Transcript for conference call dated November 13, 2025 for Q2 (2025-26) Results.
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NSDL reported strong Q2 FY26 numbers, with standalone total income up 18.9% YoY to ₹250.6 crore and PAT up 18.3% YoY to ₹120.4 crore (45.7% QoQ). Consolidated revenue was ₹432.2 crore with PAT of ₹110.3 crore, up 12.2% and 14.7% YoY respectively. H1 FY26 standalone PAT grew 20.6% to ₹203 crore. The company gained 770 basis points in incremental DEMAT account market share (now 17.6%) even as the industry saw a 39% decline in new accounts. Custody fees surged due to unlisted issuer onboarding (73% market share, 11,500 companies added in the quarter), new DLT/blockchain charges, and folio growth from 11.5 crore to 14 crore. Subsidiary NSDL Payments Bank crossed 3 million customers with ₹400 crore deposits and was granted Scheduled Bank status in July 2025.
Management flagged potential margin pressure from front-loaded technology and staffing investments, warning that costs could weigh on margins if H2 market opportunity slows. Near-term opex is rising faster than revenue, but strong operating leverage, the growing subsidiary franchise, and a healthy ₹1,970 crore net worth provide comfort for long-term compounding.