 3 companies have a second data feed that is known to disagree with the primary source, so nothing from it is drawn: JM Financial Ltd (JMFINANCIL): its two data sources disagree by up to 77% on reported income across 15 comparable periods, so its derived ratios are withheld; Ashika Credit Capital Ltd (ASHIKA): its two data sources disagree by up to 94% on reported income across 5 comparable periods, so its derived ratios are withheld.

These 22 answers restate the Finance - Investment Bankers comparison above in question form. Every one is computed from the same 3 companies and the same reported filings as the rankings and charts, current through Jun 2026. Price and relative-strength answers run through 30 October 2026. Nothing here is estimated, and none of it is a recommendation.