National Securities Depository Limited (NSDL) conducted its Q3FY26 earnings conference call on January 29, 2026, organized by ICICI Securities. The company's senior management, led by Managing Director and CEO Vijay Chandok, provided comprehensive insights into quarterly performance and strategic initiatives aimed at expanding market presence in India's evolving capital markets landscape.

Conference Call Highlights and Management Commentary

During the earnings call, CEO Vijay Chandok emphasized the importance of evaluating NSDL's performance on a year-over-year basis rather than sequential comparisons due to inherent seasonality in the business model. The company reported total income of ₹198.7 crores for Q3FY26 compared to ₹172.2 crores in the same period last year, representing a 15.4% increase.

Market Environment and Strategic Positioning

Chandok highlighted that while market sentiment remains cautiously optimistic for the medium to long term, near-term conditions are subdued due to global geopolitical uncertainties and persistent FII outflows totaling USD 18.9 billion for calendar year 2025. However, domestic investors emerged as key market stabilizers with net inflows of ₹7.8 lakh crores, largely supported by robust SIP flows.

The depository services provider noted two key market trends: deceleration in Demat account growth with the market adding 89 lakh accounts in Q3FY26 compared to 99 lakh accounts in Q3FY25, and continued strong primary market participation with USD 10.8 billion raised through 125 IPOs during the quarter.

Business Performance and Market Share Initiatives

NSDL's total Demat accounts reached 4.32 crores, served through 300 depository participants operating across 56,800+ service centers in over 2,000 cities. The company maintains 86% market share by value of custody, managing approximately $527 trillion of securities. Incremental market share in net Demat accounts for the nine-month period stood at 15.89%, up from the previous year.

Technology Initiatives and Product Enhancements

The company introduced several technological enhancements during Q3FY26, including digital Demat account opening for HUF joint accounts effective December 15, 2025, and API facilities for seamless government securities transfers. NSDL also completed the first Specialized Investment Fund allotment and enhanced margin pledge systems to facilitate MTF services for depository participants.

Subsidiary Performance and Strategic Investments

CFO Jigar Shah provided updates on NSDL Payments Bank, which received a ₹30 crores investment from Protean e-Governance for a 4.95% stake, valuing the bank at approximately ₹580 crores. The payments bank crossed ₹475 crores in deposit balances with over 37.5 lakh account holders as of December 2025, showing significant improvement in profitability metrics.

Financial Impact and Tax Considerations

The management disclosed a one-time non-recurring tax item affecting Q3FY26 results. Excluding this impact, profit would have been higher by 10.3%, reaching ₹85.4 crores. On a consolidated basis, total income stood at ₹394 crores with profit after tax of ₹89.7 crores, up 4.5% year-over-year.

Future Outlook and Growth Strategy

NSDL remains aligned with SEBI's vision to bring an additional 10 crores investors into the market over the next three to five years. The company continues its investor awareness programs, conducting approximately 2,500 sessions annually and reaching over 1.5 lakh participants across various city tiers. Management expressed confidence in maintaining growth momentum through technology innovation and strategic partnerships.

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.