NSE vs NSDL: share price, P/E, ROE and financials compared
National Stock Exchange of Ind
National Securities Depository
NSE and NSDL at a glance
NSE and NSDL are both listed in Financial Services. NSE is the larger by market cap, at ₹4.7L Cr against ₹15,283 Cr for NSDL (30.9 times as large). On valuation, NSDL has the lower P/E (38.2× against 43.1×) and the lower price-to-book (6.09× against 11.03×). On returns and margins, NSE has the higher ROCE (30.2% against 21.2%), the higher ROE (26.7% against 17.1%) and the higher operating margin (78.3% against 25.4%). Neither carries much debt for its equity: debt-to-equity is 0.01× for NSE and 0.01× for NSDL.
Key metrics, side by side
| Metric | NSENSE | NSDLNSDL |
|---|---|---|
| Price (₹) | 1,908.35 | 764.15 |
| Market cap (₹ Cr) | 4,72,317 | 15,283 |
| P/E | 43.1× | 38.2× (the lower figure, shaded) |
| P/B | 11.03× | 6.09× (the lower figure, shaded) |
| Dividend yield, trailing | 0.00% | 0.52% (the higher figure, shaded) |
| ROE | 26.7% (the higher figure, shaded) | 17.1% |
| ROCE | 30.2% (the higher figure, shaded) | 21.2% |
| Operating margin (OPM) | 78.3% (the higher figure, shaded) | 25.4% |
| Net margin (NPM) | 56.2% (the higher figure, shaded) | 19.8% |
| Sales CAGR 3Y | – | +14.4% |
| Profit CAGR 3Y | – | +17.4% |
| Debt to equity | 0.01× | 0.01× |
| Interest cover | 345.8× (the higher figure, shaded) | 76.5× |
| Net profit TTM (₹ Cr) | – | 388 |
| 1Y return | +4.2% (the higher figure, shaded) | −29.9% |
| Promoter holding | – | – |
NSE vs NSDL: common questions
Which is bigger, NSE or NSDL?
By market cap, NSE is bigger at ₹4.7L Cr, against ₹15,283 Cr for NSDL (prices as of 6 Nov 2026).
Which has a lower P/E ratio, NSE or NSDL?
NSE trades at a P/E of 43.1× and NSDL at 38.2×. NSDL has the lower P/E. P/E is the share price divided by earnings per share; it varies a lot between industries and with growth, so it says little on its own.
Which has a higher ROE, NSE or NSDL?
NSE reports a return on equity of 26.7% and NSDL 17.1%. NSE has the higher ROE. ROE is net profit as a share of shareholders’ equity.