NSDL vs CDSL: Post-Listing Showdown as NSDL Soars 33% in 2 Days

India’s depository sector is heating up after the much-awaited listing of NSDL. With NSDL and CDSL as the only major players, investors are comparing their stock performance, financial health, and market position to decide where to place their bets.

NSDL’s Strong Debut

National Securities Depository Ltd (NSDL), India’s oldest and largest depository, listed on August 6 at ₹880, about 10% above its IPO price. The rally didn’t stop there; within 2 days, shares surged over 33% to around ₹1,246 (as of August 7), pushing its market cap above ₹25,000 crore. 

As of 12:35 PM IST on August 8, 2025, NSDL share price (BOM: 544467) was trading at ₹1,321.30, up ₹198.10 or 17.64% for the day. 

CDSL’s Steady Performance

Central Depository Services Ltd (CDSL), the only other major depository, has shown steady but slower growth. Since NSDL’s listing, CDSL share price (NSE: CDSL) has risen 1.46% to ₹1,573. Over the past 5 days, they are up nearly 4%, but the 1-month chart shows a 10% dip. Longer-term, CDSL is up 21% in six months and 28% in 2025 so far, with a market cap close to ₹33,000 crore.

Business Strengths

• NSDL: Leads in assets under custody, number of companies serviced, and settlement volumes.
• CDSL: Dominates retail investor accounts and leads in new demat account openings.

CDSL’s Q1 FY26 Financials

In the June quarter, CDSL’s net profit fell 23.6% YoY to ₹102.4 crore. EBITDA dropped over 15%, and margins shrank to 50.4% from last year’s 60%, mainly due to higher costs. Revenue remained flat.

Also Read: Tata Power Q1 FY26 Earnings Results: PAT Rises 6% to ₹1,262 Crore!

NSDL IPO Buzz

The NSDL IPO raised ₹4,000 crore through an offer for sale, largely subscribed by institutional investors. While the funds went to existing shareholders, the listing gains have kept investor sentiment high.

Conclusion

NSDL’s explosive debut has drawn investor attention, while CDSL’s stable performance and strong retail presence keep it a solid long-term contender. The real test will be whether NSDL can sustain its post-listing momentum and if CDSL can bounce back with improved financials in the coming quarters.

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