National Securities Depository Ltd Q1 FY27 Results & Concall Highlights: Revenue, Margins & Order Book
Published 25 Aug 2026 | Capital Markets | Market Cap: ₹16.5K Cr
Continued technology modernization focusing on automation, resilience, and customer experience enhancements to drive efficiency and market responsiveness. NSDL expects operating leverage to improve margins over the medium term as front-loaded investments in manpower and technology mature.
From National Securities Depository Ltd's Q1 FY27 earnings-call transcript · updated 25 Aug 2026.
Price
₹813
Market Cap
₹16.5K Cr
P/E Ratio
42.4
Revenue Rank
Margin Rank
How does National Securities Depository Ltd rank in Capital Markets?
Compare National Securities Depository Ltd against every Capital Markets company this quarter on revenue, margins and earnings-call signals.
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
Rank 3- →Continued technology modernization focusing on automation, resilience, and customer experience enhancements to drive efficiency and market responsiveness.
- →Expansion in market penetration, particularly by onboarding new Depository Participants (DPs) including FinTech brokers, which increased from 2% to 20% in incremental demat account additions.
- →Growth in unlisted companies onboarded, with around 30,000 added in FY26 and about 33,000 in FY25, fueling custody income and overall revenue.
- →Payments bank subsidiary experiencing rapid customer base growth (1.7x increase) with expanding transaction-led business expected to stabilize and enhance margins.
- →IPO-driven account additions boosted market share and revenues, with increased shareholder numbers expected to contribute positively.
- →Strategic focus on relationship building, tactical pricing plans (Yuva and Women’s plans) intended to attract more customers and support sustained growth.
- →Overall, NSDL anticipates continued revenue growth supported by technology upgrades, market expansion, and increasing transaction volumes, subject to market conditions.
📈 Profitability & Margins
Rank 3- →NSDL expects operating leverage to improve margins over the medium term as front-loaded investments in manpower and technology mature.
- →Growth is supported by increased demat account additions and new issuers, with a focus on expanding market share and customer base, especially among unlisted companies.
- →Revenue growth drivers include scaling banking services (Payments Bank), with expected stabilization and improvement in margins as transaction volumes pick up post onboarding phase.
- →Technology modernization efforts will focus on resilience, automation, and customer experience enhancements, supporting smoother operations and market service.
- →IPO-related benefits expected from increased shareholder accounts, aiding incremental revenue with a positive market share trend in DP additions and e-voting services.
- →Overall, NSDL anticipates revenue and profitability growth driven by market penetration, new product capabilities, operational efficiencies, and digital payment expansion.
🏗️ Capital Expenditure Plans
Yes- →NSDL has approved a recent investment in IIBH, a subsidiary in GIFT City, with NSDL holding a 20% stake.
- →The company is front-loading investments in manpower and technology to strengthen infrastructure and support future growth.
- →Technology investments are focused on four broad areas: technology resilience and cybersecurity, enhancing customer experience through automation, addressing skill gaps by increasing the talent pool, and refreshing infrastructure and hardware due to end-of-life concerns.
- →Capitalization on technology during Q1 FY27 was INR7 to INR8 crores, aligned with a full-year capitalization of INR106 crores in the previous year.
- →Continuous upgrades and automation improvements are planned post technology modernization to increase sophistication and efficiency.
💰 Fundraising & Capital Structure
No information- →There is no explicit mention of any current or planned new fundraising through debt or equity in the provided document content.
- →The company completed its IPO within 7 months after Mr. Vijay Chandok took over about 1.5 years ago, indicating recent equity raising is done.
- →Current discussions focus mainly on operational performance, technology modernization, market penetration, and growth in demat accounts.
- →Any future fundraising plans are not detailed or indicated during this earnings call or related Q&A.
- →Investors with follow-up queries are encouraged to connect with IR contacts, but no specific fundraising plans have been disclosed.
📋 Order Book & Pipeline
No informationKey Metrics
Revenue
Margin
Capex
Fundraise
Order Book
Frequently Asked Questions
What were National Securities Depository Ltd Q1 FY27 results?
Continued technology modernization focusing on automation, resilience, and customer experience enhancements to drive efficiency and market responsiveness. NSDL expects operating leverage to improve margins over the medium term as front-loaded investments in manpower and technology mature.
What is National Securities Depository Ltd share price analysis?
National Securities Depository Ltd currently shows a below-average growth signal. 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 has approved a recent investment in IIBH, a subsidiary in GIFT City, with NSDL holding a 20% stake.
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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.