Axis Securities has valued the unlisted shares of India’s National Stock Exchange (NSE) at ₹4,000, representing an 82% upside from current levels. The valuation is based on sector-level P/E multiples, growth expectations, and NSE’s financials ahead of its expected IPO.

Axis Securities, a prominent brokerage firm in India, has pegged the fair value of the National Stock Exchange of India Ltd. (NSE) at ₹4,000 per share in the unlisted market, suggesting an upside of over 82% from its current trading band of ₹2,200–₹2,250.

Headquartered in Mumbai, NSE is India’s largest stock exchange and the world’s second-largest in equity trade volume, as per the World Federation of Exchanges. It also ranks as the leading derivatives exchange globally by trading volume.

According to Axis Securities, the valuation is grounded in a sector P/E multiple of 83× and NSE’s FY24 earnings per share (EPS) of ₹49.2. At the current market rate, NSE’s unlisted shares are trading at a P/E of 44.72×, substantially lower than its listed peers — BSE (73.90×) and MCX (73.70×), underscoring its relative attractiveness in valuation terms.

While Indian markets carry elevated valuation multiples, Axis Securities attributes this to growth expectations tied to India’s emerging market status, unlike U.S. markets which reflect maturity and lower risk premiums through lower P/E ratios.

In terms of performance, NSE’s unlisted share price has demonstrated steady growth with minimal volatility. The only significant dip occurred in 2023 due to macroeconomic pressures such as interest rate hikes and geopolitical tensions. However, price resilience has since returned, aided by strategic shareholding patterns dominated by quasi-government and public sector entities.

Axis Securities projects that the NSE IPO could secure regulatory clearance from SEBI by Q3 FY26, with filings expected by Q4 and listing likely in FY27. The delay was partially due to compliance scrutiny linked to the Jane Street issue.

The brokerage also highlighted the exchange’s operational stability and institutional backing as contributing factors to its relatively limited volatility in the unlisted space. However, it cautioned that the illiquidity of unlisted stocks and valuation opacity remain key risk elements for investors.

While no IPO date has been officially confirmed, the valuation upgrade and expected timeline suggest mounting investor interest as NSE inches closer to a public listing.

Read the full article here: India’s Financial Crown Jewel: NSE Valued at ₹4,000 Ahead of IPO — For more updates, visit Wittiya – Top Business News, Stock Market Insights & Financial Updates (Wittiya).

Axis Securities has released its July stock picks for India, highlighting promising mid-cap and small-cap companies such as Lupin, Max Healthcare, and Kalpataru Projects. The brokerage sees strong upside driven by recovering market trends, better earnings visibility, and domestic macroeconomic stability.

Mumbai-based Axis Securities, a subsidiary of Axis Bank and a prominent brokerage house in India, has released its list of recommended mid-cap and small-cap stocks for July 2025, highlighting growth potential across various sectors as the domestic market continues to recover.

According to Axis Securities, the Indian stock market has shown steady signs of recovery since March 2025. The Nifty 50 has climbed 15%, while the Mid-Cap and Small-Cap indices have surged 25% and 29% respectively since the lows of February. In June alone, the Small-Cap index rose by 5.7%, the Mid-Cap by 4%, and the Nifty 50 by 3.1%.

Axis Securities emphasized that the current risk-reward profile favors mid and small-cap stocks. The brokerage is focusing on companies with strong earnings visibility, quality business models, and exposure to domestic consumption.

Top Picks for July:

• Lupin Ltd (CMP: ₹1,938; Target: ₹2,500)
  Lupin, a global pharmaceutical company headquartered in Mumbai, is expected to benefit from recent product launches in complex generics. Products like Darunavir and Spiriva have captured significant market share in the US. The company is also set to benefit from new introductions such as Tolvaptan and Xyway.
  
• Max Healthcare Institute Ltd (CMP: ₹1,276; Target: ₹1,450)
  Max Healthcare, a leading healthcare provider in India, is witnessing consistent growth in its institutional and international patient segments. Margin pressures from new hospitals are expected to ease with operational scaling.
  
• Colgate-Palmolive (India) Ltd (CMP: ₹2,407; Target: ₹2,830)
  Colgate is focusing on premium product launches and rural penetration. The firm’s long-term strategy and attractive valuation post recent price corrections make it a solid defensive pick.
  
• Prestige Estates Projects Ltd (CMP: ₹1,657; Target: ₹1,900)
  Prestige Estates, a major real estate developer, plans new project launches worth ₹42,000 crore in FY26, aiming to drive a 65% YoY increase in pre-sales despite underperformance in FY25 due to regulatory delays.
  
• APL Apollo Tubes Ltd (CMP: ₹1,739; Target: ₹2,035)
  APL Apollo, a steel product manufacturer, plans to scale capacity to 10 million tonnes per annum by FY30. It trades at a 38x forward P/E with a long-term growth focus.
  
• Kalpataru Projects International Ltd (CMP: ₹1,227; Target: ₹1,350)
  Kalpataru, operating in engineering and infrastructure, is expected to see strong revenue growth on the back of a healthy order book and better performance from international subsidiaries.
  
• Sansera Engineering Ltd (CMP: ₹1,380; Target: ₹1,580)
  Sansera, a precision component manufacturer, is set to grow its revenue and profitability due to its shift towards premium non-auto products and increased operating efficiency.
  

Axis Securities believes the current market environment provides a conducive backdrop for these stocks, especially as India approaches FY26 with improved earnings outlook and favorable macroeconomic indicators.

Read the full article here: India’s Stock Market Awakens: The July Power Portfolio — For more updates, visit Wittiya – Top Business News, Stock Market Insights & Financial Updates (Wittiya).

India-based brokerage firm Axis Securities has revised its Nifty 50 target to 26,300 for March 2026, supported by strong earnings and improved investor sentiment. Despite global uncertainties, the firm maintains a bullish outlook on domestic sectors and has restructured its portfolio accordingly.

Axis Securities⁠, a prominent Indian brokerage headquartered in Mumbai, Maharashtra, has raised its Nifty 50 index target to 26,300 for March 2026, citing robust earnings growth, improving market sentiment, and strong macroeconomic indicators. The firm, a wholly owned subsidiary of Axis Bank, also noted that while short-term consolidation is likely due to global economic risks, India remains a stable and attractive market for investors.

Since March 2025, the Indian equity market has staged a strong recovery. The Nifty 50 index surged by 12% from its February lows, while the Midcap and Smallcap indices rose by 20% and 22%, respectively. Axis Securities attributed this performance to upbeat Q4FY25 earnings, easing geopolitical tensions, and improved trade relations.

In its latest market outlook, the firm remains overweight on large-cap domestic-facing sectors such as private banks, telecom, consumer goods, and healthcare. Top stock picks include HDFC Bank, State Bank of India (SBI), ICICI Bank, Bharti Airtel, Sansera Engineering, and Avenue Supermarts (DMart).

Axis Securities also noted ongoing macroeconomic risks such as global trade policy uncertainty, US bond yield fluctuations, and a volatile dollar index. These could lead to short-term market consolidation. However, the brokerage sees continued earnings growth and policy support in India as key strengths.

In valuation terms, Axis has adjusted its framework to value the Nifty at 20x FY27 earnings, up from 19x earlier. The firm expects Nifty earnings to grow at a 14% CAGR from FY23 to FY27, driven primarily by the financial sector.

In a bullish scenario, the brokerage sees the Nifty touching 27,600 by March 2026, assuming a globally stable macroeconomic environment. In contrast, its bear case sets the target at 22,300, assuming policy disruptions and trade headwinds.

By rebalancing its portfolio—booking profits in Dalmia Bharat and adding Sansera Engineering—Axis aims to align with its updated strategy focused on quality and defensiveness during market transitions.

With India’s economic resilience standing out globally, Axis Securities’ outlook reflects growing investor confidence in the country’s growth trajectory through FY26.

Read the full article here: Axis Securities Bets Big on India’s Growth: Nifty to Hit 26,300 by March 2026 — For more updates, visit Wittiya – Top Business News, Stock Market Insights & Financial Updates (Wittiya).

Axis Securities, a Mumbai-based investment and brokerage firm in India, has released its latest long-term stock recommendations following the Q4 FY25 earnings. The company has highlighted four banking stocks—ICICI Bank, HDFC Bank, State Bank of India (SBI), and City Union Bank—as top picks for long-term investment. Despite mixed Q4 results across the sector, these banks are expected to perform strongly over FY25–27, driven by robust fundamentals, improving margins, and healthy loan growth.

Mumbai-based Axis Securities, one of India’s leading stock broking and investment advisory firms, has issued fresh recommendations for long-term investors following the Q4 FY25 results. The firm has advised buying four banking stocks—ICICI Bank, HDFC Bank, State Bank of India (SBI), and City Union Bank—based on strong fundamentals and positive future outlooks.

The Q4 FY25 banking sector results presented a mixed performance. While large banks showed stronger-than-expected Net Interest Margins (NIMs), overall credit growth remained modest at 11% year-on-year. Notably, retail and SME loans contributed significantly to this growth, especially among public sector banks, while private banks faced competitive pricing pressure.

Despite this, Axis Securities noted that deposit growth remained stable and broadly aligned with credit expansion, registering a 12% YoY rise. Larger banks reported improved Current and Savings Account (CASA) ratios, benefiting from seasonal inflows. However, small finance banks and those with heavy Microfinance (MFI) exposure continued to see margin compression and elevated slippages.

Axis Securities’ Top Banking Stock Picks:

• ICICI Bank – Buy | Target Price: ₹1,650
  The bank demonstrated healthy credit growth and robust asset quality. ICICI remains Axis Securities’ top choice among banking stocks.
  
• HDFC Bank – Buy | Target Price: ₹2,250
  With expected loan and deposit CAGR of 13% and 18% respectively through FY27, HDFC Bank is forecasted to achieve RoA in the 1.9%–2.1% range.
  
• SBI – Buy | Target Price: ₹1,025
  India’s largest lender is projected to grow corporate loans by 12–13% in FY26 and maintain a strong Return on Equity (RoE) of 14–15%.
  
• City Union Bank – Buy | Target Price: ₹225
  Despite higher operational costs, Axis Securities expects consistent RoA of 1.5%–1.6%, supported by steady NIMs and strong fee income.
  

These stock picks reflect Axis Securities’ confidence in the underlying strength of India’s banking sector, especially among large and stable players with robust credit profiles.

Read the full article here: Are These 4 Banking Stocks the Smartest Long-Term Bets in 2025? — For more updates, visit Wittiya – Top Business News, Stock Market Insights & Financial Updates (Wittiya).