N
National Securities Depository Ltd
NATIONALSECURITIESDEPOSITORYLTD NSE
National Securities Depository Ltd
Capital MarketsNSE: NATIONALSECURITIESDEPOSITORYLTD BSE: NSDL Depository
Key Fundamentals
SmallcapDepositoryCapital MarketsMarket Cap
₹16,156 Cr
Volatility
Moderate
P/E Ratio
41.6
EBITDA
₹430 Cr
Return on Equity
17.11%
Debt to Equity
0.01
Book Value
₹118.5
52W High
₹1,382
52W Low
₹788
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
Log in to view National Securities Depository Ltd insights
37 extracted metrics + investor summaries across FY16–FY26.
Tapetide Score
Data-driven rating, 0–100. How it works →
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
Revenue Growth
-0.34% ↘
Net Income Growth
14.82% ↗
Cash Flow Change
394.20% ↗
ROE
4.58% ↘
ROCE
8.13% ↘
EBITDA Margin (Avg.)
-18.90% ↘
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 5d agoAI opinion · based on fundamentals
Risk medium
National Securities Depository Ltd is a near-monopoly depository infrastructure provider trading at a PE of 41.8x with a market cap of ~₹16,278 crore. FY25 net profit grew 24.6% YoY to ₹343 crore on total income of ₹1,535 crore, though the company is losing incremental demat account market share to CDSL and debtor days have risen from 32.7 to 40.8 days.
Bull Case 8
- Virtually debt-free balance sheet provides financial resilience and optionality for future investments
- FY25 net profit surged 24.6% YoY to ₹343 crore, demonstrating strong earnings momentum
- Compounded sales growth of 27% over 5 years and 24% TTM indicates sustained revenue expansion
- Dominant position in demat custody value at ₹547.8 lakh crore, reflecting high-value institutional client base
- Consistent ROE of 17% over 3 years and 18% over 5 years signals efficient capital deployment
- Q3 FY25 net profit jumped 30% YoY to ₹85.8 crore, showing accelerating quarterly performance
- Essential market infrastructure institution with duopoly status creates high barriers to entry
- Demat account base of 3.58 crore holders provides a recurring revenue stream from annual charges
Bear Case 8
- PE of 41.8x is expensive for a company delivering only 9% TTM profit growth, implying stretched valuations
- Stock has declined 33% over the past 1 year from peak levels, indicating significant price correction
- NSDL lost ~400-420 bps market share YoY in total demat accounts to CDSL, signalling competitive pressure
- Debtor days increased from 32.7 to 40.8 days, suggesting deteriorating working capital efficiency
- Q4 FY26 EBITDA margin compressed to 22.7% from 29.9% YoY despite 27% revenue growth, indicating cost pressures
- Industry demat account additions slowed to a six-year low in 2025 at ~3.2 crore vs 4.1 crore in FY25, limiting growth runway
- Dividend yield of just 0.49% offers minimal income return relative to the premium valuation
- Price-to-book of 6.86x is elevated for a financial infrastructure company with 17% ROE
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 7h ago Headwinds 2
- ₹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 for FY21-FY24.
- ₹50,000 GST penalty notice Jul 25
CBIC GST authority issued a show cause notice proposing ₹50,000 penalty for delayed registration amendment.
Positives 2
- Q1FY27 profit rises 10% YoY Jul 30
Consolidated net profit rose 10% YoY to ₹983 crore in Q1FY27, driven by a 66% surge in banking services revenue. Standalone PAT grew 8% to ₹891 crore.
- FY26 dividend record date set Jul 30
Record date for FY26 dividend fixed as Sep 11, 2026. The 14th AGM is scheduled for Sep 22 to approve the payout.
Neutral 2
- Investor meet on August 19 Aug 13
NSDL will hold an in-person analyst meeting in Mumbai on August 19, 2026 as part of the Motilal Oswal conference.
- IEPF Nodal Officer appointed Jul 30
Alen Ferns appointed as Nodal Officer under IEPF Rules to handle shareholder claims and coordinate with the Authority.
TL;DR: NSDL delivered solid Q1FY27 earnings with 10% profit growth and strong banking services momentum. GST-related notices totalling ~₹28.7 crore pose a minor regulatory overhang but are not material relative to quarterly profits of ₹983 crore. Dividend commitment and investor engagement signal management confidence. The operational trend remains positive, though regulatory compliance issues bear monitoring.
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% |
Documents
1
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome
2 May - Audio recording of May 2, 2026 Q4 and FY2026 results conference call uploaded on NSDL website. 2 May - Audio recording of May 2, 2026 Q4 and FY2026 results conference call uploaded on NSDL website.
2
Announcement under Regulation 30 (LODR)-Newspaper Publication
1 May - Submission of Newspaper clippings for Audited Standalone and Consolidated Financial Results for the quarter and year ended March 31, 2026. 1 May - Submission of Newspaper clippings for Audited Standalone and Consolidated Financial Results for the quarter and year ended March 31, 2026.
3
Announcement under Regulation 30 (LODR)-Investor Presentation
1 May - Investor Presentation Q4 (2025-26) and FY 2026 1 May - Investor Presentation Q4 (2025-26) and FY 2026
4
Disclosure Under Regulation 30 Read With Schedule III Of The SEBI (LODR) Regulations, 2015
30 Apr - NSDL board approved Rs. 1 crore transfer to Investor Protection Fund on 30 April 2026 for technical glitches. 30 Apr - NSDL board approved Rs. 1 crore transfer to Investor Protection Fund on 30 April 2026 for technical glitches.
5
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome
2 May - Audio recording of May 2, 2026 Q4 and FY2026 results conference call uploaded on NSDL website. 2 May - Audio recording of May 2, 2026 Q4 and FY2026 results conference call uploaded on NSDL website.
Frequently Asked Questions about National Securities Depository Ltd
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 (NATIONALSECURITIESDEPOSITORYLTD) listed?
National Securities Depository Ltd is listed on the Indian stock exchanges. It is listed on NSE: NATIONALSECURITIESDEPOSITORYLTD and BSE: NSDL. You can view its live share price, financials, and ratios on Tapetide.
Which sector does National Securities Depository Ltd belong to?
National Securities Depository Ltd operates in the Capital Markets sector within the Depository industry. Sector classification helps investors compare companies affected by similar economic conditions and regulatory changes.
What is the market capitalisation of National Securities Depository Ltd?
National Securities Depository Ltd has a market capitalisation of approximately ₹16156.00 Cr. Based on this, it is classified as a Mid Cap stock.
What is the PE ratio of National Securities Depository Ltd?
The Price-to-Earnings (PE) ratio of National Securities Depository Ltd is 41.60. The PE ratio compares a company's share price to its earnings per share and is commonly used to assess whether a stock is overvalued or undervalued relative to its peers.
What is the 52-week high and low of National Securities Depository Ltd?
Over the past 52 weeks, National Securities Depository Ltd has traded between a low of ₹788 and a high of ₹1,382. This range helps investors understand the stock's price volatility and recent trading levels.
Does National Securities Depository Ltd pay dividends?
Yes, National Securities Depository Ltd has a dividend yield of 0.49%. Dividend yield indicates the annual dividend income relative to the share price. A consistent dividend history can signal financial stability.
What is the Return on Equity (ROE) of National Securities Depository Ltd?
National Securities Depository Ltd has a Return on Equity (ROE) of 17.11%. ROE measures how effectively a company uses shareholders' equity to generate profits. A higher ROE generally indicates better capital efficiency.
How can I research National Securities Depository Ltd on Tapetide?
On Tapetide, you can view National Securities Depository Ltd's live share price, quarterly results, profit & loss statements, balance sheet, cash flow, key ratios, shareholding pattern, technical indicators, analyst ratings, and forecasts — all on a single page without needing to sign up.
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]