NSDL IPO Details
National Securities Depository Limited (NSDL), India’s leading depository firm, is getting ready to launch its ₹3,000 crore IPO by next month. However, before going public, NSDL needs approvals from SEBI and other authorities. Since one of these approvals is expiring soon, the company is working fast to complete the process.
NSDL’s Financial Performance
₹ in crores
| Particulars | 9m FY25 | 2023-24 | 2022-23 |
|---|---|---|---|
| Total Income | 1141 | 1,365 | 1,100 |
| Profit After Tax (PAT) | 259 | 275 | 235 |
| Net Profit Margin | 23% | 20% | 21% |
| Earnings Per Share (EPS) | 12.99 | 13.77 | 11.74 |
About the IPO
- NSDL’s IPO will be a complete offer for sale. This means existing shareholders like NSE, SBI, and HDFC Bank will sell 5.72 crore shares to the public.
- The company is rushing to meet deadlines and get all necessary approvals before the offer launches.
Challenges and Market Conditions
The IPO was slightly delayed due to regulatory approvals and staff shortages. However, despite uncertain market conditions, many companies are still launching IPOs, and NSDL is confident about its offering.
Why Investors Should Watch This IPO
- Market Leader – NSDL manages most of India’s demat accounts.
- Strong Financials – The company is making steady profits and growing each year.
- Big Investors – It is backed by top institutions like NSE, SBI, and HDFC Bank.
With its strong market position and financial stability, NSDL’s IPO could be a great opportunity for investors.
Peer Comparison: NSDL vs. CDSL (2023-24)
Operational Metrics of NSDL & CDSL
| Metric | NSDL | CDSL |
|---|---|---|
| Market Share | Lower market share in terms of the number of DEMAT accounts | Greater market share in terms of the number of DEMAT accounts |
| Investor Accounts | 3.88 crores | 14.93 crores |
| Demat Custody Value (FY24) | 470.38 lakhs crores | 72.18 lakh crores |
Financial Metrics of NSDL & CDSL
₹ in crores
| Particulars | NSDL (2023-24) | CDSL (2023-24) |
|---|---|---|
| Total Income | 1,365 | 907 |
| Profit After Tax | 275 | 420 |
| Net Profit Margin | 20% | 46% |
| Earnings Per Share | 13.77 | 20 |
| Market Cap | 23,980 | 26,370 |
| CMP (Feb 2025) | 1,199 | 1,262 |
| P/E Ratio | 87.07 | 63.1 |
| P/S Ratio | 17.57 | 29.07 |
| P/B Ratio | 15.90 | 22.75 |
9M FY24 Financials: NSDL vs. CDSL
₹ in crores
| Particulars | NSDL (9M FY24) | CDSL (9M FY24) |
|---|---|---|
| Total Income | 1,141 | 943 |
| Profit After Tax | 259 | 426 |
| Net Profit Margin | 22.7% | 45.2% |
- CDSL has a larger market share in terms of DEMAT accounts, while NSDL lags behind.
- On the other hand, NSDL’s demat custody value is much higher.
- Revenue Performance:
- NSDL made higher revenue (₹1,365 Cr) than CDSL (₹907 Cr) in FY24.
- Even in the 9-month data, NSDL’s income (₹1,141 Cr) is more than CDSL’s (₹943 Cr).
- Profitability & Margins:
- CDSL is much more profitable, with a higher PAT (₹420 Cr) compared to NSDL (₹275 Cr).
- CDSL’s profit margin is 46%, while NSDL’s is only 20%, showing CDSL is better at turning revenue into profit.
Key Takeaway
Summarizing the key details of the NSDL IPO:
| Detail | Information |
|---|---|
| Company | National Securities Depository Limited (NSDL) |
| IPO Size | ₹3,000 crore |
| Type | Offer for Sale (OFS) |
| Shares Offered | 5.72 crore equity shares |
| Major Sellers | IDBI Bank, NSE, SBI, HDFC Bank, Union Bank |
| DRHP Filing | July 2023 |
| SEBI Approval | September 2024 |
| Approval Validity | Until September 2025 |
| Expected Launch | Next month (before clearance expiration) |
| Q3 FY25 Net Profit | ₹85.8 crore (+29.82% YoY) |
| Q3 FY25 Total Income | ₹391.21 crore (+16.2% YoY) |
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