NSE's upcoming addition of three stocks to the F&O segment is an important development for Indian traders. From 26 August 2026, Ather Energy, Bank of Maharashtra and Sagility will be available for futures and options trading, subject to eligibility criteria.
Traders pay attention when a stock enters the derivatives segment because it brings increased trader attention, greater derivatives participation, better hedging ability, and often higher liquidity. However, F&O inclusion does not automatically mean that a stock is a good investment or that its price will rise. The underlying business remains the foundation of long-term value.
📌 Key date: NSE announced on 23 July 2026 that F&O contracts on these three securities will be introduced from 26 August 2026. Market lot and strike price scheme details will be announced separately on 25 August 2026. Always verify from the official NSE circular before trading.
| Company | NSE Symbol | Business / Sector | F&O Availability | Market Lot | Strike Details |
|---|---|---|---|---|---|
| Ather Energy Ltd | ATHERENERG | Electric two-wheeler (Auto) | 26 Aug 2026 | To be announced / verify NSE circular | To be announced / verify NSE circular |
| Bank of Maharashtra | MAHABANK | Public sector bank | 26 Aug 2026 | To be announced / verify NSE circular | To be announced / verify NSE circular |
| Sagility Ltd | SAGILITY | Healthcare BPM / IT | 26 Aug 2026 | To be announced / verify NSE circular | To be announced / verify NSE circular |
Source: NSE announcement, 23 July 2026. Market lot and strike scheme will be released on 25 August 2026.
The eligibility of a stock for trading in the derivatives segment is based on the criteria laid down by SEBI and the exchange [citation:6]. Key parameters include:
SEBI revised the eligibility criteria in August 2024 to ensure only high-quality stocks with sufficient market depth are allowed in the F&O segment [citation:12]. The inclusion of these three stocks is based on their performance in the underlying cash market and their ability to meet these norms.
⚠️ Important: F&O inclusion is a market-structure development, not a guaranteed bullish or bearish signal.
Ather Energy (NSE: ATHERENERG) is a pioneer in the Indian electric two-wheeler (E2W) market. The company designs and manufactures electric scooters, software, charging infrastructure, and smart accessories – all conceptualised and designed in India [citation:3].
Ather sells its E2Ws through a network of experience centres (over 700 as of Q4FY26, up from 350 a year earlier) [citation:9]. Key products include the Rizta and the upcoming EL platform targeting the mass segment (₹1 lakh – ₹1.25 lakh). The company also earns from software subscriptions and its Atherstack ecosystem.
| Metric | Latest Available Data | Interpretation |
|---|---|---|
| Revenue (FY25) | ₹2,255 Cr [citation:3] | Strong growth (28.6% YoY) |
| Revenue (Q4FY26) | ₹1,175 Cr [citation:9] | 74% YoY surge |
| EBITDA Margin | Negative (Operating margin -25.6%) [citation:3] | Still in investment phase |
| Net Profit (FY25) | Loss of ₹810 Cr [citation:3] | Loss-making; P/E not meaningful |
| Net Loss (Q4FY26) | ₹100 Cr (narrowed 57% YoY) [citation:9] | Operating leverage kicking in |
| Market Cap | ~₹36,055 Cr [citation:3] | Premium valuation |
| P/B Ratio | 13.67 [citation:3] | High book value multiple |
Key growth drivers: EV penetration in scooters (expected 38% by FY30), expansion of manufacturing capacity (Aurangabad plant), software-led differentiation.
Key risks: Persistent losses, rising lithium cell costs (up 40-50%), subsidy discontinuation, intense competition, and premium valuation [citation:9].
💡 Fundamental conclusion: Ather is a high-growth EV story with strong revenue traction, but it remains loss-making. Valuation is stretched on conventional metrics. F&O traders should monitor volume and liquidity closely after launch.
Bank of Maharashtra (NSE: MAHABANK) is a public sector bank headquartered in Pune, with a strong presence in Maharashtra (49% of loans and 73% of deposits) [citation:10]. It has over 35 million customers and is recognised as one of the most profitable PSU banks.
The bank’s operations are divided into Treasury, Corporate/Wholesale, Retail, and Other banking [citation:4]. Key metrics for banks include:
| Metric | Data (approx.) | Interpretation |
|---|---|---|
| Market Cap | ~₹85,000 Cr (estimated) | Mid-cap PSU bank |
| P/B Ratio | ~1.0–1.2x (based on ABV) | Reasonable for PSU bank |
| ROA | >1.5% | Strong profitability [citation:10] |
| Net NPA | Well below 1% | Best-in-class asset quality |
| PCR | ~90% | Strong provision buffer |
Strengths: Dominant liability franchise in Maharashtra, high provisioning buffer, consistent credit growth, and improving return ratios.
Risks: PSU bank policy changes, interest rate sensitivity, competition from private banks, and potential NPA stress in economic downturns.
💡 Fundamental conclusion: Bank of Maharashtra is a well-run PSU bank with strong financials and asset quality. Its valuation is reasonable, making it a relatively safer F&O candidate. Traders should track RBI policy and credit growth.
Sagility (NSE: SAGILITY) is a healthcare-focused business process management (BPM) company, carved out of HGS’s healthcare business. It provides revenue cycle management, claims management, and analytics to US healthcare clients.
Unlike traditional IT companies, Sagility is a pure-play healthcare BPM with high offshore delivery (94.4% of workforce offshore) and EBITDA margins of 24–25%, significantly above industry peers [citation:11].
| Metric | Data (approx.) | Interpretation |
|---|---|---|
| Revenue CAGR (FY18–FY24) | 12% (USD) | Steady growth |
| EBITDA Margin | ~24–25% | Industry-leading |
| PAT Growth (projected) | 40% CAGR (FY24–FY28) | Strong earnings trajectory |
| Debt | Moderate (declining) | Improving balance sheet |
| Client Concentration | High (key risk) | Diversification in progress |
Growth opportunities: US healthcare spending, AI adoption in claims management, expansion in the fragmented provider segment, and new client wins.
Key risks: High client concentration, currency risk (USD/INR), regulatory changes in US healthcare, and potential disruption from generative AI.
💡 Fundamental conclusion: Sagility is a high-margin healthcare BPM with robust growth and cash generation. However, client concentration and US exposure are key risks. F&O traders should watch for client announcements and currency movements.
| Metric | Ather Energy | Bank of Maharashtra | Sagility |
|---|---|---|---|
| Sector | Automobiles (EV) | Banking (PSU) | Healthcare BPM |
| Business Model | Product + software | Interest income + fees | Service fees (BPM) |
| Revenue Growth | High (28%+ YoY) | Stable (credit growth) | Steady (12% USD CAGR) |
| Profitability | Loss-making | Profitable (ROA >1.5%) | Profitable (EBITDA 24%) |
| Debt | High (D/E ~1.5) [citation:3] | Bank (normal leverage) | Moderate (declining) |
| Key Growth Driver | EV adoption, new models | Credit growth, NIM expansion | US healthcare demand, AI |
| Major Risk | Cash burn, competition | NPA, policy changes | Client concentration, currency |
| Valuation Approach | EV/Sales (not P/E) | P/B, ROA, ROE | EV/EBITDA, P/E |
Each company must be analysed differently. Ather is a growth stock, Bank of Maharashtra is a value/quality play, and Sagility is a high-margin BPM.
For F&O traders, these three stocks offer new opportunities for directional trading, hedging, and volatility strategies. However, traders should not assume that these stocks will become highly liquid immediately after F&O inclusion.
⚠️ Caution: Low liquidity in far OTM strikes and wide bid-ask spreads can lead to slippage. Start with smaller positions and monitor the first few days of trading.
Remember: F&O inclusion is a market-structure development, not a guaranteed bullish or bearish signal.
F&O inclusion can increase trading opportunities, but the underlying business remains the foundation of long-term value. Traders should analyse both the company fundamentals and the derivatives market structure before taking a position.
Ather Energy, Bank of Maharashtra, and Sagility.
26 August 2026, subject to eligibility criteria.
26 August 2026.
26 August 2026.
To be announced on 25 August 2026. Verify from NSE circular.
NSE India website under the derivatives section.
No. F&O inclusion is a market-structure change, not a price signal.
F&O involves significant risk. Beginners should start with cash segment and paper trading.
Check market lot, strike scheme, OI, bid-ask spread, and liquidity.
Understanding the underlying business helps manage risk and avoid trading purely on speculation.
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