NSDL FY26 Performance: Profit Rises 12.1%, Income Up 14.2%

National Securities Depository Ltd (NSDL) has posted strong financial results for the fiscal year ending March 31, 2026. The company reported significant year-on-year growth in both its standalone and consolidated figures, driven by expanding market participation and operational efficiencies.

Financial Highlights

For FY26, NSDL's standalone total income reached ₹835.1 crore, a 14.2% increase, while standalone net profit after tax grew 12.1% to ₹360.6 crore. On a consolidated basis, total income rose 8.1% to ₹1,660.2 crore, with net profit climbing 10.8% to ₹380.0 crore.

Dividend Proposal

Shareholders are recommended to receive a final dividend of ₹4 per equity share for FY26, pending shareholder approval.

Growth Drivers and Market Position

These results underscore NSDL's established leadership in India's financial infrastructure. Its pioneering role in securities dematerialisation and dominant market share, holding over 86% of demat custody value, solidifies its position. This is supported by a strong institutional client base and a growing number of retail investors. The company's IPO, launched in July 2025 and listed in August 2025, has further positioned it as a key market player.

New Initiatives and Expansion

• NSDL welcomed a record 21 new Depository Participants (DPs) in FY26, enhancing its network reach.
• The addition of 49.4 lakh net Beneficiary Owner (BO) accounts highlights increased retail investor engagement.
• The launch of the 'Women demat plan' aims to broaden market inclusivity and attract new investor segments.
• NSDL Payments Bank is expanding its deposit base, signaling diversification in its service offerings.

Key Risks and Compliance

While overall performance was strong, a notable disparity exists between standalone and consolidated income growth in Q4 FY26, with consolidated income up 23.6% and standalone income up only 1.8%. This trend requires attention. Furthermore, NSDL paid a ₹15.57 crore penalty to SEBI in late 2025 to resolve past governance and operational issues, underscoring the ongoing need for robust compliance.

Peer Landscape: NSDL vs. CDSL

NSDL's primary competitor is CDSL. NSDL dominates in demat custody value (over 86%), while CDSL leads in account volumes with approximately 15.3 crore accounts in FY25, largely due to retail investor growth. For FY25, NSDL reported revenue of ₹1,535 crore and profit of ₹343 crore (margins ~22%), whereas CDSL generated ₹1,199 crore in revenue and ₹526 crore in profit, achieving higher margins of approximately 48%.

Key Financial Metrics Recap

• Standalone Total Income FY26: ₹835.1 crore (14.2% YoY)
• Standalone Net Profit FY26: ₹360.6 crore (12.1% YoY)
• Consolidated Total Income FY26: ₹1,660.2 crore (8.1% YoY)
• Consolidated Net Profit FY26: ₹380.0 crore (10.8% YoY)
• Q4 FY26 Standalone Total Income: ₹195.4 crore (1.8% YoY)
• Q4 FY26 Consolidated Total Income: ₹486.8 crore (23.6% YoY)

Looking Ahead

Investors will be watching for shareholder approval of the ₹4 per equity share dividend, the success of the 'Women demat plan', continued network expansion, NSDL Payments Bank's growth, and management's strategy regarding the Q4 standalone income disparity.