Centrum Broking’s Q2 2026 outlook shows a 2‑5% rise in AMC AUM but a 26% drop in index‑option volumes, indicating a mixed performance across the capital‑market sector.
The 2‑5% quarter‑on‑quarter AUM growth translates to a 4‑20% year‑on‑year increase for the listed AMC space, with ICICI Prudential AMC and HDFC AMC topping the list.
NSE and BSE experienced a 26% decline in option volumes, which accounts for roughly 60% of exchange revenue; yet September’s 25% month‑on‑month rebound muted the impact.
Wealth‑management firms are projected to grow AUM 18‑20%, with 360 One Wam and Nuvama Wealth expected to lead; revenue growth is forecast in the early‑to‑late teens.
CAMS and KFin Technologies are poised to report healthy EBITDA margins, with non‑mutual‑fund business growth offering a supplemental boost; their combined EBITDA margin remains above industry average.
The Q2 outlook remains uneven: AMCs and wealth managers appear resilient, while exchanges face near‑term earnings pressure from lower option volumes and regulatory shifts; investors should watch NSE’s long‑term growth levers.