India’s largest depository, National Securities Depository Limited (NSDL), is all set to enter the public markets in July 2025 with an IPO expected in the ₹750–₹800 range. This move will value the company at a whopping ₹15,000–₹16,000 crore.
While the buzz is real due to NSDL’s strong legacy and market infrastructure dominance, investors must dig deeper before diving in.
Founded in 1996, NSDL was India’s first depository and remains the largest, facilitating seamless electronic holding and settlement of securities.
Core Services Include:
Demat Account Services (via Depository Participants)
Clearing & Settlement of securities
Corporate Action Processing
Pledge/Unpledge Mechanism
e-Voting & KYC Authentication
Digital Record-Keeping & Vault Services
Clientele: Exchanges, brokers, custodians, mutual funds, and institutional investors — making NSDL a systemically important financial utility.
NSDL’s business model offers diverse, recurring and market-linked revenue streams:
Issuer Charges – For corporate actions & dematerialization/rematerialization
Transaction Fees – Volume/value-linked settlement fees
Account Maintenance – Paid by DPs and investors
e-Gov Services – PAN, Aadhaar & KYC processing (via NSDL e-Gov Infra)
Technology Solutions – Software & IT infrastructure
👉 NSDL = Institutional Heavy. CDSL = Retail Heavy.
| Metric | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|
| Revenue (₹ Cr) | 761 | 1,022 | 1,268 | 1,420 |
| EBITDA (₹ Cr) | 240 | 255 | 285 | 375 |
| PAT (₹ Cr) | 212 | 235 | 275 | 343 |
| EBITDA Margin (%) | 31.5 | 24.9 | 22.5 | 26.4 |
| PAT Margin (%) | 27.9 | 23.0 | 21.7 | 24.2 |
| EPS (₹) | 53.0 | 11.75 | 13.75 | 17.15 |
1. Revenue CAGR: ~23% over FY22–FY25
2. Margin Pressure: FY22 to FY24 decline due to rising costs, partial recovery in FY25
With expected pricing at ₹750–₹800, the implied valuation is:
P/E Ratio: ~44x FY25 EPS (₹17.15)
Comparison:
CDSL trades at ~65x FY25 EPS
CDSL MCap: ₹34,800 Cr+, with much stronger retail base
NSDL IPO Valuation: ₹14,000–₹15,000 Cr (expected)
Current Unlisted Market Cap: ₹25,500 Cr (UnlistedZone)
Weak Points :
Lower Retail Penetration: NSDL ~3 Cr accounts vs. CDSL 8.5 Cr+
Lower Tech Automation = Higher Cost Base
Stiff IPO Pricing = Limited short-term upside
| Parameter | NSDL | CDSL |
| Founded | 1996 | 1999 |
| Promoter | NSE , IDBI | BSE (51% stake) |
| Demat Accounts | ~3 crore | 8.5+ crore |
| FY25 PAT Estimate | ₹343 crore | ₹526 crore |
| IPO/MCap Valuation | ₹14,000–15,000 Cr (est.) | ₹34000+ Cr |
| Revenue Orientation | Institution-Driven | Retail-Heavy |
| Tech Efficiency | Medium | High (automation-first) |
| Investor Appeal | Moderate | Strong |
CDSL has the edge in growth, reach, and valuation comfort.
NSDL offers rock-solid fundamentals, regulatory credibility, and a strong growth history. But the high valuation in the unlisted market leaves little room for making return.
UnlistedZone Take:
Fundamentals: ✔️
Market Infrastructure Leadership: ✔️
Valuation Comfort: ❌
Retail Momentum: ❌
Wait for listing and price correction before investing.
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