3 Securities Depository Leader, Wealth Management Firm and Retail Investor Depository Stocks With a Strong Future Roadmap: NSDL, Anand Rathi Wealth and Central Depository Services (India)
- October 28, 2026
- Posted by: Ankit Jaiswal
- Category: Best Stocks
NSDL, Anand Rathi Wealth and Central Depository Services (India): ROE of 16.0% to 35.4% and FY22 to FY26 revenue CAGR of 19.2% to 31.0%. Prices as of 27 Oct 2026.
Quick Answer
The three depository and wealth management stocks to watch are NSDL, Anand Rathi Wealth and Central Depository Services (India). Their return on equity ranges from 16.0% to 35.4%, and their revenue compound annual growth from FY22 to FY26 ranges from 19.2% to 31.0%. Anand Rathi Wealth leads on both return on equity at 35.4% and revenue growth at 31.0% a year. Prices are based on the 27 October 2026 close, and this article is educational, not investment advice.
Depository and wealth management stocks offer a focused view of a sector where demand keeps widening. NSDL, Anand Rathi Wealth and Central Depository Services (India) cover a securities depository leader, a wealth management firm and a retail investor depository.
This list covers three depository and wealth management stocks with complete current figures: NSDL, Anand Rathi Wealth and Central Depository Services (India). 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 Depository and Wealth Management Stocks?
Depository and wealth management stocks are listed financial companies that hold securities in electronic form and advise affluent families on investments. Their earnings depend on demat account growth, market activity, assets under management and investor participation.
Depository and Wealth Management Stocks at a Glance
| Company | CMP (Rs) | Market Cap (Rs Cr) | P/E | Industry P/E | ROE (%) | D/E |
|---|---|---|---|---|---|---|
| NSDL | 706.9 | 14,924 | 38.4 | 41.8 | 16.0 | 0.01 |
| Anand Rathi Wealth | 2,259 | 36,778 | 80.7 | 16.9 | 35.4 | 0.05 |
| Central Depository Services (India) | 1,222 | 26,543 | 56.4 | 41.8 | 23.3 | 0.00 |
On valuation, NSDL trades at a P/E below the industry P/E, while Anand Rathi Wealth and Central Depository Services (India) trade above it, which reflects the growth the market already expects. Readers comparing depository and wealth management stocks should look at return on equity and debt together, since a high return earned with low debt is easier to sustain.
Why Do Depository and Wealth Management Stocks Have a Strong Roadmap in India?
Depository and wealth management stocks have a strong roadmap in India because a rising number of demat accounts, higher market participation and growing wealth among Indian families keep widening the market for depository and wealth firms.
- Demat growth. More investors open accounts every year.
- Market activity. Higher volumes lift fee income.
- Wealth advice. Affluent families seek managed solutions.
Why NSDL Features Among These Depository and Wealth Management Stocks
Among the depository and wealth management stocks 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 Anand Rathi Wealth Features Among These Depository and Wealth Management Stocks
Among the market infrastructure and wealth shares on this list, Anand Rathi Wealth provides wealth management services to affluent and high net worth families, offering mutual funds, structured products and financial planning through a large team of relationship managers.
Revenue rose from Rs 425 crore in FY22 to Rs 1,253 crore in FY26, a compound annual growth rate of 31.0%. Net profit grew from Rs 127 crore in FY22 to Rs 397 crore in FY26, which works out to a compound annual growth rate of 33.1%.
The company has a return on equity of 35.4%, a debt to equity ratio of 0.05 and a market capitalisation of Rs 36,778 crore. The stock trades at a P/E of 80.7, above the industry P/E of 16.9.
Roadmap: The company is adding clients and relationship managers while deepening wallet share in its existing client base. Rising financial wealth in India supports demand for advice-led services.
What to watch: Follow growth in client assets, the number of relationship managers and recurring revenue.
Why Central Depository Services (India) Features Among These Depository and Wealth Management Stocks
Among the three companies 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.
NSDL vs Anand Rathi Wealth vs Central Depository Services (India) on Key Financials
The table below sets the three depository and wealth management 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 |
|---|---|---|---|---|---|
| NSDL | 821 | 1,660 | 19.2% | 380 | 22.9% |
| Anand Rathi Wealth | 425 | 1,253 | 31.0% | 397 | 31.7% |
| Central Depository Services (India) | 606 | 1,238 | 19.6% | 455 | 36.7% |
Anand Rathi Wealth posts the highest return on equity in this group at 35.4%. NSDL has the largest FY26 revenue at Rs 1,660 crore, and Anand Rathi Wealth shows the fastest revenue growth with a 31.0% compound annual rate. A useful habit with depository and wealth management stocks is to check each new quarterly result against the capacity plans the company described earlier.
Key Risks to Check Before Investing in Depository and Wealth Management Stocks
Every theme carries risks that deserve a check before any decision. For these depository and wealth management stocks, the main points are:
- Market activity. Fee income follows trading and investor activity.
- Regulatory changes. Fee rules can alter revenue.
- 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 depository and wealth management stocks by market capitalisation, P/E, ROE and growth, and build your own shortlist.
Final Thoughts on Depository and Wealth Management Stocks
Depository and wealth management stocks reward patient research into demand, execution and financial strength. NSDL, Anand Rathi Wealth and Central Depository Services (India) each have a clear plan to expand. Based on the 27 October 2026 close, NSDL trades at Rs 706.9, Anand Rathi Wealth at Rs 2,259 and Central Depository Services (India) at Rs 1,222.
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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 depository and wealth management stocks?
Ans. Depository and wealth management stocks are listed financial companies that hold securities in electronic form and advise affluent families on investments. Their earnings depend on demat account growth, market activity, assets under management and investor participation. This list looks at three of them, NSDL, Anand Rathi Wealth and Central Depository Services (India), using reported FY22 to FY26 financials and the 27 October 2026 closing prices.
Which depository and wealth management stocks are covered in this list?
Ans. This list covers NSDL, Anand Rathi Wealth and Central Depository Services (India). Based on the 27 October 2026 close, NSDL traded at Rs 706.9, Anand Rathi Wealth at Rs 2,259 and Central Depository Services (India) at Rs 1,222. Their return on equity ranges from 16.0% to 35.4%, and their revenue compound annual growth from FY22 to FY26 ranges from 19.2% to 31.0%.
Why do depository and wealth management stocks have a strong future roadmap in India?
Ans. Depository and wealth management stocks have a strong roadmap in India because a rising number of demat accounts, higher market participation and growing wealth among Indian families keep widening the market for depository and wealth firms. The main drivers are as follows. Demat growth. More investors open accounts every year. Market activity. Higher volumes lift fee income. Wealth advice. Affluent families seek managed solutions. Together these factors give the companies on this list a visible path for growth over the coming years.
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 Anand Rathi Wealth performed financially?
Ans. Revenue rose from Rs 425 crore in FY22 to Rs 1,253 crore in FY26, a compound annual growth rate of 31.0%. Net profit grew from Rs 127 crore in FY22 to Rs 397 crore in FY26, which works out to a compound annual growth rate of 33.1%. The company has a return on equity of 35.4%, a debt to equity ratio of 0.05 and a market capitalisation of Rs 36,778 crore. The stock trades at a P/E of 80.7, above the industry P/E of 16.9. Looking ahead, the company is adding clients and relationship managers while deepening wallet share in its existing client base. Rising financial wealth in India supports demand for advice-led services.
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.
What risks should investors check before buying depository and wealth management stocks?
Ans. Investors should check a few risks before buying depository and wealth management stocks. Market activity. Fee income follows trading and investor activity. Regulatory changes. Fee rules can alter revenue. 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 depository and wealth management 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.
