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 ₹ 23,968 Cr.
- Current Price ₹ 1,198
- High / Low ₹ 1,425 / 880
- Stock P/E 73.1
- Book Value ₹
- Dividend Yield 0.17 %
- ROCE 23.6 %
- ROE 17.8 %
- Face Value ₹ 2.00
Pros
- Company has reduced debt.
- Company is almost debt free.
Cons
* 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
Consolidated Figures in Rs. Crores / View Standalone
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|
| 326 | 466 | 761 | 1,022 | 1,268 | 1,420 | |
| 203 | 259 | 522 | 772 | 985 | 1,045 | |
| Operating Profit | 123 | 207 | 239 | 250 | 284 | 376 |
| OPM % | 38% | 44% | 31% | 24% | 22% | 26% |
| 53 | 58 | 60 | 78 | 97 | 117 | |
| Interest | 1 | 1 | 2 | 2 | 2 | 4 |
| Depreciation | 13 | 17 | 19 | 22 | 24 | 35 |
| Profit before tax | 162 | 247 | 278 | 305 | 355 | 453 |
| Tax % | 23% | 24% | 24% | 23% | 22% | 24% |
| 125 | 189 | 213 | 235 | 275 | 343 | |
| EPS in Rs | 31.19 | 47.14 | 53.15 | 11.74 | 13.77 | 17.16 |
| Dividend Payout % | 13% | 11% | 47% | 9% | 7% | 12% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 34% |
| 3 Years: | 23% |
| TTM: | 12% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 21% |
| 3 Years: | 17% |
| TTM: | 25% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| 1 Year: | % |
| Return on Equity | |
|---|---|
| 10 Years: | % |
| 5 Years: | 18% |
| 3 Years: | 17% |
| Last Year: | 18% |
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|
| Equity Capital | 40 | 40 | 40 | 40 | 40 | 40 |
| Reserves | 807 | 979 | 1,172 | 1,389 | 1,644 | 1,965 |
| 12 | 9 | 3 | 17 | 14 | 10 | |
| 208 | 470 | 478 | 648 | 560 | 969 | |
| Total Liabilities | 1,067 | 1,498 | 1,693 | 2,093 | 2,258 | 2,985 |
| 54 | 66 | 53 | 68 | 289 | 322 | |
| CWIP | 11 | 17 | 3 | 5 | 13 | 22 |
| Investments | 764 | 728 | 930 | 1,457 | 1,494 | 1,996 |
| 238 | 687 | 706 | 563 | 462 | 646 | |
| Total Assets | 1,067 | 1,498 | 1,693 | 2,093 | 2,258 | 2,985 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|
| 116 | 104 | 148 | 508 | 113 | 558 | |
| -118 | -36 | -64 | -447 | -178 | -502 | |
| -14 | -16 | -20 | -20 | -20 | -16 | |
| Net Cash Flow | -17 | 52 | 63 | 41 | -85 | 39 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|
| Debtor Days | 91 | 85 | 49 | 31 | 24 | 33 |
| Inventory Days | ||||||
| Days Payable | ||||||
| Cash Conversion Cycle | 91 | 85 | 49 | 31 | 24 | 33 |
| Working Capital Days | -118 | -252 | -162 | -187 | -125 | -198 |
| ROCE % | 26% | 24% | 23% | 22% | 24% |
Documents
Announcements
-
Compliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018
8h - Regulation 74(5) certificate dated Oct 4, 2025 for quarter ended Sep 30, 2025 confirming dematerialisation processing.
- Shareholder Meeting / Postal Ballot-Scrutinizer''s Report 30 Sep
- Shareholder Meeting / Postal Ballot-Outcome of AGM 29 Sep
- Closure of Trading Window 29 Sep
-
Announcement under Regulation 30 (LODR)-Newspaper Publication
6 Sep - Newspaper Advertisement regarding Notice of 13th AGM, E-voting information, Record date and Final dividend
Concalls
-
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.