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National Securities Depository Q2 FY27 results: net profit up 10.9% to ₹122.45 crore, revenue up 36.5%
National Securities Depository Limited reported consolidated revenue of ₹545.89 crore and a net profit of ₹122.45 crore for Q2 FY27. Revenue rose 36.5% from Q2 FY26 and profit rose 10.9%, while EBITDA margin fell to 26.1% from 32.0%.
Key points
- Consolidated revenue was ₹545.89 crore, up ₹145.85 crore or 36.5% from Q2 FY26.
- EBITDA was ₹142.30 crore, up ₹14.36 crore or 11.2% from Q2 FY26, while EBITDA margin fell 5.9 percentage points to 26.1%.
- Net profit was ₹122.45 crore, up ₹12.06 crore or 10.9% from Q2 FY26, and basic EPS was ₹6.11.
- Against Q1 FY27, revenue rose ₹29.26 crore, EBITDA rose ₹41.34 crore and net profit rose ₹24.14 crore.
- For H1 FY27, revenue was ₹1,062.52 crore, up 49.2% from H1 FY26, and net profit was ₹220.76 crore, up 10.4%.
How did National Securities Depository perform in Q2 FY27?
National Securities Depository reported consolidated revenue of ₹545.89 crore for Q2 FY27, up ₹145.85 crore or 36.5% from ₹400.04 crore in Q2 FY26. Total income rose ₹150.35 crore or 34.8% to ₹582.57 crore. EBITDA increased ₹14.36 crore or 11.2% to ₹142.30 crore, but its margin fell 5.9 percentage points to 26.1%.
Profit before tax rose ₹15.73 crore or 10.8% to ₹161.92 crore, while tax expense increased ₹3.66 crore or 10.2% to ₹39.46 crore. Net profit consequently rose ₹12.06 crore or 10.9% to ₹122.45 crore, and basic EPS increased ₹0.59 to ₹6.11. On the standalone basis, revenue was ₹227.8 crore and net profit was ₹126.67 crore.
Sequential growth was higher than the year-on-year increase in profit. Revenue rose ₹29.26 crore or 5.7% from ₹516.63 crore in Q1 FY27, EBITDA rose ₹41.34 crore or 40.9%, and EBITDA margin increased 6.6 percentage points to 26.1%. Net profit rose ₹24.14 crore or 24.6% to ₹122.45 crore, while basic EPS increased ₹1.20 to ₹6.11.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 545.89 | 516.63 | 400.04 | +36.5% | +5.7% |
| Other income | 36.68 | 43.87 | 32.18 | +14.0% | −16.4% |
| Total expenses | 420.20 | 431.86 | 284.68 | +47.6% | −2.7% |
| EBITDA | 142.30 | 100.96 | 127.94 | +11.2% | +40.9% |
| EBITDA margin | 26.1% | 19.5% | 32.0% | −5.9 pp | +6.6 pp |
| Profit before tax | 161.92 | 128.63 | 146.19 | +10.8% | +25.9% |
| Tax | 39.46 | 30.54 | 35.80 | +10.2% | +29.2% |
| Net profit | 122.45 | 98.31 | 110.39 | +10.9% | +24.6% |
| EPS (₹) | 6.11 | 4.91 | 5.52 | +10.7% | +24.4% |
EBITDA here is revenue from operations less operating costs (total expenses excluding finance costs and depreciation): before other income and exceptional items. Growth is shown only when both figures are positive. Source: Company's results filing (XBRL).
What changed in National Securities Depository's costs and profit?
Total expenses rose ₹135.52 crore or 47.6% from Q2 FY26 to ₹420.20 crore, exceeding the year-on-year increase in revenue. Other expenses were the largest rise, increasing ₹122.65 crore or 53.9% to ₹350.11 crore. Employee cost rose ₹8.84 crore or 19.8% to ₹53.48 crore, depreciation rose ₹3.80 crore or 34.2% to ₹14.90 crore, and finance costs rose ₹0.24 crore or 16.3% to ₹1.71 crore.
Other income increased ₹4.50 crore or 14.0% from Q2 FY26 to ₹36.68 crore. The quarter included an exceptional charge of ₹0.46 crore, compared with an exceptional charge of ₹1.36 crore in Q2 FY26. Tax expense rose ₹3.66 crore or 10.2% to ₹39.46 crore. These figures show that higher expenses were partly offset by higher other income and a lower exceptional charge.
Against Q1 FY27, total expenses fell ₹11.66 crore or 2.7% to ₹420.20 crore. Other expenses declined ₹11.55 crore or 3.2% to ₹350.11 crore and employee cost declined ₹0.52 crore or 1.0% to ₹53.48 crore, while other income fell ₹7.19 crore or 16.4% to ₹36.68 crore. Tax expense rose ₹8.92 crore or 29.2%, and there was no exceptional item in Q1 FY27 against a ₹0.46 crore charge in Q2 FY27.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 0 | 0 | 0 | |
| Employee cost | 53.48 | 44.64 | +8.84 | +19.8% |
| Finance costs | 1.71 | 1.47 | +0.24 | +16.3% |
| Depreciation | 14.90 | 11.10 | +3.80 | +34.2% |
| Other expenses | 350.11 | 227.46 | +122.65 | +53.9% |
| Total expenses | 420.20 | 284.68 | +135.52 | +47.6% |
| Other income | 36.68 | 32.18 | +4.50 | +14.0% |
| Tax | 39.46 | 35.80 | +3.66 | +10.2% |
| Exceptional items | −0.46 (charge) | −1.36 (charge) |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
For H1 FY27, consolidated revenue was ₹1,062.52 crore, up ₹350.45 crore or 49.2% from ₹712.07 crore in H1 FY26. Total income rose ₹364.06 crore or 46.7% to ₹1,143.07 crore, while profit before tax increased ₹26.23 crore or 9.9% to ₹290.76 crore.
Net profit for the first half rose ₹20.75 crore or 10.4% to ₹220.76 crore from ₹200.01 crore in H1 FY26. Basic EPS increased ₹1.02 or 10.2% to ₹11.02.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 1,063 | 712.07 | +49.2% |
| Profit before tax | 290.76 | 264.53 | +9.9% |
| Net profit | 220.76 | 200.01 | +10.4% |
| EPS (₹) | 11.02 | 10.00 | +10.2% |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
At 30 September 2026, consolidated total assets were ₹4,307.01 crore, up from ₹3,819.49 crore at 31 March 2026. Total equity rose to ₹2,519.94 crore from ₹2,379.56 crore, while cash fell to ₹210.64 crore from ₹222.02 crore. There were no borrowings at either balance-sheet date. Trade receivables rose to ₹254.15 crore from ₹171.19 crore, and trade payables rose to ₹165.33 crore from ₹146.46 crore.
H1 FY27 operating cash flow was ₹300.36 crore, compared with ₹526.67 crore in H1 FY26. Investing cash flow was negative ₹307.89 crore against negative ₹479.73 crore, and financing cash flow was negative ₹3.86 crore against no financing cash flow. Capital expenditure was ₹33.02 crore in H1 FY27, while H1 FY26 capital expenditure was ₹0 crore.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 4,307 | 3,819 |
| Total equity | 2,520 | 2,380 |
| Borrowings | 0 | 0 |
| Cash and equivalents | 210.64 | 222.02 |
| Inventories | 0 | 0 |
| Trade receivables | 254.15 | 171.19 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | 300.36 | 526.67 |
| Cash from investing | −307.89 | −479.73 |
| Cash from financing | −3.86 | 0 |
| Capital expenditure | 33.02 | 0 |
Source: Company's results filing (XBRL).
How has National Securities Depository done over the last 6 quarters?
Revenue reached its highest level in the reported series in Q2 FY27 at ₹545.89 crore. It had bottomed at ₹312.03 crore in Q1 FY26, while net profit was lowest at ₹89.63 crore in that quarter and highest at ₹122.45 crore in Q2 FY27. EBITDA margin bottomed at 19.5% in Q1 FY27 and peaked at 32.0% in Q2 FY26.
Revenue and profit each rose year on year in each of the last two quarters. The EBITDA margin recovered to 26.1% in Q2 FY27 from 19.5% in Q1 FY27, but remained below the 32.0% recorded in Q2 FY26.
What else did the company announce?
The board approved the unaudited standalone and consolidated financial results for the quarter and half year ended 30 September 2026, along with the limited review report of K. C. Mehta & Co. LLP, on 31 October 2026. The meeting ran from 2:30 p.m. to 6:15 p.m. The same-day investor communication also provided the presentation for the conference call scheduled for 2 November 2026. No dividend, fund-raising or appointment was reported in the cited filings.
What did National Securities Depository's management say?
Management said FY27 technology expenditure is expected to be broadly flat compared with FY26, while a more detailed FY28 plan was still being formulated. It expects expense growth to begin flattening from FY28, but said operating leverage would remain dependent on market conditions. Management also said around 3,000 unlisted-company onboardings per quarter appears stable and further declines may not be warranted.
Management said the Demat 2.0 launch was initially a pilot in SEBI's sandbox. Broader rollout of secondary-market capability depends on pilot outcomes, investor feedback and SEBI evaluation, while the FY28 technology plan remains unfinished. The call transcript also described FY27 technology spending as shifting from catch-up investment to build-up investment.
Management said fintech brokers supplied 23.5% of incremental demat sourcing, compared with 9.3% a year earlier. Retail share was running at 16%-18%, but management gave no timing or target for further gains. Risks identified on the call included retail-share gains, the Demat 2.0 pilot and regulatory decisions, market-dependent operating leverage, unresolved settlement-charge pricing discussions, near-saturation in unlisted issuer onboarding and unquantified UPI MDR economics.
How did National Securities Depository shares react?
The stock moved higher after the filing appeared after market. It rose 1.2% after five minutes, 1.6% after 15 minutes and 1.2% after 30 minutes. It closed 2.4% above its pre-results close on the reaction day, while the Capital Markets industry median moved 1.5%, leaving a 0.9 percentage-point excess move.
By the next day's close, the stock was up 3.7% from its pre-results close. The industry median gain over the same close was 1.4%, giving the stock a 2.3 percentage-point excess move. No five-day or one-month reaction was available. Earlier results-day moves were negative, including 1.5% on 30 July 2026 and 6.0% on 12 August 2025.
| After the filing | Stock | Capital Markets median |
|---|---|---|
| 5 minutes | +1.2% | |
| 15 minutes | +1.6% | |
| 30 minutes | +1.2% | |
| Reaction day | +2.4% | +1.5% |
| Next day | +3.7% | +1.4% |
Minutes are measured from the price when the filing appeared; days from the previous close. Source: MarketPing price-reaction measurement.
| Results filed on | Stock on the reaction day |
|---|---|
| 30 July 2026 | −1.5% |
| 30 April 2026 | −0.9% |
| 28 January 2026 | −3.1% |
| 13 November 2025 | −1.3% |
| 12 August 2025 | −6.0% |
Source: MarketPing price-reaction measurement.
Quick answers
What was National Securities Depository's revenue in Q2 FY27?
Revenue from operations was ₹545.89 crore, up 36.5% from ₹400.04 crore in Q2 FY26 (consolidated).
Did National Securities Depository make a profit in Q2 FY27?
Yes. Net profit was ₹122.45 crore, against a net profit of ₹110.39 crore in Q2 FY26.
What was National Securities Depository's EPS in Q2 FY27?
Basic earnings per share were ₹6.11, against ₹5.52 in Q2 FY26.
How did National Securities Depository shares react to the Q2 FY27 results?
On the reaction day the stock moved +2.4% from the previous close; the median Capital Markets stock moved +1.5%.
When did National Securities Depository announce its Q2 FY27 results?
On 31 October 2026, in a filing to the BSE.
Sources
- Board Meeting Intimation for Considering And Approving The Unaudited Standalone And Consolidated Financial Results For The Quarter & Half Year Ended September 30, 2026 (BSE, 8 October 2026) · PDF
- Board Meeting Outcome for Outcome Of Board Meeting Held On 31.10.2026 (BSE, 31 October 2026) · PDF
- Unaudited (Standalone And Consolidated) Financial Results Q2 (2026-27) Of NSDL (BSE, 31 October 2026) · PDF
- The earnings call (4 November 2026)
How this was written: every figure in the tables and charts is calculated from the company’s filed results (XBRL) and MarketPing’s price measurements. The text is drafted with AI from those figures and the filings, and a checker removes any sentence carrying a number it cannot trace to them. How we write these.
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