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National Securities Depository

544467 BSE
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National Securities Depository (NSDL) share price was ₹704.95 at the 28 Oct 2026 close; market capitalisation ₹14,099 Cr; P/E (TTM) 36.30; sector Capital Markets. The share price fell 39.2% over the year to 28 Oct 2026 (adjusted for splits and bonuses). In the Jun 2026 quarter, revenue rose 65.6% year on year to ₹516.6 Cr and net profit rose 9.7% year on year to ₹98.3 Cr (compared with Jun 2025). Promoters held 0.00% of National Securities Depository in Sep 2026, unchanged from Jun 2026. Its Tapetide Score is 48/100 (Average) as of 28 Oct 2026.

Close 28 Oct 2026 ₹704.95 −450.55 −38.99% 1Y

Key Fundamentals

SmallcapCapital MarketsFinancial Services
Market Cap
₹14,099 Cr
P/E (TTM)
36.3
EBITDA
₹565 Cr
Return on Equity
15.97%
Debt to Equity
0.01
Book Value
₹118.50
EPS (TTM)
₹19.42
52W High
₹1,198.00
52W Low
₹688.00

Price-based figures as of 28 Oct 2026, 15:30 IST · EPS basis: Consolidated · TTM

Peer Comparison

Financial Services › Capital Markets › Depository › Depositories, Clearing Houses and Other Intermediaries

CDSL
₹1,275.5056.5626,658 Cr13.601.04%22.73%29.74%1,284 Cr471 Cr
CAMS
₹685.2037.4217,022 Cr12.890.37%35.74%44.21%1,612 Cr454 Cr
KFin Technologies
₹853.0043.0814,746 Cr9.081.38%20.54%18.89%1,517 Cr341 Cr
National Securities Depository (this company)
—36.3014,099 Cr5.950.57%15.97%21.22%1,874 Cr388 Cr
Beacon Trusteeship
₹85.00—154 Cr2.970.00%12.80%17.94%——
Median 5 companies₹769.1040.2514,746 Cr9.080.57%20.54%21.22%1,564 Cr421 Cr

Comparable companies in the same industry. Market cap, P/E and P/B use the live price; other metrics are as reported in filings. A dash means the figure is not published for that company.

Tapetide Score

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

48 Average
Overall score

Data confidence 100/100

Category scores

Quality Strong 71
Returns, margins, earnings quality 22% weight
Valuation Poor 35
Cheap vs sector & own history 24% weight
Growth Strong 75
Sales & profit trajectory 9% weight
Financial Health Strong 83
Solvency, leverage, coverage 9% weight
Momentum Poor 5
Trend strength, vol-adjusted 12% weight
Ownership Weak 42
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

Oscillators

Neutral

Bearish
2
Neutral
5
Bullish
2

Overall

Bearish

Bearish
12
Neutral
5
Bullish
2

Moving Averages

Bearish

Bearish
10
Neutral
0
Bullish
0

Analyst Rating

Based on 5 analysts
TIED40%

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

Updated 29 Oct 2026

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

Growth Rate

Revenue Growth
8.14% lower than 3Y

change over 1 year

Net Income Growth
10.75% lower than 3Y

change over 1 year

Cash Flow Change
26.65%

change over 1 year

EBITDA Margin Change
6.45%

change over 1 year Operating margin 20% · Jun 2026

Analyst Forecasts

Forecast For
Sep 26 consensus · EBITDA
₹145 Cr −0.3% vs Jun 26
Reported High Mean Low

AI Analysis — Bull vs Bear

Figures as of 26 Oct 2026
AI opinion · based on fundamentals
Risk medium

As of 2026-10-26, National Securities Depository Ltd trades at ₹699.8 with a market cap of ₹13,996 Cr, a P/E (TTM) of 36.04x, and ROE of 15.97%. The stock is trading near its 52-week low of ₹688, having declined roughly 42% from its 52-week high of ₹1,198, while the company remains virtually debt-free with a debt-to-equity ratio of 0.01.

Bull Case 8
  • Nearly debt-free balance sheet with a debt-to-equity ratio of just 0.01, providing significant financial flexibility and resilience against interest rate cycles.
  • Strong TTM revenue growth of 24% indicates robust top-line momentum, outpacing the 3-year compounded sales CAGR of 14%.
  • ROCE of 21.22% reflects efficient capital deployment and strong underlying business economics for a capital markets infrastructure company.
  • Consistent ROE track record — 17% over both 3-year and 5-year periods, with the last year at 16% — demonstrates stable return generation for shareholders.
  • Stock trading at ₹699.8, just 1.7% above its 52-week low of ₹688, which may represent a more attractive entry valuation compared to prior levels near ₹1,198.
  • Compounded profit growth of 15% over 3 years and 13% over 5 years shows a sustained earnings growth trajectory across multiple market cycles.
  • As a depository infrastructure monopoly-duopoly player in India's capital markets, NSDL benefits structurally from secular growth in demat accounts and market participation.
  • Company is expected to deliver a good upcoming quarter, which could act as a near-term catalyst for sentiment improvement.
Bear Case 8
  • P/E (TTM) of 36.04x is elevated, especially given that TTM EPS growth is only 9%, resulting in a PEG ratio of approximately 4.0x — suggesting the stock may be pricing in more growth than currently delivered.
  • Stock has declined 36% on a 1-year CAGR basis, indicating significant negative price momentum and potential ongoing de-rating by the market.
  • Price-to-book ratio of 5.91x is high for a financial infrastructure company, leaving limited margin of safety if earnings growth moderates.
  • Debtor days have increased from 32.7 to 40.8 days, a 25% deterioration in collection efficiency that could signal working capital stress or changing client payment dynamics.
  • TTM profit growth of only 9% significantly lags TTM sales growth of 24%, indicating margin compression or rising operating costs that are eating into profitability.
  • Dividend yield of just 0.57% offers minimal income return, providing little downside cushion for investors during periods of price weakness.
  • ROE has slightly declined from a 3-year average of 17% to 15.97% currently, suggesting incremental returns on equity may be trending lower.
  • The 42% drawdown from the 52-week high of ₹1,198 to the current price of ₹699.8 reflects a material re-pricing, and the absence of longer-term CAGR data (5-year, 10-year stock CAGR unavailable) makes it difficult to assess long-term wealth creation track record.

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

AI News Digest

13h ago
Neutral 1
  • New CTO appointment Sep 29

    NSDL appointed Ashish Dandekar as CTO and KMP effective Sep 29, 2026. Outgoing CTO Prabhakaran resigned but continues as EVP until Oct 12.

TL;DR: Limited recent news flow for NSDL, with the only development being a routine CTO transition. Leadership continuity is maintained as the outgoing CTO stays on briefly in an EVP role. No material headwinds or catalysts are visible from current news; watch for operational or regulatory developments in the capital markets infrastructure space.

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 (₹)
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 (₹)
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%
—
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/EBITDA
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

Log in to view National Securities Depository insights

51 extracted metrics + investor summaries across FY16–FY27.

Shareholding Pattern

FIIs8.24%DIIs38.18%Others20.50%Public33.08%As ofSep 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 (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 market capitalisation of National Securities Depository Ltd?
National Securities Depository Ltd has a market capitalisation of ₹14,099 Cr as of 28 Oct 2026, 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 36.30 as of 28 Oct 2026, on earnings per share of ₹19.42, 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 ₹688 and ₹1,198 as of 28 Oct 2026.
Does National Securities Depository Ltd pay dividends?
National Securities Depository Ltd has a dividend yield of 0.57%.
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
Shares Outstanding 20,00,00,000

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