National Securities Depository Ltd Q1 FY26 Results & Concall Highlights: Revenue, Margins & Order Book
Published 26 Aug 2026 | Capital Markets | Market Cap: ₹16.5K Cr
NSDL expects sustained growth driven by an increase in unlisted companies dematerializing, which nearly doubled from ~43,600 to 84,064 in the last 12 months. NSDL expects continued growth in earnings driven by: - Expansion in unlisted company dematerialization, which nearly doubled over the past year to 84,064 companies, offering a large opportunity.
From National Securities Depository Ltd's Q1 FY26 earnings-call transcript · updated 26 Aug 2026.
Price
₹813
Market Cap
₹16.5K Cr
P/E Ratio
42.4
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National Securities Depository Ltd — Quarterly revenue & net profit
Reported quarterly figures (₹ Cr). Latest: revenue ₹458 Cr, net profit ₹90 Cr.
Full financials →📊 Revenue & Sales Performance
- →NSDL expects sustained growth driven by an increase in unlisted companies dematerializing, which nearly doubled from ~43,600 to 84,064 in the last 12 months.
- →Incremental addition of about 4,000 unlisted companies per month is ongoing, suggesting continuous expansion in issuer income.
- →There is a strong focus on technology investments—automation, cybersecurity, and customer experience—to improve operational efficiency and support volume growth.
- →NSDL aims to diversify revenue streams by enhancing transactional charges through new services like e-voting, proxy advisory, and API-enabled mutual fund dematerialization.
- →Market share gains in both listed and unlisted segments signal growing volumes; Q1 FY26 market share in unlisted equity dematerialized reached 73.2%.
- →NSDL is optimistic about digitization and inclusion initiatives via subsidiaries, including Payments Bank and other growth verticals.
- →Capex and opex in technology are expected to increase substantially compared to last year to accommodate growth and new instruments.
📈 Profitability & Margins
- →NSDL expects continued growth in earnings driven by:
- → - Expansion in unlisted company dematerialization, which nearly doubled over the past year to 84,064 companies, offering a large opportunity.
- → - Incremental market share gains in Demat accounts, with additional focus on onboarding new age brokers and deepening relationships with existing brokers.
- → - Increased investments in technology, especially automation, cybersecurity, user experience, and capacity building, to enhance operational efficiency and customer satisfaction.
- → - Diversification across multiple revenue streams beyond transactional fees, including recurring issuer custody fees, e-voting, proxy advisory, and new products like the Distributed Ledger Technology platform.
- → - Payment Bank focus on higher-quality customer acquisition leading to improved margins over the medium to long term.
- →Short term operating expenses expected to increase due to tech investments and manpower costs but are aligned with growth objectives.
- →Dividend increase signals confidence in steady profitability and cash flow.
🏗️ Capital Expenditure Plans
- →NSDL is significantly increasing its capital expenditure (capex) compared to the previous year, with a multiple increase from the INR 35 crore level.
- →Capex focus areas include automation to enhance operational efficiency and reduce costs.
- →Investments are being made to strengthen cyber security, technological resilience, uptime, and speed, recognizing NSDL as critical national infrastructure.
- →Capacity building is underway to handle increased volumes and new financial instruments like debt.
- →Technology investments also cover improving customer experience across depository participants (DPs), brokers, mutual funds, FPIs, and other market participants.
- →Operational expenses (opex) will also rise concurrently due to investment in skilled manpower and technology.
- →NSDL remains open to new opportunities aligned with market demand and regulatory changes and has launched products like the Distributed Ledger Technology (DLT) platform recently to boost revenue streams.
💰 Fundraising & Capital Structure
- →There is no mention of any current or planned fundraising through debt or equity in the provided document.
- →The company holds approximately INR 2000 crores in investments, including deployable cash invested in government securities, mutual funds, and corporate bonds.
- →The board will evaluate deployment of cash as deemed appropriate but no active fundraising plans are reported.
- →The board has indicated an increase in dividend payout as an indicative gesture but no new equity or debt issuance plans.
- →Overall, the company focuses on internal cash management and strategic investments rather than external fundraising at this time.
📋 Order Book & Pipeline
Key Metrics
Frequently Asked Questions
What were National Securities Depository Ltd Q1 FY26 results?
NSDL expects sustained growth driven by an increase in unlisted companies dematerializing, which nearly doubled from ~43,600 to 84,064 in the last 12 months. NSDL expects continued growth in earnings driven by: - Expansion in unlisted company dematerialization, which nearly doubled over the past year to 84,064 companies, offering a large opportunity.
What is National Securities Depository Ltd share price analysis?
National Securities Depository Ltd currently shows a neutral. The stock trades at a P/E of 42.4 with a market cap of ₹16,479 Cr. Investors should review the full earnings analysis for detailed insights.
Is National Securities Depository Ltd planning capital expenditure?
NSDL is significantly increasing its capital expenditure (capex) compared to the previous year, with a multiple increase from the INR 35 crore level.
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This analysis is AI-generated based on publicly available earnings data and concall transcripts. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.