National Securities Depository Ltd
National Securities Depository Ltd
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BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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51 extracted metrics + investor summaries across FY16–FY26.
Tapetide Score
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Technical Indicators
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
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 5d agoNational Securities Depository Ltd (NSDL) is India's first and largest depository by custody value, holding approximately 87% of industry demat custody value (~₹464 lakh crore as of FY25). The company reported FY25 net profit of ₹343 crore (up 24.6% YoY) on total income of ₹1,535 crore (up 12.4% YoY), and trades at a PE of 41.8x with a market cap of ~₹16,288 crore. However, it holds only ~3.95 crore demat accounts versus CDSL's 15.29 crore, reflecting a significantly smaller share of the fast-growing retail investor segment.
- Near-monopoly on custody value: NSDL holds ~87% of total industry demat custody value (~₹464 lakh crore as of FY25), giving it dominant positioning among institutional and high-net-worth segments.
- Virtually debt-free balance sheet provides financial resilience and flexibility, with a debt-to-equity ratio near zero.
- Strong profit growth: FY25 net profit rose 24.6% YoY to ₹343 crore, and FY26 PAT further grew to ₹380 crore, showing consistent earnings momentum.
- Healthy compounded sales growth of 27% CAGR over 5 years and 14% over 3 years, reflecting steady revenue expansion in a structural growth market.
- Consistent ROE of 17% over 1- and 3-year periods indicates disciplined capital allocation relative to its asset-light business model.
- Higher revenue per account (~₹157 per account) compared to CDSL (~₹55 per account), reflecting a more profitable institutional and corporate client mix.
- Duopoly market structure: India has only two depositories (NSDL and CDSL), creating a regulatory moat with extremely high barriers to entry for any new competitor.
- Demat account market share is recovering, rising from 9.4% in Q1 FY25 to 15.5% in Q1 FY26, surpassing the 4-crore account mark for the first time.
- NSDL holds only ~3.95 crore demat accounts versus CDSL's 15.29 crore — roughly a 20:80 split — meaning it is missing the bulk of India's retail investor growth wave.
- PE of 41.8x is elevated for a company whose TTM profit growth is only 9%, implying the stock prices in significant future growth that may not materialise at this pace.
- Debtor days have increased from 32.7 to 40.8 days, indicating a deterioration in receivables collection efficiency.
- Stock price has declined ~34% over the past 1 year, reflecting market concerns about valuation and competitive positioning relative to CDSL.
- TTM profit growth of 9% is notably slower than the 3-year CAGR of 18% and 5-year CAGR of 15%, suggesting potential deceleration in earnings momentum.
- CDSL has overtaken NSDL on profitability and margin metrics, and dominates account growth through fintech partnerships with Zerodha, Groww, and Upstox — channels where NSDL has limited presence.
- Dividend yield of only 0.49% offers limited income support at current valuations, providing a thin margin of safety for investors focused on capital preservation.
- Limited 10-year historical data on key metrics like ROE, sales CAGR, and profit CAGR reduces visibility into long-term cyclical performance and makes trend analysis incomplete.
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 11h ago- ₹28.68 crore GST demand notice Aug 14
NSDL received a show cause notice for unpaid GST of ₹28.68 crore on royalty payments to related entities covering FY21-FY24. This creates a potential financial liability and regulatory overhang.
- 14th AGM scheduled Sep 22 Aug 31
NSDL has 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 at Elara conference Aug 27
NSDL will participate in an in-person analyst and investor meeting on September 3, 2026, in Mumbai as part of the Ashwamedh – Elara India Dialogue 2026 Conference.
- Investor meet at Motilal conference Aug 13
NSDL held an in-person analyst meeting on August 19, 2026, in Mumbai as part of the Motilal Oswal conference.
TL;DR: NSDL's recent news flow is largely routine, dominated by scheduled investor meetings and its upcoming AGM. The key risk is a ₹28.68 crore GST demand notice covering FY21-FY24, which introduces a modest regulatory and financial overhang. Active participation in multiple analyst conferences signals management's engagement with investors. Overall the situation is stable, but the GST matter warrants monitoring for any escalation.
Quarterly Results
| Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 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 |
Profit & Loss
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|
| 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% | — |
Balance Sheet
| 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 |
| 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 | 3,819 |
| Fixed Assets | 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 |
| Other Assets | 238 | 687 | 706 | 563 | 462 | 646 | 836 |
| Total Assets | 1,067 | 1,498 | 1,693 | 2,093 | 2,258 | 2,985 | 3,819 |
Cash Flow
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Operating | 116 | 104 | 148 | 327 | 113 | 558 | 713 |
| Investing | -118 | -36 | -64 | -375 | -173 | -502 | -619 |
| Financing | -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
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 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 | -7 |
| ROCE % | — | 26% | 24% | 23% | 22% | 24% | 23% |
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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]
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