National Securities Depository Limited
National Securities Depository Limited, together with its subsidiaries, provides depository services in India. It operates through Depository, Database Management Services, and Banking Services segments. The company offers SPEED-e for demat account holders to submit instructions directly on the internet; IDeAS for viewing balances and transactions; SPICE for clearing members to digitally submit power-of-attorney/demat debit and pledge instruction-based delivery instructions; and STeADY for brokers to submit electronic contract notes. It also provides value-added services comprising DPM plus, delivery instruction management system, STP navigator, auto download, and eSigner; digital integration products consisting of digital LAS, demat account validation, MF conversion and redemption APIs, eDIS and margin pledge, and open architecture system; and issuer service offerings, such as issuer companies, e-AGM, e-voting, tax services, direct payout mechanism, and reference data products, as well as online platforms for issuances, including CP issuance platform, issuer portal, security and covenant monitoring, system-driven disclosure, FPI monitor, and corporate bond database. In addition, the company offers account maintenance, dematerialization, rematerialization, and transmission/nomination; market, off market, and inter-depository transfers; depository account validation; consolidated account statement; auto delivery out; dividend distribution; and stock lending and borrowing services. Further, it is involved in electronic infrastructure for dematerialization of securities; facilitation of electronic settlement of trades; and set-up of system infrastructure, connectivity, software application, and database management systems. The company was formerly known as NSDL Depository Limited and changed its name to National Securities Depository Limited in January 2013. National Securities Depository Limited was incorporated in 1995 and is headquartered in Mumbai, India.
Valuation
Profitability
Returns
Solvency
AI Summary
Indian StockRule-based from financial data. Not advice.
Historically, Apr has averaged the highest return (+12.0%); Mar the lowest (-13.7%).
| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | -7.9%Negative MonthJan 2026: -7.91% | -6.4%Negative MonthFeb 2026: -6.36% | -13.7%Negative MonthMar 2026: -13.71% | +12.0%Positive MonthApr 2026: +11.99% | β | β | β | β | β | β | β | β |
| 2025 | β | β | β | β | β | β | β | β | -2.3%Negative MonthSep 2025: -2.28% | -4.1%Negative MonthOct 2025: -4.09% | -3.7%Negative MonthNov 2025: -3.72% | -4.7%Negative MonthDec 2025: -4.69% |
| AvgΒ±SD |
Each cell is the percentage change in closing price from the end of the prior month to the end of this month. The bottom row shows the average return for that calendar month across the selected years, plus or minus one standard deviation β the range that historically contained roughly two-thirds of outcomes. Past monthly patterns are not a forecast of future returns.
This aggregates every month by calendar position β all Januaries together, all Februaries together, and so on β to show whether a given month has leaned positive or negative historically. βSimpleβ counts each month as +1 or β1. βWeightedβ gives larger moves more influence: +2 above +10%, β2 below β10%. With only 2 years of history for this asset, each monthβs score reflects a small number of observations β read it as a historical tendency, not a reliable seasonal pattern.
This tracks a running tally across the assetβs full price history: each month adds or subtracts based on whether it was positive or negative. A rising line means more positive months than negative so far; a flattening or falling line means recent months have leaned negative. This measures historical month-to-month consistency, not expected future performance.
Year-to-date return is calculated by dividing each dayβs closing price by the price on January 1st of that year (or the assetβs first available price if it began trading mid-year). The custom average line shows the mean YTD return at each calendar day across the selected years. The standard deviation band shows the range within which returns have historically fallen β at 1 SD, roughly two-thirds of years; at 2 SD, roughly 95%. Past year-to-date patterns do not predict future returns. The average and standard deviation band are computed from the year set chosen in βAverage fromβ, which is independent of which year lines are displayed. The current in-progress year is excluded from these calculations, since a partial year is not comparable to complete ones. Election-cycle groupings follow the US presidential calendar and are offered only for US and crypto assets.
Historical Performance
Revenue, profitability, and cash flow trends (βΉ Crores)
Revenue (10Y)
Operating Income (10Y)
Net Profit (10Y)
Operating Margin % (10Y)
Dividend Payout % (10Y)
Free Cash Flow (10Y)
Growth Summary
Latest fiscal year: Mar 2025
Historical Growth
Year-by-year revenue, profitability, and cash flow (βΉ Crores, last 10 years)
| Year | Revenue | Op. Income | Net Profit | CFO | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|---|
| Mar 2025 | βΉ619.00 Cr | β | βΉ322.00 Cr | β | β | 17.8% | 30.9% | 24.8% |
| Mar 2024 | βΉ473.00 Cr | β | βΉ258.00 Cr | β | β | 17.1% | 15.6% | 22.3% |
| Mar 2023 | βΉ409.00 Cr | β | βΉ211.00 Cr | β | β | 16.6% | 10.8% | 14.7% |
| Mar 2022 | βΉ369.00 Cr | β | βΉ184.00 Cr | β | β | 17.0% | 9.8% | 4.5% |
| Mar 2021 | βΉ336.00 Cr | β | βΉ176.00 Cr | β | β | 19.2% | 34.4% | 63.0% |
| Mar 2020 | βΉ250.00 Cr | β | βΉ108.00 Cr | β | β | 14.3% | β | β |
Financial Statements
Income statement, balance sheet, and cash flow (βΉ Crores, as reported)
Consolidated Figures in USD Millions.
| Unnamed: 0 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|
| Revenue / Net Sales | 250 | 336 | 369 | 409 | 473 | 619 |
| Total Expenses | 148 | 155 | 180 | 203 | 231 | 288 |
| EBIT / Operating Profit | 102 | 181 | 189 | 206 | 242 | 331 |
| OPM % | 41% | 54% | 51% | 50% | 51% | 53% |
| Other Income | 41 | 53 | 58 | 76 | 98 | 113 |
| Finance Costs | 0 | 0 | 2 | 0 | 0 | 0 |
| Depreciation & Amortisation | 5 | 7 | 10 | 10 | 12 | 21 |
| Profit Before Tax | 138 | 226 | 236 | 272 | 328 | 422 |
| Tax % | 21% | 22% | 22% | 22% | 21% | 24% |
| Net Profit / PAT | 108 | 176 | 184 | 211 | 258 | 322 |
| EPS (βΉ) | 27.10 | 44.04 | 45.90 | 10.54 | 12.90 | 16.08 |
| Dividend Payout % | 15% | 11% | 54% | 9% | 8% | 12% |
Peer Comparison
Financials sector peers, ranked by market cap
| Company | Market Cap | Revenue | P/E | P/B | EV/EBITDA | Rev G 1Y |
|---|---|---|---|---|---|---|
| National Securities Depository Limitedthis co. | βΉ20.70 K Cr | βΉ619.00 Cr | 63.30 | 10.51 | 60.73 | 30.9% |
| HDFC Bank Ltd. | βΉ14.43 L Cr | βΉ3.01 L Cr | 20.30 | 2.78 | β | 16.3% |
| ICICI Bank Ltd. | βΉ10.28 L Cr | βΉ1.63 L Cr | 20.70 | 3.32 | β | 14.3% |
| State Bank Of India | βΉ9.49 L Cr | βΉ4.62 L Cr | 13.30 | 1.83 | β | 11.4% |
| Bajaj Finance Limited | βΉ5.91 L Cr | βΉ61.95 K Cr | 36.80 | 6.33 | β | 32.0% |
| LIFE INSURANCE CORPORATION OF INDIA | βΉ5.26 L Cr | βΉ8.87 L Cr | 10.30 | 3.73 | 9.87 | 5.2% |
| Kotak Mahindra Bank Ltd. | βΉ4.24 L Cr | βΉ52.92 K Cr | 31.70 | 3.39 | β | 15.5% |
| Industry Average | β | βΉ30.80 K Cr | 45.91 | 4.87 | 70.91 | 14.6% |
