National Securities Depository · forward-looking guidance across the available source record.
Guidance tracker
Management indicated recent DP onboarding (including Pune-based fintech) will take 2-3 quarters to scale, with visible impact expected from second half of calendar year 2026. Six new DPS added recently with fintech focus.
The CFO stated the company is 'very confident' of continuing current momentum in payments bank business from UPI acquiring (30,000 crore+ volume) and kasa deposits (475 crore+), though no specific contribution margin targets were provided.
MCA recently raised the minimum threshold for dematerialization of non-small companies. Management expects one quarter to observe ecosystem behavior before providing guidance on whether the 4,400 quarterly company addition run rate will stabilize or decelerate further.
Management expects technology capex in FY27 to be similar to FY26 levels (~₹106 crore), with a decline expected from FY28 onwards.
After peak additions in FY26, FY27 will see much lower headcount growth, with focus on productivity and automation.
As technology and digital initiatives mature, the inherent operating leverage in the business model is expected to strengthen financial outcomes.