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ICICI Securities research report on WeWork India Management

National Securities Depository Ltd. (NSDL) provides depository services to investors, issuers, depository participants, financial institutions, stockbrokers, custodians, clearing corporations and other market intermediaries through an integrated platform. As such, NSDL is a play on broader Indian capital markets, with a mix of recurring/transaction revenue – split 42%/58% as of FY25. Separately, it enjoys a duopoly setup, capital-light, healthy-RoE business model.

Outlook

We initiate coverage with a HOLD rating, based on 40x FY28E EPS which is similar to our CDSL’s target multiple. The high multi

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