NSDL vs CDSL: National Securities Depository Ltd (NSDL) and Central Depository Services Ltd (CDSL) serve as key pillars of India’s securities market, and NSDL’s recent stock market debut has reshaped the competitive dynamics.
In July 2025, NSDL launched a highly successful IPO priced between ₹760 and ₹800, which was fully subscribed within hours. Following its listing, the stock surged nearly 80 per cent above the issue price, touching over ₹1,425 within just a few days.
NSDL vs CSDL – Q1 results 2025
Both companies have announced their financial results for the quarter ending on June 30, 2025.
NSDL Q1 results 2025
NSDL’s consolidated revenue for the June quarter declined 14 per cent sequentially to ₹312 crore. While depository revenue dropped 3 per cent quarter-on-quarter, it registered a 19 per cent growth compared to the same period last year. Reduced expenses helped boost net profit by 8 per cent to ₹89.6 crore, up from ₹83.3 crore in the prior quarter.
Operating income, measured as earnings before interest, taxes, depreciation, and amortisation (EBITDA), increased 4 per cent sequentially to ₹95.2 crore. The EBITDA margin improved to 30.5 per cent from 25.1 per cent in the previous quarter.
The demat account market share rose from 9.4 per cent in the first quarter of last year to 15.5 per cent in Q1 of FY2026, surpassing the four-crore mark. NSDL holds an 86.6 per cent share in terms of total demat custody value.
CSDL Q1 results 2025
CDSL’s consolidated revenue rose 15.6 per cent to ₹259 crore, driven by higher issuer revenue (annuity) and a rebound in transaction income.
Net profit saw only a marginal increase, coming in at ₹102 crore compared to ₹100 crore in the previous quarter, while on a yearly basis, it declined by nearly 24 per cent. EBITDA grew 20 per cent to ₹130.6 crore, with margins improving to 50.4 per cent from 48.6 per cent in the March quarter.
Demat account additions slowed to 5.7 million during the quarter from 6.4 million in Q4, yet CDSL retained its dominant position with an 84 per cent market share.
“ NSDL Q1 FY26 results reinforced this view, with PAT rising 24% YoY to about Rs.102.5 crore and PBT up 26.8% YoY, driven by strong operating leverage. NSDL’s demat account market share surged from 9.4% to 15.5% YoY, crossing 4 crore accounts, while retaining an 86.6% share in custody value. At ~70–79× P/E, NSDL trades at a notable premium to CDSL, which is valued at ~66× P/E. CDSL, meanwhile, remains India’s largest depository by account count, benefiting from sticky retail participation, but faces mounting competition from NSDL’s rapid share gains and stronger custody dominance,” said Seema Srivastava, Senior Research Analyst at SMC Global Securities.
NSDL vs CSDL – Which stock to buy post Q1 results 2025?
According to Anshul Jain, Head of Research at Lakshmishree, the recent sharp post-listing rally in NSDL limits its immediate upside potential, making CDSL relatively better positioned.
“ CDSL’s price structure remains stable, with a stronger base and no signs of excessive short-term froth. However, aggressive buying at current levels may not be ideal. The better approach is to accumulate on major dips, particularly near the key support zone of 1,378.9, which aligns with the value area zone on the weekly charts. This level offers a favorable risk-reward setup for medium- to long-term investors,” Jain said.
On the other hand, Srivastava of SMC Global Securities said that both offer long-term exposure to India’s expanding capital markets from listed-investment perspective.
“ NSDL’s recent listing and accelerating momentum make it an attractive growth play albeit at a steeper valuation while CDSL provides more moderate premium exposure with stable, retail-driven earnings visibility,” Srivastava added.
Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.
