IPO Details
Issue Opening Date: July 30, 2025
Issue Closing Date:Aug 1, 2025
Issue Size: ₹ 4,011.60 Cr (@ upper band Rs. 800)
Structure: Entirely Offer for Sale
Price Band: ₹ 760 – Rs. 800 per share
Employee Discount: ₹ 76 per share
Lot Size:18 shares & multiples thereafter
Application Amounts
Retail Min: ₹ 14,400 (18)
Retail Max: ₹ 187,200 (234)
Small HNI: ₹ 2,01,600 (252)
Big HNI: ₹ 10,08,000 (1,260)
Our ViewSubscribe for Long Term Horizon
Company Overview
Re-organised on April 27, 2012, NSDL is a SEBI-registered market infrastructure institution (MII) offering a wide range of services to India’s financial markets. It pioneered securities dematerialisation in India in November 1996.
As of March 31, 2025, NSDL is India’s largest depository by issuers, active instruments, demat value, settlement volume, and custody assets. It operates 65,391 service centres through 294 depository participants—significantly higher than CDSL’s 18,918 centres.
NSDL manages allotment/transfer records, asset servicing, transactions, and more. It supports over 3.95 crore demat accounts. Subsidiaries include NSDL Database Management Ltd (NDML) and NSDL Payments Bank Ltd (NPBL), extending into e-governance, KYC, insurance repository services, payments, and digital banking.
Key Highlights
India’s first and leading depository with diversified tech-driven businesses.
Strong emphasis on technology-led product innovation.
Robust IT infrastructure and cybersecurity frameworks.
Stable recurring revenue base.
Diversified asset classes and verticals.
Objects of the Issue
Offer for Sale of 50,145,001 equity shares aggregating Rs. 4,011.6 Cr.
Listing benefits on BSE.
Note: NSDL will not receive proceeds from the OFS.
Our View & Business Outlook
NSDL provides core depository services with recurring revenues via issuer custody fees and DP maintenance fees. This offers stable earnings visibility.
With low operational costs, fintech brokers have leveraged NSDL’s efficiency to reduce investing costs for clients. Compared to CDSL, NSDL leads across issuers, securities, and demat value.
Risks & Concerns
Competition, especially vs. CDSL.
Regulatory risks and policy changes.
Market cyclicality and investor preference shifts.
Technology obsolescence.
External factors impacting trading volumes.
Financial Snapshot & Valuation
Between FY23–FY25, Revenue/EBITDA/PAT grew at CAGRs of 18%, 22%, and 21%. FY25 EBITDA margin was 60.62%, PAT margin 43.97%. ROCE stood at 26.88%, ROE at 20.82%, Debt/Equity minimal.
| Metric |
| Detail |
| P/E Valuation |
~46x vs. CDSL ~68x |
| P/BV |
7.98x (NAV Rs. 100.27) |
| Verdict on Pricing |
Reasonably valued |
Macro Tailwind: India’s capital markets expected to grow steadily (GDP 6.2–6.5%, strong domestic demand).
Final Recommendation
Stance: Subscribe for Long Term Horizon. Suitable for investors seeking exposure to India’s financial infrastructure growth story.
NSDL IPO — Quick FAQs
What are the IPO dates and lot size?
Opens July 30, 2025 • Closes Aug 1, 2025 • Lot size 18 shares.
Is NSDL IPO reasonably valued?
Yes. Priced at ~46x P/E vs. CDSL at ~68x, it is considered reasonably valued.
Who should invest?
Investors with long-term horizons seeking exposure to India’s capital market infrastructure growth.
Brief Financials
| PARTICULARS |
₹ in Million |
| FY ‘25 |
FY ’24 |
FY ‘23 |
| Total Income |
15,351.87 |
13,657.05 |
10,998.14 |
| Total Expenditure |
10,841.40 |
10,093.92 |
7,899.35 |
| EBITDA |
4,929.43 |
3,811.33 |
3,286.04 |
| Profit before Tax |
4,534.43 |
3,549.50 |
3,050.42 |
| Profit after Tax |
3,431.24 |
2,754.45 |
2,348.10 |
| E.P.S. (Diluted) |
17.16 |
13.77 |
11.74 |
| P/E (x) (Diluted) |
47 |
- |
- |
| RONW (%) |
25.13 |
19.58 |
18.22 |
PRICE CHART (@ ₹ 800) (Retail Category)
| LOT SIZE |
| Amount |
| 18 |
14,400 |
| 36 |
28,800 |
| 54 |
43,200 |
| 72 |
57,600 |
| 90 |
72,000 |
| 108 |
86,400 |
| 126 |
100,800 |
| 144 |
115,200 |
| 162 |
129,600 |
| 180 |
144,000 |
| 198 |
158,400 |
| 216 |
172,800 |
| 234 |
187,200 |
HNI Payment Chart
| Category |
| No. of Shares |
Minimum Bid Lot Amount (Rs.) |
| Small HNI |
252 |
201,600 |
| Big HNI |
1,260 |
1,008,000 |
Indicative Time Table
| Tentative Events |
| Indicative Dates |
| Finalisation of Basis of Allotment with the Designated Stock Exchange |
4/8/2025 |
| Initiation of refunds/unblocking ASBA Fund |
5/8/2025 |
| Credit of Equity Shares to demat accounts of Allottees |
5/8/2025 |
| Commencement of trading of the Equity Shares on the Stock Exchanges |
6/8/2025 |
Disclaimer:
The content provided in this blog is for informational and educational purposes only and should not be construed as investment, legal, or tax advice. While Sushil Finance makes reasonable efforts to ensure accuracy and reliability of the information, we do not guarantee its completeness or timeliness. Readers are advised to consult with their financial advisor before making any investment decisions. Sushil Finance shall not be held responsible for any direct or indirect loss arising from use of this content. Investments in securities are subject to market risks. Read all scheme-related documents carefully before investing.
