When Orbis Started operations around 2009 (after incorporation in 2005), it entered India’s capital-market infrastructure space as a relatively modest “custodian of securities” and market intermediary.
But in a market where custodial services were historically dominated by banks, Orbis charted a different path: a pure-play, independent “zero-conflict” custodian. Rather than running proprietary funds or competing with clients, Orbis chose to remain neutral and focused solely on providing infrastructure and post-trade services to institutional investors, FPIs, funds, and high-net-worth clients. That positioning is honest, transparent, and infrastructure-oriented has helped it build trust over time.
Explosive Growth: The Numbers Tell the Story
The last 3–5 years have been what can only be described as a structural leap for Orbis. Here are some of the standout metrics that reflect that growth:
- Assets Under Custody (AUC): The AUC for Orbis reportedly went from ₹34,000 crore to ₹1.42 lakh crore between FY 2021 and FY 2025. That is a staggering growth rate.
- Revenue & Profitability: As per reports, the revenue grew from approximately ₹87 crore in FY21 to ₹560 crore in FY25 at 59.28% CAGR. Net profit (PAT) increased from ₹16 crore to ₹204 crore during the same period (88.96% CAGR).
- Recent Acceleration (FY25): In FY25, the growth curve became even steeper. Revenue reportedly rose to ₹ 560 crore, while PAT almost doubled to ₹ 204 crore.
- Client Base Expansion: Orbis reportedly served more than 4,800 active custody clients, institutional investors, funds, FPIs, AIFs, PMSs etc., by FY25.
- Balance sheet strength and clean financials: The reports indicate that Orbis is debt-free, with rising net worth, a sign of financial discipline and a strong basis for growth even in volatile markets.
Put together, these figures mark Orbis not only as a survivor but as one of the fastest-growing non-bank financial infrastructure firms in scaling up at a rapid clip, while maintaining profitability.
Strategic Moves Behind the Surge
Growth rarely happens by accident. In Orbis’s case, several deliberate strategic choices appear to have paid off.
- Full-stack services under one roof
Rather than only custody, the Orbis company expanded into allied services such as clearing (equity, derivatives, and commodities), fund accounting, registrar and share transfer, trusteeship, depository participation, and more. This bundling therefore made Orbis appealing to those clients who would prefer a one-stop solution rather than juggling multiple vendors, especially funds, AIFs, PMS, FPIs, corporate investors, among others.
- Technology-first and operational efficiency
Orbis invested in a robust integrated platform to support high volumes and complex institutional workflows: ERP-based, with real-time reporting, reconciliation, depository connectivity, fund accounting, etc. Such a technological backbone might have helped them scale without increasing the overhead proportionately, hence contributing to their improving margins and profitability.
- Diversified client base and institutional focus
It serves a diversified mixture of FPIs, AIFs, PMSs, mutual funds, corporate clients, broker-dealers, high-net-worth investors, and many more. Such a diversified, institutional-grade clientele base reduces dependence on any one segment, allowing the firm to maintain consistent flows.
- Regulatory readiness and strategic expansion (GIFT City & global outreach)
Orbis recently expanded into GIFT City (Gujarat) with regulatory approval under International Financial Services Centres Authority (IFSCA), with the aim to tap global capital flows and offshore funds investing into India. This could strategically place Orbis as a bridge between global investors and Indian markets, giving it access to more capital and broader services.
- Clean balance sheet and financial prudence By staying debt-free and building net worth aggressively, even while expanding, Orbis has created a buffer against volatility in capital markets, a wise posture for a firm whose business is tied to market cycles.
What This Growth Means for Indian Markets and Investors
The story of Orbis isn’t just a corporate success story it reflects structural shifts in India’s capital-market ecosystem.
- As India's institutional investor base grows - FPIs, AIFs, PMSs, mutual funds, insurance funds - the need for professional custodial and back-office infrastructure is also rising. Orbis is capturing that aggressively.
- By offering all post-trade, depository, trustee, and clearing services under one platform, Orbis helps reduce friction for clients, which may accelerate institutional participation, fund flows, and depth of capital markets.
- Entry into GIFT City and global-facing services positions Orbis to be a gateway for global capital into India-importantly given growing foreign interest in Indian equities and bonds.
- For investors, including those assessing unlisted companies, Orbis is a symbol of how a non-bank, specialist financial company can achieve rapid scale on the ideal mix of strategy, efficiency, and vision sans scale and legacy of big banks. It shows the way for institution-first financial infrastructure in India.
Challenges Ahead And Why Growth Must Be Managed
Rapid growth, however impressive, brings its own challenges. A few to watch out for in Orbis’s journey:
- Because its business is heavily dependent on capital-market activities such as trading volumes, inflows, and investor participation, any market slack or volatility could significantly hurt revenues.
- The growing AUC and clients imply scaling up operational risk, compliance risk, cybersecurity risk, and regulatory risk; thus, Orbis will have to invest continuously in technology, risk management, and compliance so that mis-steps could be avoided.
- GIFT City will make Orbis a more competitive player in international markets, drawing increased competition from larger banks and other global custodians.
Final Thoughts
The Orbis Financial growth story reminds one that in financial markets, as in so many other sectors, success is not necessarily about being loud, but rather about reliability, efficiency, and adaptability. Over the last decade, and particularly in the last 3–5 years, Orbis has emerged from a niche custodian to the strong backbone of institutional flows in India.
To investors, fund-managers, and market-infrastructure watchers, Orbis represents something that might be called "stealth infrastructure"-quietly enabling transactions, custody, and fund flows that power India's capital markets. In a sense, Orbis may not be front-page flashy, but its impact could be profound.