Go Ad-Free
    My Alerts
    Moneycontrol
    Moneycontrol PRO
    Loans
    Loans
    HomeNewsBusinessNeutral NSDL; target of Rs 1270: Motilal Oswal

    Neutral NSDL; target of Rs 1270: Motilal Oswal

    Motilal Oswal recommended Neutral rating on NSDL with a target price of Rs 1270 in its research report dated November 13, 2025.

    Broker Research
    November 17, 2025 / 13:06 IST
    Neutral
       
       
      26 Aug, 2025 12:21
      Volume
      Todays L/H
      More
      Motilal Oswal's research report on NSDL

      NSDL’s operating revenue grew 12% YoY/28% QoQ to INR4b (20% beat), led by 21%/7% YoY growth in Depository/Banking segments. For 1HFY26, revenue grew 3% YoY to INR7.1b. Operating expenses grew 12% YoY to INR2.7b, driven by a 26%/9% YoY increase in employee costs/other expenses. EBITDA rose 13% YoY/34% QoQ to INR1.3b, resulting in an EBITDA margin of 32% (vs. 31.6% in 2QFY25 and 30.5% in 1QFY26). For 1HFY26, EBITDA grew 15% YoY to INR2.2b

      Outlook

      We reiterate our Neutral rating on the stock with a one-year TP of INR1,270 (premised on a P/E multiple of 45x on FY28E earnings).

      For all recommendations report, click here

      Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

      NSDL_14112025_Motilal Oswal
      Broker Research
      first published: Nov 17, 2025 01:05 pm

      Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!

      Subscribe to Tech Newsletters

      • On Saturdays

        Find the best of Al News in one place, specially curated for you every weekend.

      • Daily-Weekdays

        Stay on top of the latest tech trends and biggest startup news.

      Advisory Alert: It has come to our attention that certain individuals are representing themselves as affiliates of Moneycontrol and soliciting funds on the false promise of assured returns on their investments. We wish to reiterate that Moneycontrol does not solicit funds from investors and neither does it promise any assured returns. In case you are approached by anyone making such claims, please write to us at grievanceofficer@nw18.com or call on 02268882347