National Securities Depository Limited
₹886.00-₹0.15 (0.0%)
Last close · Data as of Apr 27, 2026
- Market cap
- ₹20,703 Cr
- P/E
- 63.3x
- EV / EBITDA
- 60.7x
- Revenue
- ₹619 Cr
- Net margin
- 54.5%
- ROCE
- 14.0%
Price chart
Technical chartScreen technicals →-5.2% over the last year
Daily closes.
Go deeper
Technical chart: candles, 9 moving averages, RSI, MACD and drawing tools
Performance
Price change over each period, before dividends.
- 1M
- +6.4%
- 3M
- -10.1%
- 6M
- -23.9%
- 1Y
- -5.2%
- 5Y
- -31.8%
52-week range
Day change -₹0.15 (0.0%) from ₹886 to ₹886 · Last close Apr 27, 2026
AI Summary
Indian StockStrengths1
- Strong 5-year net profit CAGR of 19.0%
Concerns1
- Valuation elevated — PE of 63.3x is 38% above peer average of 45.9x
Rule-based from financial data. Not advice.
About the company
National Securities Depository Limited, together with its subsidiaries, provides depository services in India. It operates through Depository, Database Management Services, and Banking Services segments.
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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.
- Sector
- Financial Services
- Shares outstanding
- 20.0 Cr shares
- ISIN
- INE301O01023
- BSE code
- 544467
Key statistics
Screen fundamentals →Valuation, profitability, growth and solvency at the latest close; hover a label for its meaning.
Valuation
- Market cap
- ₹20,703 Cr
- P/E
- 63.3x
- P/B
- 10.5x
- EV / EBITDA
- 60.7x
- EV / Sales
- 43.7x
- P/S
- 43.8x
- Earnings yield
- 1.6%
- 52-week high
- ₹1,340.11
- 52-week low
- ₹791.15
Profitability
- Operating margin
- 51.2%
- Net margin
- 54.5%
- EBITDA margin
- 71.9%
- ROE
- 17.8%
- ROCE
- 14.0%
- ROA
- 14.0%
- Dividend payout
- 8.0%
- Tax rate
- 21.0%
- Other income, % of PBT
- 29.9%
Growth
- RevenueLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- ₹619 Cr
- Revenue growth, 1YLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- 30.9%
- Revenue CAGR, 5YLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- 13.6%
- EBITDALatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- ₹340 Cr
- EBITDA growth, 1YLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- 20.6%
- Net profit growth, 1YLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- 24.8%
- Net profit CAGR, 5YLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- 19.0%
- Cash from operationsLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- ₹170 Cr
- CFO growth, 1YLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- -48.9%
- Free cash flowLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- -₹1.00 Cr
- Asset growth, 1YLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- 13.0%
Solvency and efficiency
- Current ratio
- 4.70
- Debt / Assets
- 0.00
- Debt / EBITDA
- 0.00
- Financial leverage
- 1.22
- CFO / Net profit
- 0.66
- Cash / Market cap
- 1.4%
- Cash per share
- ₹14.05
- Asset turnover
- 0.26
- Fixed asset turnover
- 1.91
- Capital intensity
- 0.52
- Debtor days
- 47 days
- Cash conversion cycle
- 47 days
Where the revenue went
Of every ₹100 of FY2025 revenue, ₹52 was left as net profit.
| From | To | Amount |
|---|---|---|
| Sales | Expenses | ₹288 Cr |
| Sales | Operating profit | ₹331 Cr |
| Operating profit | Depreciation | ₹21 Cr |
| Operating profit | Profit before tax | ₹310 Cr |
| Other income | Profit before tax | ₹113 Cr |
| Profit before tax | Tax and other | ₹100 Cr |
| Profit before tax | Net profit | ₹322 Cr |
Revenue and net profit
Revenue grew 30.9% in FY2025; net profit is the dashed line.
| Date | Revenue | Net profit |
|---|---|---|
| FY2021 | ₹336 Cr | ₹176 Cr |
| FY2022 | ₹369 Cr | ₹184 Cr |
| FY2023 | ₹409 Cr | ₹211 Cr |
| FY2024 | ₹473 Cr | ₹258 Cr |
| FY2025 | ₹619 Cr | ₹322 Cr |
Cash flows
FY2025: ₹359 Cr from operations, ₹42.0 Cr free after investment (dashed).
| Date | Operating cash flow | Free cash flow |
|---|---|---|
| FY2021 | -₹13 Cr | ₹16 Cr |
| FY2022 | ₹118 Cr | ₹31 Cr |
| FY2023 | ₹333 Cr | ₹12 Cr |
| FY2024 | ₹170 Cr | ₹19 Cr |
| FY2025 | ₹359 Cr | ₹42 Cr |
Growth
Latest fiscal year FY2025 (ending March): each figure with its change over the year before.
- Revenue
- ₹619 Cr+30.9%1Y
- Net profit
- ₹322 Cr+24.8%1Y
- Cash from operations
- ₹359 Cr
- Free cash flow
- ₹42 Cr+121.1%1Y
- Revenue CAGR, 5Y
- 13.6%
- EBITDA CAGR, 5Y
- 18.9%
- Net profit CAGR, 5Y
- 19.0%
| Year | Revenue | Operating income | EBITDA | Net profit | CFO | FCF | ROE | Revenue growth 1Y | Net profit growth 1Y |
|---|---|---|---|---|---|---|---|---|---|
| FY2025 | ₹619 Cr | ₹331 Cr | — | ₹322 Cr | ₹359 Cr | ₹42 Cr | 17.8% | +30.9% | +24.8% |
Monthly returns
Month-by-month returns of NATIONAL across the years, with the seasonal pattern.
Balance sheet
What the company owns and owes at the end of FY2025.
| Line | FY2025 |
|---|---|
| Liabilities and equity | ₹2,366 Cr |
| Equity capital | ₹40 Cr |
| Reserves | ₹1,768 Cr |
| Borrowings | ₹1 Cr |
| Other liabilities | ₹556 Cr |
| Assets | ₹2,366 Cr |
| Fixed assets | ₹280 Cr |
| Capital work in progress | ₹6 Cr |
| Investments | ₹1,690 Cr |
| Other assets | ₹389 Cr |
Market cap against peers
8 peers: same sector group, nearest by size.
P/E against peers
NATIONAL trades at 63.3x earnings against a peer median of 26.9x (a 135% premium).
Peer comparison
Same-sector peers by market cap, with the median.
| Company | Market cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|
| National Securities Depository LimitedNATIONALthis companyP/E ↑ premium | ₹20,703 Cr | 63.3x | 10.5x | 17.8% | 60.7x |
| Bandhan Bank LimitedBANDHANBNK | ₹23,103 Cr | 18.8x | 0.9x | 11.2% | — |
| ANGEL ONE LIMITEDANGELONE | ₹22,144 Cr | 26.0x | 3.8x | 21.7% | 13.1x |
| Aadhar Housing Finance LimitedAADHARHFC | ₹20,954 Cr | 21.2x | 3.0x | 14.3% | — |
| CreditAccess Grameen Ltd.CREDITACC | ₹20,641 Cr | 154.0x | 2.9x | 7.6% | — |
| City Union Bank LtdCUB | ₹20,548 Cr | 17.0x | 2.1x | 11.9% | — |
| JSW Holdings LimitedJSWHL | ₹20,014 Cr | 170.0x | 0.6x | 0.6% | 126.1x |
| PUNJAB & SIND BANKPSB | ₹19,385 Cr | 16.7x | 1.4x | 7.6% | — |
| RBL Bank LimitedRBLBANK | ₹18,851 Cr | 39.3x | 1.2x | 4.5% | — |
| Peer median | — | 26.9x | 2.8x | 12.3% | 33.9x |
Year-to-date ROI
NATIONAL since 1 January, against earlier years.
Historical volatility
NATIONAL's day-to-day swings over 30, 60 and 180 days.
Financial statements
Income statement, balance sheet and cash flow as reported, in ₹ crore, grouped into plain-language lines.
Figures in ₹ crore as reported, fiscal years ending March, newest first; the trailing twelve months (TTM) last.
Operating margin by fiscal year
| Date | Operating margin |
|---|---|
| FY2021 | 54.0% |
| FY2022 | 51.0% |
| FY2023 | 50.0% |
| FY2024 | 51.0% |
| FY2025 | 53.0% |
| Line | FY2025 |
|---|---|
| RevenueSales | ₹619 Cr |
| Costs | |
| Interest | ₹0 Cr |
| Expenses | ₹288 Cr |
| Operating profitOperating Profit | ₹331 Cr |
| Other income and charges | |
| Profit before tax | ₹422 Cr |
| Tax | |
| Net profitNet Profit | ₹322 Cr |
| Per share |
| Line | FY2025 |
|---|---|
| Liabilities and equityTotal Liabilities | ₹2,366 Cr |
| Equity capitalEquity Capital | ₹40 Cr |
| Reserves | ₹1,768 Cr |
| Borrowings | ₹1 Cr |
| Other liabilitiesOther Liabilities | ₹556 Cr |
| AssetsTotal Assets | ₹2,366 Cr |
| Fixed assetsFixed Assets | ₹280 Cr |
| Capital work in progressCWIP | ₹6 Cr |
| Investments | ₹1,690 Cr |
| Other assetsOther Assets | ₹389 Cr |
| Line | FY2025 |
|---|---|
| Operating cash flowCash from Operating Activity | ₹359 Cr |
| Investing cash flowCash from Investing Activity | -₹317 Cr |
| Financing cash flowCash from Financing Activity | -₹16 Cr |
| Change in cashNet Cash Flow | ₹26 Cr |
Learn while you research
Academy chapters picked for National Securities Depository Limited and the metrics on this page.
- 01 Taxes on Investments (India)LTCG, STCG, dividend tax, what every Indian investor needs.6 min read
- 02 Stock Valuation BasicsHow to think about what a fair price for a stock looks like.7 min read
- 03 Valuation Multiples ExplainedThis stock trades at a P/E of 63.3, learn when high multiples are justified.6 min read
- 04 Growth Investing31% revenue growth is in the top tier, learn how to value growth.7 min read
- 05 Stock Market RisksSmall caps carry concentrated, idiosyncratic risk, learn to manage it.6 min read
- 06 Sector AnalysisBanks & financials are uniquely sensitive to rates and credit cycles.6 min read