IPO Note– NSDL (29th July 2025)
Company Overview NSDL
● National Securities Depository Limited (NSDL), established in 1996, is India’s first and largest central securities ₹ 760 - 800 ₹ 4011.60 Cr
depository, and a critical infrastructure institution for electronic securities settlement and custody in the capital Price Band Issue Size
markets. NSDL is promoted by major Indian financial institutions including National Stock Exchange (NSE), IDBI
Bank, and UTI, and maintains high compliance standards under SEBI regulation.
6th August 2025
30thJuly - 1st August
Listing date
● As of June 30, 2025, NSDL reports that it manages ₹510.91 lakh crore in assets under custody, serves over 4 crore Subscription Days
demat accounts through 289 depository participants, and operates 65,983 service centres nationwide.
Subscribe for Long Term
● NSDL, backed by strong regulatory compliance and technology, offers a comprehensive suite of services including
PAN and Aadhaar authentication, NPS recordkeeping, e-voting, and trade settlement, maintaining leadership in
institutional custody amid rising digital adoption and financial formalization in India.
Sector Outlook
● India’s securities depository industry is experiencing structural growth driven by a surge in demat accounts, from
3.9 crore in FY19 to over 19.2 crore by FY25, supported by rising retail participation, digital adoption, regulatory
reforms like SEBI’s e-mandates, and increasing demand from IPOs, ETFs, and mutual fund inflows.
● Regulatory tailwinds from SEBI, such as shorter settlement cycles (T+1), mandatory demat for unlisted public
companies, and increasing digital adoption are boosting volumes and compliance, benefitting depositories like
NSDL.
● Overall, the Indian securities depository segment is poised for long-term expansion supported by capital market
deepening, financial inclusion, and policy reforms.
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IPO Note – NSDL
Company Outlook
● National Securities Depository Limited (NSDL) reported robust operational results in FY25,
with total income rising 12.41% YoY to ₹1,535.18 crore and net profit increasing by
24.57% to ₹343.12 crore . The company reported a healthy EBITDA margin of 32% and
Return on Net Worth (RoNW) of 17.11%, reaffirming its strong position in institutional
custody and digital financial infrastructure.
● NSDL aims to raise ₹4,011.6 crore through an IPO comprising a pure Offer for Sale (OFS) of
5.01 crore shares by existing shareholders, including NSE and IDBI Bank. Since the issue is
entirely an OFS, NSDL will not receive any proceeds; the IPO enables early investors to
partially exit their holdings.
● At the upper price band of ₹800, NSDL is valued at a post-issue P/E of 47× FY25 earnings,
which is lower than listed peer CDSL. Given its strong market position, high entry barriers,
and long-term growth tailwinds from India’s digital and capital market expansion, we
assign a ‘Subscribe’ rating for long-term investors.
Key Risks
● NSDL faces key risks including regulatory pressure on transaction pricing, intense
competition from CDSL in the retail segment, dependence on market activity for revenue
stability, and limited growth capital from the IPO as it is a pure Offer for Sale.
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Disclaimer
SEBI (Research Analyst) Regulations, 2014 vide registration number: INH000000164
Aamar Deo Singh Head Research
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Osho Krishan Sr. Analyst – Technical & Derivatives
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Rajesh Bhosale Analyst – Technical & Derivatives
Hitesh Rathi Analyst – Technical & Derivatives
Bhuvan Shah Analyst – Technical & Derivatives
Vaqarjaved Khan, CFA Sr. Analyst – Fundamental
Gaurav Singh Analyst – Technical & Derivatives
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