NSDL Shares Down For Day 2 After Mixed Q1 Print, Fall 18% From Record High

Shares of National Securities Depository (NSDL) fell about 3% on August 14, extending losses for a second straight session as investors rushed to book profits following the company’s mixed June quarter results. The two-day drop comes after the stock had rallied in four of its first five trading sessions since making its market debut.

With the latest decline, NSDL shares are now down 18% from their record high of ₹1,425, hit on the fourth day after listing on August 6.

For the June quarter, NSDL reported a net profit of ₹89.63 crore, up 15% from ₹77.82 crore a year earlier. However, revenue slipped 7.5% year-on-year to ₹312 crore in Q1 FY26 from ₹337 crore in Q1 FY25. Sequentially, revenue dropped more than 14% from ₹364 crore in Q4 FY25.

NSDL had made a decent market debut on August 6, listing at a 10% premium to its IPO price at ₹880 apiece on the BSE. From there, the stock surged nearly 62% over its listing price and 78% above its IPO price to touch its record high in just four sessions.

Its current price-to-earnings ratio stands at around 71.5, up from 49 at the time of debut. In comparison, peer CDSL trades at a P/E of about 66. While NSDL’s shares were initially offered at a discount to CDSL’s in its public issue, they have since overtaken their rival post-listing. The company now commands a market capitalisation of ₹23,582 crore, still shy of CDSL’s ₹32,583 crore.

Analysts had earlier urged investors to take a long-term view on the stock, citing NSDL’s strong fundamentals and market leadership in the depository segment. The ₹4,000-crore IPO turned out to be a multi-bagger for several major financial institutions that sold shares in the offer-for-sale.

At the same time, anticipating volatility after the listing, they also suggested partial profit-taking at these elevated levels. Shivani Nyati, Head of Wealth at Swastika Investmart, recommended booking some gains while retaining part of the holding, with a stop-loss near ₹850. Prashanth Tapse, Senior Vice-President of Research at Mehta Equities, advised long-term investors to hold on, and those without allotment to wait for a post-listing correction.

“NSDL continues to lead in value-based transactions and institutional account holdings, underpinned by deep-rooted industry trust and robust technological infrastructure,” Tapse said.