Whalesbook
ICICI Securities has initiated coverage on National Securities Depository Ltd. (NSDL) with a 'HOLD' rating. The brokerage values NSDL at 40 times its estimated earnings per share for FY28, similar to its target multiple for CDSL. NSDL offers depository services and benefits from a duopoly market structure, a capital-light business model, and healthy Return on Equity. The report highlights potential market share gains driven by new management and enhanced digital capabilities as key factors.