• HDFC securities
• 28 Jul 2025
• Knowledge Centre

NSDL Is Opening Its ₹4,011 Cr IPO: Here’s Why It Could Be a Landmark Offer

The highly anticipated NSDL IPO opens for subscription on July 30, 2025, and closes on August 1, 2025. This is a ₹4,011.60 crore Offer for Sale (OFS) involving 5.01 crore equity shares. The price band has been fixed at ₹760 to ₹800 per share, and the minimum lot size is 18 shares, requiring a retail investment of ₹13,680. The issue will be listed on BSE, with the tentative listing date set as August 6, 2025. Investors can apply using HDFC Sky’s quick and seamless One-Click IPO feature, which simplifies the entire application process.

 

 

NSDL IPO Details That Every Investor Needs to Know

The IPO of National Securities Depository Limited (NSDL) is one of the most awaited issues of the year, offering investors a chance to participate in a critical part of India’s financial infrastructure. Here's a breakdown of all the important details:

• IPO opens: July 30, 2025
• IPO closes: August 1, 2025
• Issue size: ₹4,011.60 crore (entirely an Offer for Sale of 5.01 crore equity shares)
• Price band: ₹760 to ₹800 per share
• Face value: ₹2 per share
• Lot size: 18 shares (Retail investment of ₹13,680 per lot)
• Employee discount: ₹76 per share
• Listing date (tentative): August 6, 2025
• Listing exchange: BSE

Financials Show Growth Backed by Consistent Profitability

 

NSDL’s financial performance reflects a stable and upward growth trend. In the year ended March 31, 2025, the company recorded total revenue of ₹1,099.81 crore, compared to ₹980.59 crore in FY24, marking a 12% year-on-year increase. More importantly, Profit After Tax (PAT) jumped by 25%, rising from ₹234.81 crore in FY24 to ₹294.16 crore in FY25. This upward profit trajectory signals a healthy operational model backed by recurring income.

 

Over the same period, total assets grew from ₹2,257.74 crore to ₹2,984.84 crore, showcasing a robust balance sheet. Even in FY23, the numbers were strong with ₹892.66 crore revenue and ₹213.24 crore PAT, underlining the company’s consistent ability to scale revenue while managing costs. NSDL’s strong financials could give investors confidence in the company’s long-term sustainability.

 

Key Business Metrics That Drive NSDL’s Market Dominance

 

NSDL’s active demat accounts have crossed 3.87 crore, and it handles over ₹500 lakh crore worth of assets under custody (AUC). Its services reach over 99% of India’s market cap and it supports more than 60,000 companies and institutions. NSDL also enables settlements across 218 countries and has built platforms for e-voting, digital KYC, CP issuance, and more.

 

With over 9,000 DPs (Depository Participants) and strong recurring revenue streams from annual charges and tech-based services, the company enjoys unmatched operational breadth. These KPIs reflect a well-oiled and diversified engine powering India’s securities ecosystem.

 

Key Factors Behind NSDL’s Long-Term Operational Stability

• First-Mover Advantage in India’s Digital Securities Market: NSDL was the first to introduce dematerialisation in India, transforming how securities are held and traded. Its early-mover advantage allowed it to dominate the digital infrastructure space for over two decades.

• Tech Innovation That Simplifies Complex Financial Transactions: From blockchain-based platforms to real-time investor services, NSDL continues to lead tech-driven changes across the financial ecosystem—offering secure, seamless, and scalable solutions.

• Military-Grade Security Backing Every Transaction: Its IT systems follow MITRE ATT&CK®, SOC frameworks, and SEBI-approved cybersecurity upgrades, ensuring every investor’s data remains protected and tamper-proof.

• Predictable Revenue from Thousands of Issuers and Investors: More than 85% of its revenue comes from recurring charges, like custody fees and DP subscriptions, making it resilient to market fluctuations.

• Integrated Services Across Every Financial Vertical: NSDL’s subsidiaries—NDML and NPBL—allow it to serve both regulatory and financial roles, expanding its reach across sectors like insurance, pensions, and identity verification.

High Margins and Capital Efficiency Drive NSDL’s ₹16,000 Cr Valuation

As per the RHP dated March 31, 2025, NSDL’s market capitalisation is ₹16,000 crore. The company posted a Return on Equity (ROE) and Return on Net Worth (RoNW) of 17.11%, along with a Return on Capital Employed (ROCE) of 22.7%, highlighting efficient capital utilisation.

 

Operating performance remains solid, with an EBITDA margin of 23.95% and a PAT margin of 22.35%. The stock is priced at a price-to-book value of 7.98x. The pre-IPO EPS stands at ₹17.16, resulting in a P/E ratio of 46.63x, based on FY25 earnings and adjusted for shareholding structure before and after the issue.

 

NSDL IPO Peer Comparison: Where Does It Stand?

Comparing NSDL with its closest listed competitor, Central Depository Services (India) Ltd. (CDSL) reveals interesting insights. CDSL has an EPS of ₹25.20, a high P/E of 68.04, and a RoNW of 29.90%. NSDL, on the other hand, posts an EPS of ₹17.16, a P/E of 46.63, and a RoNW of 17.11%.

 

Although CDSL currently holds higher profitability metrics, NSDL offers a better price-to-book ratio, signalling relatively fairer valuation and room for upside. Plus, NSDL’s larger issuer base and extensive services across asset classes hint at stronger long-term growth potential.

 

 

How to Apply for the NSDL IPO via HDFC Sky’s One-Click Feature

Applying for the NSDL IPO is now easier than ever with HDFC Sky’s One-Click IPO feature. Designed for speed and simplicity, this tool streamlines the application process, eliminating paperwork and reducing manual effort. Here’s a step-by-step guide to help you apply:

• Login to HDFC Sky: Access your account using your login credentials on the HDFC Sky platform.
• Go to the IPO Section: Click on your profile, select “Indian Stocks,” and then choose the “IPO” tab.
• Find the IPO: Locate “NSDL IPO” from the available list and click on Apply Now.
• Enter Your Bid: Specify your bid amount and customise the application as needed.
• Select Payment Option: Choose UPI as the preferred payment method and continue.
• Approve the UPI Mandate: Open your UPI app and authorise the transaction request.
• Submit Application: Review your details and complete the process by confirming your submission.

Why Opt for HDFC Sky’s One-Click IPO?

• Fast and Paperless: Apply instantly with minimal steps and no physical forms.
• Real-Time Notifications: Get updates on application progress, allotment status, and refunds.
• Centralised Dashboard: Manage multiple IPO bids efficiently in one place.
• Accessible Anytime: Use the HDFC Sky mobile app or website to apply on the go.