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

Executive summary

• FY 2026 was the first full year post-listing, marked by record demat account additions, challenging market conditions in Q4 due to geopolitical tensions, and resilient domestic flows.

• NSDL advanced digital transformation with new investor plans, unified FPI portal, and digital tax declaration submissions, enhancing customer experience and operational resilience.

• Investor awareness initiatives reached 1.7 lakh participants across 34 states; Demat accounts grew to 4.44 crore, with 21 new DPs added, a company record.

• Listed on BSE in August 2025, raising ₹4,010.95 crore via OFS.

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

Financial highlights

• Standalone Q4 FY 2026 revenue from operations was ₹170.6 crore, up 2.4% YoY; total income at ₹195.4 crore, up 1.8% YoY.

• Standalone Q4 PAT was ₹79.7 crore, up 5.2% YoY; full-year PAT at ₹360.6 crore, up 12.1% YoY.

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

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

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

Outlook and guidance

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

• Technology and manpower investments to remain elevated for one more year, with productivity gains and cost plateauing expected thereafter.

• Management highlights continued focus on digital transformation, expanding service offerings, and monitoring regulatory changes.

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