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 ₹ 25,613 Cr.
- Current Price ₹ 1,281
- High / Low ₹ 1,425 / 880
- Stock P/E 78.1
- Book Value ₹
- Dividend Yield 0.16 %
- 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
-
Announcement under Regulation 30 (LODR)-Newspaper Publication
6 Sep - Newspaper Advertisement regarding Notice of 13th AGM, E-voting information, Record date and Final dividend
-
Communication Sent To Shareholder Pursuant To Regulation 36(1)(B) Of SEBI (LODR) Regulations, 2015
6 Sep - AGM on 29 Sep 2025; annual report link; dividend Rs.2; record date 19 Sep; e-voting 25-28 Sep.
-
Reg. 34 (1) Annual Report.
5 Sep - 13th AGM on September 29, 2025 via VC; Annual Report FY2024-25 published and available online.
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Notice Of 13Th Annual General Meeting (AGM) Of The Company.
5 Sep - 13th AGM Sep 29, 2025; adopt FY2024-25 statements; final dividend Rs2/share on 20 crore shares; director reappointment and secretarial auditor.
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Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation
28 Aug - Regarding Analyst/Investor meeting on September 03, 2025.
Concalls
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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.