India Capital Markets: SIPs > Rs300bn keeps the story compounding: Initiate sector coverage with AngelOne > CAMS > ICICIAMC our preferred picks

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India Capital Markets: SIPs > Rs300bn keeps the story compounding: Initiate sector coverage with AngelOne > CAMS > ICICIAMC our preferred picks

import curbs and geopolitics channeling flows into exchange-traded exposure;

MCX 2,870 2,560 -10.8 UW 38.0 15.9 a deepening product suite spanning electricity futures, BULLDEX options, and Nickel/Gold Ten contracts; and

rapidly scaling participation, with traded clients +61% YoY to 2.1mn and institutional/FPI onboarding building

off a low base. Key catalysts include FPI access to bullion derivatives, weekly expiry approval, index options

traction, and colocation approval.

Brokers

Angel One ranks among India's top retail equity brokers, with 37.4mn clients (16.7% demat share) and

18%/21.7% share of retail cash/derivatives (+430/1660bps since FY20). The franchise is evolving beyond

broking, building fee and annuity streams through its Super App (launched FY23) spanning mutual funds,

AngelOne 355 420 18.4 OW 19.8 4.0 insurance, wealth, and credit. Three drivers underpin the story: (1) a structural pickup in client activity post-

SEBI's F&O regulations, with 4Q26 the first positive print since implementation; (2) a scaling non-broking

engine; and (3) pricing discipline and operating leverage lifting normalized EBIT margin to 33.2% in FY26.

Depositories

CDSL is India's leading securities depository, commanding 80.2% demat market share (180mn accounts,

March 2026) and capturing 85% of incremental openings within an oligopolistic two-player market. With India's

capital market penetration at 9–10% versus 40–50% across developed markets, the runway extends over

CDSL 1,372 1,200 -12.5 UW 49.3 12.0 multiple decades. Key risks include TER regulation could trigger AMC renegotiations — no concrete