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 ₹ 24,741 Cr.
- Current Price ₹ 1,237
- High / Low ₹ 1,425 / 880
- Stock P/E 76.9
- Book Value ₹
- Dividend Yield 0.00 %
- ROCE 28.0 %
- ROE 21.3 %
- Face Value ₹ 2.00
Pros
- Company is almost debt free.
- Company has delivered good profit growth of 24.3% CAGR over last 5 years
- Debtor days have improved from 48.6 to 36.0 days.
Cons
- 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% | 0% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 20% |
| 3 Years: | 19% |
| TTM: | 31% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 24% |
| 3 Years: | 22% |
| TTM: | 30% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| 1 Year: | % |
| Return on Equity | |
|---|---|
| 10 Years: | % |
| 5 Years: | 19% |
| 3 Years: | 19% |
| Last Year: | 21% |
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|
| Equity Capital | 40 | 40 | 40 | 40 | 40 | |
| Reserves | 717 | 878 | 1,040 | 1,232 | 1,469 | |
| 1 | 1 | 1 | 1 | 1 | ||
| 171 | 334 | 325 | 363 | 338 | ||
| Total Liabilities | 930 | 1,253 | 1,406 | 1,635 | 1,847 | |
| 22 | 35 | 35 | 33 | 248 | ||
| CWIP | 0 | 7 | 0 | 3 | 9 | |
| Investments | 777 | 783 | 918 | 1,287 | 1,309 | |
| 131 | 429 | 454 | 311 | 281 | ||
| Total Assets | 930 | 1,253 | 1,406 | 1,635 | 1,847 |
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 | ||
| -99 | 29 | -87 | -321 | -151 | ||
| -14 | -16 | -20 | -20 | -20 | ||
| Net Cash Flow | -27 | -1 | 11 | -8 | -1 |
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 | |
| Inventory Days | ||||||
| Days Payable | ||||||
| Cash Conversion Cycle | 109 | 110 | 87 | 63 | 47 | |
| Working Capital Days | -122 | -228 | -213 | -245 | -198 | |
| ROCE % | 27% | 23% | 23% | 23% |
Documents
Announcements
-
Announcement under Regulation 30 (LODR)-Earnings Call Transcript
14 Aug - Transcript for conference call dated August 12, 2025 for Q1 (2025-26) Results.
-
Announcement under Regulation 30 (LODR)-Newspaper Publication
14 Aug - Submission of Newspaper Clippings for Unaudited Standalone and Consolidated Financial Results for the quarter ended June 30, 2025 in Financial Express, Jansatta and Navshakti.
-
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome
13 Aug - Audio recording of Q1 2025-26 results conference call uploaded on NSDL website.
-
Announcement under Regulation 30 (LODR)-Press Release / Media Release
13 Aug - NSDL Q1 FY26 profit up 24%, income up 21.7%, demat accounts cross 4 crore.
- Announcement under Regulation 30 (LODR)-Investor Presentation 12 Aug
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.