NSDL Q2 revenue rises 36%, but profit growth trails at 11%

Revenue growth above 20%EBITDA margin compressionExceptional itemResults View source PDF Explain this filing

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Price reactionminutes from the announcement price · days from the prior close

+2.4%Reaction day

₹703.00

prior close

₹710.10

announcement price

After-mkt

timing

Nifty Microcap 250market · in no size index; the smallest one is used+1.4%+0.9% vs market

Capital Markets peers, median of 64sector · industry level+1.5%+0.9% vs sector

On the reaction day the stock moved 0.9 pts more than Nifty Microcap 250 and 0.9 pts more than its Capital Markets peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.

Minutes after the announcementfrom the announcement price · no benchmark

Stock

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15m

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30m

+1.2

Sessions after the filingfrom the prior close

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Reaction day

+2.4+1.4+0.9+1.5+0.9

Next day

+3.7+1.7+2.0+1.4+2.3

+6.5+3.9+2.6+3.6+2.8

+9.8+5.1+4.7+5.5+4.3

+8.8pendingpending+4.7+4.1

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UpDownMarket · Nifty Microcap 250Sector · Capital Markets peers, median of 64Pending

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AI summary

Q2 FY27 consolidated operating revenue rose 36.5% year on year to Rs 545.89 crore, while PAT rose 10.9% to Rs 122.45 crore because expenses grew faster. H1 revenue rose 49.2% and PAT 10.4%. Standalone Q2 PAT rose 5.2% to Rs 126.67 crore; EPS was Rs 6.33. The auditor's limited review was unmodified. NSDL also disclosed an uncertain Karvy-related Supreme Court case involving potential Rs 1,435.05 crore exposure, with no provision booked.

Likely market impact

Strong revenue growth supports the business, but slower profit growth and compressed margins may temper the reaction. The Karvy case remains a risk.

By the numbersConsolidated · Q2 FY27 vs Q2 FY26

	Q2 FY27	Q2 FY26	Change
Revenue	₹545.9 Cr	₹400.0 Cr	+36.5%
Operating profit	₹125.7 Cr	₹115.4 Cr	+9.0%
Profit after tax	₹122.5 Cr	₹110.4 Cr	+10.9%
EBITDA margin	26.0%	31.6%	−5.7 pp

From the company's XBRL filing, not from the text above. Operating profit = profit before tax − exceptional items − other income. EBITDA = profit before tax + finance costs + depreciation − other income.