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Capital Markets to Witness Mixed Q2 Performance in 2026 Says Centrum Broking
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CNBC TV18•07-10-2026, 12:44
Capital Markets to Witness Mixed Q2 Performance in 2026 Says Centrum Broking
- •Centrum Broking predicts a mixed performance for capital market companies in the second quarter, with asset managers and wealth firms showing resilience while exchanges face pressure.
- •AMCs are expected to post steady asset growth despite a broader 5 percent market correction, with ICICI Prudential AMC and HDFC AMC highlighted as top picks.
- •Exchanges like NSE and BSE face near-term earnings pressure due to a 26 percent sequential drop in index option volumes, though September saw a strong recovery.
- •Wealth managers such as 360 One Wam and Nuvama Wealth are projected to deliver robust AUM growth of 18 to 20 percent.
- •Registrar and transfer agents like CAMS and KFin Technologies are anticipated to maintain healthy EBITDA margins bolstered by non-mutual fund businesses.
Key Questions Answered
Capital market companies are expected to experience a mixed performance in the second quarter of 2026. Asset management companies, wealth managers, and RTAs are projected to stay relatively resilient, whereas exchanges face pressure due to lower index option volumes.
Exchanges face earnings pressure because index option volumes fell about 26% quarter-on-quarter in the second quarter for both the NSE and BSE. Since roughly 60% of exchange revenue derives from index options, these lower volumes weigh heavily on profitability.
In the listed AMC space, Centrum Broking's preferred picks are ICICI Prudential AMC and HDFC AMC. For the wealth management segment, the preferred picks are 360 One Wam and Nuvama Wealth.
