| Revenue growth | 13.2% YoY standalone; 65.6% YoY consolidated. |
|---|---|
| Margins | Consolidated EBITDA margin at 25.9%; Standalone operating margin at 43.8%. |
| Demand visibility | Strong, with 14.7 lakh gross demat accounts added in Q1. |
| Management confidence | High, citing sustained demat account acquisition momentum. |
Growth
Standalone revenue from operations increased 13.2% YoY. Consolidated total income surged 61.6% YoY to ₹560.5cr, driven by strong performance in subsidiaries.
Outlook
Ongoing expansion of DP network with 6 new DPs added. Implementation of SWAGAT-FI framework aims to simplify foreign investor onboarding.
Risks
Operating margins compressed slightly to 43.8% from 49.7% YoY. Employee and depreciation costs showed significant increases.
Last quarter's promises, checked
Delivered
- Guided women demat plan launch (April 1) → delivered April 2026 (= BEAT)
- Guided 2.5-year tech revamp journey → 1 year completed with visible P&L impact (= BEAT)
- Guided increased CASA float (₹500cr+) → delivered ₹521cr (= BEAT)
Partly delivered
- Guided tech capex to peak in FY26/FY27 → current results show continued high dep/employee costs (= PARTIAL)
Missed
- Guided incremental market share improvement → delivered 14% vs 14.7% sequential (= MISS)
Investor Presentation filed with BSE, NSE: NSDL. Summary written with AI assistance from the document.
National Securities Depository Ltd: key numbers
- Share price
- ₹744.00
- Market cap
- ₹14,880 Cr
- Revenue (annual)
- ₹1,530 Cr
- Net profit (annual)
- ₹379.7 Cr
- P/E (TTM)
- 38.3×Sector 21.9×
- Promoter holding
- 0.00%+0.00% QoQ
- FII holding
- 11.69%Current quarter
Reference market data from a third-party provider, updated daily. Not a valuation or a recommendation.
More from National Securities Depository Ltd
All →National Securities Depository Annual General Meeting
National Securities Depository Limited held its 14th Annual General Meeting on September 22, 2026, via video conferencing to transact the business stated in the notice.
National Securities Depository Management Change
NSDL appointed Mr. Ankit Sharma as Executive Director (Vertical 2) for five years effective September 21, 2026, following SEBI and board approvals.
National Securities Depository Management Change
National Securities Depository Limited has appointed Dr. Arun Kumar Panda as a Non-Executive Independent Director for a 36-month term effective September 3, 2026.
National Securities Depository Annual General Meeting
National Securities Depository Limited scheduled its 14th Annual General Meeting for September 22, 2026. The notice covers dividend declaration and executive leadership appointments.
National Securities Depository Annual Report
NSDL has submitted its 14th Annual Report for FY 2025-26. It also includes the notice for the Annual General Meeting scheduled for September 22, 2026.
National Securities Depository Capital Structure Change
Deutsche Bank sold a 2.01% stake in National Securities Depository Limited via open market transactions. The sale reduced their holding from 5.00% to 2.99%.