National Securities Depository Limited

Financial Services · Capital Markets Infrastructure / Depository Services

Now listedListedDeep Research

No indicative price — now listed

This company has since listed on the exchange. It is no longer an unlisted instrument, so Prospera does not quote a private-market indicative price for it. Its pre-listing quotes below are history, not a current level.

Last private-market quote before listing₹81827 Aug 2026 · Screener.in (exchange closing price)

Indicative private-market reference — not an exchange quote. Not investment advice.

Implied valuation: ₹16,360 Cr
Revenue growth: 12.4%; FY2025
EBITDA margin: 24.5%; FY2025
Prospera Score: 7.4/10

Orientation

What the market says, and what we know.

Two separate things, deliberately shown side by side: a sourced private-market price reference, and the depth of research that actually stands behind this company today.

Market reference

Historical private-market information. This company now trades on the exchange — the figures below are pre-listing observations, not a current unlisted quote.

Source price: ₹818
Prospera Indicative Price: Not quoted — company has listed
As of: 27 Aug 2026
Source: Screener.in (exchange closing price)
Source confidence: High
Observations on record: 5 sourced quotes

Prospera Indicative Price = latest sourced quote x 0.99. The underlying source quote is preserved unchanged and shown alongside.

Prospera researchDeep Research

Research Universe — availableCatalogued as a strategically relevant private-market company.
Basic Research — availableBusiness and ownership facts verified against primary sources — 3 sourced records on file.
Deep Research — availableFinancials, implied valuation, peer comparison and the full Prospera Private Market Score are complete.
Prospera Recommendation — availableAn analyst-authored view exists: Interesting, but valuation needs discipline.

Price history

Indicative Private-Market Price History

Real, dated third-party observations only — plotted where they exist, never interpolated, extended or carried forward. This is a record of private-market sightings, not a live exchange chart.

Historical record. This company has since listed — these are pre-listing private-market quotes and not a current unlisted price.

Pre-listing private-market price quotes on record
Date	Source price	Source	Confidence
27 Aug 2026	₹818	Screener.in (exchange closing price)	HIGH
6 Aug 2025	₹880	BSE/NSE listing-day opening price	HIGH
1 Aug 2025	₹800	Official IPO issue price	HIGH
5 Jun 2025	₹1,200–₹1,225	BusinessToday - unlisted shares rally amid IPO buzz	MEDIUM
1 Apr 2025	₹800–₹850	Dealer quotes reported by Business Standard	MEDIUM

What the company does

The business, in plain English.

Assembled only from records that exist for this company. Anything not disclosed says so.

Founded: 1996
Headquarters: Mumbai, Maharashtra, India
Sector: Financial Services · Capital Markets Infrastructure / Depository Services
Promoters: IDBI Bank Limited, National Stock Exchange of India (NSE), Unit Trust of India (original 1996 sponsor; successor interest now held via SUUTI)

What it does

NSDL holds investors' securities (equities, bonds, mutual fund units) in dematerialised electronic form and enables their transfer and settlement. It earns revenue through annual custody and transaction fees charged to Depository Participants (banks and brokers), issuer fees for corporate actions, and services such as e-KYC, PAN and National Pension System record-keeping, with a growing contribution from its NSDL Payments Bank subsidiary.

Source: NSDL fee schedule / company disclosures

Why it matters

NSDL's only direct competitor is Central Depository Services Limited (CDSL). NSDL is larger by assets under custody (Rs. 423.44 lakh crore, ~86.83% market share as of March 2024) while CDSL has a far larger retail demat-account base and has historically commanded a 15-20% valuation premium over NSDL.

Source: NSDL fee schedule / company disclosures

Ownership structure

No single promoter after listing; pre-IPO, IDBI Bank held 26.10% and NSE held 24.00% (NSE described in coverage as the 'de facto promoter'); Union Bank of India, SBI, HDFC Bank and SUUTI were the other selling shareholders in the IPO offer-for-sale

Promoters & principal holders: IDBI Bank Limited, National Stock Exchange of India (NSE), Unit Trust of India (original 1996 sponsor; successor interest now held via SUUTI)

Private-market context

Post-IPO, listed on BSE and NSE on 6 August 2025

UnlistedPre-IPODRHP FiledPublic

What to understand before investing

Unlisted shares can be difficult to sell. There may be no continuous market and no guaranteed buyer at the price you see.
Any price shown here is an indicative private-market reference, not an exchange quote and not an executable price.
An expected IPO may be delayed, repriced or never happen at all.
A good company can still be a poor investment at the wrong valuation.

These are standing characteristics of the asset class, not findings about this company. Company-specific risks appear below only where they have been researched.

Deep Research

The full Prospera report.

Financials, implied valuation, peer comparison, the full Private Market Score and an analyst-authored view — every figure below is researched and sourced, none of it generated to fill the page.

7.4/10High research confidence

Revenue, EBITDA and profit over time.

Source: NSDL FY25 results; Screener.in.

Valuation

What this price implies.

P/E47.7xPeer median: 63.0x

EV/EBITDA43.5xPeer median: Not available

Price/Sales10.7xPeer median: Not available

Price/Book8.2xPeer median: 22.6x

What this means

There isn't enough peer or earnings data yet to compare this company's valuation to similar businesses.

Peer	Type	P/E	EV/EBITDA	P/S
Central Depository Services (India) Ltd (CDSL)	Listed	63.0x	Not available	Not available
Computer Age Management Services (CAMS) (CAMS)	Listed	57.1x	Not available	Not available
KFin Technologies Ltd (KFINTECH)	Listed	82.2x	Not available	Not available

Prospera Private Market Score

The full research matrix.

Dimension	Weight	Score	Confidence	What we found
Business Quality	15%	8.5	High	Regulated duopoly infrastructure business (with CDSL) holding India's securities in electronic form — highly recurring custody/transaction fee revenue with structural barriers to entry.
Revenue Growth	10%	7.0	High	Revenue grew from Rs. 1,100 Cr (FY23) to Rs. 1,535 Cr (FY25), a ~18% CAGR, though growth decelerated from 24% (FY24) to 12% (FY25).
Earnings Quality	10%	7.5	High	PAT grew steadily from Rs. 235 Cr to Rs. 343 Cr over three years with stable ~20-22% margins, and FY25 ROE reached 17.4%.
Cash Flow Quality	10%	6.0	Medium	No standalone operating/free cash flow figures were disclosed in available sources; PAT quality appears sound but cash conversion isn't independently verified.
Balance Sheet	10%	8.5	High	Near-debt-free (Rs. 10-17 Cr total debt against Rs. 2,005 Cr net worth by FY25) — a very conservative capital structure typical of regulated market infrastructure.
Competitive Position	10%	7.0	High	Largest depository by assets under custody (~87% share) but structurally smaller retail demat base than CDSL, which has historically commanded a valuation premium.
Management & Governance	10%	7.0	Medium	Ownership is now dispersed post-IPO with no single controlling promoter (NSE 24%, IDBI Bank sold down); governance is shaped by SEBI's own oversight of depositories.
Market Opportunity	8%	7.5	High	Beneficiary of India's structurally rising demat account growth and financialization of savings, though largely dependent on Depository Participant reach rather than direct retail relationships.
Valuation	10%	5.5	High	Trades near its IPO issue price roughly a year after listing (Rs. 818 vs Rs. 800 issue price) after an interim rally of ~78% that fully reversed, and continues to trade at a 15-20% valuation discount to CDSL.
Liquidity / Exit Risk	5%	9.0	High	Fully listed on NSE/BSE since August 2025 with continuous daily trading — no liquidity constraint at all, unlike every other company in this universe.
IPO / Public-Market Readiness	2%	10.0	High	Already listed and trading — the IPO/readiness question is fully resolved.

7.4/ 10 overall

Prospera Research View

Interesting, but valuation needs discipline

What works

Regulated duopoly business model with high barriers to entry
Consistently growing profits and a near debt-free balance sheet
Now fully listed and liquid — no exit uncertainty remains

What concerns us

Trades at a persistent 15-20% valuation discount to larger rival CDSL
Revenue growth decelerated from 24% to 12% between FY24 and FY25
No disclosed operating cash flow to independently verify earnings quality

What could change our view

A narrowing of the valuation gap with CDSL on improving retail demat market share
Disclosure of operating/free cash flow figures confirming earnings quality
Reacceleration of revenue growth back toward FY24 levels

Risk

What could go wrong.

Documented, per-company risks — grouped by the categories the research itself recorded. There is no risk score here, because we do not compute one.

Liquidity

1 recorded risk

Subsidiaries NSDL Database Management Ltd and NSDL Payments Bank Ltd sit under separate regulatory regimes; adverse action at a subsidiary could affect NSDL's consolidated results.

Source: DRHP risk-factor summary

Valuation

1 recorded risk

NSDL has historically traded, and continues to trade, at a 15-20% valuation discount to CDSL despite larger assets under custody.

Source: Business Standard / IndMoney

Business

1 recorded risk

NSDL depends on its network of Depository Participants for reach rather than direct retail relationships, and faces a much larger, faster-growing retail demat-account base at rival CDSL.

Source: IndMoney

Governance

1 recorded risk

NSE (24%, described as 'de facto promoter') and IDBI Bank (26.10%) were both large pre-IPO shareholders that sold down via the OFS, dispersing the ownership base as the company transitions to public markets.

Source: Business Standard

Regulatory

1 recorded risk

NSDL operates in a tightly SEBI-regulated environment with limited fee-pricing flexibility, and its DRHP risk factors reference past account-related regulatory scrutiny.

Source: Business Standard DRHP risk summary

IPO

1 recorded risk

Post-listing price has been highly volatile — up as much as ~78% within days of listing before falling back to roughly the Rs. 800 issue price about a year later.

Source: Screener.in

Corporate events

What's happened, and why it matters.

Dated, sourced events only — recorded as they were reported, in reverse order of significance to a private-market holder.

Financial Results12 Aug 2025
NSDL Q1 FY26 results: PAT up 24% to ~Rs. 82-83 crore
First quarterly results reported as a listed company, with demat market share rising to 15.5%.
Source: Business Standard
IPO Development6 Aug 2025
NSDL lists on BSE and NSE
Completed NSDL's transition from a decades-long, closely-watched unlisted stock to a publicly traded company.
Source: PL India / Business Standard
IPO Development25 Jul 2025
NSDL sets IPO price band at Rs. 760-800
Set the final valuation range (~Rs. 16,000 crore at the top end) ahead of subscription opening.
Source: Business Standard
Financial Results25 May 2025
NSDL FY25 results: PAT up 24.6% to Rs. 343 crore
Confirmed strong pre-listing profitability momentum used to justify the IPO valuation.
Source: Business Standard
Other1 Sept 2024
SEBI grants in-principle approval for NSDL IPO
Cleared the key regulatory hurdle, starting a 12-month validity clock to launch the IPO.
Source: Business Standard
DRHP Filed8 Jul 2023
NSDL files DRHP with SEBI
First formal disclosure of NSDL's financials and the offer-for-sale structure ahead of its long-awaited IPO.
Source: Business Standard

Sources & evidence

Everything traceable.

Every figure on this page comes from one of the records below. Where a source published a link, it is here.

Field	Source	As of
Financials (FY2025)	NSDL FY25 results; Screener.in	25 May 2025
Financials (FY2024)	NSDL DRHP restated consolidated financials; Screener.in	1 Sept 2024
Financials (FY2023)	NSDL DRHP restated consolidated financials; Screener.in	8 Jul 2025
Price (27 Aug 2026)	Screener.in (exchange closing price)	27 Aug 2026
Price (6 Aug 2025)	BSE/NSE listing-day opening price	6 Aug 2025
Price (1 Aug 2025)	Official IPO issue price	1 Aug 2025
Price (5 Jun 2025)	BusinessToday - unlisted shares rally amid IPO buzz	5 Jun 2025
Price (1 Apr 2025)	Dealer quotes reported by Business Standard	1 Apr 2025
Business Description	NSDL fee schedule / company disclosures	Not disclosed
Competitive Position	NSDL fee schedule / company disclosures	Not disclosed
Total Shares Outstanding (Cr)	Derived from IPO market capitalisation (Rs. 16,000 crore at the Rs. 800 upper-band issue price)	30 Jul 2025

Next step

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We will come back with the current dealable level, the available lot size and what the process actually involves. Indicative prices shown on this page are private-market references, not executable quotes.