India's Financial Operating System

India built the world's most complete digital public infrastructure and priced the rails at zero, so the economic rent migrated to a handful of regulated, listed toll-booths (CDSL, CAMS, BSE, MCX) at 41–84% EBITDA. This report sizes the market, maps where the rent accrues, weighs the citizen, and lays out the trade.

• 757M/d: UPI transactions per day (Jun 2026)
• 41–84%: EBITDA at the listed infra toll-booths
• $2.1T: Fintech TAM by 2030
• 42–64×: P/E the infra compounders trade at

v1.4 · July 2026 · Capital Markets · High confidence · 40 min read.

Cite this: Gravitywell Research. "India's Financial Operating System." Jul 2026. https://www.gravitywellresearch.xyz/research/financial-os

Source: Gravitywell Research, https://www.gravitywellresearch.xyz/research/financial-os