National Securities Depository (544467) Q2 26/27 earnings summary

Executive summary

• Consolidated Q2 revenue from operations rose 36.5% YoY to ₹54,589.33 lakh; net profit increased 10.9% to ₹12,245.37 lakh.

• Demat accounts reached 471.8 lakh, with custody value of ₹536.5 lakh crore and 85.8% market share.

• H1 added 27.9 lakh net BO accounts; tokenized-bond, EGR and digital investor services advanced.

Financial highlights

• Consolidated Q2 total income was ₹58,257.48 lakh, up 34.8% YoY; revenue from operations was ₹54,589.33 lakh.

• Consolidated Q2 net profit was ₹12,245.37 lakh; H1 revenue from operations was ₹1,06,251.90 lakh and net profit ₹22,075.87 lakh.

• Consolidated Q2 EBITDA rose 12.5% YoY to ₹178.5 crore; H1 EBITDA increased 12.2% to ₹323.6 crore.

• Standalone Q2 revenue from operations was ₹22,780.31 lakh and net profit ₹12,666.82 lakh; H1 net profit was ₹21,580.26 lakh.

• H1 consolidated operating cash flow was ₹30,036.12 lakh; period-end cash and cash equivalents were ₹21,063.57 lakh.

Segment performance

• Q2 segment revenue was ₹22,779.88 lakh for Depository, ₹2,539.01 lakh for Database Management Services and ₹29,270.45 lakh for Banking Services.

• Banking Services Q2 segment results were ₹583.42 lakh versus ₹158.66 lakh YoY; Depository and Database Management Services results were ₹10,992.09 lakh and ₹852.55 lakh.

• Payments Bank retail customers grew 1.6x YoY to 54.3 lakh and deposits reached ₹378.1 crore; Q2 segment results rose from ₹1.8 crore to nearly ₹5 crore-plus.

• Database Management Services covered 20.6mn KYC records and 17.5mn insurance policies; H1 accreditation activity included 2,336 certificates issued.

• Standalone operating revenue was 44.7% recurring; annual custody fees were ₹101.8 crore, up 14.5%, and transaction fees were ₹126.0 crore, up 9.3%.