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NSDL
Price Band
₹760.0–800.0
Issue Size
₹4010.95 Cr
Lot Size
18 shares
Min Investment
₹14,400
GMP
info
+₹125.0 (15.62%)
Issue Price
₹800.0
Subject to Sauda
info
₹1700
Paid only if allotted
NSDL IPO Review — Should You Apply?
Reviews below reflect analyst calls made before this IPO closed on 01 Aug 2025 — not a current signal.
4 of 5 reviewers say Positive
Recommendations are sourced from third-party research firms and are not TopFund's own investment advice.
calendar_month Important Dates
bar_chart Subscription Status
Subscription data unavailable
trending_up Grey Market Premium (GMP)
GMP
+₹125.0
GMP %
+15.62%
Est. Listing
₹925.0
schedule Updated: 25 Jul 2026 14:13
Share GMP:
business About the Company
Incorporated in 2012, National Securities Depository Limited (NSDL) is SEBI-registered Market Infrastructure Institution (MII). Core Activities: Acts as a securities depository in India. Maintains electronic records of allotment and ownership transfer of securities. Provides depository services including dematerialization, trade settlement, off-market transfers, pledging of securities, and corporate actions. Provides asset servicing for securities held in dematerialized form. Offers additional services such as e-voting, consolidated account statements (CAS), and non-disposal undertakings (NDU). Subsidiaries: NSDL Database Management Limited (NDML): Offers services across e-governance, regulatory platforms, KYC, insurance repository, and collaborative industry platforms. Handles SEZ automation and the National Skills Registry. NSDL Payments Bank Limited (NPBL): Operates a business-to-business payments bank. Provides digital banking, domestic remittances, savings accounts, AePS, micro-ATMs, prepaid cards, UPI, POS, and third-party product distribution (insurance and mutual funds). Key Figures (as of March 31, 2025): Active demat accounts: 39.45 million Registered depository participants: 294 Registered issuers: 33,758 Account holders located in over 99% of Indian PIN codes and in 186 countries Competitive Strengths: India’s first and leading depository, operating a wide range of technology-driven businesses. Strong focus on technology-led product innovation. Robust IT infrastructure, risk management frameworks and cyber-security measures focused on ensuring the safety and integrity of the depository system. Stable revenue base with a significant proportion of recurring revenue. Large Variety of Asset Classes held in Demat Accounts and Well-diversified Business Verticals. Experienced senior management team.
payments Company Financials (₹ Cr)
As of 2025-03-31
| Period Ended | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|
| Assets | 2,984.84 | 2,257.74 | 2,093.48 |
| Total Income | 1,535.19 | 1,365.71 | 1,099.81 |
| Profit After Tax | 343.12 | 275.45 | 234.81 |
| EBITDA | 492.94 | 381.13 | 328.60 |
| NET Worth | 2,005.34 | 1,684.10 | 1,428.86 |
| Reserves and Surplus | 232.31 | 216.32 | 199.08 |
Key Ratios
EPS
₹17.16
NAV
₹100.27
ROE
17.11%
ROCE
22.7%
RoNW
17.11%
P/B Value
7.98
P/E Ratio
46.63
Market Cap
₹16000.00 Cr
PAT Margin
22.35%
Peer Comparison
| Company | NAV | RoNW | P/E (x) | EPS Basic | EPS Diluted |
|---|---|---|---|---|---|
| Central Depository Services (India) Limited | 84.23 | 29.9% | 68.04 | 25.2 | 25.2 |
| National Securities Depository Ltd. This IPO | 100.27 | 17.11% | — | 17.16 | 17.16 |
Promoters
No Identifiable Promoter
info Issue Details
pie_chart Investor Allocation
Registrar
Lead Managers / Book Running
timeline IPO Timeline
Open
30 Jul 2025
Close
01 Aug 2025
Allotment
04 Aug 2025
Listing
06 Aug 2025