National Securities Depository (544467) Q3 25/26 earnings summary

Executive summary

• Maintains leadership as India's largest depository with 86.2% market share by total demat custody value and 43.2 million beneficiary owner accounts as of December 2025.

• Market sentiment in India remains cautiously optimistic for the medium to long term but subdued in the near term due to global geopolitical uncertainties, weaker earnings, and a depreciating rupee, resulting in significant FII outflows of $18.9 billion in 2025.

• Domestic investors have stabilized markets with net inflows of INR 780,000 crore, supported by robust SIP flows.

• Expanded digital offerings and launched new products, including a unified investor app and enhancements to margin pledge processes.

• Unaudited standalone and consolidated financial results for Q3 and nine months ended December 31, 2025, were approved by the Board on January 28, 2026.

Financial highlights

• Standalone Q3 FY26 revenue from operations was INR 169 crore, up 14% YoY; total income was INR 198.7 crore, up 15.4% YoY, but declined 20.7% sequentially due to seasonality.

• Standalone PAT for Q3 FY26 was INR 77.9 crore, up 0.9% YoY; excluding a one-time tax item, PAT would have been INR 85.4 crore, up 10.3% YoY.

• Consolidated Q3 FY26 total income was INR 394.3 crore, up 0.8% YoY; PAT was INR 89.7 crore, up 4.5% YoY.

• EBITDA margin (consolidated) at 35.7% for Q3 FY26; standalone EBITDA margin at 60.5%.

• For nine months ended December 31, 2025: standalone net profit after tax was INR 280.9 crore, up 14.3% YoY; consolidated net profit after tax was INR 289.6 crore.

Outlook and guidance

• Management expects continued momentum in banking services and payment bank business, driven by UPI acquiring and CASA growth, but did not provide specific forward guidance.

• Focus remains on technology-driven growth, expanding digital services, and increasing market share in demat accounts.

• Additional provision made for gratuity due to new Labour Codes; further impacts will be recognized as rules are notified.