National Securities Depository Limited (NSDL)

Platform	Last Traded Price	Min Quantity

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.

Balance Sheet	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

Profit & Loss	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

Shareholding Pattern

Color	Shareholder	Holding
	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%

Fundamentals

Quick Insights

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.

Market Cap₹23,300 Cr

PE Ratio67.89

EPS₹17.16

Dividend Yield-

Book Value₹100.27 Cr

Debt/Equity0.04

Price/Book11.62

Price/Sales-

Industry PE-

Sales₹1,420.15 Cr

Profit After Tax₹343.12 Cr

Share Capital₹40 Cr

Shares Outstanding-

ISININE301O01023

SectorClearing House

Symbol-

About Company

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.

Quick Insights

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.

Market Cap₹23,300 Cr

PE Ratio67.89

EPS₹17.16

Dividend Yield-

Book Value₹100.27 Cr

Debt/Equity0.04

Price/Book11.62

Price/Sales-

Industry PE-

Sales₹1,420.15 Cr

Profit After Tax₹343.12 Cr

Share Capital₹40 Cr

Shares Outstanding-

ISININE301O01023

SectorClearing House

Symbol-

About Company

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.

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.

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.

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.

Annual Reports

FY 2022 FY 2023 FY 2024 FY 2025

Balance Sheet	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

Profit & Loss	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

Shareholding Pattern

Color	Shareholder	Holding
	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%

Board of Directors

Mr. Vijay ChandokManaging Director & CEO

Mr. Parveen Kumar GuptaChairman, Public Interest Director

Prof. Rajat MoonaPublic Interest Director

Ms. Sripriya KumarPublic Interest Director

Dr. Madhu Sudan SahooPublic Interest Director

Mr. Sanjay PanickerNon-Independent Director

Mr. Sriram KrishnanNon-Independent Director

Senior Management

Ms. Padmaja ChundruMD & CEO

S.GopalanExecutive Director

Parveen Kumar GuptaChairman, Public Interest Director