Archived quarter · 2025-Q4
IN·MNA·SMB
M&A Advisory — smb tier, India. Ranking as it stood in 2025-Q4.
TABLE · IN·MNA·SMB · 2025-Q4 INDIA · SMB TIER · 2025-Q4 · RULES v1.1
| Rank | Organization | Score | Confidence | Est. | Δ | Evidence |
|---|---|---|---|---|---|---|
| 1 | Morgan Stanley India Investment Banking REG CNST-2025-Q4-IN-MNA-SMB-R01-5918 | 97.43 | 0.89 × | 1993 · 32Y | — | 20 |
| 2 | Goldman Sachs India Investment Banking REG CNST-2025-Q4-IN-MNA-SMB-R02-7156 | 89.33 | 0.74 × | 2006 · 19Y | — | 21 |
| 3 | SBI Capital Markets REG CNST-2025-Q4-IN-MNA-SMB-R03-9A8E | 79.20 | 0.77 × | 1986 · 39Y | ▲ 14 | 33 |
| 4 | Axis Capital REG CNST-2025-Q4-IN-MNA-SMB-R04-A7C9 | 77.07 | 0.78 × | 2005 · 20Y | — | 29 |
| 5 | Ambit Capital REG CNST-2025-Q4-IN-MNA-SMB-R05-949C | 76.79 | 0.86 × | 1997 · 28Y | ▲ 11 | 32 |
| 6 | Credit Suisse India (UBS Group) REG CNST-2025-Q4-IN-MNA-SMB-R06-61D9 | 76.77 | 0.86 × | 1997 · 28Y | ▲ 2 | 27 |
| 7 | Citi India Investment Banking REG CNST-2025-Q4-IN-MNA-SMB-R07-AE5C | 76.07 | 0.85 × | 1902 · 123Y | ▼ 4 | 22 |
| 8 | Kotak Investment Banking REG CNST-2025-Q4-IN-MNA-SMB-R08-9C24 | 74.32 | 0.94 × | 1995 · 30Y | ▲ 3 | 17 |
| 9 | Nomura India Investment Banking REG CNST-2025-Q4-IN-MNA-SMB-R09-2B01 | 74.05 | 0.82 × | 2009 · 16Y | ▲ 4 | 14 |
| 10 | Equirus Capital REG CNST-2025-Q4-IN-MNA-SMB-R10-BA98 | 73.34 | 0.83 × | 2007 · 18Y | ▼ 5 | 27 |
| 11 | Avendus Capital REG CNST-2025-Q4-IN-MNA-SMB-R11-51E8 | 73.11 | 0.82 × | 1999 · 26Y | ▼ 2 | 17 |
| 12 | DSP Merrill Lynch (BofA) REG CNST-2025-Q4-IN-MNA-SMB-R12-CE21 | 72.03 | 0.75 × | 1975 · 50Y | ▲ 2 | 30 |
| 13 | Yes Securities REG CNST-2025-Q4-IN-MNA-SMB-R13-588D | 72.01 | 0.76 × | 2013 · 12Y | ▼ 1 | 30 |
| 14 | HDFC Bank Investment Banking REG CNST-2025-Q4-IN-MNA-SMB-R14-5395 | 71.93 | 0.95 × | 1994 · 31Y | ▲ 4 | 17 |
| 15 | Anand Rathi Advisors REG CNST-2025-Q4-IN-MNA-SMB-R15-1A3C | 70.80 | 0.85 × | 1994 · 31Y | ▲ 4 | 33 |
| 16 | Motilal Oswal Investment Banking REG CNST-2025-Q4-IN-MNA-SMB-R16-5D3C | 70.66 | 0.83 × | 1987 · 38Y | ▼ 9 | 28 |
| 17 | JM Financial Institutional Securities REG CNST-2025-Q4-IN-MNA-SMB-R17-393A | 68.24 | 0.86 × | 1973 · 52Y | ▼ 7 | 26 |
| 18 | ICICI Securities REG CNST-2025-Q4-IN-MNA-SMB-R18-8E41 | 68.17 | 0.87 × | 1995 · 30Y | ▲ 2 | 18 |
| 19 | Edelweiss Financial Services REG CNST-2025-Q4-IN-MNA-SMB-R19-6ED5 | 67.59 | 0.76 × | 1995 · 30Y | ▼ 13 | 32 |
| 20 | IDBI Capital REG CNST-2025-Q4-IN-MNA-SMB-R20-31F0 | 66.83 | 0.77 × | 1993 · 32Y | ▼ 5 | 29 |
Positions are the protocol's opinion, computed from the disclosed methodology applied to publicly available evidence. · Methodology