NSDL vs CDSL: Q1 2025 Results Comparison – Which Stock Should You Buy Now?
The depository sector in India has been in the spotlight after NSDL’s blockbuster listing in 2025 and the continued dominance of CDSL in the retail space. With both companies announcing their Q1 FY2025 results, investors are keen to know: Which stock is a better buy right now – NSDL or CDSL?
In this article, we provide an in-depth comparison of NSDL vs CDSL Q1 2025 performance, valuations, market sentiment, and analyst recommendations to help investors make an informed decision.
NSDL Q1 2025 Performance & Outlook
- Net Profit: ₹89.6 crore, up 15.1% YoY, mainly due to a 14% drop in expenses.
- Revenue: ₹312 crore, down 7.5% YoY and 14% QoQ, raising concerns about growth momentum.
- Market Reaction: After an explosive 78% rally in four days post-listing, NSDL stock corrected by 18% from highs on profit-taking.
- Valuation: Current P/E ratio of 71.5–74, higher than CDSL’s 66, making it look expensive in the near term.
- Market Share: Demat account share rose to 15.5% (from 9.4% last year), and it continues to dominate custody value with 86.6% share.
👉 Verdict on NSDL: Strong institutional dominance and long-term infrastructure play, but short-term valuations look stretched. Near-term upside seems capped, making analysts cautious for fresh buying.
CDSL Q1 2025 Performance & Outlook
- Revenue: ₹259 crore, up 15.6% YoY, showing strong business momentum.
- Net Profit: ₹102 crore, modest growth but still higher than NSDL’s.
- Margins: Ebitda margins stayed robust above 50%.
- Market Position: Leader in retail demat accounts with 84% share in incremental accounts, benefitting from the boom in retail investing in India.
- Valuation: P/E at 66, more reasonable than NSDL’s inflated valuation.
- Market Cap: ₹32,806 crore vs. NSDL’s ₹24,166 crore, showing stronger investor preference.
👉 Verdict on CDSL: Better positioned for growth with retail participation driving account additions. Analysts see