National Securities Depository Ltd — Q1 FY27 earnings call
Summary generated by AI from the official transcript National Securities Depository Ltd filed with BSE on 05 Aug 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
NSDL reported Q1 FY27 standalone total income of Rs 219.7 crore, up 15.3% year-on-year, and standalone profit after tax of Rs 89.1 crore, up 7.9% year-on-year. Management attributed margin moderation to front-loaded investments in technology resilience, cyber security, and manpower, while consolidated numbers were aided by growth in the payments bank's revenue tied to a specific onboarding project. Demat account additions, incremental market share, e-voting volumes, and folio counts from unlisted companies were also highlighted as areas of growth during the quarter.
Numbers mentioned
Total income (standalone): INR219.7 crores (Q1 FY27)
p. 7
“our total income stood at INR219.7 crores compared to INR190.4 crores last year Q1 FY26, up by about 15.3%”
Vijay Chandok, page 7 of the filed PDF · View the filing
Profit after tax (standalone): INR89.1 crores (Q1 FY27)
p. 7
“Profit after tax stood at INR89.1 crores compared to INR82.6 crores Q1 FY26 up by 7.9%”
Vijay Chandok, page 7 of the filed PDF · View the filing
Total income (consolidated): INR560.5 crores (Q1 FY27)
p. 8
“the total income stood at INR560.5 crores compared to INR 346.8 crores last year Q1 FY26 up by 61.6% on a Y-o-Y basis”
Vijay Chandok, page 8 of the filed PDF · View the filing
Profit after tax (consolidated): INR98.3 crores (Q1 FY27)
p. 8
“Profit after tax stood at INR98.3 crores on a consolidated basis compared to INR89.6 crores last year Q1 FY26, up by 9.7% on a Y-o-Y basis”
Vijay Chandok, page 8 of the filed PDF · View the filing
EBITDA margin (standalone): 57.8% (Q1 FY27)
p. 9
“Our EBITDA margin for the current quarter stands at 57.8%”
Jigar Shah, page 9 of the filed PDF · View the filing
EBITDA (standalone): INR126.9 crores (Q1 FY27)
p. 9
“Our EBITDA for Q1 FY27 is at INR126.9 crores versus INR115.3 crore in Q1 FY26, registering a growth of 10.1% on a Y-o-Y basis”
Jigar Shah, page 9 of the filed PDF · View the filing
PAT margin (standalone): 40.6% (Q1 FY27)
p. 10
“Our PAT margin stands at 40.6% for the current quarter”
Jigar Shah, page 10 of the filed PDF · View the filing
Revenue from operations (standalone): INR182.2 crores (Q1 FY27)
p. 9
“revenue from operations for Q1 FY27 stood at INR182.2 crores, a growth of 13.2% on a Y-o-Y basis, sequentially it grew by 6.8%”
Jigar Shah, page 9 of the filed PDF · View the filing
Revenue from operations (consolidated): INR516.6 crores (Q1 FY27)
p. 10
“Revenue from operations for Q1 FY27 stood at INR516.6 crores, registering a growth of 65.6% on a Y-o-Y basis and sequentially it grew by 12.7%”
Jigar Shah, page 10 of the filed PDF · View the filing
EBITDA margin (consolidated): 25.9% (Q1 FY27)
p. 10
“Our EBITDA margin for the current quarter is at 25.9%”
Jigar Shah, page 10 of the filed PDF · View the filing
PAT margin (consolidated): 17.5% (Q1 FY27)
p. 10
“Our PAT margin on consolidated basis stands at 17.5% for the current quarter”
Jigar Shah, page 10 of the filed PDF · View the filing
Total demat accounts (NSDL): 4.56 crores (Q1 FY27)
p. 6
“the total number of demat accounts for NSDL reached 4.56 crores”
Vijay Chandok, page 6 of the filed PDF · View the filing
Incremental market share in net demat account addition: 17.6% (Q1 FY27)
p. 6
“Our incremental market share in net demat account addition for Q1 FY27 increased to 17.6%, up from Q4 levels of about 14% or so and Q1 of last year at about 15.5%”
Vijay Chandok, page 6 of the filed PDF · View the filing
Net demat account additions: 12.4 lakh (Q1 FY27)
p. 7
“with 12.4 lakh net additions of accounts during Q1 FY27 compared to 10.4 lakhs that we added last year, same time”
Vijay Chandok, page 7 of the filed PDF · View the filing
e-voting market share: 64% (Q1 FY27)
p. 7
“our e-voting market share as a result increased to 64% in Q1 FY27 from 61% in Q1FY26”
Vijay Chandok, page 7 of the filed PDF · View the filing
Folio count: 14 crores (as of Q1 FY27)
p. 16
“The folio count as we speak today for NSDL is about 14 crores. This is where we stand in terms of our folio.”
Jigar Shah, page 16 of the filed PDF · View the filing
Retail customers (NSDL Payments Bank): 49.5 lakhs (Q1 FY27)
p. 8
“Retail customers have increased by 1.7x from 28.3 lakhs Q1 FY26 to 49.5 lakhs in Q1 FY27”
Vijay Chandok, page 8 of the filed PDF · View the filing
Unlisted companies added: 3,600 companies (Q1 FY27)
p. 25
“the number of companies that joined this quarter was 3,600 companies”
Jigar Shah, page 25 of the filed PDF · View the filing
DPs added: 6 (Q1 FY27)
p. 6
“we also crossed 317 depository participants with DP additions, the depository participant additions in Q1 FY27 alone being 6”
Vijay Chandok, page 6 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Standalone margins — normalized margins · medium term
stated as an aspiration by Vijay Chandok
p. 8
“As these investments mature over the medium term, we expect operating leverage to support normalized margins going forward.”
Vijay Chandok, page 8 of the filed PDF · View the filing
Payments bank margins and profitability
stated as an aspiration by Vijay Chandok
p. 8
“As these acquired customers through this initiative pivot to transactions and also start dealing associated banking services, we expect profitability and margins in this segment to gradually stabilize and improve.”
Vijay Chandok, page 8 of the filed PDF · View the filing
Employee hiring
stated firmly by Jigar Shah
p. 11
“As far as the peak is concerned, we are now going to go very cautious in terms of our hiring.”
Jigar Shah, page 11 of the filed PDF · View the filing
IPO/account growth benefit
stated conditionally by Vijay Chandok
p. 13
“That said, we have added a fair amount of new account addition that is happening is now started coming from FinTech.”
Vijay Chandok, page 13 of the filed PDF · View the filing
Fintech DP onboarding outcomes
stated conditionally by Vijay Chandok
p. 22
“But it is obviously contingent on how the market also plays.”
Vijay Chandok, page 22 of the filed PDF · View the filing
Technology modernization — next year
stated as an aspiration by Vijay Chandok
p. 24
“More work will happen in automation. More work will happen on ensuring that whatever has been launched gets refined”
Vijay Chandok, page 24 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management said most hiring occurred in the prior year and they will now be cautious on further hiring, with additions concentrated in technology and cyber space.
Answered by Jigar Shah
Asked by Prayesh Jain: Are employee costs close to peak run rate and where is the manpower being added?
p. 11
“we have done with the kind of adequacy that we wanted to do with regards to hiring manpower”
Jigar Shah, page 11 of the filed PDF · View the filing
Management explained the revenue spike was from a one-time joining fee pass-through with a partner and that transaction-related revenue, which is more profitable, would follow.
Answered by Vijay Chandok
Asked by Prayesh Jain: Is the banking segment's current revenue run rate sustainable given the new partner arrangement?
p. 13
“So, that onboarding journey actually peaked in this quarter.”
Vijay Chandok, page 13 of the filed PDF · View the filing
Management attributed growth mainly to onboarding of unlisted companies rather than folio count increases.
Answered by Jigar Shah
Asked by Sanketh Godha: What is driving the 30% YoY growth in annual custody income?
p. 16
“the kind of bench that we created is about 33,000 in FY25, 30,000 in FY26”
Jigar Shah, page 16 of the filed PDF · View the filing
Management linked growth to overall market trends and the margin trade funding book, noting a rise in pledge/unpledge transaction counts.
Answered by Jigar Shah
Asked by Sanketh Godha: What is driving strong pledge income growth?
p. 18
“The count has also grown in the last year- on-year by about 15% count in terms of the pledge and unpledged.”
Jigar Shah, page 18 of the filed PDF · View the filing
Management said the NDML business is diversified and the KRA price decline was partly offset by growth in the SEZ online business.
Answered by Vijay Chandok
Asked by Sanketh Godha: Why did KYC income decline only 2% despite a 20% regulatory fee cut?
p. 19
“whatever sort of decline would have attributable to the price decrease in the KRA business was in part offset by the increase we got in the SEZ business”
Vijay Chandok, page 19 of the filed PDF · View the filing
Management clarified e-voting is more need-based while e-AGMs are seasonally concentrated in Q2.
Answered by Vijay Chandok
Asked by Sanketh Godha: Was strong Q1 e-voting growth due to business preponed from Q2?
p. 19
“e-voting is more need-based rather than completely having a seasonal impact”
Vijay Chandok, page 19 of the filed PDF · View the filing
Management described sustained relationship-building, back-office vendor engagement, and product improvements over several quarters as drivers.
Answered by Vijay Chandok
Asked by Rushabh: What changed to increase fintech share of incremental demat additions from 2% to 20%?
p. 21
“So a lot of this ramp up has now started taking shape.”
Vijay Chandok, page 21 of the filed PDF · View the filing
Management estimated the joining fee component at roughly Rs 5-6 crore based on a Rs 15,000 per-company processing charge.
Answered by Jigar Shah
Asked by Mitesh Gohil: What is the joining fee component within other transaction charges of Rs 21 crore?
p. 25
“that should be in the range of about INR5 to INR6 crores”
Jigar Shah, page 25 of the filed PDF · View the filing
Management declined to give a specific DLT number but said 600 issuers are on the DLT platform, and that newly onboarded DPs are exclusive to NSDL so all their accounts flow to NSDL.
Answered by Jigar Shah
Asked by Lalit Deo: Can you quantify DLT charges within custody fees and how are the 21 newly onboarded DPs contributing demat accounts?
p. 26
“Overall, we have right now about 600 issuers on our platform.”
Jigar Shah, page 26 of the filed PDF · View the filing
Risks flagged
Renewed geopolitical conflict and crude price risk
p. 4
“However, renewed hostilities in July have revived geopolitical and crude price risks.”
Vijay Chandok, page 4 of the filed PDF · View the filing
FPIs remaining net sellers
p. 4
“FPIs remained net sellers for the third consecutive quarter”
Vijay Chandok, page 4 of the filed PDF · View the filing
Margin moderation from front-loaded investment costs
p. 7
“I wish to highlight that our standalone margins have seen some moderation compared to the previous periods.”
Vijay Chandok, page 7 of the filed PDF · View the filing
Bank margin impact from upfront onboarding revenue sharing
p. 8
“The bank margins during the period was impacted by the upfront onboarding revenue sharing associated with a specific partner project that the bank won and started implementing during that quarter.”
Vijay Chandok, page 8 of the filed PDF · View the filing
Outcomes from technology integration progress are uncertain
p. 14
“this progress does not mean anything till we see the outcome in terms of numbers”
Vijay Chandok, page 14 of the filed PDF · View the filing
Future DP onboarding benefits contingent on market conditions
p. 22
“But it is obviously contingent on how the market also plays.”
Vijay Chandok, page 22 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.