National Securities Depository logo

National Securities Depository

544467 BSE
₹746.20 1.20 (0.16%)
Market Cap
₹14,924 Cr
P/E
38.42

Key Fundamentals

SmallcapDepositoryCapital Markets
Market Cap
₹14,924 Cr
P/E (TTM)
38.42
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
₹733.10

Price-based figures as of 20 Oct 2026, 16:30 IST · EPS basis: Consolidated · TTM

Peer Comparison

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

CDSL
₹1,270.0056.3226,543 Cr13.540.99%22.73%29.74%1,284 Cr471 Cr
National Securities Depository (this company)
₹746.2038.4214,924 Cr6.300.54%15.97%21.22%1,874 Cr388 Cr
Median 2 companies₹1,008.1047.3720,734 Cr9.920.77%19.35%25.48%1,579 Cr430 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. How it works →

As of 2026-10-19
v2.0.0
48 Average
Overall score
Data confidence 100/100

Category scores

Quality Strong 71
Returns, margins, earnings quality 22%
Valuation Poor 33
Cheap vs sector & own history 24%
Growth Strong 75
Sales & profit trajectory 9%
Financial Health Strong 83
Solvency, leverage, coverage 9%
Momentum Poor 8
Trend strength, vol-adjusted 12%
Ownership Poor 36
FII/DII/promoter flows 24%

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

BearishNeutralBullish

Neutral

Bearish
2
Neutral
5
Bullish
2

Overall

BearishNeutralBullish

Bearish

Bearish
11
Neutral
5
Bullish
3

Moving Averages

BearishNeutralBullish

Bearish

Bearish
9
Neutral
0
Bullish
1
Analyst Rating
Based on 5 analysts
TIED40%

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

Updated 19 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

AI Analysis — Bull vs Bear

Figures as of 16 Oct 2026
AI opinion · based on fundamentals
Risk medium

As of the 2026-10-16 close, National Securities Depository Ltd trades at ₹747.4, giving it a market cap of ₹14,948 crore, a TTM P/E of 38.49 and a P/B of 6.31. That price is about 2% above the 52-week low of ₹733.1 and about 38% below the 52-week high of ₹1,198. The company is nearly debt-free (D/E 0.01), with ROE of 15.97% and ROCE of 21.22%. TTM sales grew 24%, but TTM profit grew only 9%. Debtor days rose from 32.7 to 40.8.

Bull Case 7
  • The balance sheet is nearly debt-free, with a debt-to-equity ratio of 0.01. That leaves very little financial risk from leverage or interest costs.
  • ROCE of 21.22% and ROE of 15.97% (17% average over both 3 and 5 years) show steady returns from a business that doesn't need much capital.
  • Revenue is growing fast. TTM sales grew 24% and 5-year compounded sales grew 27%, which tracks rising demat account and capital-market activity in India.
  • Profit has compounded over the long run, at 15% over 3 years and 13% over 5 years. That points to repeatable earnings from depository fees.
  • NSDL is one of only two depositories in India. That market structure creates high entry barriers and makes revenue tied to custody and transactions fairly sticky.
  • The stock is about 38% below its 52-week high of ₹1,198 and close to its 52-week low of ₹733.1. The TTM P/E of 38.49 is therefore lower than the multiple the stock carried at the top of its range.
  • Available data flags the company as expected to report a good quarter. If that happens, it could improve the TTM EPS of ₹19.42.
Bear Case 8
  • Profit growth is falling behind revenue growth: TTM profit grew 9% against 24% for sales. This suggests margins are being squeezed by costs, pricing, or business mix.
  • Valuation is still high in absolute terms. A TTM P/E of 38.49 equals an earnings yield of about 2.6%, and the P/B of 6.31 is high next to an ROE of 15.97%.
  • The stock is down 36% over 1 year, and the price of ₹747.4 is only about 2% above the 52-week low of ₹733.1. That shows weak price momentum.
  • Debtor days rose from 32.7 to 40.8, an increase of about 25%. Customers are taking longer to pay, which can strain cash conversion.
  • ROE has slipped to 16% last year from a 17% average over 3 and 5 years. Returns on equity are drifting lower.
  • The dividend yield of 0.53% offers little income support while the share price falls.
  • Revenue depends on capital-market activity and regulated fee structures. Lower trading or IPO volumes, or SEBI-driven fee changes, could hold back growth even after 3-year sales growth of 14%.
  • Return history is limited. 3-, 5- and 10-year stock CAGR data are unavailable and 10-year ROE is blank, so there is little track record of performance as a listed company.

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

AI News Digest

16h ago
Positives 2
  • ₹4 dividend approved at AGM Sep 22

    Shareholders approved a ₹4 per share dividend and reappointed directors at NSDL's 14th AGM on September 22, 2026. This was the company's first full year as a listed entity.

  • Ankit Sharma named Executive Director Sep 21

    Ankit Sharma joins as Executive Director for a five-year term starting September 21, 2026. He has over 30 years of regulatory experience from NSE and ICICI Securities, which adds compliance depth at a market infrastructure institution.

Neutral 1
  • CTO handover to Ashish Dandekar Sep 29

    Ashish Dandekar became CTO and KMP effective September 29, 2026. Outgoing CTO Prabhakaran stays on as EVP until October 12, which gives about two weeks for the handover.

TL;DR: All of NSDL's recent news is about governance and leadership. It approved a ₹4 dividend at its first AGM as a listed company and added an Executive Director with deep regulatory experience. The only thing to watch is the CTO change, since technology reliability is central to a depository's business, but the short overlap with the outgoing CTO lowers the execution risk. None of these items changes the fundamental picture, so the stock is likely to follow demat account growth, capital market activity and SEBI regulatory developments in the coming quarters.

Analyst Forecasts

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

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

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 (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 ₹14,924 Cr as of 20 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 38.42 as of 20 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 ₹733.1 and ₹1,198 as of 20 Oct 2026.
Does National Securities Depository Ltd pay dividends?
National Securities Depository Ltd has a dividend yield of 0.54%.
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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