2025-10-16 12:52:56 pm | Source: Motilal Oswal Financial Services ltd
Neutral NSDL Ltd for the Target Rs. 1,200 by Motilal Oswal Financial Services Ltd
* Revenue growth projected to be driven by depository income.
* Other income projected to decline sequentially.
* EBITDA margins are expected to improve sequentially, led by growth in revenues.
* Increase in share of incremental demat accounts and tie-ups with new fintech players remain key monitorables
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