National Securities Depository Limited has scheduled an in-person meeting with analysts and institutional investors for Wednesday, August 19, 2026. The session is organized as part of the Motilal Oswal 22nd Annual Global Investor Conference and will take place in Mumbai.

The disclosure was made pursuant to Regulation 30 of the Securities and Exchange Board of India (Listing Obligations & Disclosure Requirements) Regulations, 2015. The company informed the Listing Compliance Department of BSE Limited regarding the scheduled engagement.

Meeting Details

The schedule remains subject to change due to exigencies on the part of the analysts, investors, or the company. Any revisions to the schedule will be communicated to the stock exchange subsequently.

Alen Ferns, Company Secretary and Compliance Officer of National Securities Depository Limited, signed the intimation letter dated August 13, 2026. The information is also available on the company’s website.

National Securities Depository Limited reported a consolidated revenue surge of 66% to ₹5,166.26 crore in Q1FY27, driven primarily by a 136% jump in Banking Services segment revenue. While net profit rose 10% to ₹983.05 crore, management highlighted that standalone margins moderated due to front-loaded investments in technology resilience and cybersecurity. The company also noted a significant shift in its customer acquisition mix, with FinTech brokers now accounting for 20% of incremental demat account additions, up from just 2% previously.

The financial results, filed under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, were accompanied by a corrigendum on July 31, 2026, to rectify a scanning error that omitted page notes from the initial submission. Management explicitly clarified that the corrigendum involved no changes to financial figures or disclosures. Statutory auditors K. C. Mehta & Co. LLP reviewed the interim financial information in accordance with Standard on Review Engagements (SRE) 2410.

Financial Performance and Margin Dynamics

On a standalone basis, NSDL’s revenue from operations grew 13.2% year-on-year to ₹182.2 crore, while total income rose 15.3% to ₹219.7 crore. Standalone EBITDA increased 10.1% to ₹126.9 crore, with EBITDA margin standing at 57.8%. Net profit after tax grew 7.9% to ₹89.1 crore. However, Chief Financial Officer Jigar Shah noted that employee costs saw a nearly 40% increase due to aggressive hiring over the past year, particularly in technology and cybersecurity roles. This investment phase is expected to support normalized margins as operating leverage improves in subsequent quarters.

Consolidated metrics showed stronger top-line growth, with total income rising 61.6% to ₹560.5 crore. Consolidated EBITDA grew 12% to ₹145 crore, though the margin contracted to 25.9% from 30.51% in Q1FY26. This compression reflects the growing contribution of the lower-margin Banking Services segment, which generated ₹3,138.41 crore in revenue.

Operational Shifts and Market Share Gains

NSDL’s operational focus has shifted significantly toward digital integration and FinTech partnerships. Managing Director Vijay Chandok revealed that FinTech brokers now contribute 20% of incremental demat account additions, a sharp rise from 2% in earlier quarters. This change stems from enhanced API offerings, reduced friction in onboarding, and positive word-of-mouth from back-office vendors. In Q1FY27 alone, NSDL added 12.4 lakh net demat accounts, increasing its incremental market share to 17.6%, up from 14% in Q4FY26.

The company also expanded its Depository Participant network by adding six new DPs in the quarter, bringing the total to 317. These new participants are exclusively tied to NSDL, ensuring all their account openings flow directly to the depository. Additionally, NSDL’s e-voting platform conducted 900 events in the quarter, boosting its market share to 64% from 61% in Q1FY26.

Subsidiary Performance and Strategic Initiatives

NSDL Payments Bank continues to gain traction in the digital payments ecosystem, ranking among the top 34 banks on UPI remitter transactions. Retail customers increased 1.7x to 49.5 lakhs. However, bank margins were impacted by upfront onboarding revenue sharing associated with a specific partner project. Management indicated that profitability will stabilize as these customers pivot to transaction-led banking services.

Meanwhile, subsidiary NSDL Database Management Limited is proceeding with the demerger of its Insurance Repository business into a separate wholly-owned subsidiary by December 2026, as mandated by IRDAI. The Board approved the incorporation of this new entity during the quarter, initiating the transfer process including independent valuation and regulatory approvals. Custody income grew 30% year-on-year, driven by the onboarding of approximately 60,000 unlisted companies over the last two years.

What the Numbers Show

The divergence between strong top-line growth and moderating standalone margins highlights NSDL’s strategic pivot toward long-term infrastructure resilience rather than short-term profit maximization. The significant rise in employee costs, coupled with capitalization of ₹7–8 crore in technology assets, signals a period of heavy investment. While this pressures current margins, the sequential improvement in market share and the structural shift toward high-volume FinTech partnerships suggest that operating leverage will likely drive margin expansion in future quarters once the hiring cycle stabilizes.

Source: https://lodr-files.dhan.co/lodr-inputs/Company/INE301O01023/8e4b0aba-ef8b-40c2-bde3-7fe4a196f735.pdf