Which Financial and Broking Players Are Steering the Market in Q2 FY26?
About India’s Financial & Broking Sector
The financial ecosystem is witnessing renewed activity as NBFCs, small finance banks, and diversified brokerages strengthen balance sheets. The focus is on capital adequacy, risk discipline, and customer digital engagement — all amid the RBI’s evolving regulatory framework for fintechs and PSO associations.
IIFL Capital Q2 Concall Highlights
Management Outlook: The company aims to scale its Margin Trading Facility (MTF) operations while maintaining cost discipline and profitability across the wealth vertical. The management expects a strong H2 FY26 supported by market participation and operational leverage benefits.
Strategic expansion in equity and MTF verticals positions IIFL Capital well for the next market upcycle. Investors watching F&O flows can explore setup analysis through Nifty Scalping Tip | BankNifty Scalping Tip.
Spandana Sphoorty: New CEO Appointment
K. Venkatesh, head of microfinance at HDFC Bank, is set to take charge as MD & CEO, filling the leadership gap left after Shalabh Saxena’s exit in April 2025. His appointment is viewed as a turnaround initiative to restore investor confidence and operational stability. Analysts expect restructuring in asset quality and cost control during FY26.
Manba Finance Q2 Results
| Metric | Q2 FY26 | YoY |
|---|---|---|
| Net Profit | ₹11.39 Cr | ₹11.64 Cr |
| NII | ₹37.5 Cr | ₹34.3 Cr |
| Dividend | Re 0.5 /share | – |
Manba Finance maintained profitability despite funding cost pressures. Retail disbursements in vehicle finance remain strong, supported by improving rural credit offtake.
BSE & Broking Stocks: Retail Norms Proposal
Stock exchanges are evaluating investor eligibility norms for derivatives traders instead of discontinuing weekly expiry products. The proposed framework suggests a risk-assessment test and an automatic loss-warning system for retail investors — balancing accessibility with prudent risk control.
BLS International Q2 Review
BLS International reported robust Q2FY26 with revenue growth of 49% YoY, EBITDA up 30%, and PAT up 27%, driven by strong visa, consular, and digital service segments. Strategic global partnerships continue to reinforce its diversified revenue model and operational scale.
RBI Recognizes Self-Regulated PSO Association
The Reserve Bank of India approved the Self-Regulated PSO Association (SRPA) as an SRO for Payment System Operators. This initiative is expected to enhance transparency, reduce operational risks, and improve accountability across payment aggregators and fintech participants. It marks a critical step in building self-discipline and regulatory harmony in the payment landscape.
Industry experts note that the financial sector’s Q2 narrative is defined by stability, compliance, and capital allocation. Leadership transitions and regulatory clarity signal a structurally healthier growth phase through FY27.
Financial Resilience Table
| Company | Revenue Growth YoY | EBITDA Change | PAT Trend |
|---|---|---|---|
| IIFL Capital | 12 % | Operational efficiency up | Flat QoQ |
| Manba Finance | +9 % | Stable spread | Steady |
| BLS International | +49 % | +30 % | +27 % |
| Spandana Sphoorty | Turnaround in progress | Re-aligned costs | Recovery expected |
Outlook for FY26-27
- ✅ Strengthened risk-management protocols under RBI’s supervision.
- ✅ Gradual expansion in MTF and credit card partnerships.
- 💡 Digital onboarding and analytics driving fintech–NBFC convergence.
- ⚠️ Margin pressure persists in certain lending verticals amid higher cost of funds.
Investor Takeaway
Indian-Share-Tips.com research desk notes that capital efficiency, digital adoption, and leadership depth define this quarter’s winners. With RBI’s oversight strengthening transparency, mid-tier financials and fintech-linked stocks could offer attractive multi-year compounding opportunities. Explore further research and market setups at Indian-Share-Tips.com, which is a SEBI Registered Advisory Services.
SEBI Disclaimer: The information provided in this post is for informational purposes only and should not be construed as investment advice. Readers must perform their own due diligence and consult a registered investment advisor before making any investment decisions. The views expressed are general in nature and may not suit individual investment objectives or financial situations.
