What was National Securities Depository's revenue in Q4 FY26?

National Securities Depository reported revenue of ₹458 Cr in Q4 FY26, a +2.4% change year-over-year.

Did National Securities Depository management deliver on previous promises?

Scorecard data is being built as historical quarters are processed.

NATIONALSECURITIESDEPOSI Diversified 24 Apr 2026

National Securities Depository Ltd — Q4 FY26

Q: What guidance did National Securities Depository management give?

Technology capex to remain elevated in FY27: Management expects technology capex in FY27 to be similar to FY26 levels (~₹106 crore), with a decline expected from FY28 onwards.

NSDL reported a subdued Q4 FY26 with standalone revenue growth of only 2.4% YoY to ₹170.6 crore, reflecting weak capital market activity amid geopolitical headwinds and a sharp Nifty decline.

Revenue ₹458 Cr +2.4%

EBITDA ₹112 Cr

PAT ₹90 Cr +5.2%

EBITDA Margin 22%

Duration 58 min

Read Time 1 min read

✓ Verified against BSE filing

2-Minute Summary

✦ AI-Generated from Full Transcript

NSDL reported a subdued Q4 FY26 with standalone revenue growth of only 2.4% YoY to ₹170.6 crore, reflecting weak capital market activity amid geopolitical headwinds and a sharp Nifty decline. PAT grew 5.2% YoY to ₹79.7 crore, aided by cost control. Full-year standalone PAT rose 12.1% to ₹360.6 crore. The company gained incremental demat account market share of 15.4% for FY26 (vs 9.6% in Q4 FY25), driven by fintech DP onboarding and digital initiatives. Management guided for elevated technology capex in FY27 (similar to FY26) before tapering, and expects operating leverage to improve. Key risk: regulatory interventions in subsidiaries (payments bank, insurance repository) could pressure growth.

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Regulatory interventions in subsidiaries

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Quarter Snapshot

Incremental demat account market share (Q4 FY26) 14%

+440bps YoY

Improved from 9.6% in Q4 FY25, though slightly down from 14.5% sequentially due to a large IPO benefiting competition.

Total demat accounts 4.44 Cr

+49.4L accounts YoY

Net additions of 49.4 lakh in FY26 vs 36.8 lakh in FY25, despite industry slowdown.

Number of DPs 311

+21 DPs YoY

Record DP additions in FY26, expanding reach to 57,000+ service centers across 2,000+ cities.

Custody value ₹477.29 Lakh Cr

~80% equity market share

NSDL holds 86% of total custody value, approximately $5 trillion, reflecting dominant market position.

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Guidance and risk preview

Top guidance Technology capex to remain elevated in FY27

Management expects technology capex in FY27 to be similar to FY26 levels (~₹106 crore), with a decline expected from FY28 onwards.

Top risk Regulatory interventions in subsidiaries

The payments bank and insurance repository businesses face frequent regulatory changes that could impact growth and profitability.

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