National Securities Depository Ltd
National Securities Depository Q4 FY25 earnings call: Revenue & Margins
Q4 FY25 earnings call: what management guided on revenue, margins and order book.
The short version
NSDL expects continued growth in new-age broker accounts, especially fintech brokers, contributing to incremental market share gains and volume increases. NSDL expects continued growth driven by technology investments and diversification across subsidiaries like NDML and Payments Bank.
From National Securities Depository Ltd's Q4 FY25 earnings-call transcript · updated 26 Aug 2026.
Revenue & Sales Performance
- NSDL expects continued growth in new-age broker accounts, especially fintech brokers, contributing to incremental market share gains and volume increases.
- Diversification of revenue streams through subsidiaries like NDML, Payments Bank, insurance repository, SEZ, and National Skills is a focus to minimize regulatory risk and drive growth.
- Market penetration improvements and adding high growth potential Depository Participants (DPs) are key growth drivers.
- Technology investments enable better customer experience, real-time data processing, and operational efficiencies, supporting scaling volumes.
- Banking services, particularly digital payments and CASA float, have shown sharp sequential growth, with ongoing efforts to sustain and grow these streams.
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Profitability & Margins
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Capital Expenditure Plans
- NSDL is currently investing heavily in technology with approximately INR106 crores spent this year.
- The technology investments focus on infrastructure capacity augmentation, seamless integration for Depository Participants (DPs), software licenses, applications, and cybersecurity enhancements.
- Capex for technology is expected to remain similar in the current year (FY27), marking peak investment years (last year and this year).
- Post this period, a decline in technology capex is anticipated as the major spend phase completes.
- Employee cost saw peak additions last year; current year will have much lower additions focusing on productivity improvements.
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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 Q4 FY25 results?
NSDL expects continued growth in new-age broker accounts, especially fintech brokers, contributing to incremental market share gains and volume increases. NSDL expects continued growth driven by technology investments and diversification across subsidiaries like NDML and Payments Bank.
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 currently investing heavily in technology with approximately INR106 crores spent this year.
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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.