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.

Q: Should I buy, sell or hold National Securities Depository Ltd?

Based on the current analysis of National Securities Depository Ltd, it appears that selling might be the most prudent option at this time. The company's recent performance has shown a decline in profit before tax, which fell by 5.7% compared to the previous quarter's average. Additionally, the stock is considered expensive with a price-to-book value of 8.1, especially given its return on equity of 15.8%.While the company does have strong long-term fundamentals, with a solid average ROE of 16.86% and healthy growth rates in net sales and operating profit, the recent flat results and high valuation suggest that it may not be the best time to hold or buy. Furthermore, the high institutional holdings indicate that these investors have confidence in the company's long-term potential, but the immediate outlook does not appear favorable.In summary, considering the current financial indicators, it may be wise to consider selling your holdings in National Securities Depository Ltd.

Results Declared: N S D L has declared results on 30 Apr 2026! Click here to unlock the latest financial performance

Price Point

High/Low

1Day

52 Week

Valuation

Technical

Day's Volume

CASH

6.28 lacs (17.05%) Volume

Shareholding (Mar 2026)

FII

14.40%

Held by 53 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

Should I buy, sell or hold National Securities Depository Ltd?

01-May-2026

Why is National Securities Depository Ltd falling/rising?

09-May-2026

As of 08-May, the stock price of National Securities Depository Ltd is rising to 875.15, reflecting a positive short-term trend with increased investor participation. Despite some long-term concerns, strong fundamentals and institutional support contribute to the stock's upward movement.

View full answer

Which are the latest news on N S D L?

09-May-2026

National Securities Depository Ltd is Rated Sell
National Securities Depository Ltd Valuation Shifts Signal Elevated Risk Amid Market Underperformance

Compare N S D L with Similar Stocks

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Score

Click here to find our call on this stock

Strong Sell

Sell

Hold

Buy

Strong Buy

Dashboard

Poor long term growth as Operating profit has grown by an annual rate of 17.33%

Flat results in Mar 26

Risky - Negative Operating Profits

Mojo Parameters

Loading Valuation Snapshot...

Stock DNA

Industry

Capital Markets

Market cap

INR 17,600 Cr (Small Cap)

P/E

46.00

Industry P/E

Dividend Yield

0.23%

Debt Equity

0.01

Return on Equity

16.02%

Price to Book

7.32

Revenue and Profits:

Net Sales:

458 Cr

(Quarterly Results - Mar 2026)

Net Profit:

90 Cr

Total Returns

Total Returns (Price + Dividend)

Dividend Yield (0.23%)

TimePeriod

Price Return

Dividend Return

Total Return

3 Months

-9.71%

6 Months

-18.18%

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 is Rated Sell

National Securities Depository Ltd is rated 'Sell' by MarketsMOJO, with this rating last updated on 28 Jan 2026. However, the analysis and financial metrics discussed here reflect the stock's current position as of 08 May 2026, providing investors with an up-to-date view of its fundamentals, valuation, financial trends, and technical outlook.

Read full news article

National Securities Depository Ltd Valuation Shifts Signal Elevated Risk Amid Market Underperformance

National Securities Depository Ltd (NSDL), a key player in India’s capital markets infrastructure, has seen its valuation parameters deteriorate sharply, prompting a downgrade in its investment grade to ‘Sell’. With a price-to-earnings (P/E) ratio soaring to 45.55 and a price-to-book value (P/BV) of 7.30, the stock now trades in the ‘risky’ valuation category, reflecting heightened investor caution amid subdued returns and sector headwinds.

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 here reflect the stock's current position as of 27 April 2026, providing investors with an up-to-date view of its performance and outlook.

Read full news article

Announcements

Announcement under Regulation 30 (LODR)-Earnings Call Transcript

06-May-2026 | Source : BSE

Transcript for the conference call held on May 02 2026 for the Q4(2025-26) and FY2026.

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

02-May-2026 | Source : BSE

Pursuant to Regulation 30 and 46 of Listing Regulations the audio recording of the Conference Call held on Saturday May 02 2026 organised by ICICI Securities for Q4 (2025-26) and FY2026 Results has been uploaded on the website of the Company.

Announcement under Regulation 30 (LODR)-Investor Presentation

01-May-2026 | Source : BSE

Investor Presentation Q4 (2025-26) and FY 2026

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

52.04%

ROE (avg)

16.86%

Valuation key factors

Factor

Value

P/E Ratio

Industry P/E

Price to Book Value

7.39

EV to EBIT

-330.43

EV to EBITDA

EV to Capital Employed

21.42

EV to Sales

10.38

PEG Ratio

Dividend Yield

0.23%

ROCE (Latest)

-6.48%

ROE (Latest)

16.02%

Technicals key factors

Indicator

Weekly

Monthly

MACD

Mildly Bullish

RSI

No Signal

Bollinger Bands

Bearish

KST

Dow Theory

Mildly Bearish

No Trend

OBV

Mildly Bearish

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

Shareholding

Shareholding Snapshot : Mar 2026

Shareholding Compare (%holding)

Majority shareholders

Non Institution

Pledged Promoter Holdings

None

Mutual Funds

Held by 4 Schemes (0.19%)

FIIs

Held by 53 FIIs (14.4%)

Promoter with highest holding

None

Highest Public shareholder

National Stock Exchange Of India Limited (15%)

Individual Investors Holdings

28.03%

Financial

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Quarterly Results Snapshot (Standalone) - Mar'26 - QoQ

Mar'26

Dec'25

Change(%)

Net Sales

170.61

168.99

0.96%

Operating Profit (PBDIT) excl Other Income

87.00

90.48

-3.85%

Interest

0.04

Exceptional Items

0.00

Standalone Net Profit

79.68

77.88

2.31%

Operating Profit Margin (Excl OI)

50.99%

53.54%

-2.55%

Values in Rs Cr.

Compare with Peers

Net Sales

QoQ Growth in quarter ended Mar 2026 is 0.96% vs -17.23% in Dec 2025

Standalone Net Profit

QoQ Growth in quarter ended Mar 2026 is 2.31% vs -35.32% in Dec 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'26

Mar'26

Mar'25

Change(%)

Net Sales

1,529.96

1,420.21

7.73%

Operating Profit (PBDIT) excl Other Income

434.40

375.49

15.69%

Interest

6.70

4.02

66.67%

Exceptional Items

0.00

Consolidate Net Profit

379.74

343.12

10.67%

Operating Profit Margin (Excl OI)

28.39%

26.44%

1.95%

Values in Rs Cr.

Compare with Peers

Net Sales

YoY Growth in year ended Mar 2026 is 7.73% vs 11.98% in Mar 2025

Consolidated Net Profit

YoY Growth in year ended Mar 2026 is 10.67% vs 24.57% in Mar 2025

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