Subscribe for NSDL Ltd IPO; Ajcon Global

Ajcon Global, has come out with its report on NSDL Ltd. The research firm has recommended to “ Subscribe” the ipo in its research report as on July 29, 2025.

Broker Research

July 30, 2025 / 10:19 IST

IPO

Ajcon Global, NSDL Ltd

NSDL, a SEBI-registered market infrastructure institution, pioneered the dematerialization of securities in India in 1996 following the Depositories Act. As of March 31, 2025, it is the largest depository in the country by issuers, active instruments, demat settlement value, and assets under custody. The company operates a wide network of 65,391 depository participant service centres, significantly higher than CDSL’s 18,918 centres. NSDL provides a robust depository framework that enables market participants to effectively engage in India’s financial and securities markets. The company plays a central role in developing innovative products and services to meet the evolving needs of the financial services industry. Leveraging advanced and flexible technology systems, NSDL supports investors, brokers, issuers, and other stakeholders while ensuring the safety and integrity of the Indian securities market by creating settlement solutions that enhance efficiency, minimize risk, and reduce costs.

Valuation and Outlook

NSDL, India's pioneering depository, opens its doors to public investors. Backed by marquee institutions, this Offer for Sale marks a landmark listing in the financial infrastructure space. At the upper price band of Rs. 800, the issue is priced at a P/E multiple of 46.62 its FY25 post IPO EPS of Rs. 17.16. We give a ‘SUBSCRIBE’ rating to the issue for the following reasons.

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