3 Broking and Wealth Group, Securities Depository and Stock Exchange Operator Stocks With a Strong Future Roadmap: Motilal Oswal Financial Services, NSDL and BSE Ltd
- October 28, 2026
- Posted by: Ankit Jaiswal
- Category: Best Stocks
Motilal Oswal Financial Services, NSDL and BSE Ltd: ROE of 14.5% to 37.4% and FY22 to FY26 revenue CAGR of 19.2% to 56.3%. Prices as of 27 Oct 2026.
Quick Answer
The three broking, depository and stock exchange stocks to watch are Motilal Oswal Financial Services, NSDL and BSE Ltd. Their return on equity ranges from 14.5% to 37.4%, and their revenue compound annual growth from FY22 to FY26 ranges from 19.2% to 56.3%. BSE Ltd leads on both return on equity at 37.4% and revenue growth at 56.3% a year. Prices are based on the 27 October 2026 close, and this article is educational, not investment advice.
Broking, depository and stock exchange stocks offer a focused view of a sector where demand keeps widening. Motilal Oswal Financial Services, NSDL and BSE Ltd cover a broking and wealth group, a securities depository and a stock exchange operator.
This list covers three broking, depository and stock exchange stocks with complete current figures: Motilal Oswal Financial Services, NSDL and BSE Ltd. Every figure comes from the latest reported financials and the 27 October 2026 market close. Companies without complete current figures were left out.
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What Are Broking, Depository and Stock Exchange Stocks?
Broking, depository and stock exchange stocks are listed capital market companies that offer broking, wealth and asset management services, hold securities in electronic form and run a stock exchange with trading, listing and data services. Their earnings depend on investor activity, account growth and traded volumes.
Broking, Depository and Stock Exchange Stocks at a Glance
| Company | CMP (Rs) | Market Cap (Rs Cr) | P/E | Industry P/E | ROE (%) | D/E |
|---|---|---|---|---|---|---|
| Motilal Oswal Financial Services | 969 | 58,344 | 29.4 | 31.0 | 14.5 | 1.65 |
| NSDL | 706.9 | 14,924 | 38.4 | 41.8 | 16.0 | 0.01 |
| BSE Ltd | 3,441.1 | 131,779 | 46.7 | 40.1 | 37.4 | 0.00 |
On valuation, Motilal Oswal Financial Services and NSDL trade at a P/E below the industry P/E, while BSE Ltd trades above it, which reflects the growth the market already expects. Readers comparing broking, depository and stock exchange stocks should look at return on equity and debt together, since a high return earned with low debt is easier to sustain.
Why Do Broking, Depository and Stock Exchange Stocks Have a Strong Roadmap in India?
Broking, depository and stock exchange stocks have a strong roadmap in India because growing retail participation, steady demat account additions and rising fund inflows keep widening the market for Indian capital market firms.
- Retail participation. More households invest in markets.
- Account growth. Demat accounts keep rising.
- Exchange services. Trading, listing and data add fee income.
Why Motilal Oswal Financial Services Features Among These Broking, Depository and Stock Exchange Stocks
Among the broking, depository and stock exchange stocks on this list, Motilal Oswal Financial Services is a Mumbai-based financial services group with businesses in broking, wealth management, asset management, housing finance and investment banking.
The company has a return on equity of 14.5%, a debt to equity ratio of 1.65 and a market capitalisation of Rs 58,344 crore. The stock trades at a P/E of 29.4, below the industry P/E of 31.0.
Revenue rose from Rs 4,316 crore in FY22 to Rs 9,416 crore in FY26, a compound annual growth rate of 21.5%. Net profit grew from Rs 1,311 crore in FY22 to Rs 1,865 crore in FY26, which works out to a compound annual growth rate of 9.2%. In the June 2026 quarter, revenue grew 25.1% year on year to Rs 3,432 crore, while net profit rose 10.2% to Rs 1,274 crore.
Roadmap: Growth in mutual fund and wealth assets, rising retail participation in markets and a widening product range support its fee income. Its asset management arm has been building a strong track record across equity and passive funds.
What to watch: Track assets under management, broking volumes and wealth business flows.
Why NSDL Features Among These Broking, Depository and Stock Exchange Stocks
Among the wealth broking, depository and exchange shares 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.
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.
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.
Why BSE Ltd Features Among These Broking, Depository and Stock Exchange Stocks
Among the three companies on this list, BSE Ltd runs one of Asia’s oldest stock exchanges and earns from trading in equities and derivatives, listing services, data products and its clearing and technology arms.
Revenue rose from Rs 864 crore in FY22 to Rs 5,148 crore in FY26, a compound annual growth rate of 56.3%. Net profit grew from Rs 1,317 crore in FY25 to Rs 2,475 crore in FY26, a rise of 87.9%.
The company has a return on equity of 37.4%, a debt to equity ratio of 0.00 and a market capitalisation of Rs 131,779 crore. The stock trades at a P/E of 46.7, above the industry P/E of 40.1.
Roadmap: Rising participation of retail investors, a growing derivatives business and expanding data and technology services broaden the exchange’s income. A debt-free balance sheet and an asset-light model keep earnings quality high.
What to watch: Follow derivative volumes, new listings, data revenue growth and regulatory changes in market structure.
Motilal Oswal Financial Services vs NSDL vs BSE Ltd on Key Financials
The table below sets the three broking, depository and stock exchange 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 |
|---|---|---|---|---|---|
| Motilal Oswal Financial Services | 4,316 | 9,416 | 21.5% | 1,865 | 19.8% |
| NSDL | 821 | 1,660 | 19.2% | 380 | 22.9% |
| BSE Ltd | 864 | 5,148 | 56.3% | 2,475 | 48.1% |
BSE Ltd posts the highest return on equity in this group at 37.4%. Motilal Oswal Financial Services has the largest FY26 revenue at Rs 9,416 crore, and BSE Ltd shows the fastest revenue growth with a 56.3% compound annual rate. A useful habit with broking, depository and stock exchange stocks is to check each new quarterly result against the capacity plans the company described earlier.
Key Risks to Check Before Investing in Broking, Depository and Stock Exchange Stocks
Every theme carries risks that deserve a check before any decision. For these broking, depository and stock exchange stocks, the main points are:
- Market activity. Fee income follows trading and investor activity.
- Regulatory approvals. Plant inspections and approvals can affect supplies.
- 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 broking, depository and stock exchange stocks by market capitalisation, P/E, ROE and growth, and build your own shortlist.
Final Thoughts on Broking, Depository and Stock Exchange Stocks
Broking, depository and stock exchange stocks reward patient research into demand, execution and financial strength. Motilal Oswal Financial Services, NSDL and BSE Ltd each have a clear plan to expand. Based on the 27 October 2026 close, Motilal Oswal Financial Services trades at Rs 969, NSDL at Rs 706.9 and BSE Ltd at Rs 3,441.1.
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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 broking, depository and stock exchange stocks?
Ans. Broking, depository and stock exchange stocks are listed capital market companies that offer broking, wealth and asset management services, hold securities in electronic form and run a stock exchange with trading, listing and data services. Their earnings depend on investor activity, account growth and traded volumes. This list looks at three of them, Motilal Oswal Financial Services, NSDL and BSE Ltd, using reported FY22 to FY26 financials and the 27 October 2026 closing prices.
Which broking, depository and stock exchange stocks are covered in this list?
Ans. This list covers Motilal Oswal Financial Services, NSDL and BSE Ltd. Based on the 27 October 2026 close, Motilal Oswal Financial Services traded at Rs 969, NSDL at Rs 706.9 and BSE Ltd at Rs 3,441.1. Their return on equity ranges from 14.5% to 37.4%, and their revenue compound annual growth from FY22 to FY26 ranges from 19.2% to 56.3%.
Why do broking, depository and stock exchange stocks have a strong future roadmap in India?
Ans. Broking, depository and stock exchange stocks have a strong roadmap in India because growing retail participation, steady demat account additions and rising fund inflows keep widening the market for Indian capital market firms. The main drivers are as follows. Retail participation. More households invest in markets. Account growth. Demat accounts keep rising. Exchange services. Trading, listing and data add fee income. Together these factors give the companies on this list a visible path for growth over the coming years.
How has Motilal Oswal Financial Services performed financially?
Ans. Revenue rose from Rs 4,316 crore in FY22 to Rs 9,416 crore in FY26, a compound annual growth rate of 21.5%. Net profit grew from Rs 1,311 crore in FY22 to Rs 1,865 crore in FY26, which works out to a compound annual growth rate of 9.2%. In the June 2026 quarter, revenue grew 25.1% year on year to Rs 3,432 crore, while net profit rose 10.2% to Rs 1,274 crore. The company has a return on equity of 14.5%, a debt to equity ratio of 1.65 and a market capitalisation of Rs 58,344 crore. The stock trades at a P/E of 29.4, below the industry P/E of 31.0. Looking ahead, growth in mutual fund and wealth assets, rising retail participation in markets and a widening product range support its fee income. Its asset management arm has been building a strong track record across equity and passive funds.
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.
How has BSE Ltd performed financially?
Ans. Revenue rose from Rs 864 crore in FY22 to Rs 5,148 crore in FY26, a compound annual growth rate of 56.3%. Net profit grew from Rs 1,317 crore in FY25 to Rs 2,475 crore in FY26, a rise of 87.9%. The company has a return on equity of 37.4%, a debt to equity ratio of 0.00 and a market capitalisation of Rs 131,779 crore. The stock trades at a P/E of 46.7, above the industry P/E of 40.1. Looking ahead, rising participation of retail investors, a growing derivatives business and expanding data and technology services broaden the exchange’s income. A debt-free balance sheet and an asset-light model keep earnings quality high.
What risks should investors check before buying broking, depository and stock exchange stocks?
Ans. Investors should check a few risks before buying broking, depository and stock exchange stocks. Market activity. Fee income follows trading and investor activity. Regulatory approvals. Plant inspections and approvals can affect supplies. 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 broking, depository and stock exchange stocks investment advice?
Ans. No. This article is educational and uses publicly available data as of the 27 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.
