NSDL IPO faces valuation hurdles, analyst sees limited upside
NSDL's IPO draws investor comparisons with CDSL, but analyst Sumesh Guleria warns that weaker margins and less stable revenue may cap gains. NSDL earns just 24% margin vs CDSL's 53%, weighed down by low-profit banking services. With a 16-17% GMP and high IPO valuation, upside may be limited post-listing.