ICICI Securities keeps hold on India's NSDL, target Rs 840

ICICI Securities has retained a “hold” rating on National Securities Depository with a target price of Rs 840, citing balanced risks from both positive and negative market momentum. The brokerage values NSDL at 35 times estimated core earnings of Rs 18.8 per share for FY28, plus Rs 175 per share investment value. It forecasts core EPS of Rs 15.6 for FY27 and Rs 18.8 for FY28. NSDL added 4.94 million demat accounts in FY26 but only 1.24 million in Q1FY27. Higher technology investments may delay operating leverage until FY28.