| Stock Broking | Equity research, institutional broking services for cash and derivatives markets. | Strong research team with 209 stocks coverage, global client access, and established reputation. | Domestic and Foreign Institutional Investors (B2B). | Research services and brokerage on institutional trading. | 81 | 33 | Brokerage commissions from trade executions and research subscriptions. | Commission-based with research subscription fees. | Growth from diversified institutional client base and expanding research coverage globally. | Institutional Equities |
| Investment Banking | ECM transactions, M&A advisory, private equity facilitation, and structured finance advisory. | Leading ECM market share, experienced leadership, large active deal pipeline, and strong client trust. | Corporate clients and financial institutions (B2B). | Equity capital raising mandates and advisory fees. | 155 | 67 | Fees from underwriting, advisory, and transaction facilitation services. | Fee-based transaction revenue, mandate driven. | Robust IPO and QIP deal pipeline, advisory mandates, sector diversification. | Merchant Banking |
