Best IPO Analysts in India 2026

Aditya Birla Money currently ranks #1 on IPO Guru's leaderboard. IPO Guru tracks 48 analysts and ranks them using real IPO outcome data from the last 12 months — including accuracy, win rate, return quality, consistency, and horizon score. Some analysts excel in Mainboard IPOs while others show higher consistency in the SME segment. Always check the individual profile for the full performance breakdown before making investment decisions.

A score of 67 or above is considered reliable on IPO Guru. Specifically: 85–100 = Elite, 67–84 = Strong, 55–66 = Good, 45–54 = Moderate, 21–44 = Weak, and 0–20 = Poor. Analysts with fewer than 5 reviews in the last 12 months are marked "Early Track" and are not yet scored — this means limited data, not necessarily poor performance.

Reliability varies significantly between analysts. Analyst reports are based on company fundamentals, valuations, and sector trends — they are not guarantees. Market sentiment, oversubscription, and macro events can move a listing price far from any target. On IPO Guru, each analyst has a data-driven performance scorecard so you can verify their historical reliability before acting on their advice, rather than relying on popularity.

Use both together for the best signal. Analysts assess long-term valuation and fundamentals, while the Grey Market Premium (GMP) reflects short-term demand and listing-day sentiment. The strongest signal is when both agree — a high analyst score combined with a healthy GMP. Check the latest IPO GMP and compare it with the analyst leaderboard above.

IPO Guru's score is built on four weighted pillars over the last 12 months: Accuracy (did the recommended IPOs actually list with a gain?), Return Quality (average profit from Apply picks), Consistency (how often the calls scored well), and Horizon (alignment of listing price vs. current price). Analysts with fewer than 5 reviews in the period are marked Early Track and not scored. Read the full methodology →

A SEBI Registered Research Analyst (RA) has passed the required NISM Series XV certification and is regulated by the Securities and Exchange Board of India. They must follow a code of conduct, maintain research records, and disclose conflicts of interest. While registration adds regulatory credibility, it does not guarantee better picks — always check actual performance data.

To pick the right analyst: (1) Look for 10+ reviews — consistency over many IPOs matters more than a few lucky calls. (2) Check the win rate — what % of their Apply calls resulted in a positive listing gain. (3) Review the average listing gain on Apply calls. (4) Check if they are SEBI registered. (5) Match their specialisation (Mainboard vs. SME) to the type of IPO you are evaluating. Use the table above to compare all these metrics at a glance.

Analyst scores are recalculated automatically whenever new IPO reviews are added or when listing prices and current market prices are updated. The leaderboard ranking is always based on the most recent 12-month rolling window, so an analyst's position can change as older reviews roll off or new IPOs list. We recommend checking back after each major listing event.

Mainboard IPOs list on NSE/BSE and are typically larger companies with stricter SEBI disclosure norms, making fundamental analysis more straightforward. SME IPOs list on NSE Emerge or BSE SME, involve smaller companies with limited public financial history, and are generally higher risk and higher reward. Some analysts specialise in one segment. Each analyst profile on IPO Guru shows the Mainboard vs. SME split of their reviewed IPOs so you can pick the right expert for the type of IPO you are evaluating.