Macquarie has highlighted India’s capital market stocks with notable growth potential. Groww, BSE, MCX and NSE are rated Outperform, while Angel One is kept Neutral. The brokerage expects India’s capital market revenue pool to rise from ₹1.2 lakh crore in FY26 to ₹2.2 lakh crore by FY30, a 16% CAGR, driven by rising retail participation and SIP inflows crossing ₹30,000 crore monthly.
Groww (Billionbrains Garage Ventures) is projected with the highest 37% upside, target price ₹260, supported by 25% revenue CAGR and margin expansion from 59.1% to 69.8%. BSE is seen with 24% upside, target price ₹4,000, aided by 16% revenue CAGR and margin growth to 69.6%. MCX is expected to deliver 17% upside, target price ₹3,820, maintaining strong margins at 71.5% due to its commodity derivatives dominance. NSE is forecasted with 10% upside, target price ₹1,965, backed by 12% revenue CAGR and margins near 77%. Angel One, however, is rated Neutral with -3% potential return, target price ₹285, facing regulatory and margin challenges.
Macquarie believes India’s savings pool of ₹500 crore will steadily shift into financial assets by FY30, strengthening exchanges and brokers. Demat accounts have surged from 21 million in FY13 to 225 million in FY26, reflecting robust retail momentum.