National Securities Depository Ltd (544467)

Financial Services · Financial Services · NSE · Updated 2 September 2026

By StockFin Research Team • AI-Assisted Analysis • Source: BSE/NSE Filings

₹812.35 ↓ 36.31% (1Y)

🎯 Key Takeaways

NSDL operates as India's largest securities depository infrastructure provider, serving as a critical market intermediary in the post-trading ecosystem. The company maintains a dominant market position with near-monopoly-like characteristics in depository services, though its recent financial performance shows volatility.
Revenue grew 12.7% QoQ to ₹517 in Q1FY27.
⚠️ 1) Persistent margin volatility across quarters raises concerns about operational consistency in core depository services, with no clear corrective st

Market Cap

₹16,247

P/E Ratio

41.8

P/B Ratio

8.10

ROE

19.4%

ROCE

26.1%

Debt/Equity

0.00

Div Yield

0.49%

Promoter

0.0%

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📖 The Story

NSDL operates as India's largest securities depository infrastructure provider, serving as a critical market intermediary in the post-trading ecosystem. The company maintains a dominant market position with near-monopoly-like characteristics in depository services, though its recent financial performance shows volatility. With a high ROCE of 26.1% and zero debt, the business model demonstrates strong capital efficiency, but the 34.39% one-year return reflects broader market pressures on financial infrastructure stocks.

📰 What's Happening

Management has scheduled an analyst and institutional investor meeting for September 3, 2026, to discuss business outlook and market position, signaling active stakeholder engagement ahead of potential strategic updates. This follows a series of quarterly results showing fluctuating operational performance, with operating margins peaking at 29.2% in September 2025 before declining to 16.7% by June 2026. The company continues to expand its investor base, with institutional ownership (FII at 11.7%, DII at 37.75%) remaining stable despite promoter holding at zero.

Source: Stock Announcements

📊 Quarterly Results (₹ Cr)

Metric	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue	400	360	458	517
Operating Profit	117	94	90	86
OPM %	29.2%	26.1%	19.6%	16.7%
Net Profit	110	90	90	98
EPS	₹5.52	₹4.48	₹4.51	₹4.91

Quarterly financials reveal a concerning trend of declining operating margins and revenue volatility, with revenue peaking at ₹400 crore in September 2025 before falling to ₹360 crore in December 2025 and remaining flat in March 2026, while operating margins contracted sharply from 29.2% to 16.7% over the same period. This margin compression appears inconsistent with stable profitability levels, suggesting potential pricing pressure or volume variability in core depository services that management has not yet addressed in public commentary.

🔮 Management Outlook & What's Next

Management has not provided explicit forward guidance in the available filings, though the scheduled September 3, 2026 investor meeting presents a potential platform for future strategic commentary. The absence of formal guidance since the last quarterly results in June 2026 limits visibility into expectations for margin recovery or revenue growth, particularly given the sharp operational swings observed in the most recent quarters.

Extracted from official company announcements. Not StockFin.ai's opinion.

🏦 Balance Sheet (₹ Cr)

Item	Mar 2025	Mar 2026	Mar 2026
Equity Capital	40	40	40
Reserves	1,965	2,127	2,330
Borrowings	0	19	17
Total Liabilities	2,985	3,808	3,819
Fixed Assets	328	297	337
Investments	1,996	2,473	2,559
Total Assets	2,985	3,808	3,819

The balance sheet shows a stable but minimal equity base of ₹40 crore with growing reserves, while total assets have expanded significantly from ₹2,985 crore to ₹3,819 crore over two years, indicating substantial investment in infrastructure. Borrowings remain negligible at ₹17 crore, suggesting a conservative capital structure, though the lack of debt does not offset the need for sustained cash generation to support asset growth.

💰 Cash Flow Statement (₹ Cr)

Item	Mar 2025
Operating	+558
Investing	-502
Financing	-16
Net Cash Flow	+39

👥 Shareholding Pattern

Category	Q2FY26	Q3FY26	Q4FY26	Q1FY27
Promoters	0.0%	0.0%	0.0%	0.0%
FII	15.9%	14.5%	14.4%	11.7%
DII	39.2%	37.9%	37.6%	37.8%
Public	25.1%	27.7%	28.0%	30.5%
# Shareholders	8,31,170	8,64,415	8,74,414	8,94,029

Institutional investor interest has declined slightly, with FII holdings decreasing from 15.9% in Q2FY26 to 11.7% in Q1FY27, while DII ownership remains steady around 37.75%. The growing number of shareholders (8,94,029) suggests retail participation is increasing, but the consistent promoter holding at zero reflects structural changes in ownership that may affect governance and long-term stability.

⚖️ Peer Comparison — Financial Services

Company	MCap (₹ Cr)	P/E	ROCE	ROE
MCX	86,493	22.0	6873.4%	5413.7%
CAMS	19,428	20.3	50.2%	37.2%
KFINTECH	16,730	48.8	28.2%	20.4%
544467	16,247	41.8	26.1%	19.4%
IEX	10,714	21.1	59.5%	45.2%
CDSL	—	—	31.9%	24.0%
BSE	—	—	56.4%	42.3%

🔗 Peer Stock Analyses

MCX CAMS KFINTECH IEX CDSL

⚠️ Risk Factors

1) Persistent margin volatility across quarters raises concerns about operational consistency in core depository services, with no clear corrective strategy disclosed. 2) Revenue stagnation despite asset growth on the balance sheet suggests potential over-investment without commensurate returns. 3) The sharp decline in operating margin from 29.2% to 16.7% in the latest quarter, without public explanation, creates uncertainty about near-term profitability sustainability.

📋 Recent Filings

🧠 Analyst's Read

NSDL's structural market position remains intact, but recent financial trends and margin compression introduce near-term execution risks that require clarification at the upcoming investor meeting. Investors should monitor management's commentary for strategic direction and signs of operational stabilization in the depository business model.

Based on filing content and financial data. Not a recommendation.

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Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-09-02.

Editorial & Data Transparency Notice

This analysis was programmatically compiled using StockFin AI utilizing official regulatory disclosures from the BSE and NSE. Content is automatically synthesized and audited against public financial filings. StockFin.ai is an educational research platform and is NOT a SEBI-registered investment advisor or research analyst.

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