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National Securities Depository Ltd

₹ 1,066-0.90%
05 Jan – close price
🔗nsdl.co.in•BSE: 544467•NSE:
Market Cap₹ 21,312 Cr.
Current Price₹ 1,066
High / Low₹ 1,425
Stock P/E65.2
Book Value₹ 98.5
Dividend Yield0.19 %
ROCE24.4 %
ROE18.6 %
Face Value₹ 2.00
Sales₹ 619 Cr.
OPM53.4 %
Mar Cap₹ 21,312 Cr.

ABOUT

Incorporated in 2012, National Securities Depository Ltd provides electronic infrastructure for dematerialization of securities and facilitates electronic settlement of trades in Indian Securities Market[1]

KEY POINTS

Business Overview:[1]NSDL is a SEBI-registered Market Infrastructure Institution (MII) offering a range of products and services to India’s financial and securities markets. It pioneered the dematerialization of securities in India.As of March 31st 2025, NSDL ranks as thelargest depository in India based on numberof issuers, number of active instruments,market share in demat value of settlement volume, and value of assets held under custody. NSDL’s nationwide infrastructure comprises 65,391 depository participants’ service centres, significantly exceeding CDSL’s 18,918 centres.

Also present in buckets:
Aggressive Growth TriggersAggressive Growth TriggersExcellent ResultsAsset Base ExpansionAsset Base ExpansionCapacity Expansion And ProductsCapacity Expansion And ProductsPreferential IssuanceJv Partnerships AcquisitionsRevenue Guidance Vs ActualsRevenue Guidance Vs ActualsCredit Rating UpdatesRed Flags And Poor Performance

Peer Comparision

S.No.NameCurrent Price (Rs.)Price to EarningMarket Capitalization (Rs.Cr.)Dividend yield (%)Net Profit latest quarter (Rs.Cr.)YOY Quarterly profit growth (%)Sales latest quarter (Rs.Cr.)YOY Quarterly sales growth (%)Return on capital employed (%)Sales (Rs.Cr.)OPM (%)Profit after tax (Rs.Cr.)Profit after tax latest quarter (Rs.Cr.)Price to book valueReturn on assets (%)Debt to equity
1.C D S L1468.6064.8930693.740.85139.94-13.46318.89-1.0541.961080.2653.36473.00140.2217.6126.710.00
2.N S D L1065.6065.1521312.000.19120.4118.32204.1620.7124.41618.6353.44308.48120.4110.8114.650.00
3.KFin Technolog.1090.0054.3618797.800.6993.314.47309.2310.2532.751156.0143.43345.8093.3112.8320.080.03
4.Cams Services752.0542.3318624.571.65110.94-3.71353.893.5154.751372.2645.55440.03110.9416.5030.600.06
5.Beacon Trust.82.1524.45148.400.004.527.6218.2237.6124.4530.7129.836.074.522.9914.630.00
–Median: 5 Co.1065.654.3618797.80.69110.944.47309.2310.2532.751080.2645.55345.8110.9412.8320.080.0

Quarterly Results

Standalone figures in ₹ crores

Jun 2024Jun 2025Mar 2025Sep 2024Sep 2025
Sales
135161167169204
Expenses
6675847190
Operating Profit
69868398114
Other Income
2229254246
Profit before tax
86110102135154
Tax %
23%25%26%25%22%
Net Profit
678376102120
EPS in Rs
3.334.133.795.096.02

Profit & Loss

Standalone Figures in ₹ Crores / Yearly

Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Sales
250336369409473619
Expenses
148155180203231288
Operating Profit
102181189206242331
Other Income
4153587698113
Interest
002000
Depreciation
5710101221
Profit before tax
138226236272328422
Net Profit
108176184211258322
EPS in Rs
27.1044.0445.9010.5412.9016.08
Dividend Payout %
15%11%54%9%8%12%

Compounded Profit Growth

10 Years:%
5 Years:23%
3 Years:20%
TTM:25%

Compounded Sales Growth

10 Years:%
5 Years:20%
3 Years:19%
TTM:31%

Return on Equity

10 Years:%
5 Years:18%
3 Years:18%
Last Year:19%

Stock Price CAGR

10 Years:%
5 Years:%
3 Years:%
1 Year:%

Balance Sheet

Standalone figures in ₹ crores

Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Sep 2025
Equity Capital
40404040404040
Reserves
7178781,0401,2321,4691,7681,931
Borrowings
1111111
Other Liabilities
171334325363338556969
Total Liabilities
9301,2531,4061,6351,8472,3662,941
Fixed Assets
22353533248280296
Gross Block
210.58230.27196.51205.74432.41481.49–
Accumulated Depreciation
188.20195.62162.00172.29184.65201.67–
CWIP
0703968
Investments
7777839181,2871,3091,6901,994
Other Assets
131429454311281389644
Total Assets
9301,2531,4061,6351,8472,3662,941

Cash Flows

Standalone Figures in ₹ Crores / Yearly

Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Cash from Operating Activity
86-13118333170359
Cash from Investing Activity
-9929-87-321-151-317
Cash from Financing Activity
-14-16-20-20-20-16
Net Cash Flow
-27-111-8-126

Ratios

Standalone Figures in ₹ Crores / Yearly

Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Debtor Days
10911087634755
Inventory Days
––––––
Days Payable
––––––
Cash Conversion Cycle
10911087634755
Working Capital Days
-122-228-213-245-198-252
ROCE %
–27%23%23%23%24%

Shareholding Pattern

Numbers in percentages

Sep 2025
Promoters
–
FIIs
15.89%
DIIs
39.23%
Public
44.86%

* The classifications might have changed from Sep'2022 onwards.ℹ️

BSE Announcements AI Summary

Direct from BSE filings, auto-summarised

NSDL to Consider Annual Results and Dividend on April 30, 2026

9th April 2026, 11:47 pm

NSDL Submits Quarterly Share Dematerialisation Compliance Certificate for Q4 FY26

9th April 2026, 8:27 pm

NSDL Closes Trading Window from April 1, 2026, for Financial Results

27th March 2026, 8:34 pm

NSDL Announces Analyst/Investor Meeting Scheduled for February 18, 2026

10th February 2026, 8:10 pm

NSDL Appoints Dr. Shashank Saksena as Public Interest Director for 3 Years

7th February 2026, 12:37 am

Published by Other Websites

External media mentions & references

Axis Capital Favors RTAs Over Depositories: Sees Up to 26% Stock Upside

16th April 2026, 12:17 pm

India's Capital Markets Surge on Savings Boom, Valuations Diverge

16th April 2026, 10:00 am

NSDL Stock Falls Below IPO Price Amidst Persistent Monthly Losses

30th March 2026, 2:44 pm

Angel One Surges 8% on High Volume, Lifts Capital Market Peers

18th March 2026, 12:56 pm

STT Hike Sparks Sell-off: Angel One, BSE Stocks Tumble on F&O Volume Fears

27th February 2026, 2:04 pm

News Articles

Editorial & research coverage

India's Depositories Face Scrutiny After NSDL Glitch
India's Depositories Face Scrutiny After NSDL Glitch

5th February 2026, 9:17 pm

Indian Market Navigates $40B Share Unlock Amidst AI Fears
Indian Market Navigates $40B Share Unlock Amidst AI Fears

5th February 2026, 1:14 pm

Indian Earnings Mixed Amid Global Tech Jitters; NSDL Lock-in Expiry Looms
Indian Earnings Mixed Amid Global Tech Jitters; NSDL Lock-in Expiry Looms

5th February 2026, 7:44 am

Gold Soars, Tech Stocks Tumble: Indian Markets Diverge
Gold Soars, Tech Stocks Tumble: Indian Markets Diverge

5th February 2026, 7:25 am

NSDL Share Unlock, Apollo Tyres Margins, IndiGo Probe Jolt Markets
NSDL Share Unlock, Apollo Tyres Margins, IndiGo Probe Jolt Markets

5th February 2026, 7:25 am

Documents

Announcements

Closure of Trading Window

26 Dec - Trading window closed from Jan 01, 2026 until 48 hours after results for quarter ended Dec 31, 2025.

Disclosure Under Regulation 30 Read With Schedule III Of The SEBI (LODR) Regulations, 2015

17 Dec - NSDL diluted NPBL stake 4.95% via private placement of 9,374,014 shares to Protean at Rs32.22 (₹30.20Cr)

Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation

10 Dec - Investor/BFSI conference meeting on December 19, 2025 in Mumbai (physical).

Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation

2 Dec 2025 - Regarding Analyst/Investors meeting on December 05, 2025 and December 06, 2025

Re-Appointment Of Mr. Sanjay Panicker As Non-Independent Director.

24 Nov 2025 - SEBI approved re-appointment of Sanjay Panicker as NSDL Non-Independent Director, effective September 29, 2025.

Annual Reports

Financial Year 2025

(from bse)

Credit Ratings

No credit ratings.

Concalls

Nov 2025

TranscriptPPTRecording

Nov 2025

PPT

Aug 2025

TranscriptPPTRecording

Stock Analysis

Description

  1. Eraaya Lifespaces Limited is primarily engaged in marketing services, support services, trading in securities and shares, and the hospitality business. The company has expanded its operations to include hospitality services, real estate, and quick-service restaurant (QSR) commercial space offerings.

Key Growth Triggers

  1. Currently no data available for Key Growth Triggers.

Order Book

  1. Currently no data available for Order Book.

Key Red Flags

  1. The company has reported substantial net losses for FY25 (over ₹312 Cr).
  2. Significant financial distress is indicated by a high debt-to-equity ratio (2.94) and extremely high working capital days (2,135).
  3. Ongoing legal challenges include issues with unreceived FCCBs (USD 40 million) and National Company Law Tribunal (NCLT) status quo orders.
  4. Failed shareholder approvals for crucial financial resolutions at the AGM and EGM raise concerns about financial strategy.
  5. A promoter-related Enforcement Directorate (ED) probe has also been reported.

Key Dates To Watch

  1. The compliance certificate covers the quarter ended December 31, 2025 (Q4 FY26).

Corporate Announcements

9th Apr 26
Impact Rating: 1
No description available.
9th Apr 26
Impact Rating: 4
NSDL has submitted its regulatory confirmation for share dematerialisation for the quarter ended March 31, 2026, to BSE. The certificate from its Registrar and Transfer Agent, MUFG Intime India Private Limited, affirms ongoing compliance.
27th Mar 26
Impact Rating: 6
NSDL's trading window closes April 1, 2026, for designated personnel and relatives, adhering to SEBI rules. It reopens 48 hours after the company announces its audited financial results for the quarter and year ending March 31, 2026.
10th Feb 26
Impact Rating: 5
NSDL announced an upcoming analyst and institutional investor meeting scheduled for February 18, 2026, to be held physically in Mumbai.
6th Feb 26
Impact Rating: 3
The appointment, approved by SEBI and NSDL's board, brings over 35 years of experience in financial sector policy and regulatory reforms.