Share Price | National Securities Depository Ltd Stock Analysis & Recommendation

Q: Is N S D L overvalued or undervalued?

As of 29 August 2025, the valuation grade for N S D L has moved from does not qualify to very expensive, indicating a significant shift in its perceived value. The company is currently overvalued, with a PE ratio of 72.17, an EV to EBITDA of 63.13, and an EV to Sales ratio of 16.69. These ratios are substantially higher than those of its peers, such as Bajaj Finance with a PE of 31.3 and Bajaj Finserv at 32.09, both of which are also categorized as expensive but remain significantly lower than N S D L.In comparison to the broader market, N S D L's recent performance shows a decline of 2.92% over the past week, while the Sensex has only decreased by 1.84%. This underperformance, coupled with high valuation ratios, reinforces the conclusion that N S D L is overvalued in the current market environment.

Q: How has been the historical performance of N S D L?

Answer:The historical performance of N S D L shows significant growth in key financial metrics over the past few years.Breakdown:N S D L's net sales have increased from 761.11 Cr in Mar'22 to 1,420.15 Cr in Mar'25, indicating a strong upward trend. Total operating income has mirrored this growth, rising from 761.11 Cr in Mar'22 to 1,420.15 Cr in Mar'25. The company's total expenditure, excluding depreciation, also grew from 520.58 Cr in Mar'22 to 1,044.64 Cr in Mar'25, while operating profit (PBDIT) improved from 300.71 Cr in Mar'22 to 490.55 Cr in Mar'25. Profit before tax has seen a similar increase, moving from 279.61 Cr in Mar'22 to 451.04 Cr in Mar'25, and profit after tax rose from 214.00 Cr to 340.72 Cr in the same period. The consolidated net profit reached 343.12 Cr in Mar'25, up from 212.59 Cr in Mar'22. The company's total assets have expanded significantly from 1,686.03 Cr in Mar'22 to 2,980.77 Cr in Mar'25, while total liabilities increased from 1,686.03 Cr to 2,980.77 Cr. Cash flow from operating activities improved from 147.00 Cr in Mar'22 to 557.00 Cr in Mar'25, contributing to a closing cash and cash equivalent of 145.00 Cr in Mar'25, up from 144.00 Cr in Mar'22. Overall, N S D L has demonstrated robust growth across its financial metrics over the past few years.

Price Point

High/Low

1Day

52 Week

Valuation

Technical

Day's Volume

CASH

8.27 lacs (42.02%) Volume

Shareholding (Dec 2025)

FII

14.54%

Held by 36 FIIs

DII

35.86%

Held by 22 DIIs

Promoter

0.00%

Is N S D L overvalued or undervalued?

01-Sep-2025

As of August 29, 2025, N S D L is considered very expensive and overvalued with a PE ratio of 72.17, significantly higher than its peers, and has underperformed the market with a 2.92% decline compared to the Sensex's 1.84% drop.

View full answer

How has been the historical performance of N S D L?

13-Nov-2025

N S D L has shown significant growth from Mar'22 to Mar'25, with net sales increasing from 761.11 Cr to 1,420.15 Cr, and profit after tax rising from 214.00 Cr to 340.72 Cr, alongside substantial improvements in total assets and cash flow. Overall, the company has demonstrated robust financial performance across key metrics.

View full answer

Why is National Securities Depository Ltd falling/rising?

17-Mar-2026

As of 16-Mar, the stock price of National Securities Depository Ltd is currently at 857.25, reflecting a decline of 1.31% and a total drop of 2.21% over the last three days. The stock has underperformed its sector and has a year-to-date decline of 19.37%, attributed to high valuation concerns despite some positive long-term fundamentals.

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Which are the latest news on N S D L?

21-Mar-2026

National Securities Depository Ltd Falls to 52-Week Low of Rs.854
National Securities Depository Ltd is Rated Sell

Which are the latest news on N S D L?

22-Mar-2026

National Securities Depository Ltd Falls to 52-Week Low of Rs.854
National Securities Depository Ltd is Rated Sell

Which are the latest news on N S D L?

23-Mar-2026

National Securities Depository Ltd Falls to 52-Week Low of Rs.854
National Securities Depository Ltd is Rated Sell

Compare N S D L with Similar Stocks

Nuvama Wealth Cams Services Angel One

Score

Click here to find our call on this stock

Strong Sell

Sell

Hold

Buy

Strong Buy

Dashboard

Flat results in Dec 25

NO KEY NEGATIVE TRIGGERS

With ROE of 15.8, it has a Very Expensive valuation with a 8 Price to Book Value

Mojo Parameters

Loading Valuation Snapshot...

Stock DNA

Industry

Capital Markets

Market cap

INR 17,205 Cr (Small Cap)

P/E

45.00

Industry P/E

Dividend Yield

0.23%

Debt Equity

0.01

Return on Equity

15.84%

Price to Book

8.04

Revenue and Profits:

Net Sales:

360 Cr

(Quarterly Results - Dec 2025)

Net Profit:

90 Cr

Total Returns

Total Returns (Price + Dividend)

Dividend Yield (0.23%)

TimePeriod

Price Return

Dividend Return

Total Return

3 Months

-22.34%

6 Months

-32.0%

1 Year

0.0%

2 Years

0.0%

3 Years

0.0%

4 Years

0.0%

5 Years

0.0%

Latest dividend: 2 per share ex-dividend date: Sep-19-2025

Risk Adjusted Returns v/s

Returns Beta

Beta has not been calculated since enough price history is not available

News & Corporate Actions

News

National Securities Depository Ltd Falls to 52-Week Low of Rs 845.75 as Sell-Off Deepens

Read full news article

National Securities Depository Ltd Falls to 52-Week Low of Rs.854

National Securities Depository Ltd (NSDL) has declined to a fresh 52-week low of Rs.854, marking a significant price level for the small-cap capital markets company. This new low reflects a continuation of recent downward momentum amid broader market dynamics and technical indicators.

Read full news article

National Securities Depository Ltd is Rated Sell

National Securities Depository Ltd is rated 'Sell' by MarketsMOJO, with this rating last updated on 28 January 2026. However, the analysis and financial metrics discussed below reflect the stock's current position as of 14 March 2026, providing investors with an up-to-date view of the company’s fundamentals, valuation, financial trends, and technical outlook.

Read full news article

Announcements

Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation

10-Feb-2026 | Source : BSE

Intimation regarding Analyst/Investor Meeting dated February 18 2026 under Regulation 30 of the SEBI (Listing Obligations & Disclosure Requirements) Regulations 2015.

Announcement under Regulation 30 (LODR)-Change in Management

06-Feb-2026 | Source : BSE

Intimation under Regulation 30 of the SEBI (LODR) 2015 for the appointment of Dr. Shashank Saksena as Public Interest Director of the Company for the period of 3 years with effect from February 06 2026.

Disclosure Under Regulation 30 Read With Schedule III Of The Securities And Exchange Board Of India (Listing Obligations And Disclosure Requirements) Regulations 2015

05-Feb-2026 | Source : BSE

Disclosure under Regulation 30 read with Schedule III of the SEBI (LODR) 20215

Corporate Actions

BOARD MEETING

No Upcoming Board Meetings

DIVIDEND

National Securities Depository Ltd has declared 100% dividend, ex-date: 19 Sep 25

SPLITS

No Splits history available

BONUS

No Bonus history available

RIGHTS

No Rights history available

Key Factors

Quality key factors

Factor

Value

Sales Growth (5y)

23.10%

EBIT Growth (5y)

17.33%

Net Debt to Equity (avg)

Institutional Holding

52.39%

ROE (avg)

16.86%

Valuation key factors

Factor

Value

P/E Ratio

Industry P/E

Price to Book Value

7.75

EV to EBIT

44.66

EV to EBITDA

40.45

EV to Capital Employed

27.26

EV to Sales

10.69

PEG Ratio

Dividend Yield

0.24%

ROCE (Latest)

61.04%

ROE (Latest)

15.84%

Technicals key factors

Indicator

Weekly

Monthly

MACD

Bearish

RSI

No Signal

Bollinger Bands

Bearish

KST

Dow Theory

Bearish

OBV

No Trend

Mildly Bearish

Technical Indicator Scale: Bearish, Mildly Bearish, Sideways, Mildly Bullish, Bullish Turned

Shareholding

Shareholding Snapshot : Dec 2025

Shareholding Compare (%holding)

Majority shareholders

Non Institution

Pledged Promoter Holdings

None

Mutual Funds

Held by 5 Schemes (0.45%)

FIIs

Held by 36 FIIs (14.54%)

Promoter with highest holding

None

Highest Public shareholder

National Stock Exchange Of India Limited (15%)

Individual Investors Holdings

27.72%

Financial

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Quarterly Results Snapshot (Standalone) - Dec'25 - QoQ

Dec'25

Sep'25

Change(%)

Net Sales

168.99

204.16

-17.23%

Operating Profit (PBDIT) excl Other Income

90.48

114.27

-20.82%

Interest

0.04

0.02

100.00%

Exceptional Items

0.00

Standalone Net Profit

77.88

120.41

-35.32%

Operating Profit Margin (Excl OI)

53.54%

55.97%

-2.43%

Values in Rs Cr.

Compare with Peers

Net Sales

QoQ Growth in quarter ended Dec 2025 is -17.23% vs 26.84% in Sep 2025

Standalone Net Profit

QoQ Growth in quarter ended Dec 2025 is -35.32% vs 45.72% in Sep 2025

All Quarterly Results

Half Yearly Results Snapshot (Standalone) - Sep'25

Sep'25

Sep'24

Change(%)

Net Sales

365.12

303.80

20.18%

Operating Profit (PBDIT) excl Other Income

200.05

166.86

19.89%

Interest

0.05

0.04

25.00%

Exceptional Items

0.00

Standalone Net Profit

203.04

168.38

20.58%

Operating Profit Margin (Excl OI)

54.79%

54.92%

-0.13%

Values in Rs Cr.

Compare with Peers

Net Sales

Not Applicable: The company has declared_date for only one period

Standalone Net Profit

Not Applicable: The company has declared_date for only one period

All Half Yearly Results

Nine Monthly Results Snapshot (Standalone) - Dec'25

Dec'25

Dec'24

Change(%)

Net Sales

534.11

452.09

18.14%

Operating Profit (PBDIT) excl Other Income

290.53

247.68

17.30%

Interest

0.09

0.06

50.00%

Exceptional Items

0.00

Standalone Net Profit

280.92

245.86

14.26%

Operating Profit Margin (Excl OI)

54.40%

54.79%

-0.39%

Values in Rs Cr.

Compare with Peers

Net Sales

Not Applicable: The company has declared_date for only one period

Standalone Net Profit

Not Applicable: The company has declared_date for only one period

All Nine Monthly Results

Annual Results Snapshot (Consolidated) - Mar'25

Mar'25

Mar'24

Change(%)

Net Sales

1,420.15

1,268.24

11.98%

Operating Profit (PBDIT) excl Other Income

375.51

285.03

31.74%

Interest

4.10

2.06

99.03%

Exceptional Items

0.00

Consolidate Net Profit

343.12

275.45

24.57%

Operating Profit Margin (Excl OI)

26.44%

22.47%

3.97%

Values in Rs Cr.

Compare with Peers

Net Sales

YoY Growth in year ended Mar 2025 is 11.98% vs 24.10% in Mar 2024

Consolidated Net Profit

YoY Growth in year ended Mar 2025 is 24.57% vs 17.31% in Mar 2024

All Annual Results

Company CV

About National Securities Depository Ltd

National Securities Depository Ltd

Small Cap

Capital Markets

National Security Depository Limited was incorporated on April 27, 2012, as "NSDL Depository Limited" in Mumbai as a Public Limited Company, pursuant to a Certificate of Incorporation. The Company is a SEBI registered market infrastructure institution (MII) offering a wide range of products and services to the financial and securities markets in India. The Company commenced operations through a Certificate of Commencement of Business dated May 16, 2012, issued by the RoC.

Company Coordinates

No Company Details Available