NSDL IPO

Revenue from operations jumped from ₹1,022 crore in FY23 to ₹1,420 crore by FY25. That’s nearly 18% growth every year, and profits have also moved up from ₹235 crore to ₹343 crore, growing even faster at 21% per year.

When you look under the hood, the business model is anything but one-dimensional. NDML is the tech whiz, handling a bunch of IT solutions, and then there’s NSDL Payments Bank Limited, which alone brought in ₹720 crore, which is just over half (50.69%) of NSDL’s revenue in FY25.

As of March 31, 2025, the assets inside NSDL’s demat accounts averaged out to ₹1.177 crore per account. That’s not small change, it’s more than four times the market average of ₹27.8 lakh.

NSDL earned ₹156.80 per account in FY25, nearly three times CDSL (₹55.44). For unlisted companies, it’s got a stranglehold with a 73.04% market share. On shares settled in demat form, it handles two-thirds (66.03%) of the value, and it’s responsible for 65.27% of all active instruments.

In FY25, NSDL’s DPs (e.g., service agents) ran over 65,000 service centres, more than triple CDSL’s 18,918. That means even if you’re not in Mumbai or Bangalore, you’re probably never too far from an NSDL touchpoint.

NSDL’s profit margin for FY25 landed at 22.35%. Respectable, but not the head-turner when compared with CDSL’s 48.63%. What this tells us is clear: for every ₹100 coming in, CDSL is walking away with nearly half as pure profit; NSDL, less than a quarter.

NSDL is under the watchful eye of SEBI, with multiple warnings and deficiency letters up to June 2025 about compliance gaps and tech hiccups. This is one of those risks that’s hard to see on a spreadsheet, but the impact can be huge if it goes sideways.

NSDL Payments Bank Limited (NPBL) (payment business) is pulling a lot of weight in the revenue column of NSDL, but its operating margin stands at just 1.08%, and costs are eating up most of what it brings in.

NSDL managed 4 crore demat accounts as of June 2025, while CDSL had a massive 15.9 crore, a much broader reach among everyday investors.

Everything runs on complex IT systems. Any big technical blow-up or security breach isn’t a “might hurt, might not”; it can be lights out for business health and reputation.