National Securities Depository Ltd

BSE: 544467

₹ 705.3-2.13%refreshed 23 Oct, 03:53 pm ISTMarket cap: ₹ 14,106 crNext results: 31 Oct 2026Website: nsdl.co.inUpdated: 24 Oct 2026

About

National Securities Depository Limited (NSDL) is India's largest securities depository by custody value, holding 86.3% market share of total demat custody value as of Q2 FY26, and operates India's first and largest depository for dematerialised securities. The company runs three segments - Depository, Banking Services (NSDL Payments Bank), and Database Management Services - generating consolidated revenue of INR1,530 crores in FY26. NSDL held 4.44 crore demat accounts across 311 depository participants serving more than 2,000 cities as of Q4 FY26.^[1][2][3]

Business segments

Banking Services (NSDL Payments Bank): 48.8% of consolidated revenue at INR746.79 cr in FY26, with EBIT margin of 2.8%; handles deposits, UPI acquiring, and AePS cash withdrawals.^[4]
Depository: 46.1% of consolidated revenue at INR704.69 cr in FY26, with EBIT margin of 49.5%; core custody, settlement, e-voting, and issuer services for listed and unlisted securities.^[4]
Database Management Services: 5.1% of consolidated revenue at INR78.48 cr in FY26, with EBIT margin of 21.7%; includes NDML's data and insurance repository services.^[4]

Key operating numbers

Total NSDL demat accounts reached 4.44 crore as of Q4 FY26, up from 4.32 crore in Q3 FY26 and 4.05 crore in Q1 FY26.^[3][5][6]
Incremental demat account market share improved to 15.4% for full-year FY26, up from much lower levels in FY25; absolute net additions were 49.4 lakh in FY26 vs 36.8 lakh in FY25.^[3]
Custody value market share stood at 86.3% in Q2 FY26 and 86.6% in Q1 FY26.^[1][6]
Folio count reached approximately 15.5 crore as of December 31, 2025.^[5]
Standalone revenue mix: ~42% recurring (custody/issuer fees) and ~58% transactional (e-voting, settlement, pledge, corporate actions, DLT charges) as of Q1 FY26.^[6]

Operations and distribution

311 depository participants (DPs) as of Q4 FY26, after a record 21 new DP additions in FY26; these DPs operate 57,000+ service centres and branches across more than 2,000 cities and towns.^[3]
All new-age brokers registered in FY26 were onboarded with NSDL, including one large Pune-based fintech broker that moved exclusively from the competition.^[3]
NSDL conducts e-voting and holds the SEBI licence for the common contract note (Steady) platform; it is the sole licensed provider and largest e-voting operator, conducting approximately 4,400 events in 9M FY26 vs ~4,200 in 9M FY25.^[5][6]

Unlisted issuer and DLT services

Unlisted companies admitted to NSDL grew from ~43,600 a year earlier to 84,064 as of June 2025, nearly doubling in 12 months.^[6]
NSDL's Distributed Ledger Technology (DLT) platform for bond covenant monitoring began generating revenue from Q1 FY26; annual fees are charged to 600 corporates, contributing to the custody fee line from Q2 FY26.^[6][1]

NSDL Payments Bank

Payments Bank deposit balances reached INR521 crores with over 4 million customers as of March 2026, up from INR475 crores in Q3 FY26.^[3][5]
UPI acquiring volumes grew 6x over the past year; the bank ranked 7th as a payee PSP app among the top 15 banks in the ecosystem as of March 2026.^[3]
Payments Bank segment result improved from INR2 crores in 9M FY25 to INR14 crores in 9M FY26, with contribution margin rising from ~0.5% in Q3 FY25 to ~5% in Q3 FY26.^[5]
Protean e-Governance acquired a 4.95% stake in NSDL Payments Bank for INR30 crores in Q3 FY26, implying a valuation of approximately INR580 crores.^[5]

Technology investment

NSDL capitalised INR106.1 crores in technology in FY26, with technology opex rising to INR91.4 crores; investments cover infrastructure capacity, cybersecurity (SEBI-mandated clean air gap), and DP integration tools including 40+ APIs launched.^[3]
Technology capex in FY27 is expected to be broadly similar to FY26 (approximately INR106 crores); FY26 and FY27 together represent peak capex years, with capex expected to decline in FY28 as the 2 - 3 year investment cycle completes.^[3]

Recent developments

NDML's insurance repository business demerger into a new company was initiated in Q4 FY26 in accordance with IRDAI directions; NDML added 33.5 lakh insurance policies over FY26.^[3]
Women Demat plan launched April 1, 2026 offering a 3-year settlement waiver; management expects uptake similar to the Yuva plan, which contributes 21% of incremental demat sourcing.^[3]
A specific fintech DP pack that previously contributed 70,000 accounts in FY25 grew to 700,000 accounts in FY26 - a 10x scale-up; additional large DPs are in integration and expected to scale in FY27.^[3]
Standalone subsidiary contribution to consolidated PAT rose, with standalone PAT now 90% of consolidated PAT in FY26, down from 95% in FY25, reflecting higher subsidiary profitability.^[3]

Market Cap

₹14,106 Cr

High / Low

₹1,198 / 702

Stock P/E

36.3

Price / Book

6.0

Book Value

₹119

EPS

₹19.0

No. of Shares

20 Cr

ROE

16.0%

Sales

₹1,530 Cr

Net Profit

₹380 Cr

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National Securities Depository Ltd

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Unlisted issuer and DLT services

NSDL Payments Bank

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