Transcript for conference call dated August 12, 2025 for Q1 (2025-26) Results.
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NSDL filed the transcript of its first post-IPO earnings call held on August 12, 2025 for Q1 FY26 results. Standalone total income rose 21.7% year-on-year to INR190.4 crore, EBITDA grew 27% to INR115.3 crore, and net profit increased 24% to INR82.6 crore. Consolidated net profit rose 15.2% to INR89.6 crore, though consolidated revenue dipped 5% on lower Payments Bank transactional income. Incremental Demat (BO) market share jumped to 15.5% from 9.4% a year ago, and unlisted equity demat share climbed to 73.2%. The company crossed 4 crore Demat accounts, launched products like the DLT bond-monitoring platform and Common Contract Note, and reported ~INR2,000 crore in cash and investments. Dividend was doubled to 100% of face value as a sign of capital-return intent.
A solid debut quarter as a listed company, with revenue and profit growth comfortably outpacing market turnover growth, supported by market-share gains in both Demat and unlisted segments. The strong cash pile (~INR2,000 crore) provides optionality for future deployment, though management's reluctance to share granular revenue breakdowns or subsidiary KPIs may temper near-term analyst conviction.