NSDL, the country’s first depository, announced its financial performance for the September quarter (Q2FY26) today, November 13, post market hours, reporting a 14.6% year-on-year (YoY) rise in consolidated net profit to ₹110 crore, compared to ₹96 crore in the same quarter last fiscal year.
Revenue from operations during the quarter stood at ₹400 crore, up from ₹356.7 crore in the year-ago period, reflecting a 12.1% YoY growth.
The revenue from its core depository segment rose 21% year-on-year (YoY) to ₹204 crore, from ₹169 crore in the year-ago quarter, while the banking services division posted revenue of ₹176 crore, up from ₹164 crore in Q2FY25. The data management services segment contributed ₹19 crore during the quarter.
The company posted an EBITDA of ₹158.7 crore, reflecting an 11.7% YoY increase, though margins narrowed by 70 basis points to 36.7%.
In its earnings report, the company said it crossed four crore Beneficial Owner (BO) accounts in May 2025, covering over 19,000 PIN codes, with services operated through 299 Depository Participants (DPs) across 55,738 centers.
The first crore BO accounts took 13 years (till August 2009) to reach, the next crore took 11 years, and in the last five years, the company has added the remaining two crore accounts, taking the total to over four crore.
NSDL share price up 43% from IPO price
The stock made its stock market debut in August 2025, listing at 880 apiece as against the issue price of ₹800 and it continue to maintain the same momentum in the following sessions. At current levels of ₹1,147, the stock is trading 43.3% higher than the issue price but 9.5% below from its recent high.
Domestic brokerage firm, Motilal Oswal remains optimistic about the company’s long-term growth prospects, highlighting its leadership in depository services, robust infrastructure, scale advantages, affluent client base, and strategic subsidiaries.
The brokerage emphasized NSDL’s long-term potential, noting that demat penetration in India is still at just 15% compared with 60% in the US. It believes NSDL is uniquely positioned to capture both the breadth of new retail investors entering the system and the depth of rising custody value from institutional and corporate issuers.
Beyond its core depository business, the brokerage said that NDSL has developed meaningful adjacencies through its subsidiaries—NSDL Database Management Ltd. (NDML) and NSDL Payments Bank Ltd. (NPBL). Together, these entities contributed 55% of consolidated revenues in FY25, underscoring their rising importance in NSDL’s overall business mix.
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