National Securities Depository (544467) Q4 25/26 earnings summary

Executive summary

• FY 2026 marked the first full year post-listing, with record demat account additions—59.3 lakh gross and 49.4 lakh net—and a challenging market environment, especially in Q4 due to geopolitical tensions and capital outflows.

• Audited standalone and consolidated financial results for Q4 and FY 2025-26 were approved, with auditors issuing unmodified opinions.

• NSDL focused on digital transformation, launching unified FPI portals, digital tax submissions, and expanding its DP network, resulting in record DP additions and improved incremental market share.

• Subsidiaries, especially Payments Bank and NDML, showed strong growth, with Payments Bank deposit balances crossing INR 500 crore and NDML adding 33.5 lakh insurance policies.

• Board recommended a final dividend of ₹4 per equity share for FY 2025-26, subject to shareholder approval.

Financial highlights

• Standalone Q4 FY 2026 total income: INR 195.4 crore (up 1.8% YoY); PAT: INR 79.7 crore (up 5.2% YoY); PAT margin: 40.8%.

• Full year standalone PAT: INR 360.6 crore (up 12.1% YoY); EBITDA margin: 60.8%.

• Consolidated Q4 FY 2026 total income: INR 486.8 crore (up 23.6% YoY); PAT: INR 90.3 crore (up 8.4% YoY); PAT margin: 18.6%.

• Full year consolidated PAT: INR 380 crore (up 10.8% YoY); PAT margin: 22.9%.

• Basic and diluted EPS (consolidated) for FY 2025-26 was ₹18.99, up from ₹17.16 year-over-year.

Outlook and guidance

• Custody fee growth expected to remain secular, driven by account sourcing and digital initiatives, though market uncertainties may impact pace.

• Technology and manpower investments to remain elevated for one more year, with CapEx expected to plateau thereafter.

• Board recommended a final dividend of ₹4 per share, double the previous year’s ₹2 per share, reflecting confidence in future cash flows.

• Management continues to monitor regulatory changes, including new labour codes and ongoing legal matters, for future impact.

• Emphasis on leveraging technology for operational efficiency and customer acquisition.