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Dossier · National Securities Depository · 28 October 2026Page 1 of 3
Company Dossier
MarketPing Research · factual · no rating expressed
National Securities Depository BSE: 544467
Financial Services › Financial Services › Capital Markets › Depositories, Clearing Houses and Other Intermediaries
National Securities Depository
StateQ1 FY27 filed
Last close · 27 Oct 2026₹707.70
Market cap₹14.2k cr
TTM P/E · P/B · EV/EBITDA36.4 · 5.95 · 24.1
Operates India's securities depository, holding investors' demat accounts and the underlying custody records for equity, debt and other securities. The Depository segment earns fees from opening and maintaining demat accounts, transaction charges on settlements, custody charges, and issuer services for companies whose securities are held in electronic form. As of FY26, the platform carried 4.44 crore demat accounts served through 311 Depository Participants and 56,800+ service centres spread across 2,000+ cities, holding 86% of total custody value and ~80% equity market share. The Database Management services segment sells software, data and technology services including KYC records used by the securities market. The Banking services segment captures NSDL Payments Bank, which took deposits of ₹521 crore from 43.5 lakh customers at FY26 end, processes UPI acquiring transactions, and ranks 7th among payee PSPs. Costs are dominated by other operating expenses (59.8% of revenue) and employees (11.8%); technology was a peak spend area in FY26 with ₹106 crore of capex capitalised. Listed on BSE in August 2025 via an OFS that raised ₹4,010.95 crore; subsidiaries include NDML (insurance repository, KRA, RTA) and NSDL Payments Bank. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Depository, Database Management services, Banking services. Asset-light financial market infrastructure; fee-based depository and data services
What a broker report prints here — the analyst's thesis. This dossier prints the filed record instead; the narrative read of the latest results, the guidance ledger and the earnings-call summary are the composer's sections (INSTITUTIONAL-PLAN.md M3) and are not yet produced.
Exhibit 1: Financial summary, FY26–FY26 (all audited; no estimate years)
₹ crore · consolidated
FY26
Revenue
1,530
EBITDA (ex other income)
434
margin %
28.4
Owners' profit
380
EPS, as reported (₹)
18.99
ROE % · ROCE %
16.0 · 21.4
Debt / equity (x)
0.00
Cash from operations
713
Capex
(135)
Source: SEBI results XBRL as filed with BSE/NSE; EBITDA excludes other income.
Every figure is a filed number or a ratio over filed numbers · No rating, target or fair value is expressed · Disclosures on the last pagemarketping.in
Dossier · National Securities Depository · 28 October 2026Page 2 of 3
Exhibit 2: Quarterly performance, last 5 quarters
₹ crore
Q1 FY26
Q2 FY26
Q3 FY26
Q4 FY26
Q1 FY27
Revenue
312
400
360
458
517
Profit before tax
119
146
125
117
129
Net profit
90
110
90
90
98
EPS (₹)
4.48
5.52
4.48
4.51
4.91
Source: quarterly results as filed; the balance sheet is filed half-yearly and is not repeated here.
Exhibit 3: Segment revenue, FY26
Segment
Revenue, ₹ crore
Share %
Depository
705
46.1
Database Management services
59
3.8
Banking services
576
37.6
Database Management Services
20
1.3
Banking Services
171
11.2
Total, before eliminations
1,530
100.0
Source: the filed segment block, four quarters summed.
Exhibit 4: Where the company sits in its group
Metric
Company
Group median
Rank
Better than
P/E (TTM)
36.4
19.2
44 of 58
23%
P/B
6.0
2.8
48 of 65
27%
ROCE
21.1
16.0
12 of 33
66%
ROE
16.0
11.4
24 of 65
64%
Debt / Equity
0.0
0.0
1 of 30
72%
EBITDA margin
28.0
45.7
46 of 64
29%
Revenue growth
65.6
23.1
8 of 58
88%
Profit growth
9.7
17.6
41 of 61
33%
Market cap
14154
946
16 of 69
78%
Source: MarketPing peer ranks; a rank is a measurement, not a view.
Every figure is a filed number or a ratio over filed numbers · No rating, target or fair value is expressed · Disclosures on the last pagemarketping.in
Dossier · National Securities Depository · 28 October 2026Page 3 of 3
Exhibit 5: Filings of the last 90 days, with the measured price reaction
Date · filing
Category
Importance
Next day %
5-day %
22 Oct 2026 · NSDL second-quarter FY27 results call set for November 2
board shareholder meetings
low
—
—
16 Oct 2026 · SEBI approves re-appointment of Sriram Krishnan as NID on NSDL board
management changes
medium
—
—
8 Oct 2026 · NSDL board to consider Q2 FY27 results on October 31
results
low
—
—
8 Oct 2026 · NSDL files quarterly RTA certificate under SEBI Regulation 74(5)
compliance
minimal
—
—
29 Sept 2026 · NSDL appoints new CTO as previous CTO moves to EVP during notice period
management changes
medium
—
—
28 Sept 2026 · Trading window closed from Oct 1 ahead of Q2 FY26 results
compliance
minimal
—
—
23 Sept 2026 · NSDL to attend PL Capital Mid and Small Cap Conference on September 28, 2026
21 Sept 2026 · Mr. Ankit Sharma joins NSDL as Executive Director - Vertical 2
management changes
medium
—
—
Source: exchange announcements; each reaction is measured from the close before the filing. Next day = the close one session after the reaction day (the first session that could trade the filing).
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A rating (BUY / ADD / REDUCE / SELL)
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Estimate years marked E
More audited years; no estimates
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Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.
Every figure is a filed number or a ratio over filed numbers · No rating, target or fair value is expressed · Disclosures on the last pagemarketping.in
