National Securities Depository Limited · BSE:NSDL
National Securities Depository — Q3 FY26 Earnings Presentation
27 slides from National Securities Depository's earnings presentation, Jan 29, 2026
Slide 1: Regulation 30 intimation letter to BSE
NSDL/AF/BSE/2026/0006 Date: January 28, 2026 To, Listing Compliance Department BSE Limited, Phiroze Jeejeebhoy Towers Dalal Street Mumbai 400 001 Dear Sir/Madam, Scrip Code: 544467 ISIN: INE301O01023 Sub.: Presentation on conference call to be held on January 29, 2026 Ref.: Regulation 30 of the Secu
Slide 2: Earnings Presentation for the Quarter ended December 2025
Earnings Presentation For the Quarter ended December 2025 January 29, 2026 1
Slide 3: Table of contents
PUBLIC Table of contents 01 Company Overview 02 Standalone Highlights 03 Key Subsidiaries 04 Consolidated Highlights PUBLIC 2
Slide 4: Company Overview
PUBLIC Company Overview PUBLIC 3
Slide 5: NSDL - At a Glance
PUBLIC NSDL - At a Glance 1st 86.2% 66.5% # 43.2 mn India’s First & Largest Depository Market share by Total Demat Market Share of Individuals* & Beneficiary owner (BO) pioneering since 1996 Custody Value HUFs Custody Value account 99.99% 97.6% # 2,31,998 | 65.9% (1) ₹ 12.3 mn Serviced value of secu
Slide 6: NSDL Depository – Service Offerings
PUBLIC NSDL Depository – Service Offerings Offers wide range of digitally enabled products & services leveraging technological expertise & leadership position Core Depository Services Suite of E-Services Ancillary Products & Value-Added Services • Dematerialization of Securities services to investor
Slide 7: What's New?
PUBLIC What’s New? Simplified Post-Trade Reporting Ease of Doing Business (HUF) Common Contract Note via STeADY Platform: Joint Holding Facility for HUF Demat Accounts: To Consolidates trades across exchanges into a single permit the opening of Hindu Undivided Family (HUF) harmonized note for easier
Slide 8: Highlights Q3 FY26 (Standalone)
PUBLIC Highlights Q3 FY 26 (Standalone) PUBLIC 7
Slide 9: Key Business Metrics: BO Accounts
PUBLIC Key Business Metric… 450.00 BO Account (In lakhs) 448.00 Incremental BO (%) 446.00 444.00 442.00 431.85 440.00 11.4% 438.00 436.00 434.00 432.00 430.00 428.00 418.85 15.89% 426.00 424.00 422.00 420.00 418.00 416.00 414.00 412.00 410.00 408.00 406.00 404.00 402.00 400.00 398.00 8.84% 396.00 39
Slide 10: Key Business Metrics: Industry vs NSDL
PUBLIC Key Business Metric… BO Account (In lakhs) Industry v/s NSDL Industry NSDL 17.58% 339.27 (In lakhs) 15.53% 14.65% 234.95 6.87% 29.98 37.33 0.00% 6.79 10.41 13.92 13.00 Q3 FY25 Q1 FY26 Q2 FY26 Q3 FY26 9M FY25 9M FY26 Net BO Accounts Incremental Accounts - Net Incremental account opened in - Pa
Slide 11: Key Business Metrics: Custody Value
PUBLIC Key Business Metric… 16,500 16,467 77. 00% 700.0 16,434 16,401 698.0 16,368 696.0 (In Tn) 16,335 16,302 694.0 16,269 692.0 16,236 690.0 16,203 16,170 688.0 Demat – Unlisted EQ (Market %) 686.0 Custody Value 16,137 16,104 684.0 16,071 16,038 682.0 16,005 15,972 680.0 15,939 678.0 15,906 676.0
Slide 12: BO account distribution state-wise
PUBLIC BO account distribution state-wise 10 -States contributing to 75% • Incremental accounts continues to be dominant from these states State % distribution MAHARASHTRA 16% • NSDL crossed 4 cr BO account in May 25, UTTAR PRADESH 10% covering 19,000+ PIN codes with service TAMIL NADU 8% center ope
Slide 13: Financial Highlights Q3 FY26 (Standalone)
PUBLIC Financial Highlights Q3 FY26 (Standalone) PUBLIC 12
Slide 14: NSDL Key Highlights
PUBLIC NSDL Key Highlights • In Q3 FY26, total income rose 15.4% • Revenue from operation increased YOY • In Q3 FY26, Profit after tax (PAT) remain YoY and declined by 20.7% by 14.0% but sequentially declined (due unchanged YoY at Rs 77.9 cr. (w/o one-time nonrecurring tax of Previous Year (PY) PAT
Slide 15: Financial Highlights
PUBLIC Financial Highlights (‘In Cr) Quarter ended Nine month ended Year ended Growth Growth Growth Particulars Q3 FY25 Q2 FY26 Q3 FY26 9M FY25 9M FY26 Mar-25 YoY % QoQ % YoY % Total Income 172.2 250.6 198.7 15.4% (20.7%) 539.5 639.7 18.6% 731.4 Revenue from Operations 148.3 204.2 169.0 14.0% (17.2%
Slide 16: Financial Results
PUBLIC Financial Results (‘In Cr) Year Quarter ended Nine month ended ended Growth Growth Growth Particulars Q3 FY25 Q2 FY26 Q3 FY26 9M FY25 9M FY26 Mar-25 YoY % QoQ % YoY % Income Revenue from Operations 148.3 204.2 169.0 14.0% (17.2%) 452.1 534.1 18.1% 618.6 Other Income 23.9 46.4 29.7 24.0% (36.0
Slide 17: Operating Revenue
PUBLIC Operating Revenue (‘In Cr) Growth Growth Growth Particulars Q3 FY25 Q2 FY26 Q3 FY26 9M FY25 9M FY26 FY 25 YoY % QoQ % YoY % Recurring Fee 45.0% 43.4% 54.3% 42.0% 48.3% 42.2% Annual Custody Fee (1) 66.7 88.7 91.7 37.5% 3.4% 189.8 258.1 36.0% 261.2 Non-Recurring Fee 55.0% 56.6% 45.7% 58.0% 51.7
Slide 18: Experienced Senior Management team
PUBLIC Experienced Senior Management team Mr. Vijay Chandok MD & CEO ~31 years of experience in the financial services industry ICICI Bank, ICICI Securities Limited Mr. Jigar Shah Mr. Prashant Vagal, Mr. Sameer Patil Chief Financial Officer Chief Operating Officer Chief Business Officer ~17 years of
Slide 19: Experienced Board of Directors
PUBLIC Experienced Board of Directors Mr. Parveen Kumar Gupta Dr. Madhu Sudan Sahoo Rajat Moona Chairman & Public Interest Director Public Interest Director Public Interest Director ~40 years of experience in banking ~40 years of experience in economic ~33 years of experience in teaching industry an
Slide 20: Shareholding Pattern
PUBLIC Shareholding Pattern – December 31, 2025 Small Cap World LIC, 0.9% Fund INC, 1.6% Canara Bank, 2.3% Union Bank of India, 2.6% Category Shareholding No. of State Bank of NSE, 15.0% India, 3.0% (%) Shareholders Foreign Institutional HSBC, 3.1% 14.54% 36 Investor (FII) Domestic Institutional 37.
Slide 21: Key Subsidiaries
PUBLIC Key Subsidiaries PUBLIC 20
Slide 22: 100% profitable wholly owned subsidiaries
PUBLIC 100% profitable wholly owned subsidiaries • Offers digital banking services through a mobile app National • Acts as an repository for digitization of insurance policies NSDL Jiffy – Insurance • Opened 14.72 lakhs new CASA accounts in 9M FY 26 • Managing ~ 14.50 mn insurance policies | 36% mar
Slide 23: Highlights Q3 FY26 (Consolidated)
PUBLIC Highlights Q3 FY 26 (Consolidated) PUBLIC 22
Slide 24: Financial Highlights
PUBLIC Financial Highlights (‘In Cr) Quarter ended Nine months ended Year ended Growth Growth Growth Particulars Q3 FY25 Q2 FY26 Q3 FY26 9M FY25 9M FY26 Mar-25 YoY % QoQ % YoY % Total Income 391.2 432.2 394.3 0.8% (8.8%) 1,141.4 1,173.4 2.8% 1,535.2 Revenue from Operations 362.6 400.0 359.6 (0.8%) (
Slide 25: Financial Results
PUBLIC Financial Results (‘In Cr) Quarter ended Nine month ended Year ended Growth Growth Growth Particulars Q3 FY25 Q2 FY26 Q3 FY26 9M FY25 9M FY26 FY25 YoY % QoQ % YoY % Income Revenue from Operations 362.6 400.0 359.6 (0.8%) (10.1%) 1,056.5 1,071.7 1.4% 1,420.1 Other income 28.7 32.2 34.7 21.1% 7
Slide 26: Disclaimer
PUBLIC Disclaimer Safe Harbour Rules- This presentation document is for your information and neither this presentation nor any part thereof shall be (i) copied, photocopied, duplicated or otherwise reproduced in any form or by any means; or (iii) re-circulated, redistributed, passed on, published in
Slide 27: Reach out to us
Reach out to us – [email protected] 26
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