Motilal Oswal initiates India's NSDL with 'neutral' rating

National Securities Depository

18/09/2025 08:36

** Motilal Oswal Financial Services initiates coverage on National Securities Depository Ltd (NSDL) NATS.BO with "neutral" rating and PT of 1,200 rupees

** Given duopoly in the industry, depositories deserve premium valuations, brokerage says

** Says stock is fairly valued at current prices, positives priced in

** Expects NSDL's revenue and profit to grow at compounded annual rates of 5% and 15%, respectively, between FY25 and FY28

** Depository firm's shares up 0.1% at 1,291.8 rupees

** Stock up 61% from issue price of 800 rupees after listing on August 6

 (Reporting by Vivek Kumar M)

 ((VivekKumar.M@thomsonreuters.com;))