Press Release on Financial Results for the quarter ended December 31, 2025.
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NSDL reported Q3 FY26 standalone total income of Rs 198.7 crore, up 15.4% year-on-year from Rs 172.2 crore in Q3 FY25. Standalone net profit grew marginally by 0.5% to Rs 77.9 crore; excluding a one-time tax benefit in the prior year, profit grew 10.3%. Consolidated net profit rose 4.5% YoY to Rs 89.7 crore (13.3% ex-non-recurring tax). On the operations side, NSDL's Net Beneficiary Owner (BO) market share nearly doubled from 6.9% to 14.7%, with 4.32 crore BO accounts and 13 lakh added in Q3. Demat custody market share stood at 86.2% and unlisted-company market share at 72.5%. Protean eGov acquired a 4.95% stake in subsidiary NSDL Payments Bank for Rs 30.2 crore, where deposits crossed Rs 475 crore with 37.5 lakh depositors.
Strong revenue growth and a sharp jump in BO market share signal solid business momentum, though flat headline profit and a steep quarter-on-quarter decline may draw investor attention. The Protean stake in the payments bank subsidiary adds a fintech validation angle and could support longer-term value from NSDL's digital infrastructure play.