NATIONALSECURITIESDEPOSI Q3 FY26 earnings call.
A source-linked concall view: reported numbers, management language, guidance, commitments and risks that should carry forward.
ConCallIQ research layer
Signal, with the source still visible.
Use the controls below to narrow the view, then follow the evidence into the next layer of context.
Revenue
₹169 Cr
verification pending
Revenue YoY
14%
reported change
EBITDA
₹120.2 Cr
latest reported figure
Source
bse pending
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
NSDL reported Q3 FY26 standalone revenue from operations of 169 crores, up 14% YoY, though total income reached 198.7 crores reflecting 15.4% YoY growth. PAT stood at 77.9 crores, virtually flat YoY, impacted by a one-time tax charge; adjusted PAT would have been 85.4 crores (+10.3% YoY). Consolidated total income was 394.3 crores (+0.8% YoY) with PAT of 89.7 crores (+4.5% YoY) and margins expanding from 22% to 24%. Incremental demat market share improved to 15.89% for 9M FY26 versus under 7% in the year-ago period, while Q3 market share reached 14.65%. The payments bank subsidiary saw Prosus acquire a 4.95% stake for 30 crores, valuing the entity at ~580 crores, with deposits crossing 475 crores and 37.5 lakh account holders. Key headwinds include regulatory-driven deceleration in unlisted company onboarding (reduced from ~11,000 to 4,400 companies added QoQ), persistent FI outflows of $18.9B in CY2025, and episodic demat share loss during high-profile IPO windows. Near-term volatility persists, but structural opportunity remains in India's 9.5% household market penetration versus SEBI's 10 crore investor addition target over 3-5 years.
Colored figures show movement against the previous available record.
Guidance to track
- 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.
Risks flagged
- Other transaction charges declined 26% QoQ and 8% YoY due to MCA raising demat thresholds for non-small companies, reducing new unlisted company additions from ~11,000 to 4,400 per quarter. Management awaits Q4 data before projecting run rate trajectory.
- An analyst explicitly requested more granular disclosure on the payments bank segment, noting that high gross revenue from banking services is offset by business correspondent commissions, making contribution analysis difficult. Management deflected, citing that 'net it off' approach is sufficient and that IPO-level segment disclosures are already available.
- Despite 9M incremental share of 15.89%, Q3 standalone market share was 14.65%—down from Q2's higher level. Management attributed Q3 dip to episodic IPO-driven business favoring discount brokers, but admits structural competition remains. NSDL still trails CDSL significantly in total account market share.
- An analyst directly asked whether NSDL has engaged SEBI on fee hikes for issuer services (unchanged for 11 years) given rising technology costs. Management refused to comment, stating 'we are not aware of any such plan.' This leaves a key margin expansion lever unresolved.
Key quotes
- The journey is underway but the impact of onboarding does not come in the immediate quarter of onboarding. It typically takes at least 2-3 quarters before the scale up numbers are coming.
- While there has been deceleration in growth of demat accounts, we believe there is still a lot of room left to bring households into the market. This untapped majority represents a vast opportunity for players like us.
- The payments bank tends to have a high revenue principally because the way this business model is structured includes commissions payable to the business correspondent. So when you net that out, the contribution is what really is attributable to the bottom line.
Research modules