NSDL Shares Extend Losses Post Q1 Results, Drop 18% After 62% Post-Listing Gain
NSDL Share Price: Shares of National Securities Depository Ltd. (NSDL) slipped nearly 3% on August 14, marking their second straight day of declines after the company's Q1 FY26 results. The newly-listed stock has now dropped almost 18% from its all-time high of Rs 1,425, hit just three sessions ago.
After opening flat, the stock fell to an intraday low of Rs 1,166 apiece. On August 13, it had shed over 6% to close at Rs 1,206. The selling pressure came despite NSDL reporting a healthy rise in net profit for the April–June quarter.
NSDL posted a net profit of Rs 89.63 crore for Q1 FY26, up more than 15% from Rs 77.82 crore in the year-ago period. The company's expenses dropped 14% year-on-year to Rs 228 crore, but revenue from operations fell 7.5% to Rs 312 crore from Rs 337 crore in Q1 FY25. Sequentially, revenue was down over 14% from Rs 364 crore in Q4 FY25.
Stellar Market Debut Followed by Sharp Rally
NSDL made its market debut on August 6 at Rs 880 per share on the BSE — a 10% premium over its IPO price. The Rs 4,000-crore IPO quickly turned into a multi-bagger for institutional investors as the stock surged up to 62% from its listing price and 78% from its IPO price in just four sessions, touching a record Rs 1,425 on August 11.
Market experts remain divided on short-term prospects. Siddharth Maurya of Vibhavangal Anukulakara Pvt. Ltd. said long-term investors could 'take comfort in India's robust market infrastructure" but suggested profit booking at current elevated levels.
Bhavik Joshi of INVasset PMS noted that NSDL's current P/E ratio of 71.5 is higher than its debut P/E of 49 and above peer CDSL's 66. While investors are willing to pay a premium for NSDL's scale and trust, Joshi warned of risks tied to transaction volumes, market activity, and cybersecurity.
Ambareesh Baliga told CNBC-TV18 that it may be wise for IPO investors to book profits and rotate back to CDSL, given the recent sharp run-up. Sunny Agarwal of SBI Securities advised short-term traders to take gains, while long-term investors could use dips to accumulate.
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