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National Securities Depository

544467 BSE
₹748.60 +17.95 (+2.46%)
P/E
38.55
View as Markdown
MCP
Close 4 Nov 2026 ₹748.60 −309.20 −29.2% 1Y
Start ₹1,057.80

Key Fundamentals

SmallcapCapital MarketsFinancial Services

Price-based figures as of · EPS basis: Consolidated · TTM

ROCE
22.10%
Debt to Equity
0.01
EPS (TTM)
₹19.42
Book Value
₹125.50
Market Cap
—
P/E (TTM)
38.55
P/B
5.96
ROE
16.00%
Dividend Yield
0.55%
EBITDA
₹565 Cr
52W High
₹1,180.00
52W Low
₹688.00
Day Range
₹729.00 – ₹750.00
Volume
4,38,848

Tapetide Score

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

Overall score

48 Average

Data confidence 100/100

Category scores

Quality
71
Strong
Returns, margins, earnings quality 22% weight
Valuation
34
Poor
Cheap vs sector & own history 24% weight
Growth
75
Strong
Sales & profit trajectory 9% weight
Financial Health
83
Strong
Solvency, leverage, coverage 9% weight
Momentum
12
Poor
Trend strength, vol-adjusted 12% weight
Ownership
42
Weak
FII/DII/promoter flows 24% weight

The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.

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.

Technical Indicators

Technical signals: verdict and indicator counts
GroupSignalBearishNeutralBullish
OverallBearish847
OscillatorsBullish243
Moving AveragesStrong Bearish604

Key readings

RSI (14)
54.89
Neutral
MACD (12,26,9)
−12.47
Bullish
SMA (50)
767.31
Bearish
SMA (200)
850.62
Bearish

As of

Analyst Rating

Based on 5 analysts
TIED40%

2 of 5 analysts rate Buy, 2 Hold, 1 Sell.

As of

BUY
2
40%
HOLD
2
40%
SELL
1
20%

Growth Rate

From the financial statements below. 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Jun 2026 against Jun 2025.

Revenue

Revenue growth by window
5Y+26.84%
3Y+14.40%
1Y+7.75%
TTM+24.28%

Net profit

Net profit growth by window
5Y+14.99%
3Y+17.37%
1Y+10.79%
TTM+9.30%

Operating cash flow

Operating cash flow growth by window
5Y+46.96%
3Y+29.67%
1Y+26.64%
TTM—

TTM: Reported once a year, so there is no trailing-twelve-month figure.

Operating margin· change in pp

Operating margin growth by window
5Y−16.32 pp
3Y+3.54 pp
1Y+1.62 pp
TTM−2.75 pp

Revenue by year

Revenue by year, ₹ crore
Mar 2020₹326 Cr
Mar 2021₹466 Cr
Mar 2022₹761 Cr
Mar 2023₹1,022 Cr
Mar 2024₹1,268 Cr
Mar 2025₹1,420 Cr
Mar 2026₹1,530 Cr

Net profit by year

Net profit by year, ₹ crore
Mar 2020₹125 Cr
Mar 2021₹189 Cr
Mar 2022₹213 Cr
Mar 2023₹235 Cr
Mar 2024₹275 Cr
Mar 2025₹343 Cr
Mar 2026₹380 Cr

Analyst Forecasts

Forecast For
Dec 26 consensus · EBITDA
₹139 Cr −21.9% vs Sep 26
Reported High Mean Low

AI Analysis — Bull vs Bear

Figures as of 2 Nov 2026
AI opinion · based on fundamentals
Risk medium

National Securities Depository Ltd trades at ₹720.6 as of 2026-11-02 with a market cap of ₹14,379 Cr, a P/E (TTM) of 37.11x, and a near-zero debt-to-equity ratio of 0.01. The stock sits close to its 52-week low of ₹688, having declined 36% over the past year, while the company has delivered 24% TTM revenue growth and 9% TTM profit growth.

Bull Case 8
  • The company is virtually debt-free with a debt-to-equity ratio of just 0.01, giving it exceptional balance sheet strength and financial flexibility.
  • TTM revenue growth stands at a robust 24%, and the 5-year compounded sales growth of 27% demonstrates a strong and sustained top-line expansion trajectory.
  • 3-year compounded sales growth of 14% and 3-year compounded profit growth of 15% show consistent double-digit growth across both revenue and earnings over a meaningful period.
  • ROCE of 21.22% indicates efficient deployment of capital, well above typical cost-of-capital benchmarks, reflecting the asset-light nature of a depository business.
  • ROE has remained steady at 16-17% over the last 3 and 5 years, indicating consistent and reliable return generation for shareholders.
  • The stock trades at ₹720.6, just 4.7% above its 52-week low of ₹688, which may offer a more favourable entry valuation compared to earlier in the year when it traded near ₹1,180.
  • The company is expected to deliver a good upcoming quarter, which could serve as a near-term catalyst for sentiment improvement.
  • 5-year compounded profit growth of 13% confirms the company has been able to sustain earnings expansion over a longer cycle.
Bear Case 8
  • The stock has declined 36% over the past one year, significantly underperforming broader markets and signalling sustained negative sentiment.
  • P/E (TTM) of 37.11x is elevated, particularly given that TTM profit growth has decelerated to just 9%, implying the earnings multiple may not be well-supported by current growth momentum.
  • Price-to-book ratio of 6.08x is high, suggesting the market is pricing in substantial future growth that may or may not materialise.
  • TTM profit growth of 9% represents a sharp deceleration from the 3-year compounded profit growth of 15%, indicating potential margin pressure or slowing operating leverage.
  • Debtor days have increased from 32.7 to 40.8 days, a 25% deterioration in receivables collection efficiency that could pressure working capital.
  • Dividend yield of 0.57% offers minimal income support, providing little cushion for investors during periods of price decline.
  • The stock has fallen roughly 39% from its 52-week high of ₹1,180 to ₹720.6, and such a steep drawdown from recent peaks may reflect structural re-rating concerns rather than just cyclical weakness.
  • ROE of 15.97% on a trailing basis has dipped slightly from the 3-year and 5-year average of 17%, hinting at a modest decline in profitability efficiency.

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

AI News Digest

6h ago

TL;DR: NSDL delivered a solid Q2FY27 with 36.5% consolidated revenue growth and a fast-scaling Payments Bank subsidiary, though standalone profit growth was a more modest 5.2%. No material headwinds emerged; the regulatory update on insider trading compliance is routine housekeeping. The consolidated growth trajectory, driven by the Payments Bank and diversified income streams, is clearly improving and worth monitoring for sustained momentum in H2FY27.

Positives 3
  • Strong consolidated revenue growth Oct 31

    Consolidated revenue from operations jumped 36.5% YoY to ₹545.9 crore in Q2FY27, while H1FY27 total income surged 46.7% YoY to ₹1,143.1 crore.

  • Payments Bank scaling rapidly Oct 31

    NSDL Payments Bank customer base grew 1.6x to 54.3 lakh and deposits rose 1.4x, indicating strong traction in the banking subsidiary.

  • Standalone profit grows steadily Oct 31

    Standalone net profit rose 5.2% YoY to ₹126.7 crore in Q2FY27, reflecting steady earnings momentum on the depository business.

Neutral 1
  • Updated insider trading disclosure code Nov 02

    NSDL submitted a revised Code of Practices for Fair Disclosure of UPSI on November 2, 2026, aligning with SEBI's 2024 and 2025 amendment regulations and introducing a mandatory Structured Digital Database under Regulation 3(5).

Quarterly Results

₹ Cr
544467 quarterly results, ₹ crore
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 (₹)
3.89
4.81
4.29
4.16
4.48
5.52
4.48
4.51
4.91

Profit & Loss

₹ Cr
544467 profit and loss, annual, ₹ crore
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 (₹)
6.24
9.43
10.63
11.74
13.77
17.16
18.99
19.42
Div. Payout %
13%
11%
47%
9%
7%
12%
21%
—

Balance Sheet

₹ Cr
544467 balance sheet, annual, ₹ crore
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

Cash Flow

₹ Cr
544467 cash flow, annual, ₹ crore
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/EBITDA
129
74
94
155
68
177
192

Ratios

544467 financial ratios, annual
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

Log in to view National Securities Depository insights

50 extracted metrics across FY20–FY27.

Shareholding Pattern

As of Sep 2026

  • DIIs 38.18%
  • Public 33.08%
  • Others 20.50%
  • FIIs 8.24%

No promoter shares pledged as of 14 Oct 2026

Change vs previous quarter

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
Where is National Securities Depository Ltd (NSDL) listed?
National Securities Depository Ltd trades 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 PE ratio of National Securities Depository Ltd?
National Securities Depository Ltd trades at a PE ratio of 38.55 as of 4 Nov 2026, on earnings per share of ₹19.42, against a book value of ₹125.5 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 ₹688 and ₹1,180 as of 4 Nov 2026.
Does National Securities Depository Ltd pay dividends?
National Securities Depository Ltd has a dividend yield of 0.55%.
What is the Return on Equity (ROE) of National Securities Depository Ltd?
National Securities Depository Ltd reported a return on equity of 16.00%. 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

Website nsdl.co.in
Listed 6 Aug 2025
Face Value ₹2

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