NSDL Reports Strong FY26 Performance with ₹380 Crore Profit

National Securities Depository Ltd (NSDL) has announced its audited financial results for the fiscal year ended March 31, 2026. The Board of Directors approved these results, highlighting strong financial performance across both consolidated and standalone bases.

The company reported consolidated revenue from operations of approximately ₹1,530 crore and a consolidated profit after tax (PAT) of ₹380 crore. Standalone figures also showed strong growth, with revenue at ₹835.14 crore and PAT at ₹360.60 crore. Statutory auditors K. C. Mehta & Co. LLP issued an unmodified audit opinion.

NSDL's Key Role and Shareholder Value

As a crucial market infrastructure institution in India, NSDL plays a key role in the securities settlement process. Its strong financial results reflect operational efficiency and stability within the capital markets ecosystem, as well as broader growth in India's equity markets.

The Board has recommended a final dividend of ₹4 per equity share, offering shareholders a direct return and signalling financial health.

Background: Depository Services and Legal Proceedings

Promoted by institutions including IDBI Bank and NSE, NSDL is India's first and a leading depository. The company has been involved in significant legal proceedings concerning the Karvy Stock Broking Ltd (KSBL) default. A Securities Appellate Tribunal (SAT) order in December 2023 addressed the invocation and restoration of pledged shares related to this matter.

Updates and Shareholder Information

Shareholders will receive the proposed final dividend of ₹4 per equity share, subject to approval at the upcoming Annual General Meeting (AGM). The company's financial prudence and operational stability are further confirmed by the clean audit report. The ongoing legal case before the Supreme Court, while having interim relief, remains a point of attention regarding future outcomes.

Legal Risks Associated with the Karvy Case

The primary risk for NSDL stems from two civil appeals filed in the Supreme Court. These appeals challenge a SAT order from December 20, 2023, concerning the Karvy Stock Broking Ltd matter, specifically the invocation and restoration of pledged shares.

While NSDL's management is confident and no provisions have been deemed necessary, the final verdict by the Supreme Court could potentially lead to unforeseen financial obligations.

Comparison with Peer CDSL

NSDL's main competitor in the Indian depository sector is Central Depository Services (India) Limited (CDSL). Both entities are essential for India's capital markets, managing securities dematerialization and settlement.

Key Financial Figures (FY26)

• Consolidated Revenue from operations: ₹1,52,995.67 lakh (FY26)
• Consolidated Profit After Tax: ₹38,001.19 lakh (FY26)
• Standalone Revenue from operations: ₹83,513.85 lakh (FY26)
• Standalone Profit After Tax: ₹36,059.87 lakh (FY26)

What to Monitor Next

• Shareholder approval for the proposed final dividend of ₹4 per equity share at the Annual General Meeting.
• Any significant developments or final rulings in the Supreme Court case concerning the Karvy Stock Broking Ltd matter.
• NSDL's ongoing operational performance and market standing compared to peers like CDSL.