NSDL Shares Fall Over 10% In Two Days After Posting Q1 Results

Shares of National Securities Depository Services (NSDL) fell for the second straight session on August 14, 2025, extending losses after the company reported its April-June 2025 results. During the two sessions, NSDL shares fell nearly 10 per cent. At 1:51 PM, the stock was trading at Rs 1,164.30, down 3.46 per cent intra-day. It touched the day’s low at Rs 1,161.50 apiece.

The depository services stock, which was offered for Rs 800 per share during its initial public offering (IPO), listed on the Bombay Stock Exchange (BSE) on August 5, 2025 at Rs 880 per share, a premium of 10 per cent over the issue price. Soon after the listing, the stock rallied over the next four sessions, delivering 78 per cent to hit its record high of Rs 1,425 apiece. From its record high, the stock is now down 18.5 per cent.

Established in 1996, NSDL is a key market infrastructure institution for electronic securities settlement and custody in the capital markets. NSDL is promoted by major Indian financial institutions, including the National Stock Exchange (NSE), HDFC Bank, and IDBI Bank.

NSDL Q1 Results

During the market hours on August 13, NSDL reported a 24 per cent year-on-year (y-o-y) growth in standalone profit after tax (PAT) to Rs 82.60 crore for the quarter ended June 30, 2025 as against Rs 66.60 crore in the same period last year.

Standalone total income came in at Rs 190.40 crore, up 21.70 per cent from Rs 156.50 crore last year. On a consolidated basis, profit grew 15.10 per cent y-o-y to Rs 89.60 crore, while total income fell 4.90 per cent to Rs 346.80 crore.

NSDL vs CDSL Market Share

According to a press release, NSDL’s market share in demat accounts rose sharply to 15.50 per cent in Q1 FY26 from 9.40 per cent a year ago. Active demat accounts, of June 30, 2025, crossed the 40 million mark. The remaining market share of the two-player market is held by its competitor Central Depository Services (CDSL). CDSL handles over four times more demat accounts than NSDL, over 160 million active accounts.

NSDL said it also maintained a dominant 86.60 per cent share in total demat custody value, much ahead of CDSL. NSDL held Rs 502.88 lakh crore in demat custody value, while CDSL’s demat custody value stood at Rs 7.77 lakh crore, according to the official websites of the depositories.

NSDL Shares Outlook

Brokerage firm Angel One in an IPO note, wrote that India’s securities depository industry is experiencing structural growth driven by a surge in demat accounts, from 39 million in FY19 to over 192 million by FY25, supported by rising retail participation, digital adoption, regulatory reforms like the e-mandates by the Securities and Exchange Board of India (Sebi), and increasing demand from IPOs, exchange-traded funds (ETFs), and mutual fund inflows.

The brokerage further said: “Regulatory tailwinds from Sebi, such as shorter settlement cycles (T+1), mandatory demat for unlisted public companies, and increasing digital adoption are boosting volumes and compliance, benefitting depositories like NSDL.”