NSDL (IPO) vs CDSL: NSDL reported strong financial performance reflecting robust operating leverage. Revenue model is largely stable & annuity-like. At upper price band of ₹800, IPO is priced at 47x times FY25 P/E, compared to CDSL which is trading at 67x https://rakesh-jhunjhunwala.in/revi...es-depository-ltd-nsdl-ipo-by-sbi-securities/