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
| ₹ 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) |
| ₹ 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 |
| 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 |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 41.4 | 20.3 | 51 of 62 | 18% |
| P/B | 6.8 | 3.0 | 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 65 |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 1 Sept 2026 · NSDL 14th AGM notice published; final dividend Rs 4 per share recommended | compliance | minimal | — | — |
| 31 Aug 2026 · NSDL sends 14th AGM notice and FY26 annual report link to members | board shareholder meetings | low | — | — |
| 31 Aug 2026 · NSDL 14th AGM notice on Sep 22, 2026 with Rs 4 dividend and book closure | board shareholder meetings | low | — | — |
| 31 Aug 2026 · NSDL 14th AGM on Sept 22, 2026 with 4 rupee dividend and director appointments | board shareholder meetings | low | — | — |
| 31 Aug 2026 · NSDL submits 14th Annual Report and AGM Notice for FY 2025-26 | board shareholder meetings | low | — | — |
| 27 Aug 2026 · NSDL to attend Ashwamedh-Elara India Dialogue 2026 on September 3 | board shareholder meetings | low | — | — |
| 19 Aug 2026 · Deutsche Bank cuts NSDL stake from 5% to 2.99% via open market sales | ownership changes | medium | — | — |
| 14 Aug 2026 · NSDL gets GST show cause notice of about Rs 28.68 crore over royalty on brand use | regulatory legal | high | — | — |
| 13 Aug 2026 · NSDL to meet investors at Motilal Oswal conference on Aug 19, 2026 | board shareholder meetings | low | — | — |
| 10 Aug 2026 · NSDL to attend Emkay Confluence 2026 investor meet on August 13 | board shareholder meetings | low | — | — |
| Where a broker report shows | This document shows | Why |
|---|
| 33% |
| 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 | 16060 | 990 | 15 of 69 | 79% |
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
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.
