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National Securities Depository (544467) investor relations material
National Securities Depository Q2 25/26 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 25/26 earnings summary13 Nov, 2025
Executive summary
Achieved strong operational and financial performance in Q2 FY26, with standalone income up 18.9% YoY to ₹250.6 crore and consolidated income up 12.2% YoY to ₹432.2 crore, maintaining leadership in demat custody value and unlisted issuer equity segment.
PAT rose 18.3% YoY to ₹120.4 crore standalone and 14.7% YoY to ₹110.3 crore consolidated, with 41.9 million demat accounts and 73% market share in unlisted issuers.
Rolled out digital initiatives, including a unified investor app, migration to a common contract note regime, enhanced e-voting, and direct securities payout.
Continued focus on investor protection and financial literacy, reaching over 79 million investors through campaigns and programs.
Unaudited standalone and consolidated financial results for Q2 and H1 FY2025-26 were approved by the Board on November 13, 2025.
Financial highlights
Standalone total income for Q2 FY26 was ₹250.6 crore, up 18.9% YoY and 31.6% sequentially; PAT at ₹120.4 crore, up 18.3% YoY and 45.7% sequentially.
Consolidated Q2 FY26 income was ₹432.2 crore, up 12.2% YoY; PAT at ₹110.3 crore, up 14.7% YoY and 23% sequentially.
H1 FY26 consolidated income reached ₹779 crore, with PAT at ₹200 crore, up 14.9% YoY.
Standalone Q2 revenue from operations: ₹20,416.06 lakh, up from ₹16,913.05 lakh YoY; consolidated Q2 revenue: ₹40,004.17 lakh, up from ₹35,669.65 lakh YoY.
NSDL Payments Bank crossed 3 million customers and ₹400 crore in deposits; achieved scheduled payment bank status in July 2024.
Outlook and guidance
Strategic focus on deepening retail participation, leveraging technology, supporting regulatory initiatives, and driving value through subsidiaries.
Management expects continued growth in core depository and banking services, with ongoing regulatory and operational adjustments in subsidiary businesses.
Anticipates continued investment in technology and talent, with operating leverage expected to support margins if market growth persists.
Expects run rates for onboarding unlisted issuers to slow as market matures, but aims to maintain market share in the 70–72% range.
Ongoing digital innovation and expansion of product offerings, including new digital services and streamlined investor processes.
Custody fee growth: DLT vs. slowing unlisted issuer onboarding
Cost strategy: How will tech/skill investments impact margins?
Payments Bank growth: What sustains quality customer & UPI traction?
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Next National Securities Depository earnings date
Q3 25/2616 Feb, 2026
Next National Securities Depository earnings date
Q3 25/2616 Feb, 2026
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