Outcome of Board Meeting held on January 28, 2026
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NSDL's Board approved unaudited financial results for Q3 and nine months ended December 31, 2025. On a standalone basis, revenue from operations grew to Rs. 16,898.88 lakhs in Q3 (vs Rs. 14,828.55 lakhs in Q3 FY25) and Rs. 53,410.73 lakhs for 9M FY26 (vs Rs. 45,208.44 lakhs in 9M FY25), while net profit after tax was Rs. 7,788.08 lakhs in Q3 and Rs. 28,092.00 lakhs for 9M FY26. On a consolidated basis, total income for Q3 was Rs. 39,434.73 lakhs (broadly flat vs Rs. 39,121.26 lakhs in Q3 FY25) and Rs. 1,17,336.20 lakhs for 9M FY26; consolidated PAT stood at Rs. 8,967.67 lakhs for Q3 and Rs. 28,969.13 lakhs for 9M FY26. Statutory auditors K.C. Mehta & Co. LLP issued an unmodified limited review report. The company also noted ongoing Karvy-related litigation in the Supreme Court (contingent, no provision made), new labour code provisions of Rs. 60.83 lakhs (standalone) / Rs. 195.03 lakhs (consolidated), and dilution of its holding in NSDL Payments Bank to 95.05% via fresh equity issuance.
Results show steady but moderate growth in core depository business with margin essentially stable; the Karvy matter and SEZ-Online migration to ICEGATE remain key monitorables but no immediate earnings impact. The Payments Bank dilution introduces a small non-controlling interest in consolidated numbers but retains NSDL's control.