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 44.5
- Book Value ₹ 118
- Dividend Yield 0.24 %
- ROCE 23.2 %
- ROE 17.4 %
- Face Value ₹ 2.00
Pros
- Company is almost debt free.
Cons
- Stock is trading at 7.13 times its book value
- Debtor days have increased from 32.7 to 40.8 days.
* 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
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 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| 326 | 466 | 761 | 1,022 | 1,268 | 1,420 | 1,530 | |
| 203 | 259 | 522 | 771 | 985 | 1,045 | 1,100 | |
| Operating Profit | 123 | 207 | 239 | 251 | 284 | 376 | 430 |
| OPM % | 38% | 44% | 31% | 25% | 22% | 26% | 28% |
| 53 | 58 | 60 | 77 | 97 | 117 | 130 | |
| Interest | 1 | 1 | 2 | 2 | 2 | 4 | 7 |
| Depreciation | 13 | 17 | 19 | 22 | 24 | 35 | 48 |
| Profit before tax | 162 | 247 | 278 | 305 | 355 | 453 | 506 |
| Tax % | 23% | 24% | 24% | 23% | 22% | 24% | 25% |
| 125 | 189 | 213 | 235 | 275 | 343 | 380 | |
| EPS in Rs | 31.19 | 47.14 | 53.15 | 11.74 | 13.77 | 17.16 | 18.99 |
| Dividend Payout % | 13% | 11% | 47% | 9% | 7% | 12% | 21% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 27% |
| 3 Years: | 14% |
| TTM: | 8% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 15% |
| 3 Years: | 18% |
| TTM: | 16% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| 1 Year: | % |
| Return on Equity | |
|---|---|
| 10 Years: | % |
| 5 Years: | 18% |
| 3 Years: | 17% |
| Last Year: | 17% |
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Equity Capital | 40 | 40 | 40 | 40 | 40 | 40 | 40 |
| Reserves | 807 | 979 | 1,172 | 1,389 | 1,644 | 1,965 | 2,330 |
| 12 | 9 | 3 | 17 | 14 | 10 | 17 | |
| 208 | 470 | 478 | 648 | 560 | 969 | 1,433 | |
| Total Liabilities | 1,067 | 1,498 | 1,693 | 2,093 | 2,258 | 2,985 | 3,819 |
| 54 | 66 | 53 | 68 | 289 | 322 | 421 | |
| CWIP | 11 | 17 | 3 | 5 | 13 | 22 | 4 |
| Investments | 764 | 728 | 930 | 1,457 | 1,494 | 1,996 | 2,559 |
| 238 | 687 | 706 | 563 | 462 | 646 | 836 | |
| Total Assets | 1,067 | 1,498 | 1,693 | 2,093 | 2,258 | 2,985 | 3,819 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| 116 | 104 | 148 | 327 | 113 | 558 | 713 | |
| -118 | -36 | -64 | -375 | -173 | -502 | -619 | |
| -14 | -16 | -20 | -20 | -20 | -16 | -18 | |
| Net Cash Flow | -17 | 52 | 63 | -68 | -80 | 39 | 77 |
| Free Cash Flow | 75 | 80 | 139 | 283 | -131 | 484 | 578 |
| CFO/OP | 129% | 74% | 94% | 155% | 68% | 176% | 192% |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Debtor Days | 91 | 85 | 49 | 31 | 24 | 33 | 41 |
| Inventory Days | |||||||
| Days Payable | |||||||
| Cash Conversion Cycle | 91 | 85 | 49 | 31 | 24 | 33 | 41 |
| Working Capital Days | -118 | -252 | -162 | -187 | -125 | -198 | -7 |
| ROCE % | 26% | 24% | 23% | 22% | 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) % ・Standalone data |
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| Net BO Accounts (Demat Accounts) lakhs ・Standalone data |
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| Number of Issuers (Listed + Unlisted) number ・Standalone data |
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| Demat Custody Value ₹ lakh crore ・Standalone data |
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| Number of Depository Participants (DPs) number ・Standalone data |
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| NSDL Payments Bank (NPBL) Customer Base lakhs ・Standalone data |
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| Market Share - Total Demat Custody Value % ・Standalone data |
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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.