Transcript for the conference call held on May 02, 2026 for the Q4(2025-26) and FY2026.
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NSDL reported Q4 FY26 standalone PAT of Rs 79.7 crores (up 5.2% YoY) and full year PAT of Rs 360.6 crores (up 12.1% YoY). Consolidated PAT for FY26 stood at Rs 380 crores (up 10.8% YoY). The company added 49.4 lakh new demat accounts in FY26, improving incremental market share to 15.4% from lower levels last year. Total demat accounts reached 4.44 crores with 311 DPs providing services. NSDL Payments Bank showed strong growth with deposits crossing Rs 500 crores and 4.35 crore customers, while UPI acquiring volumes grew 6x. The company continues investing in technology (Rs 106.1 crores capitalized, Rs 91.4 crores tech opex) and expects operating leverage to kick in as initiatives scale up. Management guided that technology and people cost will peak this year and moderate from next year onwards.
The company delivered steady earnings growth despite challenging market conditions (FII outflows, subdued IPO activity). Management's focus on digital transformation, new fintech DP onboarding, and operating leverage expectations suggests improving profitability trajectory. The settlement fee waivers (Yuva, Women plans) are strategic investments for long-term market share gains.