Note: Bank figures; broking, IB and AMC sit in subsidiaries
Market cap, ratios, CAGR and revenue: company table snapshot as of 6 Nov 2026 (the same figures on every page). Price: snapshot as of 6 Nov 2026. Not investment advice.
Where it fits
Opens demat and trading accounts, routes orders to NSE, BSE and MCX, collects margins, and earns a flat fee per order (discount brokers) or a percentage (full-service), plus interest on margin-trading loans and float on client money.
Why it matters
Brokers are the front door to the market: discount apps (Groww, Zerodha, Angel One) now hold most active clients. But their income is the most volume-sensitive in the chain - SEBI's 2024-25 F&O curbs, the end of exchange volume rebates (Oct 2024) and the April 2026 STT hike all came straight out of brokers' order counts.
Where the value pool sits
Revenue = orders x fee per order + margin-funding interest + float. F&O orders have been the bulk of discount brokers' revenue, so options rules swing earnings. Margin-trading books are a growing, steadier stream. Zerodha, Groww and Angel One together hold well over half of NSE active clients.
Key drivers
New demat accounts and first-time investors from smaller towns
Growth in margin-trading funding (MTF) books
Cross-selling mutual funds, loans and wealth products on the same app
Commodity options on MCX as a new retail product
Potential bottlenecks
SEBI rules on client-fund handling, upfront margins and options lot sizes
RBI's tighter bank-guarantee and lending norms for brokers (from 1 Jul 2026) raise funding costs
Technology uptime and outages on expiry days
Investor metrics to watch
NSE active clients and market share (monthly NSE data)