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 ₹ 14,948 Cr.
- Current Price ₹ 747
- High / Low ₹ 1,198 / 733
- Stock P/E 40.7
- Book Value ₹ 106
- Dividend Yield 0.54 %
- ROCE 23.1 %
- ROE 16.9 %
- Face Value ₹ 2.00
Pros
- Company is almost debt free.
Cons
- Stock is trading at 7.02 times its book value
- Earnings include an other income of Rs.138 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.
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 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|
| 250 | 336 | 369 | 409 | 473 | 619 | 705 | 726 | |
| 148 | 155 | 180 | 203 | 231 | 288 | 327 | 345 | |
| Operating Profit | 102 | 181 | 189 | 206 | 242 | 331 | 378 | 381 |
| OPM % | 41% | 54% | 51% | 50% | 51% | 53% | 54% | 52% |
| 41 | 53 | 58 | 76 | 98 | 113 | 130 | 138 | |
| Interest | 0 | 0 | 2 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 5 | 7 | 10 | 10 | 12 | 21 | 30 | 33 |
| Profit before tax | 138 | 226 | 236 | 272 | 328 | 422 | 478 | 486 |
| Tax % | 21% | 22% | 22% | 22% | 21% | 24% | 25% | |
| 108 | 176 | 184 | 211 | 258 | 322 | 361 | 367 | |
| EPS in Rs | 5.42 | 8.81 | 9.18 | 10.54 | 12.90 | 16.08 | 18.03 | 18.35 |
| Dividend Payout % | 15% | 11% | 54% | 9% | 8% | 12% | 22% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 16% |
| 3 Years: | 20% |
| TTM: | 13% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 14% |
| 3 Years: | 17% |
| TTM: | 9% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| 1 Year: | -36% |
| Return on Equity | |
|---|---|
| 10 Years: | % |
| 5 Years: | 18% |
| 3 Years: | 18% |
| Last Year: | 17% |
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Equity Capital | 40 | 40 | 40 | 40 | 40 | 40 | 40 |
| Reserves | 717 | 878 | 1,040 | 1,232 | 1,469 | 1,768 | 2,088 |
| 1 | 1 | 1 | 1 | 1 | 1 | 2 | |
| 171 | 334 | 325 | 363 | 338 | 556 | 648 | |
| Total Liabilities | 930 | 1,253 | 1,406 | 1,635 | 1,847 | 2,366 | 2,778 |
| 22 | 35 | 35 | 33 | 248 | 280 | 351 | |
| CWIP | 0 | 7 | 0 | 3 | 9 | 6 | 13 |
| Investments | 777 | 783 | 918 | 1,287 | 1,309 | 1,690 | 1,954 |
| 131 | 429 | 454 | 311 | 281 | 389 | 459 | |
| Total Assets | 930 | 1,253 | 1,406 | 1,635 | 1,847 | 2,366 | 2,778 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| 86 | -13 | 118 | 333 | 170 | 360 | 319 | |
| -99 | 29 | -87 | -321 | -151 | -317 | -245 | |
| -14 | -16 | -20 | -20 | -20 | -17 | -40 | |
| Net Cash Flow | -27 | -1 | 11 | -8 | -1 | 26 | 34 |
| Free Cash Flow | 67 | -26 | 113 | 311 | -54 | 313 | 210 |
| CFO/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit | 119% | 16% | 95% | 195% | 99% | 136% | 113% |
Ratios
Standalone / View Consolidated
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Debtor Days | 109 | 110 | 87 | 63 | 47 | 55 | 56 |
| Inventory Days | |||||||
| Days Payable | |||||||
| Cash Conversion Cycle | 109 | 110 | 87 | 63 | 47 | 55 | 56 |
| Working Capital Days | -122 | -228 | -213 | -245 | -198 | -252 | -253 |
| ROCE % | 27% | 23% | 23% | 23% | 24% | 23% |
Insights
In beta| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Market Share - Unlisted Companies (Equity, by number) % |
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| Net BO Accounts (Demat Accounts) lakhs |
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| Number of Issuers (Listed + Unlisted) number |
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| Demat Custody Value ₹ lakh crore |
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| Number of Depository Participants (DPs) number |
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| NSDL Payments Bank (NPBL) Customer Base lakhs |
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| Market Share - Total Demat Custody Value % |
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Extracted by Screener AI
Documents
Announcements
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Announcement under Regulation 30 (LODR)-Change in Management
- SEBI approved reappointment of Sriram Krishnan as NSDL Non-Independent Director, effective September 22, 2026.
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Board Meeting Intimation for Considering And Approving The Unaudited Standalone And Consolidated Financial Results For The Quarter & Half Year Ended September 30, 2026
- Board meeting on October 31, 2026 to approve Q2 and half-year financial results; trading window closed from October 1.
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Compliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018
- NSDL filed Regulation 74(5) certificate for quarter ended September 30, 2026.
-
Announcement under Regulation 30 (LODR)-Change in Management
- Ashish Dandekar appointed CTO from September 29, 2026; Kothandaraman Prabhakaran resigned as CTO.
- Closure of Trading Window
Concalls
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Jul 2026Transcript PPT REC
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May 2026Transcript PPT REC
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Feb 2026Transcript PPT
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Nov 2025Transcript PPT REC
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Nov 2025PPT
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Aug 2025Transcript PPT REC
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May 2025Transcript
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.