{"id":310080,"date":"2026-10-15T11:28:23","date_gmt":"2026-10-15T05:58:23","guid":{"rendered":"https:\/\/univest.in\/blogs-2\/?p=310080"},"modified":"2026-10-15T11:28:23","modified_gmt":"2026-10-15T05:58:23","slug":"depository-wealth-manager-and-broking-stocks-roadmap-spotlight-list","status":"publish","type":"post","link":"https:\/\/univest.in\/blogs-2\/depository-wealth-manager-and-broking-stocks-roadmap-spotlight-list\/","title":{"rendered":"3 Depository, Wealth Manager and Broking Stocks With a Strong Future Roadmap: Central Depository Services (India), Nuvama Wealth Management and IIFL Capital Services"},"content":{"rendered":"<p style=\"border-left:4px solid #1F4E79;background:#EBF3FB;padding:10px 16px;font-style:italic;\"><em>CDSL Rs 1,284.00, P\/E 55.91. Nuvama Rs 1,746.90, P\/E 29.61. IIFL Capital Rs 346.30, P\/E 18.95. Closing prices of 14 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;\">Depository, wealth manager and broking stocks with the clearest long-term roadmaps today include CDSL in depository services and demat account infrastructure, Nuvama in wealth management for high net worth clients, asset services and capital markets businesses and IIFL Capital in broking, wealth and capital market services for retail, high net worth and institutional clients. FY26 revenue growth was 3.3% at CDSL, 11.5% at Nuvama and 1.4% at IIFL Capital. P\/E stands at 55.91 for CDSL (industry 42.30), 29.61 for Nuvama (industry 34.91) and 18.95 for IIFL Capital (industry 34.91). 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>Depository, wealth manager and broking stocks give investors exposure to market infrastructure, wealth services and broking for a growing investor base. Investor additions, market activity and fee income decide how much of that demand turns into profit.<\/p>\n<p>This list covers three depository, wealth manager and broking stocks: Central Depository Services (India) for depository services and demat account infrastructure, Nuvama Wealth Management for wealth management for high net worth clients, asset services and capital markets businesses and IIFL Capital Services for broking, wealth and capital market services for retail, high net worth and institutional clients. Every figure comes from the latest reported financials and the 14 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=depository-wealth-manager-and-broking-stocks-roadmap-spotlight-list\"><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\/depository-wealth-manager-and-broking-stocks-roadmap-spotlight-list\/#What_Are_Depository_Wealth_Manager_and_Broking_Stocks\" title=\"What Are Depository, Wealth Manager and Broking Stocks?\">What Are Depository, Wealth Manager and Broking 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\/depository-wealth-manager-and-broking-stocks-roadmap-spotlight-list\/#Depository_Wealth_Manager_and_Broking_Stocks_at_a_Glance\" title=\"Depository, Wealth Manager and Broking Stocks at a Glance\">Depository, Wealth Manager and Broking 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\/depository-wealth-manager-and-broking-stocks-roadmap-spotlight-list\/#Why_Do_Depository_Wealth_Manager_and_Broking_Stocks_Have_a_Strong_Roadmap_in_India\" title=\"Why Do Depository, Wealth Manager and Broking Stocks Have a Strong Roadmap in India?\">Why Do Depository, Wealth Manager and Broking 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\/depository-wealth-manager-and-broking-stocks-roadmap-spotlight-list\/#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-5\" href=\"https:\/\/univest.in\/blogs-2\/depository-wealth-manager-and-broking-stocks-roadmap-spotlight-list\/#Nuvama_Wealth_Management_Wealth_and_Asset_Services_Drive_the_Pipeline\" title=\"Nuvama Wealth Management: Wealth and Asset Services Drive the Pipeline\">Nuvama Wealth Management: Wealth and Asset 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-6\" href=\"https:\/\/univest.in\/blogs-2\/depository-wealth-manager-and-broking-stocks-roadmap-spotlight-list\/#IIFL_Capital_Services_Wealth_and_Broking_Reach_Builds_the_Next_Leg\" title=\"IIFL Capital Services: Wealth and Broking Reach Builds the Next Leg\">IIFL Capital Services: Wealth and Broking Reach Builds the Next Leg<\/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\/depository-wealth-manager-and-broking-stocks-roadmap-spotlight-list\/#Best_Depository_Wealth_Manager_and_Broking_Stocks_in_India_CDSL_vs_Nuvama_vs_IIFL_Capital_on_Key_Financials\" title=\"Best Depository, Wealth Manager and Broking Stocks in India: CDSL vs Nuvama vs IIFL Capital on Key Financials\">Best Depository, Wealth Manager and Broking Stocks in India: CDSL vs Nuvama vs IIFL Capital 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\/depository-wealth-manager-and-broking-stocks-roadmap-spotlight-list\/#How_to_Evaluate_Depository_Wealth_Manager_and_Broking_Stocks_to_Buy_Before_You_Invest\" title=\"How to Evaluate Depository, Wealth Manager and Broking Stocks to Buy Before You Invest\">How to Evaluate Depository, Wealth Manager and Broking 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\/depository-wealth-manager-and-broking-stocks-roadmap-spotlight-list\/#Risks_to_Consider_Before_Investing_in_Depository_Wealth_Manager_and_Broking_Stocks\" title=\"Risks to Consider Before Investing in Depository, Wealth Manager and Broking Stocks\">Risks to Consider Before Investing in Depository, Wealth Manager and Broking 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\/depository-wealth-manager-and-broking-stocks-roadmap-spotlight-list\/#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\/depository-wealth-manager-and-broking-stocks-roadmap-spotlight-list\/#FAQs_on_Depository_Wealth_Manager_and_Broking_Stocks\" title=\"FAQs on Depository, Wealth Manager and Broking Stocks\">FAQs on Depository, Wealth Manager and Broking 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\/depository-wealth-manager-and-broking-stocks-roadmap-spotlight-list\/#Which_are_the_best_depository_wealth_manager_and_broking_stocks_in_India_with_a_strong_roadmap\" title=\"Which are the best depository, wealth manager and broking stocks in India with a strong roadmap?\">Which are the best depository, wealth manager and broking 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\/depository-wealth-manager-and-broking-stocks-roadmap-spotlight-list\/#Is_Central_Depository_Services_India_a_good_stock_to_buy_now\" title=\"Is Central Depository Services (India) a good stock to buy now?\">Is Central Depository Services (India) 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\/depository-wealth-manager-and-broking-stocks-roadmap-spotlight-list\/#What_is_the_PE_ratio_of_CDSL_Nuvama_and_IIFL_Capital\" title=\"What is the P\/E ratio of CDSL, Nuvama and IIFL Capital?\">What is the P\/E ratio of CDSL, Nuvama and IIFL Capital?<\/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\/depository-wealth-manager-and-broking-stocks-roadmap-spotlight-list\/#Which_of_these_depository_wealth_manager_and_broking_stocks_has_the_highest_return_on_equity\" title=\"Which of these depository, wealth manager and broking stocks has the highest return on equity?\">Which of these depository, wealth manager and broking 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\/depository-wealth-manager-and-broking-stocks-roadmap-spotlight-list\/#What_are_the_risks_of_investing_in_depository_wealth_manager_and_broking_stocks\" title=\"What are the risks of investing in depository, wealth manager and broking stocks?\">What are the risks of investing in depository, wealth manager and broking 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\/depository-wealth-manager-and-broking-stocks-roadmap-spotlight-list\/#How_did_CDSL_Nuvama_and_IIFL_Capital_perform_in_Q1_FY27\" title=\"How did CDSL, Nuvama and IIFL Capital perform in Q1 FY27?\">How did CDSL, Nuvama and IIFL Capital 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\/depository-wealth-manager-and-broking-stocks-roadmap-spotlight-list\/#Do_depository_wealth_manager_and_broking_stocks_pay_dividends\" title=\"Do depository, wealth manager and broking stocks pay dividends?\">Do depository, wealth manager and broking 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\/depository-wealth-manager-and-broking-stocks-roadmap-spotlight-list\/#How_can_I_invest_in_depository_wealth_manager_and_broking_stocks_in_India\" title=\"How can I invest in depository, wealth manager and broking stocks in India?\">How can I invest in depository, wealth manager and broking stocks in India?<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"What_Are_Depository_Wealth_Manager_and_Broking_Stocks\"><\/span><strong>What Are Depository, Wealth Manager and Broking Stocks?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Depository, wealth manager and broking stocks are shares of companies that earn fees from markets, ratings, registry work or broking. Results depend on market activity, client additions and fee income, so recurring fee income and margins separate the stronger names.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Depository_Wealth_Manager_and_Broking_Stocks_at_a_Glance\"><\/span><strong>Depository, Wealth Manager and Broking 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 depository, wealth manager and broking stocks as of the 14 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<th style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;background:#F0F4F8;\">Debt to Equity<\/th>\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;\">1,284.00<\/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<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">0.00<\/td>\n<\/tr>\n<tr>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\"><a href=\"https:\/\/univest.in\/stocks\/nuvama\/nuvama-wealth-management-ltd-share-price-today\">Nuvama Wealth Management<\/a><\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">1,746.90<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">32,037<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">29.61<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">34.91<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">25.26%<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">2.80<\/td>\n<\/tr>\n<tr>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\"><a href=\"https:\/\/univest.in\/stocks\/iiflcaps\/iifl-securities-ltd-1568865430951-share-price-today\">IIFL Capital Services<\/a><\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">346.30<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">10,845<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">18.95<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">34.91<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">18.31%<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">0.59<\/td>\n<\/tr>\n<\/table>\n<\/div>\n<p>Among capital markets stocks, CDSL trades at a premium to the industry P\/E, while Nuvama and IIFL Capital trade at a discount.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Why_Do_Depository_Wealth_Manager_and_Broking_Stocks_Have_a_Strong_Roadmap_in_India\"><\/span><strong>Why Do Depository, Wealth Manager and Broking Stocks Have a Strong Roadmap in India?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Depository, wealth manager and broking stocks have a strong roadmap in India because a rising number of demat accounts, growing wealth and higher trading participation keep adding demand for these firms. Three drivers stand out.<\/p>\n<ul>\n<li><strong>Investor base:<\/strong> More households open demat accounts every year.<\/li>\n<li><strong>Wealth growth:<\/strong> High net worth clients seek managed solutions.<\/li>\n<li><strong>Market activity:<\/strong> Higher participation lifts broking volumes.<\/li>\n<\/ul>\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=\"Nuvama_Wealth_Management_Wealth_and_Asset_Services_Drive_the_Pipeline\"><\/span><strong>Nuvama Wealth Management: Wealth and Asset Services Drive the Pipeline<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Nuvama&#8217;s roadmap rests on wealth management for high net worth clients, asset services and capital markets businesses, with growing client assets and market activity supporting revenue.<\/p>\n<p>Revenue grew from Rs 1,783.60 crore in FY22 to Rs 4,649.65 crore in FY26, a 160.7% rise, and FY26 revenue was 11.5% higher than FY25. FY26 net profit rose 5.6% to Rs 1,040.26 crore. Over four years, net profit rose from Rs 857.13 crore in FY22 to Rs 1,040.26 crore. In Q1 FY27, revenue grew 22.9% to Rs 1,381.96 crore, and net profit rose 15.8% to Rs 305.64 crore.<\/p>\n<p>Debt to equity is 2.80 and return on equity is 25.26%. Nuvama paid a dividend of Rs 27.8 per share for FY26, a yield of 1.58%. At a P\/E of 29.61 against an industry P\/E of 34.91, the stock trades below its industry multiple.<\/p>\n<p>What to watch: The P\/E of 29.61 against an industry P\/E of 34.91 leaves valuation less stretched, so the next quarters&#8217; growth is the figure to follow.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"IIFL_Capital_Services_Wealth_and_Broking_Reach_Builds_the_Next_Leg\"><\/span><strong>IIFL Capital Services: Wealth and Broking Reach Builds the Next Leg<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>IIFL Capital&#8217;s roadmap rests on broking, wealth and capital market services for retail, high net worth and institutional clients, with a broad client base supporting fee income.<\/p>\n<p>Revenue grew from Rs 1,316.41 crore in FY22 to Rs 2,603.10 crore in FY26, a 97.7% rise, and FY26 revenue was 1.4% higher than FY25. FY26 net profit was Rs 563.64 crore. In Q1 FY27, revenue grew 6.0% to Rs 721.31 crore, and net profit rose 4.9% to Rs 184.16 crore.<\/p>\n<p>Debt to equity is 0.59 and return on equity is 18.31%. IIFL Capital paid a dividend of Rs 3 per share for FY26, a yield of 0.86%. At a P\/E of 18.95 against an industry P\/E of 34.91, the stock trades below its industry multiple.<\/p>\n<p>What to watch: The P\/E of 18.95 against an industry P\/E of 34.91 leaves valuation less stretched, so the next quarters&#8217; growth is the figure to follow.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Best_Depository_Wealth_Manager_and_Broking_Stocks_in_India_CDSL_vs_Nuvama_vs_IIFL_Capital_on_Key_Financials\"><\/span><strong>Best Depository, Wealth Manager and Broking Stocks in India: CDSL vs Nuvama vs IIFL Capital on Key Financials<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Among the best depository, wealth manager and broking stocks in India, CDSL leads on the lowest debt to equity; Nuvama leads on FY26 revenue growth and Q1 FY27 revenue growth; IIFL Capital leads on the lowest P\/E. 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;\">CDSL<\/th>\n<th style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;background:#F0F4F8;\">Nuvama<\/th>\n<th style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;background:#F0F4F8;\">IIFL Capital<\/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;\">1,238.50<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">4,649.65<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">2,603.10<\/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;\">3.3%<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">11.5%<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">1.4%<\/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;\">455.08<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">1,040.26<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">563.64<\/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;\">15.4%<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">22.9%<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">6.0%<\/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;\">14.9%<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">15.8%<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">4.9%<\/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;\">23.27%<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">25.26%<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">18.31%<\/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;\">55.91<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">29.61<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">18.95<\/td>\n<\/tr>\n<tr>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">Debt to equity<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">0.00<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">2.80<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">0.59<\/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;\">1.01%<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">1.58%<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">0.86%<\/td>\n<\/tr>\n<\/table>\n<\/div>\n<p>Capital market earnings follow market activity, client additions and fee income, so full-year numbers and quarterly trends together give a better view.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"How_to_Evaluate_Depository_Wealth_Manager_and_Broking_Stocks_to_Buy_Before_You_Invest\"><\/span><strong>How to Evaluate Depository, Wealth Manager and Broking 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 depository, wealth manager and broking stocks and shortlist depository, wealth manager and broking 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, operating margin 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 debt to equity and interest cover 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 depository, wealth manager and broking stocks<\/strong><\/a><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Risks_to_Consider_Before_Investing_in_Depository_Wealth_Manager_and_Broking_Stocks\"><\/span><strong>Risks to Consider Before Investing in Depository, Wealth Manager and Broking Stocks<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul>\n<li><strong>Market activity:<\/strong> Trading volumes and issue pipelines can shift fee income.<\/li>\n<li><strong>Regulation:<\/strong> Rule changes can affect business models.<\/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 CDSL, Nuvama and IIFL Capital 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 stocks cover depository services, wealth management and broking. CDSL leads on the lowest debt to equity; Nuvama leads on FY26 revenue growth and Q1 FY27 revenue growth; IIFL Capital leads on the lowest P\/E.<\/p>\n<p>Across depository, wealth manager and broking 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 depository, wealth manager and broking 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_Depository_Wealth_Manager_and_Broking_Stocks\"><\/span><strong>FAQs on Depository, Wealth Manager and Broking Stocks<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3><span class=\"ez-toc-section\" id=\"Which_are_the_best_depository_wealth_manager_and_broking_stocks_in_India_with_a_strong_roadmap\"><\/span><strong>Which are the best depository, wealth manager and broking stocks in India with a strong roadmap?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Central Depository Services (India), Nuvama Wealth Management and IIFL Capital Services stand out for their roadmaps in depository services, wealth management and broking. FY26 revenue growth was 3.3% at CDSL, 11.5% at Nuvama and 1.4% at IIFL Capital, and return on equity ranges from 18.31% to 25.26%.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Is_Central_Depository_Services_India_a_good_stock_to_buy_now\"><\/span><strong>Is Central Depository Services (India) a good stock to buy now?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Central Depository Services (India) has a debt to equity ratio of 0.00, a return on equity of 23.27% and a P\/E of 55.91 against an industry P\/E of 42.30. 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_CDSL_Nuvama_and_IIFL_Capital\"><\/span><strong>What is the P\/E ratio of CDSL, Nuvama and IIFL Capital?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> The P\/E ratio is 55.91 for CDSL (industry 42.30), 29.61 for Nuvama (industry 34.91) and 18.95 for IIFL Capital (industry 34.91). Only CDSL trades at or above the industry multiple.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Which_of_these_depository_wealth_manager_and_broking_stocks_has_the_highest_return_on_equity\"><\/span><strong>Which of these depository, wealth manager and broking stocks has the highest return on equity?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Nuvama Wealth Management has the highest return on equity at 25.26%, followed by Central Depository Services (India) at 23.27% and IIFL Capital Services at 18.31%.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"What_are_the_risks_of_investing_in_depository_wealth_manager_and_broking_stocks\"><\/span><strong>What are the risks of investing in depository, wealth manager and broking 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. Trading volumes and issue pipelines can shift fee income.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"How_did_CDSL_Nuvama_and_IIFL_Capital_perform_in_Q1_FY27\"><\/span><strong>How did CDSL, Nuvama and IIFL Capital perform in Q1 FY27?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> 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. Nuvama Wealth Management reported revenue of Rs 1,381.96 crore, up 22.9% year on year, and net profit rose 15.8% to Rs 305.64 crore. IIFL Capital Services reported revenue of Rs 721.31 crore, up 6.0% year on year, and net profit rose 4.9% to Rs 184.16 crore.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Do_depository_wealth_manager_and_broking_stocks_pay_dividends\"><\/span><strong>Do depository, wealth manager and broking 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 1.01% for CDSL, 1.58% for Nuvama and 0.86% for IIFL Capital, based on dividends declared for FY26.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"How_can_I_invest_in_depository_wealth_manager_and_broking_stocks_in_India\"><\/span><strong>How can I invest in depository, wealth manager and broking stocks in India?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> You can buy depository, wealth manager and broking 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 depository, wealth manager and broking stocks in India with a strong roadmap?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"Central Depository Services (India), Nuvama Wealth Management and IIFL Capital Services stand out for their roadmaps in depository services, wealth management and broking. 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Only CDSL trades at or above the industry multiple.\"}},{\"@type\":\"Question\",\"name\":\"Which of these depository, wealth manager and broking stocks has the highest return on equity?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"Nuvama Wealth Management has the highest return on equity at 25.26%, followed by Central Depository Services (India) at 23.27% and IIFL Capital Services at 18.31%.\"}},{\"@type\":\"Question\",\"name\":\"What are the risks of investing in depository, wealth manager and broking stocks?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"The main risks are market activity, regulation and quarterly trends. Trading volumes and issue pipelines can shift fee income.\"}},{\"@type\":\"Question\",\"name\":\"How did CDSL, Nuvama and IIFL Capital perform in Q1 FY27?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"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. Nuvama Wealth Management reported revenue of Rs 1,381.96 crore, up 22.9% year on year, and net profit rose 15.8% to Rs 305.64 crore. IIFL Capital Services reported revenue of Rs 721.31 crore, up 6.0% year on year, and net profit rose 4.9% to Rs 184.16 crore.\"}},{\"@type\":\"Question\",\"name\":\"Do depository, wealth manager and broking stocks pay dividends?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"Yes, all three companies pay dividends. The dividend yield is 1.01% for CDSL, 1.58% for Nuvama and 0.86% for IIFL Capital, based on dividends declared for FY26.\"}},{\"@type\":\"Question\",\"name\":\"How can I invest in depository, wealth manager and broking stocks in India?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"You can buy depository, wealth manager and broking stocks through a demat and trading account on NSE or BSE after checking each company'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.\"}}]}<\/script><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Central Depository Services (India), Nuvama Wealth Management and IIFL Capital Services compared on growth, margins, debt and valuation, with the roadmap and risks investors should track.<\/p>\n","protected":false},"author":38,"featured_media":310078,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[845],"tags":[11196,11950,11265,10584,12292,12293],"class_list":["post-310080","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-best-stocks","tag-central-depository-services-india","tag-depository","tag-iifl-capital-services","tag-nuvama-wealth-management","tag-wealth-manager-and-broking-stocks","tag-wealth-manager-and-broking-stocks-to-buy"],"metadata":{"rank_math_internal_links_processed":["1"],"_thumbnail_id":["310078"],"rank_math_title":["Depository, Wealth Manager and Broking Stocks"],"rank_math_description":["Depository, wealth manager and broking stocks with a strong roadmap: CDSL, Nuvama and IIFL Capital compared on growth, margins, valuation and risks."],"rank_math_focus_keyword":["depository, wealth manager and broking stocks"],"rank_math_robots":["a:2:{i:0;s:7:\"noindex\";i:1;s:8:\"nofollow\";}"]},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/univest.in\/blogs-2\/wp-content\/uploads\/2026\/10\/3-depository-wealth-manager-and-broking-stocks-with-a-strong-future-roadmap.webp","_links":{"self":[{"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/posts\/310080","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/users\/38"}],"replies":[{"embeddable":true,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/comments?post=310080"}],"version-history":[{"count":1,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/posts\/310080\/revisions"}],"predecessor-version":[{"id":310081,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/posts\/310080\/revisions\/310081"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/media\/310078"}],"wp:attachment":[{"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/media?parent=310080"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/categories?post=310080"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/tags?post=310080"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}