National Securities Depository Ltd (544467)
Snapshot
Events
- Latest results
- Q2 FY27, filed 31 Oct 2026
Exchange data. Each figure as its own page shows it; the dates are the data's. Information only, not investment advice.
📈 Share price & events
Q2 FY27 results
National Securities Depository Ltd reported Q2 FY27 results on 31 Oct 2026: revenue ₹546 Cr (+36.5% year on year, +5.6% on the previous quarter), and net profit ₹122 Cr (+11.3% year on year); the operating margin was 26.1%.
| Q2 FY27 (₹ Cr) | Value | YoY vs Q2 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹546 | +36.5% | +5.6% |
| Operating profit | ₹142 | +12.1% | +40.9% |
| Net profit | ₹122 | +11.3% | +25.0% |
| EPS (₹) | 6.11 | +10.7% | +24.4% |
| Operating margin | 26.1% | — | — |
- Operating margin contracted 568 bps YoY
Quality of profit: of pre-tax profit of ₹162 Cr, ₹126 Cr (78%) came from the core business and the rest from other income and one-off items. Core profit (operating profit less interest and depreciation) moved +9.3% year on year.
Against its own trend: net profit of ₹122 Cr was +2.4% against the ₹120 Cr its recent growth pointed to (in line). This is a statistical baseline, not an analyst estimate.
📢 Recent Corporate Announcements
NSDL released its Q2 FY27 earnings call transcript highlighting a total custody value of USD 5.6 trillion across an 86% market share. Total demat accounts reached 4.72 crore with 15.6 lakh net additions during the quarter, taking incremental fintech broker sourcing to 23.5%. The unlisted issuer segment expanded with 3,197 new admissions in Q2, maintaining a 72.5% market share. Meanwhile, NSDL Payments Bank deposits rose to ₹378 crore with 54 lakh onboarded customers, as technology capex begins to normalize from an elevated ₹100+ crore run rate.
- Holds 86% of total custody value, amounting to approximately USD 5.6 trillion
- Net demat accounts reached 4.72 crore with 15.6 lakh additions in Q2 FY27
- Fintech brokers accounted for 23.5% of incremental demat sourcing, up from 9.3% in Q2 FY26
- Unlisted issuer market share stood at 72.5% with 3,197 companies admitted in Q2
- NSDL Payments Bank customer base expanded 1.6x to 54 lakh with deposits at ₹378 crore
National Securities Depository Ltd (NSDL) has uploaded the audio recording of its Q2 FY27 earnings conference call held on November 02, 2026. The call was organized by ICICI Securities to discuss the unaudited standalone and consolidated financial results. This is a routine post-earnings disclosure in compliance with SEBI LODR Regulations 30 and 46.
- Conference call held on November 02, 2026, for Q2 FY27 results
- Call organized by ICICI Securities
- Audio recording made publicly accessible via NSDL investor relations website
- Complies with Regulation 30 and 46 of SEBI LODR Regulations
National Securities Depository Ltd (NSDL) released its investor presentation for Q2 FY27 ahead of its conference call scheduled for November 02, 2026. Total demat custody value reached ₹536.45 lakh crore as of September 2026, maintaining an 85.8% market share by custody value. Net Beneficiary Owner (BO) accounts reached 47.2 million (471.8 lakh), with 15.6 lakh net accounts added in Q2 FY27 representing a 17.2% incremental market share. Key operational achievements include the launch of DEMAT 2.0 for tokenized bonds and the onboarding of 10 new Depository Participants in H1 FY27, taking the total to 320 DPs.
- Demat custody value reached ₹536.45 lakh crore with an 85.8% total market share as of Sep 2026
- Total Beneficiary Owner (BO) accounts rose to 47.2 million (471.8 lakh), adding 15.6 lakh net accounts in Q2 FY27
- Net incremental BO account market share was 17.2% in Q2 FY27 and 17.4% in H1 FY27 (27.9 lakh net accounts)
- FPI demat holdings market share maintained at 99.9%, while unlisted company demat value market share stood at 88.8%
- Depository Participant network expanded to 320 DPs with 10 new DPs onboarded during H1 FY27
National Securities Depository Ltd (NSDL) released its financial results for Q2 and H1 FY27. On a consolidated basis, Q2 FY27 Total Income grew 34.8% YoY to ₹582.6 crore, while Net Profit after tax rose 10.9% YoY to ₹122.5 crore. For H1 FY27, consolidated Total Income surged 46.7% YoY to ₹1,143.1 crore with PAT growing 10.4% YoY to ₹220.8 crore. Operationally, NSDL maintained an 85.8% market share in Demat Custody Value and expanded its total Beneficiary Owner (BO) account base to 4.72 crore.
- Consolidated Total Income grew 34.8% YoY to ₹582.6 cr in Q2 FY27 (up 46.7% YoY to ₹1,143.1 cr in H1 FY27)
- Consolidated Net Profit rose 10.9% YoY to ₹122.5 cr in Q2 FY27 and 10.4% YoY to ₹220.8 cr in H1 FY27
- Net addition of 15.6 lakh BO accounts in Q2, taking the total active BO account base to 4.72 cr
- Maintained an 85.8% market share in Demat Custody Value and 72.5% in unlisted equity segment
- NSDL Payments Bank customer base reached 54.3 lakh, with deposits increasing 1.4x YoY to ₹378.1 cr
National Securities Depository Limited (NSDL) concluded its board meeting on October 31, 2026, approving the unaudited standalone and consolidated financial results for Q2 and H1 FY27. The results were reviewed by statutory auditors K. C. Mehta & Co. LLP, who issued a Limited Review Report. Detailed financial figures were not reproduced in the covering letter and remain annexed in the full filing. Investors will assess these numbers against NSDL's TTM revenue of Rs 1,735 Cr and TTM PAT of Rs 388 Cr.
- Board meeting commenced at 2:30 p.m. and concluded at 6:15 p.m. on October 31, 2026
- Approved Unaudited Standalone and Consolidated Financial Results for quarter and half year ended September 30, 2026
- Limited Review Report submitted by Statutory Auditors K. C. Mehta & Co. LLP
- Approved pursuant to Regulations 30 and 33 of SEBI LODR Regulations, 2015
National Securities Depository Ltd (NSDL) received SEBI approval on October 16, 2026, for the re-appointment of Mr. Sriram Krishnan as a Non-Independent Director (NID) on its Governing Board, effective September 22, 2026. Mr. Krishnan brings over 29 years of banking and capital markets experience, currently serving as Chief Business Development Officer at the NSE. The filing represents a routine regulatory clearance for a board position and does not have an immediate operational or financial impact on NSDL's TTM revenue of ₹1,735 Cr.
- SEBI approved the re-appointment vide letter dated October 16, 2026
- Re-appointment is effective retroactively from September 22, 2026
- Mr. Sriram Krishnan brings over 29 years of capital markets experience, including 22 years at multinational institutions
- Mr. Krishnan currently serves as the Chief Business Development Officer at NSE
National Securities Depository Ltd (NSDL) has announced a transition in its senior technology leadership. Mr. Ashish Dandekar has been appointed as Chief Technology Officer (CTO) and Key Management Personnel effective September 29, 2026. He brings over 33 years of technology and advisory experience across financial markets and banking. Meanwhile, previous CTO Mr. Kothandaraman Prabhakaran stepped down effective September 28, 2026, and will serve his notice period as Executive Vice President until October 12, 2026.
- Mr. Ashish Dandekar appointed as Chief Technology Officer effective September 29, 2026
- Incoming CTO brings over 33 years of experience in technology strategy, IT infrastructure, and regulatory compliance
- Outgoing CTO Mr. Kothandaraman Prabhakaran resigned effective close of business hours on September 28, 2026
- Mr. Prabhakaran will continue serving notice period as EVP until his last working day on October 12, 2026
National Securities Depository Limited (NSDL) has announced the appointment of Mr. Ankit Sharma as Executive Director - Vertical 2 on its Governing Board for a 5-year tenure effective September 21, 2026. Mr. Sharma will oversee Regulatory, Compliance, Risk Management & Investor Grievances, following SEBI approval received on May 25, 2026, and Board approval on June 03, 2026. He brings over 30 years of capital markets experience, previously serving as Chief Regulatory Officer at the NSE and Head of Compliance & Legal at ICICI Securities. This strengthens corporate governance and regulatory compliance across NSDL's operations.
- Appointment of Mr. Ankit Sharma as Executive Director (Vertical 2) effective September 21, 2026
- Tenure fixed for a period of 5 years on the Governing Board
- Approved by SEBI vide letter dated May 25, 2026, and Governing Board on June 03, 2026
- Appointee brings over 30+ years of capital markets and compliance experience
National Securities Depository Ltd (NSDL) has dispatched letters containing the web-link to access the FY 2025-26 Annual Report and the Notice of the 14th Annual General Meeting (AGM) to shareholders without registered email addresses. The 14th AGM is scheduled for Tuesday, September 22, 2026, at 11:30 AM IST via Video Conferencing. The dispatch was made based on shareholder records as of the cut-off date of August 21, 2026, in compliance with Regulation 36(1)(b) of SEBI LODR Regulations.
- 14th AGM scheduled for September 22, 2026, at 11:30 AM IST via Video Conferencing / OAVM
- Shareholder list cut-off date for communication dispatch was August 21, 2026
- Issued under Regulation 36(1)(b) of SEBI LODR Regulations, 2015
- Includes reminders for mandatory KYC updates and dematerialisation per SEBI Master Circular dated May 07, 2024
National Securities Depository Ltd (NSDL) has scheduled its 14th Annual General Meeting (AGM) for September 22, 2026, via video conferencing. The company has announced a book closure period from September 12, 2026, to September 21, 2026, for the purpose of the AGM and determining final dividend eligibility. Shareholders will vote on declaring a final dividend of ₹4 per equity share (face value ₹2 each) for FY26. Key special resolutions include the appointment of Subhash Kelkar as Executive Director (Critical Operations) for 5 years at an annual compensation of ₹3.25 crore and Ankit Sharma as Executive Director (Regulatory & Compliance).
- Final dividend of ₹4 per equity share (face value ₹2) proposed for FY26 approval at the AGM
- Book closure scheduled from September 12, 2026, to September 21, 2026 (both days inclusive)
- AGM scheduled for September 22, 2026; cut-off date for e-voting set as September 15, 2026
- Appointment of Subhash Kelkar as Executive Director (Critical Operations) for 5 years with ₹3.25 Cr annual compensation
National Securities Depository Limited (NSDL) has issued the notice for its 14th Annual General Meeting (AGM) scheduled for September 22, 2026. Key agenda items include the approval of a final dividend of ₹4 per equity share (face value ₹2) for FY26 and the adoption of audited financial statements. Shareholders will also vote on the appointment of Mr. Subhash Kelkar as Executive Director (Critical Operations) with an annual compensation of ₹3.25 crore, and Mr. Ankit Sharma as Executive Director (Regulatory, Compliance & Risk). The register of members will be closed from September 12 to September 21, 2026, with the e-voting cut-off date set as September 15, 2026.
- 14th AGM scheduled for Tuesday, September 22, 2026 via Video Conferencing.
- Approval sought for a final dividend of ₹4 per equity share (face value ₹2) for FY26.
- Appointment of Mr. Subhash Kelkar as Executive Director (Vertical 1 - Critical Operations) for a 5-year tenure with first-year compensation of ₹3,25,00,000.
- Book closure period set from September 12, 2026 to September 21, 2026; cut-off date for e-voting is September 15, 2026.
National Securities Depository Ltd (NSDL) has informed the exchange that it will participate in the Ashwamedh – Elara India Dialogue 2026 Conference. The in-person investor meeting is scheduled to take place on Thursday, September 03, 2026, in Mumbai. This is a routine intimation under Regulation 30 of SEBI (LODR) Regulations, 2015, and no material price-sensitive information or new strategic update is included in the filing.
- Meeting Date: September 03, 2026
- Conference Name: Ashwamedh – Elara India Dialogue 2026 Conference
- Meeting Format: In-person / Physical meeting in Mumbai
- Intimation Date: August 27, 2026
National Securities Depository Ltd (NSDL) has received a Show Cause-cum-Demand Notice (SCN) for ₹28.68 Cr from the GST Authority in Mumbai. The notice alleges non-payment of GST on royalties for the use of the NSDL brand name and logo by related entities, NSDL Payments Bank and NSDL Data Management, between FY 2020-21 and FY 2023-24. The demand amount represents approximately 7.6% of the company's TTM PAT of ₹379 Cr. NSDL is currently evaluating the notice and intends to file a detailed reply and pursue legal remedies.
- Total demand of ₹28,68,06,259 raised by the Additional Commissioner of CGST & CX AUDIT-II Mumbai.
- The demand covers a four-year period from FY 2020-21 to FY 2023-24.
- Allegation involves non-payment of GST on brand name and logo usage by NSDL Payments Bank and NSDL Data Management.
- The demand amount of ₹28.68 Cr is approximately 2.1% of the TTM Revenue of ₹1400 Cr.
- The notice includes potential interest and penalties under Section 74(1) and Section 122(2)(b) of the CGST Act.
National Securities Depository Ltd (NSDL) has announced its participation in the Motilal Oswal 22nd Annual Global Investor Conference scheduled for August 19, 2026, in Mumbai. This is a routine physical meeting with institutional investors and analysts. The company enters this conference with a strong financial profile, including a TTM revenue of ₹1,530 Cr and a dominant 86.3% market share in total demat custody value. Investors will likely look for updates on the mandatory dematerialization of unlisted companies and the scaling of Distributed Ledger Technology (DLT) fees.
- Analyst/Investor meeting scheduled for August 19, 2026, in Mumbai.
- Participation confirmed for the Motilal Oswal 22nd Annual Global Investor Conference.
- NSDL holds a dominant 86.3% market share in total demat custody value as per latest context.
- Company reported a TTM PAT of ₹380 Cr with an operating profit margin of 28.2%.
- Growth strategy focuses on 73% market share in unlisted companies and expansion in GIFT City.
National Securities Depository Ltd (NSDL) has scheduled an in-person meeting with institutional investors at the Emkay Confluence 2026 in Mumbai on August 13, 2026. This is a routine investor relations activity following a year where the company reported TTM revenue of ₹1,530 Cr and a PAT of ₹380 Cr. As a dominant depository with an 86.3% market share in custody value, these meetings are standard for institutional engagement. No material non-public information is expected to be disclosed during the session.
- Analyst/Investor meeting scheduled for August 13, 2026, in Mumbai
- Participation confirmed for the Emkay Confluence 2026 conference
- Company holds a dominant 86.3% market share in total demat custody value
- TTM Revenue stands at ₹1,530 Cr with an operating profit margin of 28.2%
- NSDL maintains a 99.99% market share in FPI demat holdings
Company profilewritten 13 Nov 2025
Financial Performance
Revenue Growth by Segment
Standalone Revenue from Operations reached INR 204.2 Cr in Q2 FY26, growing 20.7% YoY. Recurring revenue (43.4% of total) was driven by Annual Custody Fees which grew 44% YoY to INR 88.7 Cr. Non-recurring revenue (56.6% of total) saw e-Voting grow 25.3% YoY to INR 28.9 Cr, while Settlement Fees declined 35.6% YoY to INR 13.9 Cr.
Geographic Revenue Split
100% of revenue is derived from India, with a growing contribution from the GIFT City international hub via IIDL, which services 64,848 clients holding Unsecured Depository Receipts (UDRs).
Profitability Margins
Standalone PAT margin stood at 48.1% in Q2 FY26, while Consolidated PAT margin was 25.5%. Standalone margins are significantly higher due to the high-margin nature of core depository services compared to diversified subsidiary operations.
EBITDA Margin
Standalone EBITDA margin was 64.1% in Q2 FY26, an improvement from 60.5% in Q1 FY26. Excluding dividends from subsidiaries, the core operating EBITDA margin stood at 61.3%.
Capital Expenditure
The company invested INR 30 Cr in H1 FY26 primarily for technology infrastructure, capacity building, and core depository strengthening.
Credit Rating & Borrowing
Debt-Equity Ratio is N.A. as the company has zero debt. It is a net lender, earning Finance Income of INR 28.1 Cr in Q2 FY26 from its investment portfolio.
External Factors
Industry Trends
The industry is shifting toward total dematerialization of all financial assets. While new demat account openings moderated to 14.62 million in H1 FY26 (down from 24.05 million), the primary market remains robust with INR 710.9 billion raised, supporting NSDL's value-based leadership.
Competitive Landscape
Primary competition from CDSL, particularly in retail demat account growth and unlisted ISIN issuance, though NSDL maintains dominance in value and institutional segments.
Competitive Moat
Durable moat through 86.3% custody value market share and 99.99% FPI holding share. The network effect of 270+ DPs and high trust requirements in a depository system make these advantages highly sustainable.
Macro Economic Sensitivity
Highly sensitive to capital market activity; ADTO in the cash segment was INR 66.3 trillion in Q2 FY26, which directly impacts settlement and transaction fee revenue.
Consumer Behavior
Increasing retail interest in IPOs and a shift toward using dematerialized securities as collateral for instant loans (Digital LAS).
Geopolitical Risks
Global volatility affecting FPI flows, which is critical as NSDL manages 99.99% of FPI demat holdings valued at $5.68 trillion.
Regulatory & Governance
Industry Regulations
Compliance with the Companies Act 2013 and Information Technology Act for data protection. Adherence to these standards is vital for maintaining the 'clean air gap' security for 41.9 million accounts.
Taxation Policy Impact
Effective tax rate of approximately 21.8% based on Q2 FY26 standalone PBT of INR 154.1 Cr and tax expense of INR 33.7 Cr.
Legal Contingencies
Nil sexual harassment complaints filed or pending during the year. No other material legal case values were disclosed in the provided documents.
Operational Drivers
Raw Materials
Not applicable for a financial utility; primary cost drivers are Employee Benefits (INR 28.7 Cr, 11.5% of total income) and Technology Expenses (INR 21.3 Cr, 8.5% of total income).
Capacity Expansion
Current infrastructure supports 41.9 million demat accounts and 14 crore folios. Expansion is focused on the unlisted segment, with 11,000 companies onboarded in Q2 FY26 to reach a 73% market share.
Raw Material Costs
Not applicable; however, technology-related expenses grew 27% YoY to INR 21.3 Cr in Q2 FY26 due to front-loaded investments in capacity and security.
Manufacturing Efficiency
Operating Profit Margin of 52.8% (Standalone) in Q2 FY26 reflects high scalability of the digital depository model as volumes increase.
Strategic Growth
Expected Growth Rate
20%
Growth Strategy
Growth will be achieved by leveraging the mandatory dematerialization of unlisted companies where NSDL holds a 73% market share. The company is diversifying revenue through blockchain-based Distributed Ledger Technology (DLT) fees and expanding GIFT City operations (IIDL). It is also front-loading technology capex (INR 30 Cr in H1 FY26) to handle the 21.7% growth in folios (to 14 Cr) and exploring mutual fund units as loan collateral.
Products & Services
Demat accounts, Custody services, e-Voting, Settlement of market and off-market transfers, Pledge/Margin pledge, Distributed Ledger Technology (DLT) for bonds, and Unsecured Depository Receipts (UDRs).
Brand Portfolio
NSDL, IDeAS, SPEED-e, STEADY, IIDL, NDML.
New Products/Services
DLT ledger platform for bond monitoring (launched June 2025) and Unsecured Depository Receipts (UDRs) for NASDAQ/NYSE listed companies in GIFT City.
Market Expansion
Aggressive onboarding of unlisted companies (22,000 in H1 FY26) and expansion of the IIDL client base in GIFT City (currently 64,848 clients).
Market Share & Ranking
#1 in Total Demat Custody Value (86.3% market share); #1 in FPI Demat Holdings (99.99%); #1 in Unlisted Company Equity Value (90.07%).
Strategic Alliances
Strategic collaboration with subsidiary NDML (contributed INR 18.3 Cr dividend) and partnerships with over 270 Depository Participants.
Risk Analysis
Key Uncertainties
Market volatility impacting the 56.6% non-recurring revenue base and potential market share erosion in the unlisted ISIN issuance segment.
Geographic Concentration Risk
100% revenue concentration in India.
Third Party Dependencies
High dependency on Depository Participants (DPs) for the operational reliability of investor services.
Technology Obsolescence Risk
Mitigated by INR 30 Cr capex in H1 FY26 for technology front-loading and blockchain adoption for bond monitoring.
Credit & Counterparty Risk
Low risk; Trade Receivables Turnover Ratio of 8.06 reflects high quality, as a significant portion of fees are billed in advance.
