National Securities Depository (NSDL) NSDL
India's first depository, holding most of the market's value through institutional and custodian accounts; also runs NSDL Payments Bank
Mapped in 1 theme: Capital Markets.
Where National Securities Depository (NSDL) sits in the supply chain
National Securities Depository (NSDL) appears in 1 supply-chain layer in one theme, Capital Markets.
Revenue and profit
| ₹ Cr | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 761 | 1,022 | 1,268 | 1,420 | 1,530 |
| Net profit | 213 | 235 | 275 | 343 | 380 |
Latest-year revenue ₹1,530 Cr (FY26, company-wide).
Note: Listed on BSE only (NSE is a shareholder).
Strengths
- Custody value several times CDSL's - the depository of choice for institutions and FPIs
- Listed on BSE in Aug 2025; long-standing role in PAN, tax and e-governance services
Risks
- Fewer retail accounts, so it gains less from new investors
- Payments bank is low-margin and dilutes returns
Common questions
What does National Securities Depository (NSDL) do?
India's first depository, holding most of the market's value through institutional and custodian accounts; also runs NSDL Payments Bank.
Where does National Securities Depository (NSDL) sit in the supply chain?
National Securities Depository (NSDL) (NSE: NSDL) is mapped in 1 supply-chain layer: Depositories (Capital Markets).
Who are National Securities Depository (NSDL)'s peers?
In the Depositories layer of Capital Markets: Central Depository Services (CDSL).
What is National Securities Depository (NSDL)'s market cap and valuation?
As of 6 Nov 2026: market cap ₹15,283 Cr, P/E 38.2x, ROCE 22.1%, ROE 16.0%, dividend yield 0.52%.