National Securities Depository Ltd
National Securities Depository Q1 FY26 earnings call: Revenue & Margins
Q1 FY26 earnings call: what management guided on revenue, margins and order book.
The short version
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.
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%.
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Profitability & Margins
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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.
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Top-ranked in Capital Markets
Ranked on what management guided this quarter
Rank buckets describe management commentary on revenue and margin. Not investment advice, and not a forecast of returns.
Fundraising & Capital Structure
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Order Book & Pipeline
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National Securities Depository Ltd — Quarterly revenue & net profit
Reported quarterly figures (₹ Cr). Latest (Q4 FY26): revenue ₹458 Cr, net profit ₹90 Cr. Revenue and profit are scaled separately — hover a quarter for exact figures.
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What N S D L's management said in earlier quarters
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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 the company's earnings call transcript. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.