National Securities Depository Ltd
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]
- Market Cap ₹ 21,265 Cr.
- Current Price ₹ 1,063
- High / Low ₹ 1,425 / 880
- Stock P/E 65.0
- Book Value ₹ 98.5
- Dividend Yield 0.19 %
- ROCE 24.4 %
- ROE 18.6 %
- Face Value ₹ 2.00
Pros
- Company is almost debt free.
- Company has delivered good profit growth of 23.3% CAGR over last 5 years
Cons
- Stock is trading at 10.9 times its book value
- Earnings include an other income of Rs.113 Cr.
* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.
Peer comparison
Financial Services Financial Services Capital Markets Depositories, Clearing Houses and Other Intermediaries
Part of BSE IPO
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|
| 250 | 336 | 369 | 409 | 473 | 619 | |
| 148 | 155 | 180 | 203 | 231 | 288 | |
| Operating Profit | 102 | 181 | 189 | 206 | 242 | 331 |
| OPM % | 41% | 54% | 51% | 50% | 51% | 53% |
| 41 | 53 | 58 | 76 | 98 | 113 | |
| Interest | 0 | 0 | 2 | 0 | 0 | 0 |
| Depreciation | 5 | 7 | 10 | 10 | 12 | 21 |
| Profit before tax | 138 | 226 | 236 | 272 | 328 | 422 |
| Tax % | 21% | 22% | 22% | 22% | 21% | 24% |
| 108 | 176 | 184 | 211 | 258 | 322 | |
| EPS in Rs | 27.10 | 44.04 | 45.90 | 10.54 | 12.90 | 16.08 |
| Dividend Payout % | 15% | 11% | 54% | 9% | 8% | 12% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 20% |
| 3 Years: | 19% |
| TTM: | 31% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 23% |
| 3 Years: | 20% |
| TTM: | 25% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| 1 Year: | % |
| Return on Equity | |
|---|---|
| 10 Years: | % |
| 5 Years: | 18% |
| 3 Years: | 18% |
| Last Year: | 19% |
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|
| Equity Capital | 40 | 40 | 40 | 40 | 40 | 40 | 40 |
| Reserves | 717 | 878 | 1,040 | 1,232 | 1,469 | 1,768 | 1,931 |
| 1 | 1 | 1 | 1 | 1 | 1 | 1 | |
| 171 | 334 | 325 | 363 | 338 | 556 | 969 | |
| Total Liabilities | 930 | 1,253 | 1,406 | 1,635 | 1,847 | 2,366 | 2,941 |
| 22 | 35 | 35 | 33 | 248 | 280 | 296 | |
| CWIP | 0 | 7 | 0 | 3 | 9 | 6 | 8 |
| Investments | 777 | 783 | 918 | 1,287 | 1,309 | 1,690 | 1,994 |
| 131 | 429 | 454 | 311 | 281 | 389 | 644 | |
| Total Assets | 930 | 1,253 | 1,406 | 1,635 | 1,847 | 2,366 | 2,941 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|
| 86 | -13 | 118 | 333 | 170 | 359 | |
| -99 | 29 | -87 | -321 | -151 | -317 | |
| -14 | -16 | -20 | -20 | -20 | -16 | |
| Net Cash Flow | -27 | -1 | 11 | -8 | -1 | 26 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|
| Debtor Days | 109 | 110 | 87 | 63 | 47 | 55 |
| Inventory Days | ||||||
| Days Payable | ||||||
| Cash Conversion Cycle | 109 | 110 | 87 | 63 | 47 | 55 |
| Working Capital Days | -122 | -228 | -213 | -245 | -198 | -252 |
| ROCE % | 27% | 23% | 23% | 23% | 24% |
Documents
Announcements
-
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation
21h - Investor/BFSI conference meeting on December 19, 2025 in Mumbai (physical).
-
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation
2 Dec - Regarding Analyst/Investors meeting on December 05, 2025 and December 06, 2025
-
Re-Appointment Of Mr. Sanjay Panicker As Non-Independent Director.
24 Nov - SEBI approved re-appointment of Sanjay Panicker as NSDL Non-Independent Director, effective September 29, 2025.
-
Disclosure Under Regulation 30 Read With Schedule III Of The SEBI (LODR) Regulations, 2015
18 Nov - SEBI letter dated Nov 17, 2025 warning NSDL for delayed director/committee disclosures to MII; no financial impact.
-
Announcement under Regulation 30 (LODR)-Earnings Call Transcript
18 Nov - Transcript for conference call dated November 13, 2025 for Q2 (2025-26) Results.
Concalls
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Nov 2025Transcript PPT REC
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Nov 2025TranscriptAI SummaryPPT
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Aug 2025Transcript PPT REC
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 the
largest depository in India based on number
of 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.