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NSDL Ltd Unlisted Shares
DRHP Status : Not Filed
-0.02
Fundamentals About NSDL Ltd
Downloads & Investor Documents
All documents are provided for informational purposes and are subject to regulatory disclosures.
Key Financials of NSDL Ltd
| P&L Statement | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Revenue | 466 | 761 | 1022 | 1268 |
| Cost of Material Consumed | 0 | 0 | 0 | 0 |
| Gross Margins | 100 | 100 | 100 | 100 |
| Change in Inventory | 0 | 0 | 0 | 0 |
| Employee Benefit Expenses | 88 | 104 | 110 | 123 |
| Other Expenses | 172 | 417 | 657 | 860 |
| EBITDA | 206 | 240 | 255 | 285 |
| OPM | 44.21 | 31.54 | 24.95 | 22.48 |
| Other Income | 58 | 59 | 73 | 96 |
| Finance Cost | 0.8 | 2 | 1.5 | 2 |
| D&A | 17 | 19 | 22 | 24 |
| EBIT | 189 | 221 | 233 | 261 |
| EBIT Margins | 40.56 | 29.04 | 22.8 | 20.58 |
| PBT | 246 | 278 | 305 | 355 |
| PBT Margins | 52.79 | 36.53 | 29.84 | 28 |
| Tax | 58 | 66 | 70 | 80 |
| PAT | 188 | 212 | 235 | 275 |
| NPM | 40.34 | 27.86 | 22.99 | 21.69 |
| EPS | 47 | 53 | 11.75 | 13.75 |
Financial Ratios |
2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Operating Profit Margin | 44.21 | 31.54 | 24.95 | 22.48 |
| Net Profit Margin | 40.34 | 27.86 | 22.99 | 21.69 |
| Earning Per Share (Diluted) | 47 | 53 | 11.75 | 13.75 |
Balance Sheet
| Assets | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Fixed Assets | 33 | 33 | 34 | 277 |
| CWIP | 6 | 0 | 0.24 | 13 |
| Investments | 728 | 930 | 1457 | 1493 |
| Trade Receivables | 109 | 102 | 86 | 83 |
| Inventory | 0 | 0 | 0 | 0 |
| Other Assets | 623 | 628 | 515.76 | 392 |
| Total Assets | 1499 | 1693 | 2093 | 2258 |
| Liabilities | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Share Capital | 40 | 40 | 40 | 40 |
| FV | 10 | 10 | 2 | 2 |
| Reserves | 979 | 1172 | 1389 | 1644 |
| Borrowings | 0 | 0 | 0 | 0 |
| Trade Payables | 34 | 25 | 61 | 70 |
| Other Liabilities | 446 | 456 | 603 | 504 |
| Total Liabilities | 1499 | 1693 | 2093 | 2258 |
About Company
The following table shows a 10-point analysis of National Securities Depository Limited (NSDL). We will discuss each point in detail after this table.
| Parameter | Key Numbers | Insights |
|---|---|---|
| Business Overview | FY25 Revenue ₹1,420 Cr · PAT ₹343 Cr · PAT Margin ~24% | India's first and largest depository by asset value. Provides demat services, issuer services, e-voting, and operates subsidiaries in database management and payments banking. Holds ~89%+ market share in demat custody value (~₹4.64 lakh Cr FY25) with ~76% recurring/annuitized revenue model. |
| Industry & Market Position | ~89% Custody Market Share · 33,758+ Issuers | Structural monopoly-like position in high-value institutional assets. Strong institutional/international reach vs. peers. Benefits from demat growth, SIP flows, IPO activity, and digital investing expansion under SEBI-regulated MII framework. |
| Revenue Growth Trend | FY23–FY25 CAGR ~18% (₹1,022 Cr → ₹1,420 Cr) | Consistent double-digit growth driven by transaction volumes, account additions, and fee streams. Strong recurring revenue base with resilient performance across market cycles. |
| Profitability & Margins | EBITDA Margin ~26–32% · ROE ~17–19% · PAT Margin ~24% | High operating leverage and low variable costs drive superior profitability. PAT CAGR ~21% with strong ROCE (~22–23%). Stable, high-quality earnings compared to financial infrastructure peers. |
| Cash Flow Quality | Strong OCF · Dividend ₹2/share (Final Recommended) | Robust and consistent cash generation from recurring fees. Minimal working capital requirements. Supports dividends and reinvestment with low volatility earnings profile. |
| Balance Sheet Strength | Net Worth ₹2,000+ Cr · Debt Near-Nil | Extremely conservative, asset-light and virtually debt-free structure. High liquidity buffers and strong solvency supported by regulatory moat and critical market infrastructure status. |
| Valuation Comfort | Unlisted Price ₹965–1,030 (Feb 2026) · P/E ~56–60x · EPS ~₹17 | Premium valuation reflecting quality, growth visibility and post-IPO re-rating. Market cap ~₹19,000–20,500 Cr. Trades competitively versus peers given institutional dominance and stable margins. |
| Management & Governance | Professional Board · SEBI-Regulated MII | Strong compliance and governance standards with transparent disclosures. Excellent execution record as a critical financial infrastructure entity with institutional promoter backing. |
| Growth Triggers & Catalysts | Demat Growth · Transaction Volume Expansion · Subsidiary Scaling | Upside from capital market expansion, IPO boom, SIP growth and digital penetration. Fee revisions and new services add incremental growth. Listing enhances liquidity and valuation visibility. |
| Liquidity & Exit Visibility | Listed on BSE (Aug 2025) · High Trading Liquidity | Fully liquid post-listing with easy secondary market exit. Reduced risk profile with institutional participation and public market transparency. |
National Securities Depository Limited (NSDL) is India’s first and largest depository, established in 1996 to modernise India’s securities market by moving from paper-based settlement to an electronic system. NSDL played a foundational role in reducing risks of bad deliveries, forgery, settlement delays, and inefficiencies that existed in the physical markets.
Today, NSDL enables secure, seamless holding and transfer of securities in dematerialised form and is deeply integrated with India’s capital market ecosystem.
NSDL is regulated by SEBI and operates under the Depositories Act, 1996.
Business Operations of NSDL
NSDL operates a highly robust, technology-driven market infrastructure across these verticals:
Depository Services (Core Business)
- Demat account operations
- Transfer and settlement of securities
- Corporate actions (bonus, rights, splits, dividends, etc.)
- Pledge and hypothecation services
National Academic Depository (NAD)
A digital repository of academic records for universities and students, providing tamper-proof digital certificates.
National Insurance Repository (NIR)
A centralised repository for individual insurance policies (life and non-life) in digital form.
NSDL e-Governance Infrastructure (demerged business)
Earlier handled PAN issuance, Aadhaar enrolment, GST services, OLTAS, e-TDS filing, etc.
(This business was carved out and now operates as NSDL e-Gov separately.)
Technology & Platform Services
- API-based securities management
- Market data and connectivity services
- e-voting platform for listed companies
- Registrar services for government securities
Training & Investor Awareness
Nationwide financial literacy initiatives and capital-market education programs.
Key Strengths of NSDL
- Backbone of India’s securities market with trillions of rupees worth of assets held in demat form.
- Deep relationships with all major market intermediaries — banks, AMCs, brokers, registrars, custodians.
- High entry barrier, as depository business is license-based and heavily regulated.
- Strong technology infrastructure, ensuring uptime, data safety and seamless transactions.
- No credit risk, as NSDL does not lend — it only provides transaction & custody services.
- Process-driven and compliant, aligned with SEBI’s tightly monitored regulatory framework.
Revenue Model of NSDL
- Annual Issuer Charges: Charged to companies for maintaining their securities in demat form.
- Transaction Charges: For debits, credits, transfers, pledges, and settlements.
- Account Maintenance Charges: Paid indirectly through Depository Participants (DPs).
- Corporate Action Processing Fees: For rights, bonus, ESOPs, dividends, etc.
- Platform and Technology Services: Revenue from e-voting, data services, connectivity, API integration etc.
- Government & Institutional Repository Services: From NAD, NIR and other specialised digital repositories.
Future Growth Drivers
- Rising Retail Participation: India is adding millions of new demat accounts each year—benefitting NSDL’s core business.
- Increased Use of Corporate Bonds: More companies shifting to digital bond issuance and settlement.
- Growth in Mutual Funds & ETFs: Every MF transaction goes through the depository pipeline.
- Digital Repositories Expansion: NAD, NIR and upcoming digital-storage products create long-term, recurring income.
- Regulatory Push: SEBI continues to reduce paper-based work and mandate electronic processes.
Valuation View in Unlisted Market
NSDL is viewed as a stable, low-risk, high-moat business similar to a utility infrastructure company. Key factors that influence its unlisted share price include:
- Market appetite for financial infrastructure companies
- Comparison with CDSL (listed peer)
- Growth in demat accounts and transaction volumes
- Corporate governance and regulatory environment
- Dividend payout trends
- New digital initiatives
NSDL is generally considered a long-term, low-volatility investment in the unlisted market.
Shareholding Pattern of NSDL Ltd
| Name | Holding |
|---|---|
| IDBI Bank Ltd. | 26.10% |
| National Stock Exchange Of India Limited | 24% |
| HDFC Bank Limited | 8.95% |
| Unit Trust Of India | 6.83% |
| Others | 34.12% |
Promoters of NSDL Ltd
NSDL does not have a traditional promoter group.It is owned by leading financial institutions, exchanges and banks. Below is the key shareholder list (commonly known), along with available LinkedIn profiles of senior leadership:
| Name | Designation | Linkedin Profile |
|---|---|---|
| G. V. Nageswara Rao | Managing Director & CEO, NSDL |  |
| National Stock Exchange (Institutional Shareholder) | Shareholder | |
| IDBI Bank (Institutional Shareholder) | Shareholder | |
| UTI AMC / Trustee Company | Shareholder | |
| HDFC Bank Ltd | Shareholder | |
| State Bank of India | Shareholder | |
| Standard Chartered Bank | Shareholder | |
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Frequently Asked Questions
NSDL unlisted shares refer to equity ownership in National Securities Depository Limited, India's primary central securities depository. These shares are not listed on public exchanges like NSE or BSE but are traded through private platforms like UnlistedKraft.
Yes, UnlistedKraft provides access to verified sellers of NSDL unlisted shares. After completing your KYC and placing the order, the shares are generally credited to your demat account within 1–2 days.
While all unlisted investments carry risks like lower liquidity, NSDL is a highly credible, SEBI-authorised market entity with strong financials. Investments through UnlistedKraft are secure, verified, and supported by expert oversight.
The unlisted share price is driven by recent private trade transactions, investor sentiment, company fundamentals, and IPO expectations. NSDL shares surged roughly 40–50% in early 2025 before retracing amid market corrections.
Yes, a valid demat account is mandatory. Shares are credited directly once the transaction via UnlistedKraft is finalised.
There is no fixed lock-in unless NSDL goes public. Investors usually hold these shares until listing or another liquidity event, such as an acquisition.
Yes, resale is possible via UnlistedKraft’s resale network, depending on buyer demand and current market conditions.
Yes, per SEBI regulations, pre-IPO shares are subject to a six-month lock-in period after the company lists.
If held for more than two years, gains qualify as long-term capital gains taxed at 20% with indexation. Gains within two years are treated as short-term and taxed according to your income slab.
UnlistedKraft offers a trusted gateway to NSDL unlisted shares with transparent pricing, verified sellers, expert support, and fast turnaround deposit into your demat account, helping ensure a smooth and reliable investment experience.
+91-9599071664
amit@unlistedkraft.in