3 Credit Rating Agency, Banking Software Products Company and Largest Securities Depository Stocks With a Strong Future Roadmap: ICRA, Oracle Financial Services Software and NSDL
- November 2, 2026
- Posted by: Harsh Piplani
- Category: Best Stocks
ICRA, Oracle Financial Services Software and NSDL: ROE of 15.4% to 33.7% and FY22 to FY26 revenue CAGR of 10.4% to 19.2%. Prices as of 30 Oct 2026.
Quick Answer
The three rating, bank software and depository stocks to watch are ICRA, Oracle Financial Services Software and NSDL. Their return on equity ranges from 15.4% to 33.7%, and their revenue compound annual growth from FY22 to FY26 ranges from 10.4% to 19.2%. Oracle Financial Services Software has the highest return on equity at 33.7%, while NSDL has the fastest revenue growth at 19.2% a year. Prices are based on the 30 October 2026 close, and this article is educational, not investment advice.
Rating, bank software and depository stocks bring together companies with a visible plan for the years ahead. ICRA, Oracle Financial Services Software and NSDL cover a credit rating agency, a banking software products company and the largest securities depository.
This list covers three rating, bank software and depository stocks with complete current figures: ICRA, Oracle Financial Services Software and NSDL. Every figure comes from the latest reported financials and the 30 October 2026 market close. Companies without complete current figures were left out.
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What Are Rating, Bank Software and Depository Stocks?
Rating, bank software and depository stocks are listed companies that rate debt and offer research services, sell software products for banking and insurance, and hold securities in electronic form for investors and brokers. Their earnings depend on debt issuance, technology budgets and demat account growth.
Rating, Bank Software and Depository Stocks at a Glance
| Company | CMP (Rs) | Market Cap (Rs Cr) | P/E | Industry P/E | ROE (%) | D/E |
|---|---|---|---|---|---|---|
| ICRA | 4,300.8 | 4,332 | 22.1 | 33.6 | 15.4 | 0.02 |
| Oracle Financial Services Software | 9,995 | 86,056 | 25.2 | 17.9 | 33.7 | 0.00 |
| NSDL | 701.1 | 14,924 | 38.4 | 41.8 | 16.0 | 0.01 |
On valuation, ICRA and NSDL trade at a P/E below the industry P/E, while Oracle Financial Services Software trades above it, which reflects the growth the market already expects. Readers comparing rating, bank software and depository stocks should look at return on equity and debt together, since a high return earned with low debt is easier to sustain.
Why Do Rating, Bank Software and Depository Stocks Have a Strong Roadmap in India?
Rating, bank software and depository stocks have a strong roadmap in India because growing bond issuance, banks upgrading their systems and rising investor accounts keep widening the market for these capital market and technology companies.
- Debt issuance. More borrowers seek credit ratings.
- Bank technology. Lenders upgrade core platforms.
- Investor accounts. More people hold securities in demat form.
Why ICRA Features Among These Rating, Bank Software and Depository Stocks
Among the rating, bank software and depository stocks on this list, ICRA is a credit rating agency, majority owned by Moody’s, that also offers research and analytical services, software and consulting.
Revenue rose from Rs 384 crore in FY22 to Rs 675 crore in FY26, a compound annual growth rate of 15.1%. Net profit grew from Rs 114 crore in FY22 to Rs 183 crore in FY26, which works out to a compound annual growth rate of 12.6%.
In the June 2026 quarter, revenue grew 28.3% year on year to Rs 191 crore, while net profit rose 32.0% to Rs 56.5 crore. The company has a return on equity of 15.4%, a debt to equity ratio of 0.02 and a market capitalisation of Rs 4,332 crore. The stock trades at a P/E of 22.1, below the industry P/E of 33.6.
Roadmap: A deepening bond market and rising bank credit generate more rating work, while its analytical and software services add diversification. Its association with a global rating group strengthens its brand with issuers.
What to watch: Follow trends in debt issuance and bank credit growth.
Why Oracle Financial Services Software Features Among These Rating, Bank Software and Depository Stocks
Among the capital market support shares on this list, Oracle Financial Services Software develops banking software products such as core banking, lending and risk platforms and also provides related services and support to banks and financial institutions around the world.
Revenue rose from Rs 5,356 crore in FY22 to Rs 7,943 crore in FY26, a compound annual growth rate of 10.4%. Net profit grew from Rs 1,889 crore in FY22 to Rs 2,639 crore in FY26, which works out to a compound annual growth rate of 8.7%.
The company has a return on equity of 33.7%, a debt to equity ratio of 0.00 and a market capitalisation of Rs 86,056 crore. The stock trades at a P/E of 25.2, above the industry P/E of 17.9.
Roadmap: The company is helping banks move to modern platforms and cloud deployments, which creates demand for its products. Recurring licence and maintenance income supports earnings visibility.
What to watch: Follow product licence wins, cloud adoption by banking clients and the pace of new deals.
Why NSDL Features Among These Rating, Bank Software and Depository Stocks
Among the three companies on this list, National Securities Depository, known as NSDL, is India’s first and largest depository, holding securities of investors in electronic form and providing related services to market participants.
The company has a return on equity of 16.0%, a debt to equity ratio of 0.01 and a market capitalisation of Rs 14,924 crore. The stock trades at a P/E of 38.4, below the industry P/E of 41.8.
Revenue rose from Rs 821 crore in FY22 to Rs 1,660 crore in FY26, a compound annual growth rate of 19.2%. Net profit grew from Rs 213 crore in FY22 to Rs 380 crore in FY26, which works out to a compound annual growth rate of 15.6%.
Roadmap: The company is gaining from the steady growth in demat accounts and from higher market participation. Its fee income from account maintenance and transactions grows as more investors enter the market.
What to watch: Track growth in demat accounts, trading volumes and new service launches.
ICRA vs Oracle Financial Services Software vs NSDL on Key Financials
The table below sets the three rating, bank software and depository stocks side by side on revenue, profit and margin, using reported figures.
| Company | FY22 Revenue (Rs Cr) | FY26 Revenue (Rs Cr) | Revenue CAGR (FY22-FY26) | FY26 Net Profit (Rs Cr) | FY26 Net Margin |
|---|---|---|---|---|---|
| ICRA | 384 | 675 | 15.1% | 183 | 27.1% |
| Oracle Financial Services Software | 5,356 | 7,943 | 10.4% | 2,639 | 33.2% |
| NSDL | 821 | 1,660 | 19.2% | 380 | 22.9% |
Oracle Financial Services Software posts the highest return on equity in this group at 33.7%. Oracle Financial Services Software has the largest FY26 revenue at Rs 7,943 crore, and NSDL shows the fastest revenue growth with a 19.2% compound annual rate. A useful habit with rating, bank software and depository stocks is to check each new quarterly result against the capacity plans the company described earlier.
Key Risks to Check Before Investing in Rating, Bank Software and Depository Stocks
Every theme carries risks that deserve a check before any decision. For these rating, bank software and depository stocks, the main points are:
- Market activity. Fee income follows trading volumes and investor participation.
- Client spending. Technology budgets can vary with global conditions.
- Valuation levels. Some of these companies trade at high earnings multiples, so growth must continue to justify them.
Treat this list as a starting point for research and not as a recommendation. Read the latest results presentation, check the management commentary on order books or capacity plans, and compare each company with its peers before you decide anything.
Use the Univest Stock Screener to filter rating, bank software and depository stocks by market capitalisation, P/E, ROE and growth, and build your own shortlist.
Final Thoughts on Rating, Bank Software and Depository Stocks
Rating, bank software and depository stocks suit investors who prefer to study business strength before price moves. ICRA, Oracle Financial Services Software and NSDL each have a clear plan to grow. Based on the 30 October 2026 close, ICRA trades at Rs 4,300.8, Oracle Financial Services Software at Rs 9,995 and NSDL at Rs 701.1.
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Disclaimer: Data and figures in this article are sourced from publicly available information. These may or may not be accurate. Please verify all data with the official NSE (nseindia.com) and BSE (bseindia.com) websites before making any investment decision. Investments in securities are subject to market risk. This content is for educational purposes only and is not investment advice by Univest (SEBI RA INH000013776).
What are rating, bank software and depository stocks?
Ans. Rating, bank software and depository stocks are listed companies that rate debt and offer research services, sell software products for banking and insurance, and hold securities in electronic form for investors and brokers. Their earnings depend on debt issuance, technology budgets and demat account growth. This list looks at three of them, ICRA, Oracle Financial Services Software and NSDL, using reported FY22 to FY26 financials and the 30 October 2026 closing prices.
Which rating, bank software and depository stocks are covered in this list?
Ans. This list covers ICRA, Oracle Financial Services Software and NSDL. Based on the 30 October 2026 close, ICRA traded at Rs 4,300.8, Oracle Financial Services Software at Rs 9,995 and NSDL at Rs 701.1. Their return on equity ranges from 15.4% to 33.7%, and their revenue compound annual growth from FY22 to FY26 ranges from 10.4% to 19.2%.
Why do rating, bank software and depository stocks have a strong future roadmap in India?
Ans. Rating, bank software and depository stocks have a strong roadmap in India because growing bond issuance, banks upgrading their systems and rising investor accounts keep widening the market for these capital market and technology companies. The main drivers are as follows. Debt issuance. More borrowers seek credit ratings. Bank technology. Lenders upgrade core platforms. Investor accounts. More people hold securities in demat form. Together these factors give the companies on this list a visible path for growth over the coming years.
How has ICRA performed financially?
Ans. Revenue rose from Rs 384 crore in FY22 to Rs 675 crore in FY26, a compound annual growth rate of 15.1%. Net profit grew from Rs 114 crore in FY22 to Rs 183 crore in FY26, which works out to a compound annual growth rate of 12.6%. In the June 2026 quarter, revenue grew 28.3% year on year to Rs 191 crore, while net profit rose 32.0% to Rs 56.5 crore. The company has a return on equity of 15.4%, a debt to equity ratio of 0.02 and a market capitalisation of Rs 4,332 crore. The stock trades at a P/E of 22.1, below the industry P/E of 33.6. Looking ahead, a deepening bond market and rising bank credit generate more rating work, while its analytical and software services add diversification. Its association with a global rating group strengthens its brand with issuers.
How has Oracle Financial Services Software performed financially?
Ans. Revenue rose from Rs 5,356 crore in FY22 to Rs 7,943 crore in FY26, a compound annual growth rate of 10.4%. Net profit grew from Rs 1,889 crore in FY22 to Rs 2,639 crore in FY26, which works out to a compound annual growth rate of 8.7%. The company has a return on equity of 33.7%, a debt to equity ratio of 0.00 and a market capitalisation of Rs 86,056 crore. The stock trades at a P/E of 25.2, above the industry P/E of 17.9. Looking ahead, the company is helping banks move to modern platforms and cloud deployments, which creates demand for its products. Recurring licence and maintenance income supports earnings visibility.
How has NSDL performed financially?
Ans. Revenue rose from Rs 821 crore in FY22 to Rs 1,660 crore in FY26, a compound annual growth rate of 19.2%. Net profit grew from Rs 213 crore in FY22 to Rs 380 crore in FY26, which works out to a compound annual growth rate of 15.6%. The company has a return on equity of 16.0%, a debt to equity ratio of 0.01 and a market capitalisation of Rs 14,924 crore. The stock trades at a P/E of 38.4, below the industry P/E of 41.8. Looking ahead, the company is gaining from the steady growth in demat accounts and from higher market participation. Its fee income from account maintenance and transactions grows as more investors enter the market.
What risks should investors check before buying rating, bank software and depository stocks?
Ans. Investors should check a few risks before buying rating, bank software and depository stocks. Market activity. Fee income follows trading volumes and investor participation. Client spending. Technology budgets can vary with global conditions. Valuation levels. Some of these companies trade at high earnings multiples, so growth must continue to justify them. Reading the latest results presentation and comparing each company with its peers helps judge how these risks apply to each stock.
Is this list of rating, bank software and depository stocks investment advice?
Ans. No. This article is educational and uses publicly available data as of the 30 October 2026 close. Please verify figures on NSE and BSE, read company filings and consult a SEBI registered adviser before investing. Univest is SEBI registered research analyst INH000013776.
