National Securities Depository (544467) Q4 25/26 earnings summary

Executive summary

• Q4 and FY 2026 marked the first full financial year post-listing, with a focus on digital transformation, operational resilience, and expanding the investor base.

• Achieved record demat account additions, onboarding 59.3 lakh gross and 49.4 lakh net accounts in FY26, the highest annual addition to date.

• Subsidiaries, especially Payments Bank and NDML, showed strong growth, with Payments Bank ranking among the top UPI players and NDML adding significant insurance policies.

• Audited standalone and consolidated financial results for Q4 and FY 2025-26 were approved, with auditors issuing unmodified opinions.

• Board recommended a final dividend of ₹4 per equity share for FY 2025-26, subject to shareholder approval.

Financial highlights

• Standalone Q4 revenue from operations was INR 170.6 crore, up 2.4% YoY; PAT at INR 79.7 crore, up 5.2% YoY.

• Full-year standalone revenue from operations reached INR 704.7 crore, up 13.9% YoY; PAT at INR 360.6 crore, up 12.1% YoY.

• Consolidated Q4 revenue from operations was INR 458.3 crore, up 26% YoY; PAT at INR 90.3 crore, up 8.4% YoY.

• Full-year consolidated revenue from operations was INR 1,530 crore, up 7.7% YoY; PAT at INR 380 crore, up 10.8% YoY.

• Basic and diluted EPS (consolidated) for FY 2025-26 was ₹18.99, up from ₹17.16 year-over-year.

Outlook and guidance

• Custody fee growth expected to remain secular, driven by account sourcing and digital initiatives, though market volatility and regulatory factors may impact near-term trends.

• Technology and manpower investments to remain elevated for one more year, with expectations of plateauing costs and improved productivity thereafter.

• Board recommended a final dividend of ₹4 per share, double the previous year’s ₹2 per share, reflecting confidence in future cash flows.

• Management highlights continued focus on digital transformation and expanding service offerings.

• Management continues to monitor regulatory changes, including new labour codes and ongoing legal matters, for future impact.