NSDL Share Price: Revenue flat, Stock mein dikhi girawat! Investors ko lagi chinta

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AuthorKavya Nair|Published at:
NSDL Share Price: Revenue flat, Stock mein dikhi girawat! Investors ko lagi chinta
Overview

Arre yaar, NSDL ka share aaj thoda neeche dikh raha hai. Company ka Q3 FY26 ka revenue flat raha, matlab pichle saal jaisa hi, aur investors ko expect se kam numbers dekhne mile. Iske chalte stock mein bhi thodi giraawat aayi.

NSDL ke Q3 FY26 ke results aaye hain aur scene thoda mixed hai. Company ka operating revenue YoY basis par flat raha, matlab badha nahi, aur sequential basis par 10% neeche gir kar ₹3.6 billion (ya ₹360 crore) ho gaya. Yeh analyst ki expectations se 8% kam tha, toh investors thode surprise hue.

Lekin, company ne cost control pe kaafi dhyaan diya hai. Operating expenses 7% YoY aur QoQ dono taraf se kam kiye hain, jo ab ₹2.5 billion (ya ₹250 crore) ho gaye hain. Is efficient cost management ke chalte, EBITDA 18% YoY badhkar ₹1.1 billion (ya ₹110 crore) ho gaya hai. Isse EBITDA margin bhi sudhar kar 29.9% ho gaya hai, jo pichle saal 25.1% tha. Is saal ke pehle nine months ki baat karein toh EBITDA 16% badhkar ₹3.3 billion (ya ₹330 crore) ho gaya hai.

Ab market reaction ki baat karein toh results ke baad NSDL ka stock thoda girne laga. January ke end mein yeh stock 3% se 7% tak neeche dikha, traders ₹950-₹980 ke aas paas trade kar rahe the. Yaar, yeh toh stock ke 52-week high ₹1,425 se kaafi neeche hai. Company ki current market cap lagbhag ₹19,000-₹19,600 crore ke beech mein chal rahi hai.

Valuation ke hisaab se dekhein toh TTM P/E ratio abhi bhi kaafi high lag raha hai, around 51x-54x. Is valuation ko dekh kar hi Motilal Oswal jaise analysts abhi thoda caution dikha rahe hain. Unhone stock ko Neutral rating di hai aur target price ₹1,100 rakha hai, jo FY28 ke projected earnings par 42x P/E multiple ke hisaab se hai. Yeh show karta hai ki brokerage ko future mein growth thodi moderated lag rahi hai.

NSDL toh apna market share client acquisition mein badha raha hai, beneficiary owner (BO) accounts bhi badh kar 4.3 crore se zyada ho gaye hain. Lekin unka primary competitor CDSL bhi market mein strong hai, usne Q3 mein revenue growth achha dikhaya hai aur uski market cap bhi lagbhag ₹25,000-₹26,000 crore hai, aur P/E ratio bhi high hai 53x-54x ke aas paas.

Sabse badi chinta poore depository sector ke liye Union Budget 2026 se aayi hai, jismein Securities Transaction Tax (STT) badhane ki baat hui hai. Agar yeh hota hai toh trading volumes kam ho sakte hain, jisse NSDL aur CDSL dono ki transaction-based revenue earnings par asar pad sakta hai. Is wajah se, NSDL ko apna revenue growth tez karna hoga taaki woh apni current valuation ko justify kar sake. Haalanki stock apne 52-week high se kaafi neeche hai, yeh market ke liye ek sign hai ki growth prospects ko lekar kuch reassessment ho raha hai.

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