National Securities - Public Comps and Valuation Multiples

National Securities Overview

About National Securities

National Securities Depository Ltd is a SEBI-registered market infrastructure institution (MII) that offers a wide range-of-products and services to the financial and securities markets in India. As a depository, it provides a depository framework that allows market participants to engage in the financial and securities markets in India. It also plays a central role in developing products and services that will continue to meet the growing needs of the financial services industry in India. The company's business is to provide depository services to its clients in India, including various services for investors such as dematerialization, re-materialization, holding, transfer, and pledge of securities in electronic form.

Founded

2012

HQ

Employees

450

Website

nsdl.co.in

Sectors

Financial Data & Information

Financials

Last FY Revenue $160M

Last FY EBITDA $55.5M

EV

$2.5B

Valuation Multiples

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National Securities Financials

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National Securities P&L

In the most recent fiscal year, National Securities reported revenue of $160M and EBITDA of $55.5M.

National Securities expects next 12-month revenue of XXX and NTM EBITDA of XXX

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	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue	XXX	$160M	XXX	XXX	XXX
Gross Profit	XXX	$138M	XXX	XXX	XXX
Gross Margin	XXX	86%	XXX	XXX	XXX
EBITDA	XXX	$55.5M	XXX	XXX	XXX
EBITDA Margin	XXX	35%	XXX	XXX	XXX
EBIT	XXX	$38.4M	XXX	XXX	XXX
EBIT Margin	XXX	24%	XXX	XXX	XXX
Net Profit	XXX	$38.6M	XXX	XXX	XXX
Net Margin	XXX	24%	XXX	XXX	XXX
Net Debt	XXX	n/a	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

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Financial performance metrics for National Securities including revenue, profitability, and margin analysis across different time periods. In the most recent fiscal year, National Securities achieved $160M in revenue and $55.5M in EBITDA.
Financial Metric	Next Twelve Months (NTM)	Most Recent Fiscal Year	Current Fiscal Year (2025)	Next Fiscal Year (2026)	Two Years Forward (2027)
Total Revenue	Analyst estimates available to subscribers	$160M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	Analyst estimates available to subscribers	$138M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit Margin	Analyst estimates available to subscribers	86.1% gross profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA (Earnings Before Interest, Taxes, Depreciation, Amortization)	Analyst estimates available to subscribers	$55.5M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	Analyst estimates available to subscribers	34.7% EBITDA margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT (Earnings Before Interest and Taxes)	Analyst estimates available to subscribers	$38.4M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	Analyst estimates available to subscribers	24.0% EBIT margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	Analyst estimates available to subscribers	$38.6M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	Analyst estimates available to subscribers	24.2% net profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Debt Position	Detailed debt information available to subscribers	n/a	Detailed debt information available to subscribers	Detailed debt information available to subscribers	Detailed debt information available to subscribers

Financial Performance Summary for National Securities

This financial data table provides comprehensive performance metrics for National Securities, a company based in India. The metrics include revenue, profitability measures, and operational efficiency indicators across multiple time periods.

Fiscal Year Performance

In the most recent fiscal year, National Securities reported $160M in total revenue.
Fiscal year EBITDA was $55.5M.
The company maintained a gross profit margin of 86.1% in the most recent fiscal year.
EBITDA margin for the fiscal year was 34.7%.
Net profit margin reached 24.2% in the most recent fiscal year.

This financial data is sourced from Morningstar, Inc. and represents the most recent available information for National Securities. Forward-looking estimates and detailed financial projections are available through our premium subscription service.

National Securities Stock Performance

National Securities has current market cap of INR 236B (or $2.7B), and EV of INR 226B (or $2.5B).

Market Cap Evolution

National Securities Stock Data

As of October 13, 2025, National Securities's stock price is INR 1182 (or $13).

See National Securities trading valuation data

EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$2.5B	$2.7B	XXX	XXX	XXX	XXX	n/a

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National Securities Valuation Multiples

National Securities's trades at 16.3x EV/Revenue multiple, and 48.6x EV/EBITDA.

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National Securities Financial Valuation Multiples

As of October 13, 2025, National Securities has market cap of $2.7B and EV of $2.5B.

Equity research analysts estimate National Securities's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

National Securities's P/E ratio is not available.

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Market cap (current)	$2.7B	XXX	$2.7B	XXX	XXX	XXX
EV (current)	$2.5B	XXX	$2.5B	XXX	XXX	XXX
EV/Revenue	n/a	XXX	16.3x	XXX	XXX	XXX
EV/EBITDA	n/a	XXX	48.6x	XXX	XXX	XXX
EV/EBIT	n/a	XXX	70.2x	XXX	XXX	XXX
EV/Gross Profit	n/a	XXX	n/a	XXX	XXX	XXX
P/E	n/a	XXX	72.5x	XXX	XXX	XXX
EV/FCF	n/a	XXX	68.5x	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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National Securities Margins & Growth Rates

National Securities's revenue per employee in the last FY averaged $0.4M, while opex per employee averaged $0.2M for the same period.

National Securities's rule of 40 is unknown (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

National Securities's rule of X is unknown (created by Bessemer, rule of X is another metric relevant for SaaS companies only, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

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National Securities Operational Valuation Multiples

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue Growth	n/a	XXX	5%	XXX	XXX	XXX
EBITDA Margin	n/a	XXX	34%	XXX	XXX	XXX
EBITDA Growth	n/a	XXX	n/a	XXX	XXX	XXX
Rule of 40	n/a	XXX	n/a	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	n/a	XXX	XXX	XXX
Revenue per Employee	XXX	XXX	$0.4M	XXX	XXX	XXX
Opex per Employee	XXX	XXX	$0.2M	XXX	XXX	XXX
S&M Expenses to Revenue	XXX	XXX	0%	XXX	XXX	XXX
G&A Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
R&D Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
Opex to Revenue	XXX	XXX	62%	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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