NSDL IPO Financials Show Strong Growth Ahead of ₹4,011.60 Cr Public Offering

Mumbai, 29 July 2025: National Securities Depository Ltd. (NSDL), a key player in India’s capital market infrastructure, is all set to open its ₹4,011.60 crore initial public offering (IPO) on July 30, 2025, offering a snapshot of strong financial health and growth momentum in the lead-up. The ₹4,011.60 crore IPO comprises an offer for sale (OFS) of 5.01 crore shares and does not involve the issuance of new equity.

Impressive Revenue and Profit Growth Signals Strong Investor Confidence

NSDL has delivered a commendable financial performance over the past three financial years, underscoring its operational resilience and growing traction across core and subsidiary services.

For the financial year ended March 31, 2025, the company recorded a 12% increase in revenue, rising from ₹1,365.71 crore in FY24 to ₹1,535.19 crore in FY25. Profit After Tax (PAT) registered a notable 25% jump, climbing from ₹275.45 crore in FY24 to ₹343.12 crore in FY25. Additionally, EBITDA grew to ₹492.94 crore, up from ₹381.13 crore in the previous year. NSDL’s net worth improved to ₹2,005.34 crore as of March 31, 2025.

This consistent upward trajectory in financials not only strengthens the company’s position ahead of its IPO but also reinforces investor confidence in NSDL’s role as a leading market infrastructure institution. With over 39.45 million active demat accounts and issuer records for 33,758 companies, NSDL continues to expand its footprint in India’s capital markets.

Strong Margins and Return Ratios Add to Market Appeal

NSDL’s profitability metrics and financial ratios present a compelling case for investor interest, reflecting both strategic efficiency and a well-balanced revenue structure. The company reported a Return on Equity (ROE) of 17.11% and a Return on Capital Employed (ROCE) of 22.7%, indicating effective use of capital. Margins remained healthy, with a PAT M

Investment Lot Sizes Designed for All Categories

Investors can apply for a minimum of 18 shares. Here’s how the investment brackets look:

• Retail: ₹13,680 for 18 shares; up to ₹1,87,200 for 13 lots (234 shares)
• Small HNI (sNII): ₹2,01,600 for 14 lots (252 shares); up to ₹9,93,600
• Big HNI (bNII): ₹10,08,000 for 70 lots (1,260 shares)

Employee investors can benefit from a discount of ₹76 per share.

Timeline Sets Stage for August Listing

The IPO will open on Wednesday, July 30, 2025, and close on Friday, August 1, 2025. The listing is expected to take place on the BSE on Wednesday, August 6, 2025, following this tentative schedule:

• Allotment finalisation: August 4
• Refunds initiation and credit of shares: August 5
• Cut-off for UPI mandate confirmation: 5 PM, August 1

Market Capitalisation and Valuation Metrics

With a projected market cap of ₹16,000 crore, the IPO values NSDL at a Price-to-Earnings (P/E) multiple of 46.63x based on its FY25 earnings. The Earnings Per Share (EPS) before the IPO stands at ₹17.16.

NSDL’s Competitive Edge Lies in Diversifed Services and Subsidiaries

NSDL is not only India’s first securities depository but also a tech-driven institution with diversified verticals. Its two subsidiaries add depth:

• NSDL Database Management Ltd. (NDML): Manages e-governance, KYC, SEZ automation, and insurance repository services
• NSDL Payments Bank Ltd. (NPBL): Provides digital and B2B banking services including AePS, micro-ATMs, and UPI

Together, these platforms contribute to a recurring revenue stream and offer resilience across market cycles.

With strong financials, a resilient business model, and established credibility in the capital markets, the NSDL IPO is poised to attract significant attention from both institutional and retail investors when it opens for bidding on July 30, 2025.

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