Transcript for the conference call dated January 29, 2026 for the Q3(2025-26) Results.

NSDL reported Q3 FY26 standalone total income of INR198.7 crores, up 15.4% year-on-year, with profit after tax of INR77.9 crores (broadly flat YoY, but roughly 10.3% higher excluding a one-time tax item). Consolidated total income was INR394.3 crores (+0.8% YoY) with PAT of INR89.7 crores (+4.5% YoY, +13.3% excluding the one-time impact) and consolidated margins improving from 22% to 23%; standalone EBITDA margin stood at 60.5%. The company highlighted Demat accounts of 4.32 crores, 86% share of custody value (around $527 trillion), crossing 1 lakh issuers, and a folio count of about 15.5 crores. In its subsidiary, Protean e-Governance bought a 4.95% stake in NSDL Payments Bank for INR30 crores (valuing the bank at ~INR580 crores); the Payments Bank deposit base reached INR475 crores with 37.5 lakh account holders. Management flagged industry-wide deceleration in Demat additions (89 lakh in Q3 vs 99 lakh a year ago) and said recent regulatory tightening has reduced the run rate of new issuer additions and custody fee growth from unlisted companies.