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 ₹ 16,894 Cr.
- Current Price ₹ 845
- High / Low ₹ 1,425 / 788
- Stock P/E 46.8
- Book Value ₹ 106
- Dividend Yield 0.24 %
- ROCE 24.3 %
- ROE 18.3 %
- Face Value ₹ 2.00
Pros
- Company is almost debt free.
Cons
- Stock is trading at 7.94 times its book value
- Earnings include an other income of Rs.130 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 | |
|---|---|---|---|---|---|---|---|
| 250 | 336 | 369 | 409 | 473 | 619 | 705 | |
| 148 | 155 | 180 | 203 | 231 | 288 | 327 | |
| Operating Profit | 102 | 181 | 189 | 206 | 242 | 331 | 378 |
| OPM % | 41% | 54% | 51% | 50% | 51% | 53% | 54% |
| 41 | 53 | 58 | 76 | 98 | 113 | 130 | |
| Interest | 0 | 0 | 2 | 0 | 0 | 0 | 0 |
| Depreciation | 5 | 7 | 10 | 10 | 12 | 21 | 30 |
| Profit before tax | 138 | 226 | 236 | 272 | 328 | 422 | 478 |
| Tax % | 21% | 22% | 22% | 22% | 21% | 24% | 25% |
| 108 | 176 | 184 | 211 | 258 | 322 | 361 | |
| EPS in Rs | 27.10 | 44.04 | 45.90 | 10.54 | 12.90 | 16.08 | 18.03 |
| Dividend Payout % | 15% | 11% | 54% | 9% | 8% | 12% | 22% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 16% |
| 3 Years: | 20% |
| TTM: | 14% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 15% |
| 3 Years: | 20% |
| TTM: | 17% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| 1 Year: | % |
| Return on Equity | |
|---|---|
| 10 Years: | % |
| 5 Years: | 18% |
| 3 Years: | 18% |
| Last Year: | 18% |
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 | 360 | |
| CWIP | 0 | 7 | 0 | 3 | 9 | 6 | 4 |
| 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 | 359 | 319 | |
| -99 | 29 | -87 | -321 | -151 | -317 | -245 | |
| -14 | -16 | -20 | -20 | -20 | -16 | -40 | |
| Net Cash Flow | -27 | -1 | 11 | -8 | -1 | 26 | 34 |
| Free Cash Flow | 67 | -26 | 113 | 311 | -54 | 312 | 210 |
| CFO/OP | 119% | 16% | 95% | 195% | 99% | 135% | 113% |
Ratios
Standalone Figures in Rs. Crores / 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 | 31 |
| ROCE % | 27% | 23% | 23% | 23% | 24% | 24% |
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
2 Jul - Mr. Subhash Kelkar joins NSDL as Executive Director-Vertical 1 for five years from July 2, 2026.
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Disclosure Under Regulation 30 And 46 Of The SEBI (LODR) Regulations, 2015
1 Jul - NSDL changed its website from nsdl.co.in to nsdl.com after domain migration.
- Closure of Trading Window 30 Jun
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Disclosure Under Regulation 30 Read With Schedule III Of The SEBI (LODR) Regulations, 2015
25 Jun - NSDL to transfer Rs. 50 lakhs plus interest to Investor Protection Fund for a July 26, 2023 technical glitch.
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Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation
16 Jun - Intimation regarding Analyst/Investor Meeting scheduled for June 22, 2026 to June 25, 2026 under Regulation 30 of the SEBI (LODR) Regulations, 2015
Concalls
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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 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.