There have been a few developments regd the New trading platform in past few days. Even though there are questions on technical qualification and approval from SEBI technical board. The Co will hopefully overcome this one issues in next 3 months. This would save the Co from excessive software charges and that should improve operating metrics.
From My rough calculation I estimate the net profit to be ~380 cr for FY25 and a ICICI report estimates the profit to be ~425cr. So, if we assume trades at P/E of 35x (CDSL and CAMS trade at 40x, for lower growth rates) the market cap would be 14000 cr (currently 10400 cr). That would be 35% returna in next 18 months or 22% CAGR.
Higher p/e multiple, continued revenue of 30% and possible dividend would be added benefit.
Dowside risks include any further challenges in deployment of the new trading platform and any regulatory changes.