National Securities Depository Ltd
National Securities Depository Q3 FY26 earnings call: Revenue & Margins
Q3 FY26 earnings call: what management guided on revenue, margins and order book.
The short version
Future growth in revenue is expected to be modest and cautious due to recent regulatory changes affecting joining fees from unlisted companies, leading to a decline in other transaction income. Earnings growth is positive with standalone total income up 15.4% Y-o-Y for Q3 FY26 and 18% for 9 months, reflecting healthy momentum.
From National Securities Depository Ltd's Q3 FY26 earnings-call transcript · updated 23 Aug 2026.
Revenue & Sales Performance
- Future growth in revenue is expected to be modest and cautious due to recent regulatory changes affecting joining fees from unlisted companies, leading to a decline in other transaction income.
- Payment Bank's revenue is growing with improved profit margins driven by CASA and UPI acquisition income; momentum expected to continue but with cautious outlook.
- Demat account additions have slowed recently due to regulatory changes but some momentum exists; scale-up impact to be visible in coming quarters.
- IPO-related revenue is steady with no pending bookings; corporate actions remain steady though occasional shifts in market share and event mix cause variability.
- E-voting revenue shows seasonal fluctuations but overall market share is gaining.
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Profitability & Margins
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Capital Expenditure Plans
- NSDL has made an investment of INR 30 crores for a 4.95% stake in its Payment Bank subsidiary.
- The company is open to considering further investments if opportunities arise but currently focuses on building and strengthening existing assets and partnerships over the next year.
- There is a continued emphasis on technology and process innovation aligned with SEBI's vision and regulator objectives.
- NSDL is investing in enhancing digital capabilities, such as enabling digital Demat account opening for HUF joint accounts, API facilities for government securities transfers, and streamlining margin pledge systems.
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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 Q3 FY26 results?
Future growth in revenue is expected to be modest and cautious due to recent regulatory changes affecting joining fees from unlisted companies, leading to a decline in other transaction income. Earnings growth is positive with standalone total income up 15.4% Y-o-Y for Q3 FY26 and 18% for 9 months, reflecting healthy momentum.
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 ₹16,444 Cr. Investors should review the full earnings analysis for detailed insights.
Is National Securities Depository Ltd planning capital expenditure?
NSDL has made an investment of INR 30 crores for a 4.95% stake in its Payment Bank subsidiary.
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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.