National Securities Depository Ltd
National Securities Depository Q4 FY26 earnings call: Revenue & Margins
Q4 FY26 earnings call: what management guided on revenue, margins and order book.
What the Q4 FY26 call signalled
1 of 3 strong
The short version
NSDL expects secular, steady growth in custody fees linked to account sourcing and onboarding high-growth potential DPs, including fintech brokers. NSDL expects steady growth driven by increased Demat account sourcing, especially from new fintech brokers and high-growth potential DPs.
From National Securities Depository Ltd's Q4 FY26 earnings-call transcript · updated 23 Aug 2026.
Revenue & Sales Performance
- NSDL expects secular, steady growth in custody fees linked to account sourcing and onboarding high-growth potential DPs, including fintech brokers.
- New-age fintech brokers onboarded as DPs with NSDL are driving incremental account additions, with one segment scaling up from 70,000 to 700,000 accounts in a year.
- NDML and Payments Bank subsidiaries have growth opportunities but are subject to regulatory changes; diversification in revenue streams is a priority to manage risks.
- Digital payments via Payments Bank have grown 6x in UPI volumes, with deposits crossing INR 500 crores and over 4 million customers, indicating potential in banking revenues.
- Corporate actions and IPO revenues fluctuate with market activity; last year's spike due to specific events is not necessarily repeated.
2 more points management made on revenue & sales performance
Profitability & Margins
See what National Securities Depository Ltd said on profitability & margins — free account, 30 seconds.
Capital Expenditure Plans
- NSDL is significantly investing in technology with a focus on capacity augmentation, improving digital integration for Depository Participants (DPs), and enhancing cybersecurity.
- Capital expenditure for technology was about INR 106 crores in the year, split between infrastructure and software/licenses.
- The current year (FY26) is expected to have a similar technology capex and opex spend, considered the peak of the investment phase.
- From next year onward, a decline in technology-related capex is anticipated as major investments conclude.
2 more points management made on capital expenditure plans
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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
See what National Securities Depository Ltd said on fundraising & capital structure — free account, 30 seconds.
Order Book & Pipeline
2 more points management made on order book & pipeline
National Securities Depository Ltd — Quarterly revenue & net profit
Reported quarterly figures (₹ Cr). Latest: revenue ₹458 Cr, net profit ₹90 Cr. Revenue and profit are scaled separately — hover a quarter for exact figures.
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What National Securities Depository Ltd's management said in earlier quarters
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Frequently Asked Questions
What were National Securities Depository Ltd Q4 FY26 results?
NSDL expects secular, steady growth in custody fees linked to account sourcing and onboarding high-growth potential DPs, including fintech brokers. NSDL expects steady growth driven by increased Demat account sourcing, especially from new fintech brokers and high-growth potential DPs.
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 ₹16,444 Cr. Investors should review the full earnings analysis for detailed insights.
Is National Securities Depository Ltd planning capital expenditure?
NSDL is significantly investing in technology with a focus on capacity augmentation, improving digital integration for Depository Participants (DPs), and enhancing cybersecurity.
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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.