1. At a Glance
NSDL is coming to the bourses with a ₹4,011.6 crore IPO, entirely an Offer for Sale of 5.01 crore shares. Price band is ₹760–₹800. Retail can apply with just ₹13,680, but remember: you’re buying from sellers who are cashing out after a 39,900% joyride. Listing is on BSE, expected August 6, 2025.
2. Introduction
Think of this IPO like buying a used iPhone—pristine, reliable, but you’re paying a premium for something others have already milked. NSDL is the backbone of India’s stock market, and yet its IPO is priced 22% lower than its own unlisted value. A discount or a trap? That’s what we decode.
3. Business Model – WTF Do They Even Do?
NSDL is India’s first depository. It:
- Holds your stocks electronically.
- Settles trades like a silent ninja.
- Manages corporate actions, pledges, and e‑voting.
- Runs extra gigs like KYC services and NSDL Payments Bank.
It’s the plumber of Dalal Street—essential, unseen, and billing quietly.
4. Financials Overview
FY25 numbers flexed hard:
- Revenue: ₹1,535.2 Cr (up 12%)
- PAT: ₹343.1 Cr (up 25%)
- EBITDA: ₹492.9 Cr
- Net Worth: ₹2,005 Cr
Verdict: solid, cash‑spinning machine with no drama.
5. What’s This Stock Worth?
- P/E: 46.6x at ₹800.
- Fair Value Range: ₹900–₹1,100 based on P/E and EV/EBITDA.
Edu Punchline: DCF says ₹1,000, market says ₹800—someone’s bluffing.
6. What‑If Scenarios
| Scenario | Outcome |
|---|---|
| Listing pops 20% | Retail parties briefly |
| Flat listing | GMP dreams vanish |
| Post‑listing rerate | Long-term holders win |
7. What’s Cooking (SWOT)
Strength – Monopoly, tech‑driven, recurring revenue.
Weakness – Regulatory dependence, boring growth.
Opportunity – Expanding value‑added services, digital surge.
Threat – Cyber risks, rival CDSL flexing.
Drama: Institutional investors encash billions, retail watches.
8. Balance Sheet 💰
| (₹ Cr) | FY25 |
|---|---|
| Assets | 2,984.8 |
| Liabilities | ~980 |
| Net Worth | 2,005 |
| Borrowings | Negligible |
Debt status: coughing? Nope, sipping chai.
9. Cash Flow (FY23–FY25)
| FY | Ops | Investing | Financing |
|---|---|---|---|
| 23 | ~280 | – | – |
| 24 | ~320 | – | – |
| 25 | ~360 | – | – |
Cash flow’s like a salaried employee—consistent, reliable, boring.
10. Ratios – Sexy or Stressy?
| Metric | FY25 |
|---|---|
| ROE | 17.1% |
| ROCE | 22.7% |
| PAT Margin | 22.4% |
| EBITDA Margin | 24% |
| P/B | 7.98x |
ROCE hotter than your weekend plans.
11. P&L Breakdown – Show Me the Money
| FY | Revenue | EBITDA | PAT |
|---|---|---|---|
| 23 | 1,099.8 | 328.6 | 234.8 |
| 24 | 1,365.7 | 381.1 | 275.5 |
| 25 | 1,535.2 | 492.9 | 343.1 |
Topline’s running, bottom line’s jogging.
12. Peer Comparison
| Company | P/E | ROE | Margin |
|---|---|---|---|
| NSDL | 46.6x | 17% | 24% |
| CDSL | 66x | 18% | 28% |
NSDL: the sober cousin at a finance bros’ party.
13. EduInvesting Verdict™
NSDL IPO isn’t a jackpot—it’s a steady highway ride. Early investors have already made the kill, retail may see modest gains if the listing doesn’t tank. It’s stable, it’s cash‑rich, and it’s priced sensibly. Just don’t expect this to turn ₹2 lakh into ₹2 crore.
Written by EduInvesting Team | July 27, 2025
Tags: NSDL, IPO, ₹4,011 Cr OFS, Bookbuilding IPO, EduInvesting Premium
