Sharescart Research Club logo ×
Screener Research Buy Unlisted Shares Sell Unlisted Shares Startup Funding New IPO New
CSK 185 (3.9%)Bharat Bank 11300 (0%)Bira 305 (0%)Capgemini Technology 11250 (-4.3%)Care Health Insurance 149 (0%)Carrier Airconditioning 495 (0%)CIAL 475 (0%)Elcid Investments 350000 (0%)Fincare Small Finance Bank 260 (0%)Fino Paytech Limited 105 (-2.8%)HDFC Securities 10500 (0%)Hero Fincorp 1375 (0%)ICEX 4.5 (-5.3%)Lava 42 (10.5%)Martin and Harris Lab 950 (0%)Merino Industries 3250 (0%)MSEI 4.25 (0%)Mohan Meakin 2195 (-2.4%)Motilal Oswal 14.95 (-6.6%)NCL Buildtek 235 (0%)Otis Elevator 3750 (0%)OYO 49 (22.5%)Pharmeasy 7.25 (0%)Signify Innovations 1275 (0%)Sterlite Power 530 (0%)Studds 635 (-2.3%)Orbis Financial 525 (0%)NSE India 2075 (-2.4%)Schneider Electric 1450 (0%)Kurlon Ent 450 (0%)Madbow 35 (0%)GKN Driveline 1750 (0%)BOAT 1425 (-1.7%)Urban Tots 65 (-4.4%)ACS Technologies 42 (0%)Market Simplified 32 (0%)Nayara Energy 1300 (-7.1%)PolicyX 62 (0%)Ring Plus 695 (0%)Lakeshore Hospital 135 (0%)ESDS Software 405 (5.2%)Electrosteel Steel Ltd 39 (0%)ICL Fincorp 25 (0%)Indian Potash 3250 (-4.4%)Indofil Industries 1325 (0%)Maharashtra Knowledge Corporation MKCL 450 (0%)Maxvalue Credits And Investments 4.95 (0%)Philips Domestic Appliances 575 (0%)Philips India 950 (0%)Ramaraju Surgical Cotton 285 (0%)Resins and Plastic 575 (0%)Shriram Life Insurance 400 (0%)Silverline Technologies Ltd 12 (0%)Taparia Tools Ltd 6050 (0%)Empire Spices and Foods ltd 575 (0%)AB Inbev Sabmiller 600 (0%)Assam Carbon Products 440 (0%)India Carbon ltd 895 (0%)Kannur International Airport 128 (0%)Kurlon Ltd 1025 (0%)AV Thomas 22000 (0%)Bazar India 24 (0%)Tata Capital 825 (6.5%)Polymatech Electronics Pvt Ltd 76 (5.6%)SBI Mutual Fund 2775 (0%)Goodluck Defence 318 (0%)AVPL 50 (-7.4%)Inkel Ltd 20 (0%)Matrix Gas and Renewables 32 (-5.9%)RRP S4E Innovation 315 (17.5%)Quality Enviro 1350 (0%)Greenzo Energy Pvt Ltd 635 (-5.9%)Spray Engineering Devices 305 (0%)Honeywell Electrical Devices and Systems 5000 (0%)Veeda Clinical Research Limited 475 (0%)NCDEX 348 (0%)Onix Renewable 185 (-11.9%)Swiggy CCPS 574410 (0%)HCIN Network 165 (0%)Apollo Green Energy 99 (-11.6%)Ecosure Pulpmolding 49 (0%)Pace Digitek 220 (2.3%)Downtown Hospital Ltd 375 (0%)Amol Minechem Ltd 995 (0%)Manjushree Technopack 1025 (0%)KLM Axiva Finvest 18 (0%)Hinduja Leyland Finance 255 (17%)IKF Finance 425 (0%)Lords Mark Industries 108 (0%)Vikran Engineering IPO 185 (0%)Zappfresh 118 (0%)PXIL 578 (2.3%)Optivalue Tek Consulting IPO 80 (-38.5%)Incred Holdings 165 (0%)Transline Technologies 165 (-5.7%)Bootes Impex Tech Ltd 1950 (-2.3%)Lenskart Solutions Pvt Ltd 520 (73.3%)Ticker Ltd 35 (0%)Physics Wallah 145 (0%)GFCL EV Product LTD 46 (-14.8%)Big Basket 1950 (0%)Cheelizza Pizza India Ltd 78 (-22%)Kineco Limited 2950 (0%)Pine Labs Pvt Ltd 365 (-2.7%)Parag Parikh Financial Advisory 14750 (3.5%)Anugraha Valve Castings Ltd 695 (3%)Skyways Air Services Ltd 140 (0%)ASK Investment Managers Ltd 1275 (0%)

15 Days Price Change

NSDL VS CDSL - Duopoly With Monopoly Like Power

Get Best Deals on Unlisted Shares

Find Investment Ideas


Get Best Deals on Unlisted Shares

NSDL IPO


Summary

NSDL and CDSL india's only two share depositories which play a critical behind the scenes role by holding shares in digital demat form and enabling secure transactions. As more and more people invest, both companies can naturally see growth in demat account openings, asset custody, and trading volumes.


 

                                                                   

 

Not Rivals — Just Rulers of Different Worlds

While  NSDL and CDSL operate in the same space but they serve different segments of the market:

  • CDSL primarily caters to retail-focused brokers and individual investors.

  • NSDL largely works with institutional clients and traditional financial firms.

As India’s economy continues to grow and move closer to developed nation status, more and more institutional investors from global funds to large financial firms are betting on India's long-term potential by increasing their investments in the country.

That's where NSDL comes in.

NSDL isn’t a household name, but it plays a critical behind-the-scenes role in India’s financial markets. It acts as the custodian and depository for those big investors, safely holding and managing the securities they buy in Indian companies and that’s why NSDL is one of the most important businesses in the country because as India attracts more global capital, NSDL becomes the gatekeeper of that growth.


 Financial Overview & Highlights

 

             

 

  • EPS,EBITDA & PAT are consistently rising
    → Shows strong profitability and efficient operations
    → Growth is steady, not slowing sign of a healthy, scalable business

 

 Market Position Snapshot (FY24/25)

Metric

CDSL

NSDL

Demat Accounts

15.5 crore (155 million)

3.9 crore (39 million)

Market Share (Accounts)

80%

20%

Assets Under Custody

₹76 lakh crore

₹495 lakh crore

Market Share (AUC)

13–15%

85–87%

  • ₹495 lakh crore in assets under custody
    → Managed mainly for institutional clients
    → A massive and growing base that reflects trust and scale

 

Financial Performance (FY24/25)

Financial Metric

CDSL

NSDL

Revenue

₹984.6 crore

₹1,365.7 crore

Other Income

₹136.4 crore

₹97.5 crore

Profit After Tax (PAT)

₹462.1 crore

₹274.8 crore

Profit Margin

44%

22%

  • Revenue growth is directly tied to India’s economy
    → As market activity increases, NSDL naturally earns more
    → Well-positioned to grow with India’s expanding investment ecosystem

 

Valuation Overview
Valuation Metric CDSL NSDL
P/E Ratio 70× 76×
Price-to-Book (P/BV) 20.92× 12.4×
Market Cap / Sales 43.2× 15.0×
  • Valuations may seem high, but are justified
    → NSDL operates in a near-monopoly setup with limited competition
    → Premium valuation reflects confidence in its long-term dominance

 

 Solvency Ratios
Ratio Value
Debt-to-Equity Ratio 0.02
Debt-to-Asset Ratio 0.17
Interest Coverage Ratio 173
  • Very low financial liabilities — strong balance sheet
    → Debt-to-Equity: Low borrowing and safer capital structure
    → Debt-to-Asset: Most assets are funded internally and financially sound
    → Interest Coverage: Earnings easily cover debt costs along with no stress from liabilities

 

Major Shareholders of NSDL (Pre-IPO Structure)
Shareholder Stake (%)
IDBI Bank 26%
National Stock Exchange (NSE) 24%
State Bank of India (SBI) 5%
HDFC Bank 5%
Standard Chartered Bank 3%
Citibank 2%
Canara Bank 2%
Deutsche Bank 2%
Union Bank of India 2%
Others (Public Shareholding / Institutions) Remaining 29%
  • Backed by India’s top financial institutions
    → Includes major banks and the National Stock Exchange, which handles 95% of India's market trading
    → This adds credibility, stability, and supports long-term growth potential

 


Analyst Talk: NSDL is growing quietly, but powerfully

Let’s talk about NSDL, why it’s more than just another stock.

As India’s economy keeps gaining momentum, global investors are shifting serious capital in the country. They’re moving out of uncertain regions and looking for long-term opportunities and India is at the top of that list.

Now here’s the part most people overlook:

All that institutional money coming into India has to go through NSDL.

NSDL is the central infrastructure that stores and transfers shares for institutional investors. It’s regulated by SEBI, backed by the Government of India and it’s one of only two depositories in the country, the other being CDSL, which focuses more on retail.

So, think about it when institutions invest in India, NSDL is where their assets are held.
That makes it essential to the market, not optional.

It’s:

  • A high margin, asset-light business

  • With monopoly like power in its space

  • And it grows every time more money flows into India
    In short — if you're bullish on India’s future, NSDL is a smart, strategic way to play that trend.You're not just investing in a company.You’re investing in the system that powers the entire market.


Final Insights: WHY TO INVEST 

The connection is simple:

The more global money flows into India, the more important and profitable NSDL becomes.

And that flow is already happening and expected to accelerate. As India opens up more, reforms deepen, confidence grows and institutional capital keeps coming in. NSDL will be there at the center of it all, growing quietly but powerfully alongside the country.

So even if the valuations seem high, it doesn’t matter much. These are monopoly-like businesses in a fast-growing market. When you're the only real player in your space, you earn the right to grow big and stay big.

In short, NSDL is one of those rare businesses positioned to benefit directly from India’s rise on the global stage and that’s a big reason it could deliver strong, compounding returns in the years ahead. To explore more such high-conviction opportunities, visit https://www.sharescart.com/  your edge in discovering businesses at the heart of India's next growth phase.

Top Unlisted Companies & InstaBuy Companies

Sell or Purchase Share (Tentative Price)

Fundamental Analysis

Company Industry Stock P/E P/B Company rating MCAP (in Cr.) Current Price
Pharmeasy e-Commerce -1.8 1.8 4659 7.3
Reliance Retail Retailing 141.5 23 698659 1400
Orbis Financial Finance - Investment 45.2 9.3 6391 525

Top Recommendations

Hexaware Technologies

It is a leading global provider of BPO and IT services. Hexaware Technologies Limited provides IT consulting, software development, and business process services.

Unique Features

  • Delisted Company
  • Undervalued Stocks
  • Likely to Grow 2x

API Holdings

Incorporated in 2019, The company operates a consumer healthcare app called PharmEasy that enables the home delivery of pharmaceutical products.

Unique Features

  • Market Leader
  • Available now at 66% discount
  • QIB's invest at Rs.100 per share.

Sterlite Power

Sterlite Power began on 5th May 2015 and is headquartered in Delhi. It is a leading developer & solution provider in integrated power transmission.

Unique Features

  • Likely to grow in 4-5 years
  • Part of Vedanta Group
  • Decent Valuation

Signify Innovation

Incorporated in 2015. Signify is into the manufacturing of electric lights and light fixtures for consumers and professionals.

Unique Features

  • Lighting Industry
  • Part of Philips Group
  • Decent Valuation

Chennai Super Kings

CSK is a subsidiary brand of India Cements. This company is quite popular in India as it known for its cricket team.

Unique Features

  • Most loved IPL Team
  • LIC holds more than 6% Shares
  • One of the best businesses

Elcid Investment

Elcid Investments Limited was incorporated on 3 December 1981 in Mumbai. It is a Non-Banking Finance Company registered with the Reserve Bank of India.

Unique Features

  • NBFC
  • Listed Company
  • Book Value is Rs.6,16,440.

Studds Accessories

STUDDS is a leading manufacturer of motorcycle accessories and helmets. They become the largest helmet manufacturer (two-wheeler) in the world.

Unique Features

  • No.1 Brand of Helmets
  • Having business in 20+ countries
  • Trustworthy Management

Mohan Meakin

Mohan Meakin manufactures alcoholic beverages such as rum, whisky, beer, etc., and non-alcoholic beverages like apple juice, mineral water, etc.

Unique Features

  • Delisted Company
  • Decent Valuation
  • Popular alcoholic (Old Monk)

Orbis Financial

Orbis is recognized as a leading player in the Financial Services Industry, providing Securities Services since 2009 to FDI, Corporate, HNI's.

Unique Features

  • leading player
  • Decent Valuation
  • Excellent growth

Schneider Electric

Schneider Electric President Systems Limited is a designer, manufacturer and supplier of customized enclosure systems for over 30 years.

Unique Features

  • Delisted Company
  • Undervalued Stocks
  • In FY22, 45% growth in Sales

Check Health Insurance Premium

Check Health Insurance Premium

Success Stories

How Your Money Can Grow With Us

ICICI Prudential

Pre IPO Price:
130
IPO Price:
334
Listing Price:
310
Absoulte return 138%

1 Lac Invested in ICICI Prudential pre-ipo turned into 2.3 Lac after listing.

ICICI Lombard

Pre IPO Price:
400
IPO Price:
661
Listing Price:
680
Absoulte return 70%

1 Lac Invested in ICICI Lombard pre-ipo turned into 1.7 Lac after listing.

HDFC Life

Pre IPO Price:
210
IPO Price:
290
Listing Price:
344
Absoulte return 64%

1 Lac Invested in HDFC Life pre-ipo turned into 1.6 Lac after listing.

AU Small Finance Bank

Pre IPO Price:
175
IPO Price:
358
Listing Price:
597
Absoulte return 241%

1 Lac Invested in AU Small Finance Bank pre-ipo turned into 3.4 Lac after listing.

RBL Bank

Pre IPO Price:
60
IPO Price:
225
Listing Price:
301
Absoulte return 402%

1 Lac Invested in RBL Bank pre-ipo turned into 5 Lac after listing.

BSE

Pre IPO Price:
200
IPO Price:
806
Listing Price:
1069
Absoulte return 435%

1 Lac Invested in BSE pre-ipo turned into 5.3 Lac after listing.

CDSL

Pre IPO Price:
60
IPO Price:
150
Listing Price:
261
Absoulte return 335%

1 Lac Invested in CDSL pre-ipo turned into 4.3 Lac after listing.

Nazara Tech

Pre IPO Price:
545
IPO Price:
1101
Listing Price:
1990
Absoulte return 265%

1 Lac Invested in Nazara Tech pre-ipo turned into 3.6 Lac after listing.

Dmart Avenue

Pre IPO Price:
280
IPO Price:
300
Listing Price:
616
Absoulte return 120%

1 Lac Invested in Dmart Avenue pre-ipo turned into 2.2 Lac after listing.

Reliance Retail Ltd

Price in 2019:
450
Current Price:
3250
Absoulte return 622.22%

1 Lac Invested in Reliance Retail Ltd pre-ipo turned into 7.2 Lac.

Tata Technologies

Price in 2019:
1100
Current Price:
6350
Absoulte return 477.27%

1 Lac Invested in Tata Technologies pre-ipo turned into 5.7 Lac.

whatsapp