National Securities Depository Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript National Securities Depository Ltd filed with BSE on 06 May 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 standalone Q4 FY26 total income of Rs 195.4 crore, up about 2% year-on-year, with PAT of Rs 79.7 crore, up 5%, while full-year standalone PAT rose 12.1% to about Rs 360 crore. Consolidated full-year total income grew 8.1% to Rs 1,660 crore with PAT up 10.8% to about Rs 380 crore. Management described a slowdown in new demat account additions industry-wide during the year, a divergence between FII selling and record domestic institutional inflows in March, and continued investment in technology and people, alongside developments at its subsidiaries NSDL Payments Bank and NDML including a planned demerger of the insurance repository business.
Numbers mentioned
Total income (standalone): Rs 195.4 crores (Q4 FY26)
p. 6
“On quarter four, total income came in at about INR195.4 crores I'm talking standalone now, compared to INR191.9 crores, which is up by little under 2%.”
Vijay Chandok, page 6 of the filed PDF · View the filing
PAT (standalone): Rs 79.7 crores (Q4 FY26)
p. 6
“PAT came in at about INR79.7 crores compared to INR75.8 crores last year, which is up by about 5%.”
Vijay Chandok, page 6 of the filed PDF · View the filing
PAT (standalone, full year): Rs 360 crores (FY26)
p. 6
“For the full year, PAT stood at about INR360 crores on a standalone basis compared to INR321 crores, which is up by about 12.1%.”
Vijay Chandok, page 6 of the filed PDF · View the filing
Total income (consolidated): Rs 486.8 crores (Q4 FY26)
p. 6
“On a consolidated basis, the total income stood at about INR486.8 crores compared to INR393.8 crores, which is up by about 23.6% on a Y-o-Y basis.”
Vijay Chandok, page 6 of the filed PDF · View the filing
PAT (consolidated, full year): Rs 380 crores (FY26)
p. 6
“The PAT for the full year, as you all would have seen has come in at about INR380 crores compared to about INR343 crores last year, which is up by about 10.8% on a Y-o-Y basis.”
Vijay Chandok, page 6 of the filed PDF · View the filing
Revenue from operations (standalone): Rs 704.7 crores (FY26)
p. 7
“Revenue from operations for the full year FY '26 stood at INR704.7 crores, a growth of 13.9% on year-on-year basis.”
Jigar Shah, page 7 of the filed PDF · View the filing
EBITDA margin (standalone, full year): 60.8% (FY26)
p. 7
“Our EBITDA margin for the current year for a full year stands at 60.8%.”
Jigar Shah, page 7 of the filed PDF · View the filing
EBITDA (standalone, full year): Rs 508 crores (FY26)
p. 7
“Our EBITDA for FY '26 stands at INR508 crores.”
Jigar Shah, page 7 of the filed PDF · View the filing
PAT margin (standalone, full year): 43.2% (FY26)
p. 7
“And our PAT margins for full year basis stands at 43.2% for the current financial year.”
Jigar Shah, page 7 of the filed PDF · View the filing
Revenue from operations (consolidated, full year): Rs 1,530 crores (FY26)
p. 8
“With regards to full year, our revenue from operations stood at INR1,530 crores, a growth of 7.7% on year-on-year basis.”
Jigar Shah, page 8 of the filed PDF · View the filing
Total demat accounts: 4.44 crores (as of Q4 FY26)
p. 5
“During the quarter, the total number of demat accounts for NSDL reached 4.44 crores.”
Vijay Chandok, page 5 of the filed PDF · View the filing
Incremental market share in net demat account addition: 15.4% (FY26)
p. 5
“Our incremental market share in net demat account addition improved in FY26 and reached at 15.4% for the full year, compared to much lower level that was there last year.”
Vijay Chandok, page 5 of the filed PDF · View the filing
Number of DPs added: 21 DPs (FY26)
p. 5
“We also reached 311 DPs. During the year, we added 21 DPs, which is a record for us.”
Vijay Chandok, page 5 of the filed PDF · View the filing
Payments Bank deposit balances: Rs 521 crores (as of March 2026)
p. 6
“As at March 2026, deposit balances, and we are very happy about this, has now crossed INR500 crores, coming in at about INR521 crores with over 4 million customers.”
Vijay Chandok, page 6 of the filed PDF · View the filing
Insurance repository revenue: Rs 5.5 crores (FY26)
p. 17
“So we have disclosed as part of our footnote, the overall top line from the insurance business is about INR5.5 crores.”
Jigar Shah, page 17 of the filed PDF · View the filing
Technology capitalization: Rs 106.1 crores (FY26)
p. 7
“During the current financial year, we have capitalized INR106.1 crores during FY '26, and the technology spends in the current year has gone up to INR91.4 crore.”
Jigar Shah, page 7 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.
Technology capex and opex — similar to FY26 levels · FY27
stated firmly by Vijay Chandok
p. 10
“We believe this year is also going to be a very similar number as far as tech capex is concerned and opex is concerned.”
Vijay Chandok, page 10 of the filed PDF · View the filing
Technology capex — beyond FY27
stated conditionally by Vijay Chandok
p. 10
“The next year will definitely we expect a decline to happen in terms of capex because we would have completed our entire capex spend story.”
Vijay Chandok, page 10 of the filed PDF · View the filing
Employee cost / headcount additions — FY27
stated firmly by Vijay Chandok
p. 10
“As far as manpower is concerned, last year was the peak additions. This year there is going to be a much, much lower addition.”
Vijay Chandok, page 10 of the filed PDF · View the filing
Regulatory conversation on annual issuer fee increase
stated as an aspiration by Vijay Chandok
p. 8
“Well, conversations with regulator tends to be bilateral. So when anything happens, we will let you know.”
Vijay Chandok, page 8 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 custody fee growth reflects account sourcing trends and is difficult to predict precisely but past trend shows secular growth, and no update yet on the regulatory fee case.
Answered by Vijay Chandok
Asked by Amit Chandra: How will annual custody fee growth trend next year, and is there any update on the regulator case for an issuer fee increase?
p. 9
“So custody fee, to aspects that are under our control, is in full, I would say, intense focus and attention.”
Vijay Chandok, page 9 of the filed PDF · View the filing
Management said one fintech DP's volumes scaled up sharply and more DPs are expected to contribute in the coming year.
Answered by Vijay Chandok
Asked by Amit Chandra: Is incremental account addition coming from new DPs or the old banking channel?
p. 9
“Last year gave 70,000, this year gave 700,000. So there's been a 10x scale up from this segment.”
Vijay Chandok, page 9 of the filed PDF · View the filing
Management attributed it to quality account sourcing, higher CASA float, new transaction charges, and growth in UPI acquisition fees.
Answered by Vijay Chandok
Asked by Prayesh Jain: What drove the sharp sequential increase in banking services revenue?
p. 11
“You would have noticed that our float has increased quite substantially, the CASA float. So that has crossed INR500 crores now.”
Vijay Chandok, page 11 of the filed PDF · View the filing
Management explained that margin pledge revenue is transaction-count based rather than value-based, so despite higher MTF book value, transaction counts stayed steady.
Answered by Jigar Shah
Asked by Sanketh Godha: Why did pledge income grow slowly despite margin trade funding book growth of ~68-70%?
p. 15
“And our revenue model is on transaction count rather than the ad valorem.”
Jigar Shah, page 15 of the filed PDF · View the filing
Management said last year had unusually large bonus and rights issues boosting corporate action income, which did not recur this year.
Answered by Jigar Shah
Asked by Sanketh Godha: Why did corporate action and IPO income decline versus last year?
p. 15
“last year we had couple of IPOs which had large bonus issues and a rights issues in the last quarter of the year and that's why you see that increase in the corporate action.”
Jigar Shah, page 15 of the filed PDF · View the filing
Management said the prior year included one-time settlement charges paid to the regulator, and otherwise costs remained stable.
Answered by Jigar Shah
Asked by Sanketh Godha: Why did other expenses decline year-on-year?
p. 16
“last year if you see our RHP documents as well as the disclosures, we had a settlement charges which we had paid to regulator.”
Jigar Shah, page 16 of the filed PDF · View the filing
Management attributed this to infrastructure capacity investment, DP integration software and licenses, and cybersecurity spending following a SEBI circular.
Answered by Jigar Shah
Asked by Ravi Kumar: Why did intangible assets double year-on-year?
p. 14
“Recently there was a SEBI circular which also mentioned that we need to have a clean air gap between the DC and DR.”
Jigar Shah, page 14 of the filed PDF · View the filing
Risks flagged
Geopolitical conflict and macro pressures affecting market activity
p. 3
“The West Asia conflict, which erupted in quarter 4 doesn't seem to still have any clear resolution in ahead of us.”
Vijay Chandok, page 3 of the filed PDF · View the filing
Sustained FII outflows during the quarter
p. 3
“The FPIs have been net sellers for most of the quarter with March seeing a record monthly outflow of USD12.7 billion.”
Vijay Chandok, page 3 of the filed PDF · View the filing
Slowdown in new demat account additions industry-wide
p. 4
“On the investor base, new Demat account addition slowed and slowed considerably, slowed to about 3.2 crores in FY26, down from 4.1 crores in FY25, with March ‘26 seeing the lowest monthly addition in nearly a year.”
Vijay Chandok, page 4 of the filed PDF · View the filing
Regulatory interventions affecting Payments Bank and NDML businesses
p. 18
“Banking has been fraught, particularly the payment banking industry has been fraught with several regulations that have kept on coming which is sort of required us to do course correction, course changes.”
Vijay Chandok, page 18 of the filed PDF · View the filing
Regulatory reduction of NDML charges
p. 18
“Even on NDML side, we've seen last year there has been an intervention from the regulator which is requiring us to reduce the charges.”
Vijay Chandok, page 18 of the filed PDF · View the filing
Episodic loss of market share from large IPOs benefiting competition
p. 5
“And we find that whenever a specific episodic large IPO happens, it tends to benefit competition more than ours.”
Vijay Chandok, page 5 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.