Unaudited Financial Results for the quarter and half year ended September 30, 2025
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NSDL reported strong Q2 FY26 results with standalone revenue from operations rising about 20.7% year-on-year to ₹20,416 lakh (vs ₹16,913 lakh in Q2 FY25). Half-yearly (H1 FY26) standalone revenue grew around 20.2% to ₹36,512 lakh, while total income (including other income) rose 20.1% to ₹44,101 lakh. Standalone net profit after tax climbed 18.3% YoY in Q2 to ₹12,041 lakh and 20.6% for H1 to ₹20,304 lakh, translating to an EPS of ₹6.02 for the quarter and ₹10.15 for the half year. On a consolidated basis (including NSDL Payments Bank and NDML), Q2 revenue grew 12.2% to ₹40,004 lakh and PAT grew 14.7% to ₹11,039 lakh. The board noted a final dividend of ₹2 per share for FY25 was approved by shareholders on September 29, 2025. Ongoing items: Karvy Stock Broking matter is still pending before the Supreme Court (no provision made), and the regulator IRDAI has directed the insurance repository business (held via subsidiary NDML) to be spun off into a separate company.
Solid double-digit growth in core depository revenue and profits reflects healthy business momentum, though consolidated growth was muted by the insurance repository spin-off and SEZ-Online migration to the ICEGATE system. Shareholders continue to earn dividends, and the absence of any adverse audit qualifications is reassuring, but the Karvy contingent liability remains a watch item.