Despite all the excitement, analysts have also flagged that NSDL isn’t cheap. At the upper end of the price band (Rs 760–Rs 800), the company is valued at around Rs 16,400 crore, which implies a price-to-earnings (P/E) ratio of ~47x FY25 earnings.
“Valuations are on the higher side compared to its listed peer CDSL,” Harshal Dasani, Business Head, INVasset PMS said.
He noted that while there’s no fresh capital raised through this IPO (it was purely an offer-for-sale), NSDL’s scale, governance, and duopoly position still make it a strong long-term play — provided it continues to deliver on financials and monetises new services effectively.