Notes, commentary & index research

Why pure-play benchmarks matter for India’s new-age sectors

• Measure the real theme: without legacy businesses diluting the story.
• Track emerging leaders: as private-market disruptors mature into listed companies.
• Reveal sector performance:  beyond the movement of broad market indexes.
• Improve comparability: by bringing companies with similar business models into one universe.
• Turn a story into data:  because every exciting theme eventually needs a scoreboard.

India’s Investing Boom: Who Gets Paid

India’s Investing Boom: Five Numbers—and Who Gets Paid

• 25.7 crore demat accounts:  more investors mean more revenue opportunities for depositories, brokers and wealth platforms. (SEBI, June 2026)
• ₹82.2 lakh crore in mutual-fund assets: rising AUM benefits asset managers, registrars and distributors. (SEBI, June 2026)
• ₹32,297 crore invested through SIPs in one month: household investing is becoming systematic, recurring and scalable. (AMFI, August 2026)
• ₹13.6 lakh crore raised through primary markets: more issuance creates business for exchanges, investment banks, rating agencies and trustees. (SEBI, FY2025–26)
• ₹8.5 lakh crore of net DII inflows: domestic institutions are becoming the market’s structural counterweight to foreign capital. (SEBI, FY2025–26)

India is not merely investing more, it is building an entire industry around investing. The India Capital Markets Titans 40 Index tracks the companies getting paid as that industry grows.

India’s IPO Generation: From Private Champions to Public Companies

• 108 new listings in FY2025–26: India’s private-company pipeline is steadily becoming a public-market universe. (KPMG)
• ₹1.76 lakh crore raised through IPOs:  public markets are becoming a major source of growth capital and shareholder liquidity. (KPMG)
• 35% of IPOs were PE-backed:  listings are creating an increasingly important exit route for private-equity investors. (KPMG)
• 18 new-age technology companies listed in 2025:  including Groww, Meesho, Lenskart, Ather Energy and Urban Company. (Inc42)
• 165 IPOs raised $8.61 billion by August 2026:  India remained the world’s busiest IPO market by number of issues. (Reuters)

The Invisible Rails Powering India’s Digital Economy

• 1 billion connections: India crossed 1 billion broadband subscribers in November 2025—each connection ultimately depends on towers, fibre, networks and computing capacity. (TRAI data)
• 5 lakh+ 5G sites: More than 508,000 5G base stations had been installed by October 2025, creating sustained demand for telecom equipment and network infrastructure. (Government of India)
• The data-centre race: India’s capacity is projected to rise from approximately 1.6 GW in mid-2026 to 6 GW by 2029—nearly fourfold growth in three years. (JLL)
• Fibre is the foundation: BharatNet alone had laid approximately 692,000 kilometres of optical fibre and made more than 218,000 Gram Panchayats service-ready by April 2025.

India’s Nuclear Decade: From 8 GW to 100 GW

• 12× ambition: India plans to expand nuclear capacity from 8.18 GW to 100 GW by 2047. (Government of India)
• Near-term acceleration: Capacity is targeted to reach 22.48 GW by 2031–32, including 10 reactors totalling 8 GW under construction.
• ₹20,000 crore mission: India’s Nuclear Energy Mission aims to develop at least five indigenous small modular reactors by 2033.
• Private capital is entering: Proposed legal reforms and partnerships could bring utilities and industrial companies into nuclear generation—expanding the opportunity beyond state-owned operators.
• Nuclear is moving closer to industry: India is developing 220 MW Bharat Small Reactors for deployment near steel, aluminium and other energy-intensive facilities—turning nuclear power into a potential tool for industrial decarbonisation.

India’s Water Economy: The Infrastructure Theme Hiding in Plain Sight

Water is less glamorous than AI—but cities, factories and farms cannot run on PowerPoint and optimism.

• 18% versus 4%: India supports approximately 18% of the world’s population with only 4% of global water resources. (World Bank)
• Water stress is intensifying: Annual per-capita availability is projected to fall from 1,486 cubic metres in 2021 to 1,367 by 2031—already below the 1,700 cubic-metre water-stress threshold. (Government of India)
• India generates more sewage than it can treat: Urban areas generate approximately 72,368 million litres daily, versus installed treatment capacity of only 31,841 MLD—and just 20,235 MLD is actually treated. (Government of India)
• The rural water network has expanded dramatically: Household tap-water coverage has risen from 3.23 crore households—or 16.7%—to approximately 15.84 crore, or 81.8%. (Jal Jeevan Mission)
• Urban investment is following: AMRUT 2.0 carries an indicative outlay of ₹2.77 lakh crore, targeting 2.68 crore new urban tap connections alongside expanded sewerage and water-recycling infrastructure. (Government of India)

India Is Collecting Miles—and Creating Memories

Introducing the India Miles & Memories 35 Index: tracking the listed companies behind how India books, travels, stays and explores.

• 2.9 billion domestic tourist visits were recorded in 2024.
• 20.2 million international tourists arrived in India in 2025, while Indians made 32.8 million overseas departures.
• Tourism contributed ₹15.73 lakh crore, or 5.22% of India’s GDP, in FY2024.
• Tourism and hospitality supported approximately 84.6 million jobs.
• The index covers 35 companies across five segments, representing approximately ₹6.64 lakh crore in market capitalisation.

From airline seats and hotel rooms to booking platforms, theme parks and suitcases—India’s travel economy is becoming a listed-market story.