3 Pharma Ingredients and Formulations Maker, Securities Depository and Power Engines Maker Stocks With a Strong Future Roadmap: Granules India, Central Depository Services (India) and Cummins India
- November 6, 2026
- Posted by: Lakshit Sharma
- Category: Best Stocks
Granules India, Central Depository Services (India) and Cummins India: ROE of 11.7% to 27.9% and FY22 to FY26 revenue CAGR of 9.2% to 19.6%. Prices as of 5 Nov 2026.
Quick Answer
The three pharma, depository and power engine stocks to watch are Granules India, Central Depository Services (India) and Cummins India. Their return on equity ranges from 11.7% to 27.9%, and their revenue compound annual growth from FY22 to FY26 ranges from 9.2% to 19.6%. Cummins India has the highest return on equity at 27.9%, while Central Depository Services (India) has the fastest revenue growth at 19.6% a year. Prices are based on the 5 November 2026 close, and this article is educational, not investment advice.
Pharma, depository and power engine stocks give investors a way to track businesses that sit close to everyday demand in India. Granules India, Central Depository Services (India) and Cummins India cover a pharma ingredients and formulations maker, a securities depository and a power engines maker.
This list covers three pharma, depository and power engine stocks with complete current figures: Granules India, Central Depository Services (India) and Cummins India. Every figure comes from the latest reported financials and the 5 November 2026 market close. Companies without complete current figures were left out.
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What Are Pharma, Depository and Power Engine Stocks?
Pharma, depository and power engine stocks are listed companies that make pharmaceutical ingredients and finished dosages, hold investor securities in electronic form, and build engines and power generation systems. Their earnings depend on medicine demand, investor account activity and industrial power needs.
Pharma, Depository and Power Engine Stocks at a Glance
| Company | CMP (Rs) | Market Cap (Rs Cr) | P/E | Industry P/E | ROE (%) | D/E |
|---|---|---|---|---|---|---|
| Granules India | 794.45 | 22,002 | 33.2 | 36.0 | 11.7 | 0.30 |
| Central Depository Services (India) | 1,334 | 26,543 | 56.4 | 41.8 | 23.3 | 0.00 |
| Cummins India | 4,058.9 | 127,515 | 53.9 | 44.4 | 27.9 | 0.00 |
On valuation, Granules India trades at a P/E below the industry P/E, while Central Depository Services (India) and Cummins India trade above it, which reflects the growth the market already expects. Readers comparing pharma, depository and power engine stocks should look at return on equity and debt together, since a high return earned with low debt is easier to sustain. With the Q2 FY27 results season close, investors in pharma, depository and power engine stocks can use the coming numbers to test whether growth is holding.
Why Do Pharma, Depository and Power Engine Stocks Have a Strong Roadmap in India?
Pharma, depository and power engine stocks have a strong roadmap in India because steady global demand for medicines, rapid growth in demat accounts and rising need for reliable power in industry and data centres keep widening the market for these companies.
- Pharma. Global markets need affordable medicines.
- Depository. More Indians hold investments in demat form.
- Power engines. Factories and buildings need backup power.
Why Granules India Features Among These Pharma, Depository and Power Engine Stocks
Among the pharma, depository and power engine stocks on this list, Granules India is a Hyderabad-based pharmaceutical manufacturer that makes active ingredients, intermediates and finished dosage forms, with a strong position in paracetamol, metformin and ibuprofen.
In the June 2026 quarter, revenue grew 20.6% year on year to Rs 1,479 crore, while net profit rose 59.8% to Rs 180 crore. Revenue rose from Rs 3,783 crore in FY22 to Rs 5,386 crore in FY26, a compound annual growth rate of 9.2%.
Net profit grew from Rs 413 crore in FY22 to Rs 595 crore in FY26, which works out to a compound annual growth rate of 9.6%. The company has a return on equity of 11.7%, a debt to equity ratio of 0.30 and a market capitalisation of Rs 22,002 crore. The stock trades at a P/E of 33.2, below the industry P/E of 36.0.
Roadmap: The company is shifting its mix towards finished dosages, which earn better margins than ingredients, and it supplies customers in regulated markets, especially the United States. Capacity additions and new product approvals support steady growth.
What to watch: Monitor new product approvals and the share of finished dosages in total sales.
Why Central Depository Services (India) Features Among These Pharma, Depository and Power Engine Stocks
Among the medicine, market infrastructure and engine shares on this list, Central Depository Services (India), known as CDSL, is one of the two depositories in India and holds demat accounts for investors, with revenue from transaction charges, issuer fees and account fees.
The company has a return on equity of 23.3%, a debt to equity ratio of 0.00 and a market capitalisation of Rs 26,543 crore. The stock trades at a P/E of 56.4, above the industry P/E of 41.8.
Revenue rose from Rs 606 crore in FY22 to Rs 1,238 crore in FY26, a compound annual growth rate of 19.6%. Net profit grew from Rs 312 crore in FY22 to Rs 455 crore in FY26, which works out to a compound annual growth rate of 9.9%. In the June 2026 quarter, revenue grew 15.4% year on year to Rs 340 crore, while net profit rose 14.9% to Rs 118 crore.
Roadmap: The rise in demat accounts and market participation lifts transaction and issuer income, and the company has added services such as KYC and e-voting. Its revenue is spread across several streams, and it carries no debt.
What to watch: Track growth in demat accounts and market activity, which influence transaction revenue.
Why Cummins India Features Among These Pharma, Depository and Power Engine Stocks
Among the three companies on this list, Cummins India makes diesel and natural gas engines, generator sets, filtration products and power systems for infrastructure, data centres and industrial customers, and it also exports.
Revenue rose from Rs 6,414 crore in FY22 to Rs 12,661 crore in FY26, a compound annual growth rate of 18.5%. Net profit grew from Rs 934 crore in FY22 to Rs 2,362 crore in FY26, which works out to a compound annual growth rate of 26.1%.
In the June 2026 quarter, revenue grew 17.2% year on year to Rs 3,563 crore, while net profit rose 0.9% to Rs 609 crore. The company has a return on equity of 27.9%, a debt to equity ratio of 0.00 and a market capitalisation of Rs 127,515 crore. The stock trades at a P/E of 53.9, above the industry P/E of 44.4.
Roadmap: The company benefits from demand for backup power at data centres, infrastructure projects and industrial plants, and it is widening its export base. A debt-free balance sheet supports capacity additions and new product lines.
What to watch: Track demand from data centres and new infrastructure and the growth of exports.
Granules India vs Central Depository Services (India) vs Cummins India on Key Financials
The table below sets the three pharma, depository and power engine 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 |
|---|---|---|---|---|---|
| Granules India | 3,783 | 5,386 | 9.2% | 595 | 11.0% |
| Central Depository Services (India) | 606 | 1,238 | 19.6% | 455 | 36.7% |
| Cummins India | 6,414 | 12,661 | 18.5% | 2,362 | 18.7% |
Cummins India posts the highest return on equity in this group at 27.9%. Cummins India has the largest FY26 revenue at Rs 12,661 crore, and Central Depository Services (India) shows the fastest revenue growth with a 19.6% compound annual rate. A useful habit with pharma, depository and power engine stocks is to check each new quarterly result against the capacity plans the company described earlier. Many investors spread money across several paracetamol, demat and generator stocks instead of one name, which keeps a single result from deciding the outcome.
The June 2026 quarter, the latest reported, gives a fresh read on momentum:
| Company | Q1 FY26 Revenue (Rs Cr) | Q1 FY27 Revenue (Rs Cr) | Year-on-Year Growth |
|---|---|---|---|
| Granules India | 1,226 | 1,479 | 20.6% |
| Central Depository Services (India) | 295 | 340 | 15.4% |
| Cummins India | 3,041 | 3,563 | 17.2% |
Key Risks to Check Before Investing in Pharma, Depository and Power Engine Stocks
Every theme carries risks that deserve a check before any decision. For these pharma, depository and power engine stocks, the main points are: Long-term medicine, market infrastructure and engine shares holders usually track revenue growth, margins and cash flow side by side rather than relying on a single ratio. Tracking promoter holding and management commentary adds context when you study medicine, market infrastructure and engine shares.
- Regulatory approvals. Plant inspections and approvals can affect supplies.
- Market activity. Fee income follows trading volumes and investor participation.
- 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 pharma, depository and power engine stocks by market capitalisation, P/E, ROE and growth, and build your own shortlist.
Final Thoughts on Pharma, Depository and Power Engine Stocks
Pharma, depository and power engine stocks work best when investors track growth, valuation and return on equity side by side. Granules India, Central Depository Services (India) and Cummins India each have a clear plan to grow. Based on the 5 November 2026 close, Granules India trades at Rs 794.45, Central Depository Services (India) at Rs 1,334 and Cummins India at Rs 4,058.9. Valuation matters as much as growth, so compare each company’s P/E with its industry P/E before adding any of these pharma, depository and power engine stocks to a watchlist.
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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 pharma, depository and power engine stocks?
Ans. Pharma, depository and power engine stocks are listed companies that make pharmaceutical ingredients and finished dosages, hold investor securities in electronic form, and build engines and power generation systems. Their earnings depend on medicine demand, investor account activity and industrial power needs. This list looks at three of them, Granules India, Central Depository Services (India) and Cummins India, using reported FY22 to FY26 financials and the 5 November 2026 closing prices.
Which pharma, depository and power engine stocks are covered in this list?
Ans. This list covers Granules India, Central Depository Services (India) and Cummins India. Based on the 5 November 2026 close, Granules India traded at Rs 794.45, Central Depository Services (India) at Rs 1,334 and Cummins India at Rs 4,058.9. Their return on equity ranges from 11.7% to 27.9%, and their revenue compound annual growth from FY22 to FY26 ranges from 9.2% to 19.6%.
Why do pharma, depository and power engine stocks have a strong future roadmap in India?
Ans. Pharma, depository and power engine stocks have a strong roadmap in India because steady global demand for medicines, rapid growth in demat accounts and rising need for reliable power in industry and data centres keep widening the market for these companies. The main drivers are as follows. Pharma. Global markets need affordable medicines. Depository. More Indians hold investments in demat form. Power engines. Factories and buildings need backup power. Together these factors give the companies on this list a visible path for growth over the coming years.
How has Granules India performed financially?
Ans. Revenue rose from Rs 3,783 crore in FY22 to Rs 5,386 crore in FY26, a compound annual growth rate of 9.2%. Net profit grew from Rs 413 crore in FY22 to Rs 595 crore in FY26, which works out to a compound annual growth rate of 9.6%. In the June 2026 quarter, revenue grew 20.6% year on year to Rs 1,479 crore, while net profit rose 59.8% to Rs 180 crore. The company has a return on equity of 11.7%, a debt to equity ratio of 0.30 and a market capitalisation of Rs 22,002 crore. The stock trades at a P/E of 33.2, below the industry P/E of 36.0. Looking ahead, the company is shifting its mix towards finished dosages, which earn better margins than ingredients, and it supplies customers in regulated markets, especially the United States. Capacity additions and new product approvals support steady growth.
How has Central Depository Services (India) performed financially?
Ans. Revenue rose from Rs 606 crore in FY22 to Rs 1,238 crore in FY26, a compound annual growth rate of 19.6%. Net profit grew from Rs 312 crore in FY22 to Rs 455 crore in FY26, which works out to a compound annual growth rate of 9.9%. In the June 2026 quarter, revenue grew 15.4% year on year to Rs 340 crore, while net profit rose 14.9% to Rs 118 crore. The company has a return on equity of 23.3%, a debt to equity ratio of 0.00 and a market capitalisation of Rs 26,543 crore. The stock trades at a P/E of 56.4, above the industry P/E of 41.8. Looking ahead, the rise in demat accounts and market participation lifts transaction and issuer income, and the company has added services such as KYC and e-voting. Its revenue is spread across several streams, and it carries no debt.
How has Cummins India performed financially?
Ans. Revenue rose from Rs 6,414 crore in FY22 to Rs 12,661 crore in FY26, a compound annual growth rate of 18.5%. Net profit grew from Rs 934 crore in FY22 to Rs 2,362 crore in FY26, which works out to a compound annual growth rate of 26.1%. In the June 2026 quarter, revenue grew 17.2% year on year to Rs 3,563 crore, while net profit rose 0.9% to Rs 609 crore. The company has a return on equity of 27.9%, a debt to equity ratio of 0.00 and a market capitalisation of Rs 127,515 crore. The stock trades at a P/E of 53.9, above the industry P/E of 44.4. Looking ahead, the company benefits from demand for backup power at data centres, infrastructure projects and industrial plants, and it is widening its export base. A debt-free balance sheet supports capacity additions and new product lines.
What risks should investors check before buying pharma, depository and power engine stocks?
Ans. Investors should check a few risks before buying pharma, depository and power engine stocks. Regulatory approvals. Plant inspections and approvals can affect supplies. Market activity. Fee income follows trading volumes and investor participation. 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 pharma, depository and power engine stocks investment advice?
Ans. No. This article is educational and uses publicly available data as of the 5 November 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.