Investor Presentation - Q3 (2025-26)
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NSDL shared its Q3 FY26 investor presentation ahead of a conference call with ICICI Securities. Standalone total income rose 15.4% YoY to Rs 198.7 crore but fell 20.7% sequentially due to seasonality in e-voting and dividend income. Operating revenue grew 14% YoY to Rs 169 crore, while PAT was nearly flat YoY at Rs 77.9 crore (Rs 85.4 crore excluding a one-time prior-year tax adjustment, up 10.3% YoY). Operating margin came in at 48.5% for Q3 FY26 versus 51% in Q3 FY25. For 9M FY26, total income grew 18.6% YoY to Rs 639.7 crore and PAT grew 14.3% YoY to Rs 280.9 crore. BO accounts crossed 4.32 crore, with 13 lakh net additions in Q3 FY26, growing 24.5% while the broader industry declined 30.8%. Custody value stood at $5.89 trillion with 86.2% market share. All key subsidiaries remained profitable.
The sequential drop in income and margins is explained by Q2 seasonality rather than weakness, with healthy YoY growth and continued market share gains in BO accounts and custody. For shareholders, the strong 9M FY26 earnings growth and dominant market positioning remain positives, though margin compression versus last year warrants monitoring.