National Securities Depository Limited (NSDL) - Unlisted Shares
Fundamentals
- Current Price
- ₹990.7
- Market Cap
- ₹19,814.00 Cr
- ISIN
- INE301O01023
- Face Value
- ₹2
- P/E Ratio
- 57.73
- EPS
- 17.16
- P/B Ratio
- 9.88
- Book Value
- 100.27
- Debt / Equity Ratio
- 0.04
Key Financials
Profit & Loss
| Metric | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|
| Net Revenue | 1420.15 | 1268.24 | 1021.99 | 761.11 | 465.75 |
| Growth % | 11.98% | 24.10% | 34.28% | 63.42% | - |
| Total Operating Expenses | 1,044.64 | 983.21 | 766.73 | 520.58 | 259.84 |
| Growth % | 6.25% | 28.23% | 47.28% | 100.34% | - |
| Operating Profit (EBITDA) | 375.51 | 285.03 | 255.26 | 240.53 | 205.91 |
| Operating Profit Margin % | 26.44% | 22.47% | 24.98% | 31.60% | 44.21% |
| Other Income | 115.04 | 97.46 | 77.83 | 60.18 | 58.55 |
| Finance Costs | 4.10 | 2.06 | 1.52 | 2.18 | 0.86 |
| Depreciation and Amortization Expense | 35.40 | 24.12 | 21.69 | 18.93 | 17.02 |
| Profit before Share of Profit / (Loss) of investment accounted for using | 2.40 | 1.36 | 4.84 | 1.407 | 0.00 |
| Profit Before Tax | 453.44 | 354.95 | 305.04 | 278.20 | 246.58 |
| Income Tax | 110.32 | 79.51 | 70.23 | 65.61 | 58.02 |
| Tax % | 24.33% | 22.40% | 23.02% | 23.58% | 23.53% |
| Profit After Tax | 343.12 | 275.44 | 234.81 | 212.59 | 188.56 |
| Growth % | 24.57% | 17.31% | 10.45% | 12.74% | - |
| PAT % | 24.16% | 21.72% | 22.98% | 27.93% | 40.49% |
| EPS | 17.16 | 13.77 | 11.74 | 53.15 | 47.14 |
Company Financials
| Metric | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|
| Equity Capital | 40.00 | 40.00 | 40.00 | 40.00 | 40.00 |
| Reserves and Surplus | 1,965.34 | 1,644.10 | 1,388.86 | 1,171.62 | 979.30 |
| Total Equity | 2,005.34 | 1,684.10 | 1,428.86 | 1,211.62 | 1,019.30 |
| Long Term Borrowings | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Other Long Term Liabilities | 16.95 | 22.06 | 24.88 | 11.89 | 11.85 |
| Total Non-Current Liabilities | 16.95 | 22.06 | 24.88 | 11.89 | 11.85 |
| Short Term Borrowings | 89.22 | 69.64 | 61.19 | 25.25 | 34.21 |
| Other Current Liabilities | 873.33 | 481.94 | 578.55 | 443.99 | 433.38 |
| Total Current Liabilities | 962.54 | 551.57 | 639.74 | 469.24 | 467.60 |
| Equity + Liabilities | 2984.84 | 2257.74 | 2093.47 | 1692.75 | 1498.75 |
| Fixed Assets (incl. WIP) | 343.11 | 301.82 | 73.40 | 56.58 | 83.37 |
| Other Non Current Assets | 1391.45 | 1325.34 | 1184.58 | 836.00 | 723.52 |
| Total Non Current Assets | 1734.57 | 1627.15 | 1257.98 | 892.58 | 806.89 |
| Trade Receivables | 129.86 | 83.14 | 85.63 | 102.24 | 108.80 |
| Cash and Bank Balances | 374.23 | 240.47 | 381.99 | 368.85 | 383.90 |
| Other Current Assets | 746.18 | 306.97 | 367.88 | 329.08 | 199.16 |
| Total Current Assets | 1250.27 | 630.58 | 835.49 | 800.17 | 691.86 |
| Total Assets | 2984.84 | 2257.74 | 2093.47 | 1692.75 | 1498.75 |
Shareholding Pattern
- IDBI Bank
- 26.10%%
- national stock exchange of india limited
- 24.00%%
- HDFC Bank
- 8.95%%
- unit trust of india
- 6.83%%
- other
- 34.12%%
Strengths & Weaknesses
Strengths
- Market Leadership: NSDL holds 87% market share in demat custody and 99.99% of Foreign Portfolio Investor (FPI) holdings, serving 5.27 crore demat accounts across 2,000+ cities.
- Strong Financial Performance: In FY 2023–24, revenue grew 15.6% YoY to ₹473.06 Cr and PAT grew 20.6% YoY to ₹258 Cr—the highest in its 27-year history.
- Innovation & Technology Leadership: NSDL is a pioneer in dematerialisation and has launched blockchain-based platforms like DeLiTe for corporate bond monitoring, and implemented T+0 settlements, making India the first country to achieve this.
- Robust Infrastructure: Operates through over 61,000 service centres with 281 Depository Participants; shifted to a state-of-the-art data centre and is moving to a new HQ in BKC, Mumbai.
- Regulatory Collaboration & Compliance: Works closely with SEBI, supports regulatory innovations (e.g., CUSPA, UPI block mechanism), and actively participates in global and regional depository networks.
- Wide Product & Service Suite: Offers a broad range of digital and value-added services for investors, issuers, custodians, and brokers.
Weaknesses
- Regulatory Dependency: As a Market Infrastructure Institution (MII), NSDL's operations are heavily regulated. Any adverse regulatory changes could impact operations or business models.
- Operational Risks in Scaling: Handling increasing transaction volumes due to T+0 settlements, mass dematerialisation of unlisted shares, and digitisation of new asset classes requires constant infrastructure and security upgrades.
- Technology-Linked Risks: As a tech-heavy platform, NSDL is exposed to cybersecurity threats, system downtimes, and integration issues which can disrupt operations or affect trust.
- Concentration Risk: With 99.99% share of FPI accounts, there’s a dependence on a niche segment which may be volatile due to external economic or geopolitical shifts.
- Competition from Other MIIs: NSDL faces competition from CDSL and emerging platforms, especially with government-mandated dematerialisation deadlines and expanding digital finance ecosystems.
About National Securities Depository Limited (NSDL)
NSDL, established in 1996, is one of the world’s largest depositories, enabling secure, paperless settlement of securities in India. It uses advanced technology to improve efficiency, reduce risk, and lower transaction costs.
Board of Directors
- Mr. Vijay Chandok - Managing Director & CEO
- Mr. Parveen Kumar Gupta - Chairman, Public Interest Director
- Prof. Rajat Moona - Public Interest Director
- Ms. Sripriya Kumar - Public Interest Director
- Dr. Madhu Sudan Sahoo - Public Interest Director
- Mr. Sanjay Panicker - Non-Independent Director
- Mr. Sriram Krishnan - Non-Independent Director
Senior Management
- Ms. Padmaja Chundru - MD & CEO
- S.Gopalan - Executive Director
- Parveen Kumar Gupta - Chairman, Public Interest Director