National Securities Depository (544467) Q1 26/27 earnings summary

Executive summary

• Achieved strong year-over-year growth in revenue and profit, driven by operational efficiencies, technology investments, and expanding market share in Demat accounts, with 14.7 lakh gross and 12.4 lakh net Demat accounts added in Q1 FY27.

• Onboarded 6 new Depository Participants, expanding the network to 317 as of June 2026, and implemented the SWAGAT-FI framework to simplify onboarding for foreign investors.

• Women accounted for ~24% of incremental Demat additions in Q1 FY27.

• Subsidiaries, including Payments Bank and NDML, showed traction in digital payments and diversified business lines.

• Board approved unaudited standalone and consolidated financial results for Q1 FY 2026-27, with results reviewed by statutory auditors.

Financial highlights

• Standalone revenue from operations grew 13.2% YoY to ₹182.2 crore; total income up 15.3% YoY to ₹219.7 crore; PAT rose 7.9% YoY to ₹89.1 crore with a PAT margin of 40.6%.

• Consolidated revenue from operations up 65.6% YoY to ₹516.6 crore; total income up 61.6% YoY to ₹560.5 crore; consolidated PAT increased 9.7% YoY to ₹98.3 crore; PAT margin at 17.5%.

• EBITDA margin at 57.8% standalone and 25.9% consolidated.

• Consolidated net profit after tax for Q1 FY27 stood at ₹9,830.50 lakhs, compared to ₹9,032.07 lakhs in Q1 FY26.

• Basic and diluted consolidated EPS for Q1 FY27 was ₹4.91, up from ₹4.51 in Q1 FY26.

Outlook and guidance

• Expect operating leverage to support normalized margins as technology and manpower investments mature.

• Payments Bank profitability anticipated to improve as new customers transition to transaction-based services.

• IPO activity expected to pick up, potentially boosting account additions and revenues.

• Continued focus on expanding DP network and demat account base, with ongoing digital initiatives and regulatory compliance enhancements.

• Management maintains a strong position regarding ongoing legal matters and expects no provision is required for the Karvy Stock Broking case, pending Supreme Court verdict.