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.
NATIONALSECURITIESDEPOSI
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24 Apr 2026
National Securities Depository Ltd — Q4 FY26
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.
✓ Verified against BSE filing
2-Min 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.
Key Numbers
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.
Management 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.
Management guidance capexEmployee cost growth to moderate
After peak additions in FY26, FY27 will see much lower headcount growth, with focus on productivity and automation.
Management guidance marginsOperating leverage to improve as investments scale
As technology and digital initiatives mature, the inherent operating leverage in the business model is expected to strengthen financial outcomes.
Management guidance growthKey Risks
Regulatory interventions in subsidiaries
The payments bank and insurance repository businesses face frequent regulatory changes that could impact growth and profitability.
high · management_commentaryMarket slowdown impacting account additions
Weak capital market conditions and geopolitical uncertainty could further moderate demat account growth and transaction volumes.
medium · data_observationCompetition from CDSL in fintech DP onboarding
Despite recent wins, NSDL still lags in overall market share; large new-age brokers may choose CDSL, limiting incremental gains.
medium · analyst_questionNotable Quotes
We are very confident that this is an operating leverage business and if you do not invest in technology and people, we will be left behind.
All new age brokers which were registered last year were onboarded as DPs with NSDL.
Our effort on all aspects of the business is to actually focus on quality and diversify as much as possible to minimize regulatory impact.
Frequently Asked Questions
What was National Securities Depository's revenue in Q4 FY26?
National Securities Depository reported revenue of ₹458 Cr in Q4 FY26, representing a +2.4% change compared to the same quarter last year.
What guidance did National Securities Depository management give for FY27?
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. Employee cost growth to moderate: After peak additions in FY26, FY27 will see much lower headcount growth, with focus on productivity and automation. Operating leverage to improve as investments scale: As technology and digital initiatives mature, the inherent operating leverage in the business model is expected to strengthen financial outcomes.
What are the key risks for National Securities Depository in FY27?
Key risks include Regulatory interventions in subsidiaries — The payments bank and insurance repository businesses face frequent regulatory changes that could impact growth and profitability.; Market slowdown impacting account additions — Weak capital market conditions and geopolitical uncertainty could further moderate demat account growth and transaction volumes.; Competition from CDSL in fintech DP onboarding — Despite recent wins, NSDL still lags in overall market share; large new-age brokers may choose CDSL, limiting incremental gains..
Did National Securities Depository meet its previous quarter's guidance?
Scorecard data is being built as historical quarters are processed.
Where can I read the full National Securities Depository Q4 FY26 concall transcript?
The full earnings conference call transcript or source release is available on the linked source material. This page provides an AI-generated summary verified against official BSE/NSE filings.