National Securities Depository (544467) Q2 25/26 earnings summary

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.