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National Securities Depository

NATIONALSECURITIESDEPOSITORYLTD NSE

Key Fundamentals

SmallcapDepositoryCapital Markets
Market Cap
₹16,100 Cr
Volatility
Moderate
P/E Ratio
41.5
EBITDA
₹565 Cr
Return on Equity
15.97%
Debt to Equity
0.01
Book Value
₹118.5
52W High
₹1,351.7
52W Low
₹788

Tapetide Score

Data-driven rating, 0–100. How it works →

Key Insights

Strengths

2
  • Company is almost debt free.
  • Company is expected to give good quarter

Weaknesses

1
  • Debtor days have increased from 32.7 to 40.8 days.

Growth Rate

Revenue Growth
8.14% lower than 3Y
Net Income Growth
10.75% lower than 3Y
Cash Flow Change
26.65% lower than 3Y
ROE
-6.66% lower than 3Y
ROCE
-6.19% lower than 3Y
EBITDA Margin (Avg.)
6.45% lower than 3Y

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 2d ago
AI opinion · based on fundamentals
Risk medium

National Securities Depository Ltd (NSDL) operates as a near-monopoly capital markets infrastructure company with a market cap of ₹16,100 Cr, trading at a PE of 41.5x. The company is virtually debt-free with TTM sales growth of 24%, though its stock has declined 38% over the past year and ROE has moderated to 16% in the last year from a 3-year average of 17%.

Bull Case 8
  • TTM revenue growth of 24% is strong and accelerates beyond the 3-year compounded sales CAGR of 14%, indicating improving top-line momentum
  • Company is almost debt-free, giving it a clean balance sheet with minimal financial risk and flexibility for future investments
  • Consistent ROE of 16-17% over the last 3 to 5 years reflects a capital-efficient business model with durable returns
  • As one of only two depositories in India (alongside CDSL), NSDL enjoys a regulatory moat and essential market infrastructure status that is nearly impossible to replicate
  • Compounded profit growth of 15% over 3 years and 13% over 5 years demonstrates sustained earnings trajectory
  • Company is expected to deliver a good upcoming quarter, suggesting near-term earnings visibility remains intact
  • 5-year compounded sales CAGR of 27% highlights the structural tailwind from rising demat account penetration and capital market participation in India
  • Dividend yield of 0.5% provides a modest but steady income stream, reflecting the company's cash-generative nature
Bear Case 8
  • Stock has declined 38% over the past 1 year, reflecting significant loss of market confidence and potential de-rating from peak valuations
  • PE ratio of 41.5x is elevated for a financial infrastructure company, leaving limited margin of safety if growth disappoints
  • Price-to-book ratio of 6.8x is rich and implies the market is pricing in substantial future growth that must be delivered
  • Debtor days have increased from 32.7 to 40.8 days, a 25% deterioration in collection efficiency that could pressure working capital
  • TTM profit growth of only 9% significantly lags TTM sales growth of 24%, suggesting margin compression or rising operating costs
  • ROE has slightly declined from 17% (3-year and 5-year average) to 16% in the last year, indicating mild return dilution
  • Dividend yield of just 0.5% offers limited downside cushion for investors in a high interest rate environment
  • As a listed monopoly infrastructure entity, NSDL faces regulatory risk where SEBI fee revisions or policy changes could directly impact revenue and profitability

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

Anthropic anthropic claude-opus-4.6 2h ago
Neutral 2
  • 14th AGM set Sep 22 Aug 31

    NSDL scheduled its 14th Annual General Meeting for September 22, 2026, to be held via video conferencing with the deemed venue at its Mumbai registered office.

  • Analyst meet on Sep 3 Aug 27

    NSDL will host an in-person analyst and investor meeting on September 3, 2026, in Mumbai as part of the Ashwamedh – Elara India Dialogue 2026 Conference.

TL;DR: Recent NSDL news flow is purely procedural, covering a scheduled AGM and an upcoming analyst meet. There are no reported headwinds or material positive catalysts in this batch. The company maintains routine corporate governance and investor engagement activities. The September 3 analyst meet could surface forward-looking commentary worth monitoring.

Quarterly Results

Particulars Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
337
357
363
364
312
400
360
458
517
Expenses
257
244
272
272
217
273
254
356
416
Operating Profit
80
113
91
91
95
127
106
103
101
OPM %
24%
32%
25%
25%
30%
32%
29%
22%
20%
Other Income
28
29
29
31
35
32
35
29
44
Interest
1
1
1
1
2
1
2
2
2
Depreciation
8
8
9
10
10
11
13
14
14
PBT
100
133
110
111
118
146
125
116
129
Tax %
22%
28%
22%
25%
24%
24%
29%
22%
24%
Net Profit
78
96
86
83
90
110
90
90
98
EPS in Rs
3.89
4.81
4.29
4.16
4.48
5.52
4.48
4.51
4.91
Figures in ₹ Crores

Profit & Loss

Particulars Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
326
466
761
1,022
1,268
1,420
1,530
1,735
Expenses
203
259
522
771
985
1,045
1,100
1,298
Operating Profit
123
207
239
251
284
376
430
436
OPM %
38%
44%
31%
25%
22%
26%
28%
25%
Other Income
53
58
60
77
97
117
130
140
Interest
1
1
2
2
2
4
7
7
Depreciation
13
17
19
22
24
35
48
53
PBT
162
247
278
305
355
453
506
516
Tax %
23%
24%
24%
23%
22%
24%
25%
—
Net Profit
125
189
213
235
275
343
380
389
EPS in Rs
31.19
47.14
53.15
11.74
13.77
17.16
18.99
19.42
Div. Payout %
13%
11%
47%
9%
7%
12%
21%
—
Figures in ₹ Crores

Balance Sheet

Particulars Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
40
40
40
40
40
40
40
Reserves
807
979
1,172
1,389
1,644
1,965
2,330
Borrowings
12
9
3
17
14
10
17
Other Liabilities
208
470
478
648
560
969
1,433
Total Liabilities
1,067
1,498
1,693
2,093
2,258
2,985
3,820
Fixed Assets
54
66
53
68
289
322
408
CWIP
11
17
3
5
13
22
16
Investments
764
728
930
1,457
1,494
1,996
2,559
Other Assets
238
687
706
563
462
646
836
Total Assets
1,067
1,498
1,693
2,093
2,258
2,985
3,820
Figures in ₹ Crores

Cash Flow

Particulars Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
116
104
148
327
113
563
713
Investing
-118
-36
-64
-375
-173
-502
-619
Financing
-14
-16
-20
-20
-20
-22
-18
Net Cash Flow
-17
52
63
-68
-80
39
77
Free Cash Flow
75
80
139
283
-131
489
578
CFO/OP
129
74
94
155
68
177
192
Figures in ₹ Crores

Ratios

Particulars Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
91
85
49
31
24
33
41
Cash Conversion Cycle
91
85
49
31
24
33
41
Working Capital Days
-118
-252
-162
-187
-125
-198
-279
ROCE %
—
26%
24%
23%
22%
24%
22%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

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Shareholding Pattern

Public30.49%DIIs37.75%FIIs11.70%Others20.06%As ofJun 2026

Documents

Frequently Asked Questions about National Securities Depository

What does National Securities Depository Ltd do?
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]
Where is National Securities Depository Ltd (544467) listed?
National Securities Depository Ltd trades as NATIONALSECURITIESDEPOSITORYLTD on the NSE and under code 544467 on the BSE.
Which sector does National Securities Depository Ltd belong to?
National Securities Depository Ltd is classified under the Capital Markets sector, in the Depository industry.
What is the market capitalisation of National Securities Depository Ltd?
National Securities Depository Ltd has a market capitalisation of ₹16,100 Cr, which places it in the Mid Cap band.
What is the PE ratio of National Securities Depository Ltd?
National Securities Depository Ltd trades at a PE ratio of 41.50, against a book value of ₹118.5 per share.
What is the 52-week high and low of National Securities Depository Ltd?
Over the last 52 weeks National Securities Depository Ltd has traded between ₹788 and ₹1,351.7.
Does National Securities Depository Ltd pay dividends?
National Securities Depository Ltd has a dividend yield of 0.50%.
What is the Return on Equity (ROE) of National Securities Depository Ltd?
National Securities Depository Ltd reported a return on equity of 15.97%. Its debt-to-equity ratio is 0.01.

Company Information

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]

Website nsdl.co.in
Listed 2025-08-06
Face Value ₹ 2

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