October 2026
Largest Investment Banking Public Companies in India
Benchmark revenue and EBITDA valuation multiples for public comps like
Motilal Oswal, JM Financial, PNB Gilts, DAM Capital Advisors and Centrum Capital.
 | Motilal Oswal Financial Services Ltd provides a range of financial services, including private wealth management, retail broking and distribution, institutional broking, asset management, investment banking, private equity, commodity broking, and home finance. The group majorly generates revenue through its broking operations. Its broking and distribution segment offers research-based advisory services to help retail customers across India make investment decisions. The services cover various asset classes and investment types, such as mutual funds and insurance products. | $10 | -11% | $5.9B | $5.9B | 6.8x | 17.1x | ||
| JM Financial Ltd is an India-based financial services group, specialising in providing a range of businesses to corporations, financial institutions, high-net-worth individuals, and retail investors. Its operating segment includes Investment Banking; Asset Management, Wealth Management and Securities Business (Platform AWS); Mortgage Lending; Alternative & Distressed Credit; and Others. The Investment Banking segment, which is the key revenue-generating segment, includes management of capital markets transactions, advising on mergers & acquisitions, and private equity syndication. This segment also includes institutional equities business and research, private wealth management, PMS, private equity funds, fixed income, syndication, and finance. | $1 | -39% | $1.1B | $1.1B | 2.3x | - | ||
| PNB Gilts is a primary dealer that trades and underwrites government securities and other debt, and earns income from interest and trading. Its clients are institutions and the government borrowing programme. It is a subsidiary of Punjab National Bank. Headquartered in New Delhi. | $1 | -27% | $136M | $136M | 0.8x | 0.9x | ||
| Dam Capital Advisors Ltd provides a wide range of financial solutions in areas of (i) investment banking comprising equity capital markets (ECM), mergers and acquisitions (M&A), private equity (PE), and structured finance advisory; and (ii) institutional equities comprising broking and research. The company focuses on the Indian capital markets, one of the dynamic and high-growth organized markets in the world. | $1 | -50% | $98M | $98M | 4.2x | 8.9x | ||
| Centrum Capital is a Mumbai financial services group with investment banking, institutional broking, wealth management and distribution, and a stake in Unity Small Finance Bank. It serves corporates, institutions and affluent clients. | $0 | -52% | $90M | $90M | 0.3x | 0.7x | ||
| Rikhav Securities Ltd is engaged in the business of equity broking, investing, and trading activities. Its services encompass a comprehensive range of financial activities such as equity broking, It offers cash delivery, intra-day trading, futures, and options. The company is actively involved in trading across various derivative and commodity segments. The Company is also engaged in making proprietary investments in various tradable securities. | $1 | -28% | $21M | $21M | 0.1x | 6.9x | ||
| Median | $1 | -34% | $117M | $117M | 1.5x | 6.9x |
Financial data powered by FactSet and Morningstar. Valuation multiples as of current fiscal year. For more data, start your free trial here.
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