Unaudited Financial Results for the Quarter and Nine Months ended December 31, 2025
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NSDL reported Q3 FY26 standalone revenue from operations of Rs. 16,898.88 lakhs, up about 14% YoY from Rs. 14,828.55 lakhs but down roughly 17% sequentially from Rs. 20,416.06 lakhs in Q2. Standalone net profit for the quarter was Rs. 7,788.08 lakhs, nearly flat YoY (Rs. 7,747.71 lakhs) but lower than Q2's Rs. 12,041.11 lakhs. For nine months, standalone revenue grew about 18% YoY to Rs. 53,410.73 lakhs and PAT rose about 14% to Rs. 28,092 lakhs, translating to EPS of Rs. 14.05. On a consolidated basis, including subsidiaries NSDL Database Management, NSDL Payments Bank, and the bullion associate, nine-month revenue was Rs. 1,07,170 lakhs and PAT was Rs. 28,969 lakhs (EPS Rs. 14.48). NSDL Payments Bank raised fresh equity from a non-promoter, diluting the parent stake from 100% to 95.05%, and IRDAI has directed NDML to spin off its Insurance Repository into a separate subsidiary. The Karvy-linked SAT matter before the Supreme Court remains pending and is disclosed as a contingent liability, with no provision made.
Sequential slowdown in Q3 revenue and profit may worry short-term traders, but nine-month earnings still show healthy double-digit growth on a consolidated basis. The Karvy matter is a long-pending overhang with uncertain outcome, while the IRDAI spin-off and Payments Bank dilution are structural but not material to near-term earnings.