{"id":304509,"date":"2026-10-13T10:46:44","date_gmt":"2026-10-13T05:16:44","guid":{"rendered":"https:\/\/univest.in\/blogs-2\/?p=304509"},"modified":"2026-10-13T10:46:44","modified_gmt":"2026-10-13T05:16:44","slug":"merchant-banking-life-insurance-and-depository-stocks-forward-view-shortlist","status":"publish","type":"post","link":"https:\/\/univest.in\/blogs-2\/merchant-banking-life-insurance-and-depository-stocks-forward-view-shortlist\/","title":{"rendered":"3 Merchant Banking, Life Insurance and Depository Stocks With a Strong Future Roadmap: AK Capital Services, Life Insurance Corporation of India and Central Depository Services (India)"},"content":{"rendered":"<p style=\"border-left:4px solid #1F4E79;background:#EBF3FB;padding:10px 16px;font-style:italic;\"><em>AK Capital Rs 1,750.00, P\/E 9.66. LIC Rs 391.50, P\/E 7.99. CDSL Rs 1,266.00, P\/E 55.91. Closing prices of 12 Oct 2026.<\/em><\/p>\n<div style=\"background:#F0F9FF;border-left:4px solid #2E7D32;border-radius:6px;padding:14px 18px;margin:18px 0;\">\n<p style=\"margin:0;color:#1F4E79;font-size:14px;\"><strong>Quick Answer<\/strong><\/p>\n<p style=\"margin:8px 0 0;\">Merchant banking, life insurance and depository stocks with the clearest long-term roadmaps today include AK Capital in merchant banking, debt capital market services and broking, LIC in life insurance and annuity products through a vast agent network and CDSL in demat accounts, e-voting and transaction processing. FY26 revenue growth was 18.4% at AK Capital, 10.2% at LIC and 3.3% at CDSL. P\/E stands at 9.66 for AK Capital (industry 17.72), 7.99 for LIC (industry 10.30) and 55.91 for CDSL (industry 42.30). Demand cycles, input costs and valuation decide how much of that growth the market keeps paying for, so each company&#8217;s risks need equal attention.<\/p>\n<\/p><\/div>\n<p>Merchant banking, life insurance and depository stocks give investors exposure to services that help companies raise funds, investors hold shares and families buy life cover. Market activity, premium growth and fees decide how much of that demand turns into profit.<\/p>\n<p>This list covers three merchant banking, life insurance and depository stocks: AK Capital Services for merchant banking, debt capital market services and broking, Life Insurance Corporation of India for life insurance and annuity products through a vast agent network and Central Depository Services (India) for demat accounts, e-voting and transaction processing. Every figure comes from the latest reported financials and the 12 October 2026 market close. Companies without complete current figures were left out.<\/p>\n<p style=\"margin-top:24px;\"><a href=\"https:\/\/univest.in\/user\/log-in?utm_source=blogs&#038;utm_medium=merchant-banking-life-insurance-and-depository-stocks-forward-view-shortlist\"><strong>Click Here &#8211; Get Free Investment Predictions<\/strong><\/a><\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_65 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title \" >Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/univest.in\/blogs-2\/merchant-banking-life-insurance-and-depository-stocks-forward-view-shortlist\/#What_Are_Merchant_Banking_Life_Insurance_and_Depository_Stocks\" title=\"What Are Merchant Banking, Life Insurance and Depository Stocks?\">What Are Merchant Banking, Life Insurance and Depository Stocks?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/univest.in\/blogs-2\/merchant-banking-life-insurance-and-depository-stocks-forward-view-shortlist\/#Merchant_Banking_Life_Insurance_and_Depository_Stocks_at_a_Glance\" title=\"Merchant Banking, Life Insurance and Depository Stocks at a Glance\">Merchant Banking, Life Insurance and Depository Stocks at a Glance<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/univest.in\/blogs-2\/merchant-banking-life-insurance-and-depository-stocks-forward-view-shortlist\/#Why_Do_Merchant_Banking_Life_Insurance_and_Depository_Stocks_Have_a_Strong_Roadmap_in_India\" title=\"Why Do Merchant Banking, Life Insurance and Depository Stocks Have a Strong Roadmap in India?\">Why Do Merchant Banking, Life Insurance and Depository Stocks Have a Strong Roadmap in India?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/univest.in\/blogs-2\/merchant-banking-life-insurance-and-depository-stocks-forward-view-shortlist\/#AK_Capital_Services_Merchant_Banking_and_Lending_Anchor_the_Roadmap\" title=\"AK Capital Services: Merchant Banking and Lending Anchor the Roadmap\">AK Capital Services: Merchant Banking and Lending Anchor the Roadmap<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/univest.in\/blogs-2\/merchant-banking-life-insurance-and-depository-stocks-forward-view-shortlist\/#Life_Insurance_Corporation_of_India_A_Vast_Policyholder_Base_Anchors_the_Roadmap\" title=\"Life Insurance Corporation of India: A Vast Policyholder Base Anchors the Roadmap\">Life Insurance Corporation of India: A Vast Policyholder Base Anchors the Roadmap<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/univest.in\/blogs-2\/merchant-banking-life-insurance-and-depository-stocks-forward-view-shortlist\/#Central_Depository_Services_India_Depository_Services_Drive_the_Pipeline\" title=\"Central Depository Services (India): Depository Services Drive the Pipeline\">Central Depository Services (India): Depository Services Drive the Pipeline<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/univest.in\/blogs-2\/merchant-banking-life-insurance-and-depository-stocks-forward-view-shortlist\/#Best_Merchant_Banking_Life_Insurance_and_Depository_Stocks_in_India_AK_Capital_vs_LIC_vs_CDSL_on_Key_Financials\" title=\"Best Merchant Banking, Life Insurance and Depository Stocks in India: AK Capital vs LIC vs CDSL on Key Financials\">Best Merchant Banking, Life Insurance and Depository Stocks in India: AK Capital vs LIC vs CDSL on Key Financials<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/univest.in\/blogs-2\/merchant-banking-life-insurance-and-depository-stocks-forward-view-shortlist\/#How_to_Evaluate_Merchant_Banking_Life_Insurance_and_Depository_Stocks_to_Buy_Before_You_Invest\" title=\"How to Evaluate Merchant Banking, Life Insurance and Depository Stocks to Buy Before You Invest\">How to Evaluate Merchant Banking, Life Insurance and Depository Stocks to Buy Before You Invest<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/univest.in\/blogs-2\/merchant-banking-life-insurance-and-depository-stocks-forward-view-shortlist\/#Risks_to_Consider_Before_Investing_in_Merchant_Banking_Life_Insurance_and_Depository_Stocks\" title=\"Risks to Consider Before Investing in Merchant Banking, Life Insurance and Depository Stocks\">Risks to Consider Before Investing in Merchant Banking, Life Insurance and Depository Stocks<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/univest.in\/blogs-2\/merchant-banking-life-insurance-and-depository-stocks-forward-view-shortlist\/#Final_Take_Which_Stock_Has_the_Strongest_Roadmap\" title=\"Final Take: Which Stock Has the Strongest Roadmap?\">Final Take: Which Stock Has the Strongest Roadmap?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/univest.in\/blogs-2\/merchant-banking-life-insurance-and-depository-stocks-forward-view-shortlist\/#FAQs_on_Merchant_Banking_Life_Insurance_and_Depository_Stocks\" title=\"FAQs on Merchant Banking, Life Insurance and Depository Stocks\">FAQs on Merchant Banking, Life Insurance and Depository Stocks<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/univest.in\/blogs-2\/merchant-banking-life-insurance-and-depository-stocks-forward-view-shortlist\/#Which_are_the_best_merchant_banking_life_insurance_and_depository_stocks_in_India_with_a_strong_roadmap\" title=\"Which are the best merchant banking, life insurance and depository stocks in India with a strong roadmap?\">Which are the best merchant banking, life insurance and depository stocks in India with a strong roadmap?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/univest.in\/blogs-2\/merchant-banking-life-insurance-and-depository-stocks-forward-view-shortlist\/#Is_AK_Capital_Services_a_good_stock_to_buy_now\" title=\"Is AK Capital Services a good stock to buy now?\">Is AK Capital Services a good stock to buy now?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/univest.in\/blogs-2\/merchant-banking-life-insurance-and-depository-stocks-forward-view-shortlist\/#What_is_the_PE_ratio_of_AK_Capital_LIC_and_CDSL\" title=\"What is the P\/E ratio of AK Capital, LIC and CDSL?\">What is the P\/E ratio of AK Capital, LIC and CDSL?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/univest.in\/blogs-2\/merchant-banking-life-insurance-and-depository-stocks-forward-view-shortlist\/#Which_of_these_merchant_banking_life_insurance_and_depository_stocks_has_the_highest_return_on_equity\" title=\"Which of these merchant banking, life insurance and depository stocks has the highest return on equity?\">Which of these merchant banking, life insurance and depository stocks has the highest return on equity?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-16\" href=\"https:\/\/univest.in\/blogs-2\/merchant-banking-life-insurance-and-depository-stocks-forward-view-shortlist\/#What_are_the_risks_of_investing_in_merchant_banking_life_insurance_and_depository_stocks\" title=\"What are the risks of investing in merchant banking, life insurance and depository stocks?\">What are the risks of investing in merchant banking, life insurance and depository stocks?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-17\" href=\"https:\/\/univest.in\/blogs-2\/merchant-banking-life-insurance-and-depository-stocks-forward-view-shortlist\/#How_did_AK_Capital_LIC_and_CDSL_perform_in_Q1_FY27\" title=\"How did AK Capital, LIC and CDSL perform in Q1 FY27?\">How did AK Capital, LIC and CDSL perform in Q1 FY27?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-18\" href=\"https:\/\/univest.in\/blogs-2\/merchant-banking-life-insurance-and-depository-stocks-forward-view-shortlist\/#Do_merchant_banking_life_insurance_and_depository_stocks_pay_dividends\" title=\"Do merchant banking, life insurance and depository stocks pay dividends?\">Do merchant banking, life insurance and depository stocks pay dividends?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-19\" href=\"https:\/\/univest.in\/blogs-2\/merchant-banking-life-insurance-and-depository-stocks-forward-view-shortlist\/#How_can_I_invest_in_merchant_banking_life_insurance_and_depository_stocks_in_India\" title=\"How can I invest in merchant banking, life insurance and depository stocks in India?\">How can I invest in merchant banking, life insurance and depository stocks in India?<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"What_Are_Merchant_Banking_Life_Insurance_and_Depository_Stocks\"><\/span><strong>What Are Merchant Banking, Life Insurance and Depository Stocks?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Merchant banking, life insurance and depository stocks are shares of companies that arrange fund raising, hold investor accounts or sell life insurance. Results depend on market activity, premium growth and fees, so fees and premium growth separate the stronger names.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Merchant_Banking_Life_Insurance_and_Depository_Stocks_at_a_Glance\"><\/span><strong>Merchant Banking, Life Insurance and Depository Stocks at a Glance<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The table compares size, valuation, return on equity and debt for the three merchant banking, life insurance and depository stocks as of the 12 Oct 2026 close.<\/p>\n<div style=\"overflow-x:auto;\">\n<table style=\"border-collapse:collapse;width:100%;\">\n<tr>\n<th style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;background:#F0F4F8;\">Company<\/th>\n<th style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;background:#F0F4F8;\">CMP (Rs)<\/th>\n<th style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;background:#F0F4F8;\">Market Cap (Rs Cr)<\/th>\n<th style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;background:#F0F4F8;\">P\/E<\/th>\n<th style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;background:#F0F4F8;\">Industry P\/E<\/th>\n<th style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;background:#F0F4F8;\">ROE<\/th>\n<\/tr>\n<tr>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\"><a href=\"https:\/\/univest.in\/stocks\/akcapit\/ak-capital-services-ltd-share-price-today\">AK Capital Services<\/a><\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">1,750.00<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">1,143<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">9.66<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">17.72<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">10.55%<\/td>\n<\/tr>\n<tr>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\"><a href=\"https:\/\/univest.in\/stocks\/lici\/life-insurance-corporation-of-india-share-price-today\">Life Insurance Corporation of India<\/a><\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">391.50<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">480,067<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">7.99<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">10.30<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">32.53%<\/td>\n<\/tr>\n<tr>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\"><a href=\"https:\/\/univest.in\/stocks\/cdsl\/central-depository-services-india-ltd-share-price-today\">Central Depository Services (India)<\/a><\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">1,266.00<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">26,292<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">55.91<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">42.30<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">23.27%<\/td>\n<\/tr>\n<\/table>\n<\/div>\n<p>Among capital markets and insurance stocks, CDSL trades at a premium to the industry P\/E, while AK Capital and LIC trade at a discount.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Why_Do_Merchant_Banking_Life_Insurance_and_Depository_Stocks_Have_a_Strong_Roadmap_in_India\"><\/span><strong>Why Do Merchant Banking, Life Insurance and Depository Stocks Have a Strong Roadmap in India?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Merchant banking, life insurance and depository stocks have a strong roadmap in India because growth in investor accounts, bond issuance and life cover keeps lifting demand for capital market and insurance firms. Three drivers stand out.<\/p>\n<ul>\n<li><strong>Investor accounts:<\/strong> More households open demat accounts every year.<\/li>\n<li><strong>Bond issuance:<\/strong> Companies keep raising debt through merchant bankers.<\/li>\n<li><strong>Life cover:<\/strong> Savings and annuity plans reach more families.<\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"AK_Capital_Services_Merchant_Banking_and_Lending_Anchor_the_Roadmap\"><\/span><strong>AK Capital Services: Merchant Banking and Lending Anchor the Roadmap<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>AK Capital&#8217;s roadmap rests on merchant banking, debt capital market services, broking and lending, with several fee and interest income lines supporting earnings.<\/p>\n<p>Revenue grew from Rs 322.89 crore in FY22 to Rs 573.02 crore in FY26, a 77.5% rise, and FY26 revenue was 18.4% higher than FY25. FY26 net profit rose 30.9% to Rs 114.04 crore. Over four years, net profit rose from Rs 83.01 crore in FY22 to Rs 114.04 crore. In Q1 FY27, revenue grew 4.2% to Rs 140.27 crore, and net profit rose 18.2% to Rs 28.27 crore.<\/p>\n<p>Debt to equity is 2.95 and return on equity is 10.55%. AK Capital paid a dividend of Rs 60 per share for FY26, a yield of 3.46%. At a P\/E of 9.66 against an industry P\/E of 17.72, the stock trades below its industry multiple.<\/p>\n<p>What to watch: The P\/E of 9.66 against an industry P\/E of 17.72 leaves valuation less stretched, so the next quarters&#8217; growth is the figure to follow.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Life_Insurance_Corporation_of_India_A_Vast_Policyholder_Base_Anchors_the_Roadmap\"><\/span><strong>Life Insurance Corporation of India: A Vast Policyholder Base Anchors the Roadmap<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>LIC&#8217;s roadmap rests on life insurance and annuity products sold through the largest agent network in India, with a vast policyholder base supporting premium income.<\/p>\n<p>Revenue grew from Rs 728,945.50 crore in FY22 to Rs 990,211.25 crore in FY26, a 35.8% rise, and FY26 revenue was 10.2% higher than FY25. FY26 net profit rose 18.9% to Rs 57,453.15 crore. In Q1 FY27, revenue grew 7.0% to Rs 241,166.45 crore, and net profit rose 24.0% to Rs 13,584.25 crore.<\/p>\n<p>Return on equity is 32.53%. LIC paid a dividend of Rs 10 per share for FY26, a yield of 1.32%. At a P\/E of 7.99 against an industry P\/E of 10.30, the stock trades below its industry multiple.<\/p>\n<p>What to watch: The P\/E of 7.99 against an industry P\/E of 10.30 leaves valuation less stretched, so the next quarters&#8217; growth is the figure to follow.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Central_Depository_Services_India_Depository_Services_Drive_the_Pipeline\"><\/span><strong>Central Depository Services (India): Depository Services Drive the Pipeline<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>CDSL&#8217;s roadmap rests on depository services including demat accounts, e-voting and transaction processing, with growing investor accounts supporting recurring fees.<\/p>\n<p>Revenue grew from Rs 605.90 crore in FY22 to Rs 1,238.50 crore in FY26, a 104.4% rise, and FY26 revenue was 3.3% higher than FY25. FY26 net profit was Rs 455.08 crore. In Q1 FY27, revenue grew 15.4% to Rs 340.50 crore, and net profit rose 14.9% to Rs 117.67 crore. Operating margin was 58.99% in FY26.<\/p>\n<p>Debt to equity is 0.00 and return on equity is 23.27%. FY26 operating cash flow was Rs 466.62 crore against capital expenditure of Rs 120.70 crore. CDSL paid a dividend of Rs 12.75 per share for FY26, a yield of 1.01%. At a P\/E of 55.91 against an industry P\/E of 42.30, the stock trades above its industry multiple.<\/p>\n<p>What to watch: The P\/E of 55.91 sits above the industry P\/E of 42.30, so earnings delivery matters for the valuation.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Best_Merchant_Banking_Life_Insurance_and_Depository_Stocks_in_India_AK_Capital_vs_LIC_vs_CDSL_on_Key_Financials\"><\/span><strong>Best Merchant Banking, Life Insurance and Depository Stocks in India: AK Capital vs LIC vs CDSL on Key Financials<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Among the best merchant banking, life insurance and depository stocks in India, AK Capital leads on FY26 revenue growth and dividend yield; LIC leads on Q1 FY27 net profit growth and return on equity; CDSL leads on Q1 FY27 revenue growth. The table puts the numbers side by side.<\/p>\n<div style=\"overflow-x:auto;\">\n<table style=\"border-collapse:collapse;width:100%;\">\n<tr>\n<th style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;background:#F0F4F8;\">Metric<\/th>\n<th style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;background:#F0F4F8;\">AK Capital<\/th>\n<th style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;background:#F0F4F8;\">LIC<\/th>\n<th style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;background:#F0F4F8;\">CDSL<\/th>\n<\/tr>\n<tr>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">FY26 revenue (Rs Cr)<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">573.02<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">990,211.25<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">1,238.50<\/td>\n<\/tr>\n<tr>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">FY26 revenue growth<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">18.4%<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">10.2%<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">3.3%<\/td>\n<\/tr>\n<tr>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">FY26 net profit (Rs Cr)<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">114.04<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">57,453.15<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">455.08<\/td>\n<\/tr>\n<tr>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">Q1 FY27 revenue growth (YoY)<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">4.2%<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">7.0%<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">15.4%<\/td>\n<\/tr>\n<tr>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">Q1 FY27 net profit growth (YoY)<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">18.2%<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">24.0%<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">14.9%<\/td>\n<\/tr>\n<tr>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">Return on equity<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">10.55%<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">32.53%<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">23.27%<\/td>\n<\/tr>\n<tr>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">P\/E ratio<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">9.66<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">7.99<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">55.91<\/td>\n<\/tr>\n<tr>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">Dividend yield<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">3.46%<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">1.32%<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">1.01%<\/td>\n<\/tr>\n<\/table>\n<\/div>\n<p>Capital markets earnings follow market activity, premium growth and fees, so full-year numbers and quarterly trends together give a better view.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"How_to_Evaluate_Merchant_Banking_Life_Insurance_and_Depository_Stocks_to_Buy_Before_You_Invest\"><\/span><strong>How to Evaluate Merchant Banking, Life Insurance and Depository Stocks to Buy Before You Invest<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>A short checklist keeps the research consistent when you screen merchant banking, life insurance and depository stocks and shortlist merchant banking, life insurance and depository stocks to buy.<\/p>\n<ol>\n<li>Compare each stock&#8217;s P\/E with its industry P\/E, which differs by company here.<\/li>\n<li>Check revenue growth, margins and return on equity together.<\/li>\n<li>Check whether revenue growth is turning into profit growth, not only sales.<\/li>\n<li>Read loan growth against funding costs to see how growth is financed.<\/li>\n<li>Watch capital adequacy and asset quality before sizing a position.<\/li>\n<li>Spread exposure across companies and business lines instead of one demand cycle.<\/li>\n<\/ol>\n<p style=\"margin-top:24px;\"><a href=\"https:\/\/univest.in\/screeners\"><strong>Check the Univest Screener for live data on these merchant banking, life insurance and depository stocks<\/strong><\/a><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Risks_to_Consider_Before_Investing_in_Merchant_Banking_Life_Insurance_and_Depository_Stocks\"><\/span><strong>Risks to Consider Before Investing in Merchant Banking, Life Insurance and Depository Stocks<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul>\n<li><strong>Market activity:<\/strong> Slower capital markets can affect fee income.<\/li>\n<li><strong>Regulation:<\/strong> Rule changes can affect pricing and product mix.<\/li>\n<li><strong>Quarterly trends:<\/strong> A single weak quarter can change near-term earnings, so track results every quarter.<\/li>\n<\/ul>\n<p style=\"margin-top:24px;\"><em>Download the <a href=\"http:\/\/apps.apple.com\/in\/app\/univest-stocks-investment\/id6443753518\" rel=\"nofollow noopener\" target=\"_blank\">Univest iOS App<\/a> or <a href=\"http:\/\/play.google.com\/store\/apps\/details?id=com.univest.capp&#038;hl=en_IN\" rel=\"nofollow noopener\" target=\"_blank\">Univest Android App<\/a> to track AK Capital, LIC and CDSL live.<\/em><\/p>\n<p>Annual reports and quarterly result presentations are the most reliable places to verify the numbers quoted here, because they show segment details, management commentary and the notes behind each figure.<\/p>\n<p>Comparing a quarter with the same quarter of the previous year gives a cleaner reading than comparing it with the preceding quarter, since seasonal patterns affect many businesses in India.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Final_Take_Which_Stock_Has_the_Strongest_Roadmap\"><\/span><strong>Final Take: Which Stock Has the Strongest Roadmap?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>These three capital markets and insurance stocks cover merchant banking, life insurance and depository services. AK Capital leads on FY26 revenue growth and dividend yield; LIC leads on Q1 FY27 net profit growth and return on equity; CDSL leads on Q1 FY27 revenue growth.<\/p>\n<p>Across merchant banking, life insurance and depository stocks, each roadmap still has to turn growth into steady profit, so independent research and position sizing matter. Investors should consult a SEBI-registered advisor before acting on any of the merchant banking, life insurance and depository stocks to buy discussed here.<\/p>\n<div style=\"background:#CC0000;border-radius:8px;padding:16px 20px;margin:24px 0;\">\n<p style=\"color:#FFFFFF;font-size:13px;line-height:1.7;margin:0;\"><strong style=\"color:#FFFFFF;\">Disclaimer:<\/strong> 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).<\/p>\n<\/p><\/div>\n<h2><span class=\"ez-toc-section\" id=\"FAQs_on_Merchant_Banking_Life_Insurance_and_Depository_Stocks\"><\/span><strong>FAQs on Merchant Banking, Life Insurance and Depository Stocks<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3><span class=\"ez-toc-section\" id=\"Which_are_the_best_merchant_banking_life_insurance_and_depository_stocks_in_India_with_a_strong_roadmap\"><\/span><strong>Which are the best merchant banking, life insurance and depository stocks in India with a strong roadmap?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> AK Capital Services, Life Insurance Corporation of India and Central Depository Services (India) stand out for their roadmaps in merchant banking, life insurance and depository services. FY26 revenue growth was 18.4% at AK Capital, 10.2% at LIC and 3.3% at CDSL, and return on equity ranges from 10.55% to 32.53%.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Is_AK_Capital_Services_a_good_stock_to_buy_now\"><\/span><strong>Is AK Capital Services a good stock to buy now?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> AK Capital Services has a debt to equity ratio of 2.95, a return on equity of 10.55% and a P\/E of 9.66 against an industry P\/E of 17.72. Valuation, market activity and regulation move results. This article is not investment advice, so consult a SEBI-registered advisor before deciding.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"What_is_the_PE_ratio_of_AK_Capital_LIC_and_CDSL\"><\/span><strong>What is the P\/E ratio of AK Capital, LIC and CDSL?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> The P\/E ratio is 9.66 for AK Capital (industry 17.72), 7.99 for LIC (industry 10.30) and 55.91 for CDSL (industry 42.30). Only CDSL trades at or above the industry multiple.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Which_of_these_merchant_banking_life_insurance_and_depository_stocks_has_the_highest_return_on_equity\"><\/span><strong>Which of these merchant banking, life insurance and depository stocks has the highest return on equity?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Life Insurance Corporation of India has the highest return on equity at 32.53%, followed by Central Depository Services (India) at 23.27% and AK Capital Services at 10.55%.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"What_are_the_risks_of_investing_in_merchant_banking_life_insurance_and_depository_stocks\"><\/span><strong>What are the risks of investing in merchant banking, life insurance and depository stocks?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> The main risks are market activity, regulation and quarterly trends. Slower capital markets can affect fee income.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"How_did_AK_Capital_LIC_and_CDSL_perform_in_Q1_FY27\"><\/span><strong>How did AK Capital, LIC and CDSL perform in Q1 FY27?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> AK Capital Services reported revenue of Rs 140.27 crore, up 4.2% year on year, and net profit rose 18.2% to Rs 28.27 crore. Life Insurance Corporation of India reported revenue of Rs 241,166.45 crore, up 7.0% year on year, and net profit rose 24.0% to Rs 13,584.25 crore. Central Depository Services (India) reported revenue of Rs 340.50 crore, up 15.4% year on year, and net profit rose 14.9% to Rs 117.67 crore.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Do_merchant_banking_life_insurance_and_depository_stocks_pay_dividends\"><\/span><strong>Do merchant banking, life insurance and depository stocks pay dividends?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Yes, all three companies pay dividends. The dividend yield is 3.46% for AK Capital, 1.32% for LIC and 1.01% for CDSL, based on dividends declared for FY26.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"How_can_I_invest_in_merchant_banking_life_insurance_and_depository_stocks_in_India\"><\/span><strong>How can I invest in merchant banking, life insurance and depository stocks in India?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> You can buy merchant banking, life insurance and depository stocks through a demat and trading account on NSE or BSE after checking each company&#8217;s financials, margins and valuation. The Univest Screener lets you compare fundamentals before placing an order. Investments in securities are subject to market risk, so consider your risk profile first.<\/p>\n<div class=\"faq-schema\"><script type=\"application\/ld+json\">{\"@context\":\"https:\/\/schema.org\",\"@type\":\"FAQPage\",\"mainEntity\":[{\"@type\":\"Question\",\"name\":\"Which are the best merchant banking, life insurance and depository stocks in India with a strong roadmap?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"AK Capital Services, Life Insurance Corporation of India and Central Depository Services (India) stand out for their roadmaps in merchant banking, life insurance and depository services. 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The Univest Screener lets you compare fundamentals before placing an order. 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