National Securities Depository Limited (NSDL) announced its unaudited standalone financial results for the quarter and nine months ended December 31, 2025. The depository services provider demonstrated steady performance with modest growth in profitability and robust revenue expansion during the third quarter of FY26.

Financial Performance Overview

The company's financial metrics for Q3FY26 showed mixed results with revenue growth offset by margin pressures. NSDL's operational efficiency remained stable despite increased expenses across multiple categories.

Revenue and Income Analysis

NSDL achieved strong revenue growth of 13.96% year-on-year in Q3FY26, with revenue from operations reaching ₹16,898.88 lakhs compared to ₹14,828.55 lakhs in Q3FY25. However, the company experienced a sequential decline from ₹20,416.06 lakhs in Q2FY26. Other income contributed significantly to overall performance, growing 24.04% to ₹2,970.57 lakhs.

For the nine-month period, revenue from operations demonstrated consistent growth of 18.14%, reaching ₹53,410.73 lakhs compared to ₹45,208.44 lakhs in the corresponding period last year.

Expense Management and Profitability

Total expenses for Q3FY26 increased to ₹8,695.56 lakhs from ₹7,314.53 lakhs in Q3FY25, representing an 18.88% rise. The major expense components showed varying trends:

Employee benefits expense witnessed the highest increase of 49.84%, reaching ₹3,170.03 lakhs, partly due to additional provisions of ₹60.83 lakhs towards gratuity following the implementation of new Labour Codes by the Government of India on November 21, 2025.

Tax Provisions and Legal Matters

The company's tax expenses for Q3FY26 totaled ₹3,385.81 lakhs, including ₹756.20 lakhs for earlier years' taxes. This compares to ₹2,161.10 lakhs in Q3FY25. The increase reflects both higher current tax provisions and adjustments for previous years.

NSDL continues to face legal proceedings related to the Karvy Stock Broking Limited matter. The company has filed civil appeals before the Supreme Court challenging the Securities Appellate Tribunal order dated December 20, 2023. The Supreme Court has directed maintenance of status quo, and management believes the company has a strong case on merits, requiring no provision in the books.

Earnings Per Share and Capital Structure

Basic and diluted earnings per share for Q3FY26 stood at ₹3.89 compared to ₹3.87 in Q3FY25. For the nine-month period, EPS increased to ₹14.05 from ₹12.29 in the corresponding period last year. The company maintained its paid-up equity share capital at ₹4,000.00 lakhs with a face value of ₹2 per share.

Consolidated Performance

On a consolidated basis, NSDL reported net profit after tax of ₹8,967.67 lakhs for Q3FY26 compared to ₹8,580.40 lakhs in Q3FY25, representing a 4.51% increase. Consolidated revenue from operations reached ₹35,963.17 lakhs, reflecting the contribution from subsidiaries NSDL Database Management Limited and NSDL Payments Bank Limited, along with the associate India International Bullion Holding IFSC Limited.

National Securities Depository Ltd (NSDL) has scheduled a board meeting for January 28, 2026, to announce its third quarter financial results for the fiscal year 2025-26. The securities depository firm made this announcement on January 20, 2026, through an exchange filing.

Board Meeting Details

The company informed stock exchanges that the board meeting will be held on Wednesday, January 28, 2026, to consider and approve several key items:

Trading Window Restrictions

As per regulatory requirements, NSDL has implemented trading restrictions for its designated personnel. The trading window has been closed since January 1, 2026, and will remain closed until 48 hours after the Q3 results announcement on January 28, 2026.

Previous Quarter Performance

NSDL's Q2 FY26 results, announced on November 13, 2025, showed strong financial performance across key metrics:

The depository firm demonstrated consistent growth in both profitability and revenue generation during the July to September quarter of FY26. The nearly 15% increase in consolidated net profits reflected the company's operational efficiency, while the 12% growth in core operational revenues indicated strong business momentum.

Market Context

The upcoming Q3 results will provide insights into NSDL's performance during the October to December 2025 period, covering both quarterly and nine-month financial metrics for the current fiscal year. As a key player in India's securities depository infrastructure, NSDL's financial performance serves as an indicator of market activity and investor participation trends.