NSDL Standalone Delivers 15.4% Growth in Total Income in Q3FY26

January 29, 2026 : National Securities Depository Limited (NSDL) reported a steady performance in the third quarter of FY26. Despite market volatility, the company achieved healthy income growth and strengthened its market position across key segments.

Strong Income Growth in Q3FY26

During the quarter ended December 31, 2025, NSDL standalone total income rose by 15.4% year-on-year. Income increased from ₹172.2 crore in Q3FY25 to ₹198.7 crore in Q3FY26. This growth highlights the resilience of NSDL’s core depository business.

At the same time, net profit after tax stood at ₹77.9 crore, slightly higher than ₹77.5 crore recorded in the same quarter last year. As a result, profit grew by 0.5% on a YoY basis.

Net Profit Performance and Adjusted Numbers

While profit growth remained modest, adjusted numbers showed better momentum.
Net profit after tax, excluding non-recurring tax items from the previous year, increased by 10.3% YoY on a standalone basis. This improvement reflects operational stability and cost discipline during the quarter.

On a quarter-on-quarter basis, profit declined due to higher income in Q2FY26, making the base effect stronger.

Rising Market Share in Beneficiary Owner Accounts

NSDL continued to gain ground in beneficiary owner (BO) accounts.
The net BO market share rose sharply from 8.84% in 9M FY25 to 15.89% in 9M FY26.

In addition, net BO market share increased from 6.9% in Q3FY25 to 14.7% in Q3FY26. As of December 31, 2025, NSDL’s total BO accounts stood at 4.32 crore. Notably, 13 lakh net BO accounts were added during Q3FY26 alone.

Leadership in the Unlisted Market Segment

NSDL further strengthened its leadership in the unlisted market.
During Q3FY26, 4,446 companies were admitted, taking the overall equity market share to 72.5%. In comparison, the market share in Q3FY25 was 71.4%.

Moreover, as of December 2025, NSDL held 86.2% market share by total demat custody value. Within this, individual and HUF investors accounted for a strong 66.5% share.

Expanding Depository Network Across India

The company’s distribution network also continued to expand.
As of December 31, 2025, NSDL operated through 300 Depository Participants (DPs) and 56,858 DP service centres nationwide. This wide presence supports deeper financial inclusion and easier access for investors.

Impact of New Labour Law Implementation

During the quarter, NSDL implemented the provisions of the Code on Social Security, 2020.
As a result, an impact of ₹0.61 crore was recognized on a standalone basis, while the consolidated impact stood at ₹1.95 crore in Q3FY26.

Strategic Stake Sale in NSDL Payments Bank

In a key strategic development, Protean eGov Technologies Ltd. acquired a 4.95% stake in NSDL Payments Bank Ltd for ₹30.2 crore. This move aims to strengthen digital financial services and enhance fintech capabilities within India’s digital public infrastructure.

As of December 2025, NSDL Payments Bank crossed ₹475 crore in deposits, with a depositor base of 37.5 lakh customers.

Consolidated Financial Performance Snapshot

On a consolidated basis, total income for Q3FY26 stood at ₹394.3 crore, reflecting a marginal YoY growth of 0.8%. Net profit after tax rose by 4.5% YoY to ₹89.7 crore.
Adjusted consolidated profit, excluding non-recurring tax items, grew by a healthy 13.3%.

Outlook Ahead

Overall, the NSDL Q3FY26 results indicate stable growth, rising market share, and strong fundamentals. With continued expansion in BO accounts, leadership in custody value, and a growing digital ecosystem, NSDL Q3FY26 results underline the company’s long-term strength in India’s capital market infrastructure.

As the market evolves, NSDL remains well-positioned to benefit from increased investor participation and digital adoption across the financial system.

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