National Securities Depository Q1 FY27 Share Price & Earnings Call Analysis
- Market cap
- ₹14,152 Cr
- P/E
- 36.45
- ROE
- 16.00%
- PEG
- 2.42
- Price to sales
- 8.17
- Debt to equity
- 0.01
- 52W high / low
- ₹1,172 / ₹700
- Sales growth (5Y)
- 26.85%
- EBITDA margin
- 25.15%
- Net profit margin
- 22.90%
- Sales (last year)
- ₹1,735 Cr
Incorporated in 2012, National Securities Depository Ltd provides electronic infrastructure for dematerialization of securities and facilitates electronic settlement of trades in Indian Securities Market[1]
Guidance scorecard · Q1 FY27 call
What National Securities Depository Ltd's management guided
and where it ranks in Capital Markets
Capital Markets
RevenueQ1 FY27 call
10–20%- 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.
2 more points from National Securities Depository Ltd's call on revenue
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MarginsQ1 FY27 call
FlatSee what National Securities Depository Ltd said on margins — free account, 30 seconds.
CapexQ1 FY27 call
Planned- 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…
2 more points from National Securities Depository Ltd's call on capex
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FundraisingQ1 FY27 call
See what National Securities Depository Ltd said on fundraising — free account, 30 seconds.
Order bookQ1 FY27 call
Ask what National Securities Depository Ltd said on the order book →
Full Q1 FY27 analysisRanges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.
Potential multibaggers · Q2 FY27
Potential multibaggers in Capital Markets
on management's own guidance
- Nippon Life Ind.Good growth2
- BSEGood growth1
- Motil.Oswal.Fin.Good growth3
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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.
Peers
Capital Markets companies ranked on guidance
| # | Company | Revenue guided | Margin guided | Market cap | P/E |
|---|---|---|---|---|---|
| 1 | BSE | 20–40% | Flat | ₹1.37L Cr | 48.4 |
| 2 | Nippon Life Ind. | 20–40% | Flat | ₹68,184 Cr | 41.6 |
| 3 | Motil.Oswal.Fin. | 20–40% | Flat | ₹63,771 Cr | 32.2 |
| 4 | 20–40% | Flat | ₹31,481 Cr | 29.1 | |
| 5 | 20–40% | Flat | ₹15,334 Cr | 43.8 | |
| 6 | 20–40% | Flat | ₹12,638 Cr | 51.6 |
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Pro shows every company guiding 40%+ revenue growth →Full Capital Markets rankingFinancials of National Securities Depository Ltd
Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.
Financials of National Securities Depository Ltd
Quarterly Results
Quarter-by-quarter operating performance
| Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|
| Sales + | 337 | 357 | 363 | 364 | 312 | 400 | 360 | 458 |
| Expenses + | 257 | 244 | 272 | 272 | 217 | 273 | 254 | 356 |
| Operating Profit | 80 | 113 | 91 | 91 | 95 | 127 | 106 | 103 |
| OPM % | 24% | 32% | 25% | 25% | 30% | 32% | 29% | 22% |
| Other Income + | 28 | 29 | 29 | 31 | 35 | 32 | 35 | 29 |
| Interest | 1 | 1 | 1 | 1 | 2 | 1 | 2 | 2 |
| Depreciation | 8 | 8 | 9 | 10 | 10 | 11 | 13 | 14 |
| Profit before tax | 100 | 133 | 110 | 111 | 118 | 146 | 125 | 116 |
| Tax % | 22% | 28% | 22% | 25% | 24% | 24% | 29% | 22% |
| Net Profit + | 78 | 96 | 86 | 83 | 90 | 110 | 90 | 90 |
| EPS in Rs | 3.89 | 4.81 | 4.29 | 4.16 | 4.48 | 5.52 | 4.48 | 4.51 |
Financials of National Securities Depository Ltd
Profit & Loss
Annual income statement trend
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Sales + | 326 | 466 | 761 | 1,022 | 1,268 | 1,420 | 1,530 |
| Expenses + | 203 | 259 | 522 | 771 | 985 | 1,045 | 1,100 |
| Operating Profit | 123 | 207 | 239 | 251 | 284 | 376 | 430 |
| OPM % | 38% | 44% | 31% | 25% | 22% | 26% | 28% |
| Other Income + | 53 | 58 | 60 | 77 | 97 | 117 | 130 |
| Interest | 1 | 1 | 2 | 2 | 2 | 4 | 7 |
| Depreciation | 13 | 17 | 19 | 22 | 24 | 35 | 48 |
| Profit before tax | 162 | 247 | 278 | 305 | 355 | 453 | 506 |
| Tax % | 23% | 24% | 24% | 23% | 22% | 24% | 25% |
| Net Profit + | 125 | 189 | 213 | 235 | 275 | 343 | 380 |
| EPS in Rs | 31.19 | 47.14 | 53.15 | 11.74 | 13.77 | 17.16 | 18.99 |
| Dividend Payout % | 13% | 11% | 47% | 9% | 7% | 12% | 21% |
Financials of National Securities Depository Ltd
Balance Sheet
Capital structure and asset base
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Equity Capital | 40 | 40 | 40 | 40 | 40 | 40 | 40 |
| Reserves | 807 | 979 | 1,172 | 1,389 | 1,644 | 1,965 | 2,330 |
| Borrowings + | 12 | 9 | 3 | 17 | 14 | 10 | 17 |
| Other Liabilities + | 208 | 470 | 478 | 648 | 560 | 969 | 1,433 |
| Total Liabilities | 1,067 | 1,498 | 1,693 | 2,093 | 2,258 | 2,985 | 3,819 |
| Fixed Assets + | 54 | 66 | 53 | 68 | 289 | 322 | 421 |
| CWIP | 11 | 17 | 3 | 5 | 13 | 22 | 4 |
| Investments | 764 | 728 | 930 | 1,457 | 1,494 | 1,996 | 2,559 |
| Other Assets + | 238 | 687 | 706 | 563 | 462 | 646 | 836 |
| Total Assets | 1,067 | 1,498 | 1,693 | 2,093 | 2,258 | 2,985 | 3,819 |
Financials of National Securities Depository Ltd
Cash Flows
Operating, investing and financing cash movement
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Cash from Operating Activity + | 116 | 104 | 148 | 327 | 113 | 558 | 713 |
| Cash from Investing Activity + | -118 | -36 | -64 | -375 | -178 | -502 | -619 |
| Cash from Financing Activity + | -14 | -16 | -20 | -20 | -20 | -16 | -18 |
| Net Cash Flow | -17 | 52 | 63 | -68 | -85 | 39 | 77 |
| Free Cash Flow | 75 | 80 | 139 | 283 | -131 | 484 | 578 |
| CFO/OP | 129% | 74% | 94% | 155% | 68% | 176% | 192% |
Financials of National Securities Depository Ltd
Ratios
Working capital efficiency and return ratios
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Debtor Days | 91 | 85 | 49 | 31 | 24 | 33 | 41 |
| Inventory Days | |||||||
| Days Payable | |||||||
| Cash Conversion Cycle | 91 | 85 | 49 | 31 | 24 | 33 | 41 |
| Working Capital Days | -118 | -252 | -162 | -187 | -125 | -198 | -7 |
| ROCE % | 26% | 24% | 23% | 22% | 24% | 23% |
Guidance history
How National Securities Depository Ltd's guidance has moved, call by call
| Call | Revenue | Margins | Capex | Fundraising | Order book |
|---|---|---|---|---|---|
| Q1 FY27 call → | 10–20% | Flat | Planned | — | — |
| Q4 FY26 call → | 10–20% | Flat | Planned | — | — |
| Q3 FY26 call → | 0–10% | Flat | — | — | — |
What management guided on each call, newest first. Not investment advice, and not a forecast of returns.
Momentum score · price trend
9 out of 100 — Cooling
Over the past year its share price has done worse than most of the stocks we track.
| Period | Share price change | Better than … of 1,910 stocks |
|---|---|---|
| Last 12 months | −38.8% | 13% |
| Last 6 months | −19.7% | 18% |
| Last 3 months | −14.1% | 30% |
The price is 47.3% below its all-time high of ₹1,342.2 (9 Sept 2025). Stocks more than 20% below their peak have their score halved, so 18 became 9.
How we calculate it
“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).
The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For National Securities Depository Ltd: 0.4 × 13 + 0.4 × 18 + 0.2 × 30 = 18, halved to 9 because the price is more than 20% below its all-time high.
Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.
Full methodology →This describes only how the share price has moved up to 29 Oct 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.
Continue your research
What National Securities Depository Ltd's management said in earlier quarters
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