[Dilip Davda] NSDL is engaged as a pioneer in depository services in India and is an ice breaker for the demat process. The company is expanding its horizon with more value-added services and options. The company posted steady growth in its top and bottom lines. It paid dividends for FY23 and FY24 at 50%. Based on its recent financial data, the issue appears fully priced. Investors may grab this opportunity to invest in this evergreen company for medium to long term. Read detail review...

NSDL IPO Peer Comparison

National Securities Depository Ltd. peer comparison with similar listed entities. (As on March 31, 2025)

Company Name	EPS (Basic)	EPS (Diluted)	NAV (per share) (Rs)	P/E (x)	RoNW (%)	P/BV Ratio	Financial statements
National Securities Depository Ltd.	17.16	17.16	100.27		17.11		Consolidated
Central Depository Services (India) Limited	25.20	25.20	84.23	68.04	29.90	20.40	Consolidated

*Financial information of the Company has been derived from the Restated Consolidated Financial Information for the year ended March 31. 2025.

Source: All the financial information for listed industry peers mentioned above is sourced from the audited consolidated financial results as available for the respective company for the year ended March 31, 2025, submitted to the stock exchanges.

Basic EPS is sourced from the audited consolidated financial results of the peer for the year ended March 31, 2025.
Diluted EPS is sourced from the audited consolidated financial results of the peer for the year ended March 31, 2025.
NAV is computed as the closing net worth divided by the closing outstanding number of equity shares as on March 31, 2025.
P/E Ratio has been computed based on the closing market price of equity shares on July 22, 2025 on NSE, divided by the Diluted EPS provided under note 2 above.
RoNW is computed as net profit after tax (including profit attributable to non-controlling interest) divided by closing net worth. Net worth has been computed as sum of paid-up share capital and other equity (including attributable to non-controlling interest.
Listed peer are as identified by the management of our Company. (7) All the financial information for listed peer mentioned above is sourced from the audited consolidated financial results as available for the respective company for the year ended March 31, 2025, submitted to the stock exchanges.

NSDL IPO Review by Members

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