18 Sep 2025 | 3 Mins Read
NSDL shares factor in upside, while Motilal Oswal sees downside
Flipitmoney
Motilal Oswal initiated coverage on NSDL with a "Neutral" rating and a ₹1,200 price target, implying an 8% potential downside. NSDL dominates institutional accounts and services the widest base of issuers, generating recurring issuer charges. Motilal expects revenue, operating profit, and net profit to grow at 5%, 14%, and 15% CAGR from FY25-28.