👉🏻 NSDL – Equity Snapshot 👈🏻
🕛Conclusion⏱️
NSDL stands at a strategic inflection point — evolving from an institutionally heavy, legacy infrastructure provider to a retail and digitally agile depository. With a zero-debt model, strong cash flows, and clear retail growth plans underway, NSDL shows potential for steady earnings expansion and margin improvement over the next few years. The foundation is strong; execution will now drive the delta.
🙋🏻 Introduction
India’s largest depository by value, with over ₹450 lakh crore in Assets Under Custody (AUC).
Founded in 1996, primarily serving institutional and corporate clients.
Known for stability, trust, and core infrastructure services in the capital market.
🌸 Financial Performance (FY25)🌸
Total Revenue: ₹1,535 crore.
Depository Business Revenue: ₹660 crore (Approx. 43% share).
Operating Margin (Core Business): ~50%.
Net Margin: 22% – 24%.
Net Profit: ₹330+ crore.
Free Cash Flow: ₹558 crore+.
Debt: Zero (Fully debt-free).
Capital Expenditure: ~₹74 crore only (Low capex model).
🌸 Market Position🌸
Dominates in value terms (highest AUC in India).
Client base includes mutual funds, banks, insurers, and corporates.
Retail demat accounts: ~4 crore (behind CDSL’s 15+ crore).
High average demat account size (~₹1,100 crore) vs CDSL’s retail-heavy base.
Gaining ground in retail via partnerships with Zerodha, Groww, Angel One, etc.
🌸 Future Growth Focus🌸
Aggressively entering retail segment through schemes like ‘YUVA Plan’.
Enabling paperless, digital onboarding for faster account growth.
Investing in blockchain, T+1 settlements, and smart compliance tools.
Actively participating in SEBI & RBI-led digitization (e-KYC, e-insurance, GIFT city).
Expanding subsidiaries (NDML, NPBL) to boost recurring income beyond core biz.
🌸 Key Positives🌸
Strong free cash flow, high annuity-based revenue visibility.
Lean, tech-driven operations with low employee cost base.
Well-positioned to benefit from India’s growing retail investor base.
Diversified, recurring revenue streams through subsidiaries.
Digital-first strategy ensures scalable, low-cost growth ahead.
🕛Conclusion⏱️
NSDL stands at a strategic inflection point — evolving from an institutionally heavy, legacy infrastructure provider to a retail and digitally agile depository. With a zero-debt model, strong cash flows, and clear retail growth plans underway, NSDL shows potential for steady earnings expansion and margin improvement over the next few years. The foundation is strong; execution will now drive the delta.
🙋🏻 Introduction
India’s largest depository by value, with over ₹450 lakh crore in Assets Under Custody (AUC).
Founded in 1996, primarily serving institutional and corporate clients.
Known for stability, trust, and core infrastructure services in the capital market.
🌸 Financial Performance (FY25)🌸
Total Revenue: ₹1,535 crore.
Depository Business Revenue: ₹660 crore (Approx. 43% share).
Operating Margin (Core Business): ~50%.
Net Margin: 22% – 24%.
Net Profit: ₹330+ crore.
Free Cash Flow: ₹558 crore+.
Debt: Zero (Fully debt-free).
Capital Expenditure: ~₹74 crore only (Low capex model).
🌸 Market Position🌸
Dominates in value terms (highest AUC in India).
Client base includes mutual funds, banks, insurers, and corporates.
Retail demat accounts: ~4 crore (behind CDSL’s 15+ crore).
High average demat account size (~₹1,100 crore) vs CDSL’s retail-heavy base.
Gaining ground in retail via partnerships with Zerodha, Groww, Angel One, etc.
🌸 Future Growth Focus🌸
Aggressively entering retail segment through schemes like ‘YUVA Plan’.
Enabling paperless, digital onboarding for faster account growth.
Investing in blockchain, T+1 settlements, and smart compliance tools.
Actively participating in SEBI & RBI-led digitization (e-KYC, e-insurance, GIFT city).
Expanding subsidiaries (NDML, NPBL) to boost recurring income beyond core biz.
🌸 Key Positives🌸
Strong free cash flow, high annuity-based revenue visibility.
Lean, tech-driven operations with low employee cost base.
Well-positioned to benefit from India’s growing retail investor base.
Diversified, recurring revenue streams through subsidiaries.
Digital-first strategy ensures scalable, low-cost growth ahead.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.