NSDL Q2FY26 Earnings Results Out: Profit Up 14.6% YoY, Revenue Grows Steadily

Written by: Aayushi ChaubeyUpdated on: 14 Nov 2025, 4:31 pm IST

NSDL Q2FY26: Total income rises 19% YoY to ₹250.6 crore; investment income up 21%, plus ₹18.3 crore dividend from subsidiary NDML.

As per NSDL’s Q2FY26 earnings results, the company delivered steady growth, with total income rising 19% YoY to ₹250.6 crore, supported by a 21% increase in income from investments to ₹28.1 crore. It is one of India’s largest market infrastructure institutions that offers a wide range of digital solutions for investors, brokers, issuers, and other intermediaries.

Key Highlights of NSDL Q2 FY26 Earnings Results

Metric	Q2 FY26	Q2 FY25	YoY Change
Revenue	₹400 crore	₹356.7 crore	+12.1%
EBITDA	₹127.5 crore	₹113.1 crore	+12.7%
EBITDA Margin	31.9%	31.7%	Stable
Net Profit	₹110 crore	₹96 crore	+14.6%

How is NSDL Faring?

Metric	Value (Sept 2025)
Market share by total demat custody value	86.3%
Share of individual + HUF custody value	62.2%
Total demat accounts	41.9 million
Average asset value per account	₹12 million

NSDL Q2 FY26 Earnings Results Margin Analysis

NSDL’s operating margin remained stable at 31.9%, almost unchanged from 31.7% last year, reflecting balanced cost management and steady growth in its transaction-based and annual issuer charges.

A significant boost came from investment income, excluding a ₹18.3-crore dividend from NDML, supporting overall profitability.

NSDL Share Price Reaction

Ahead of the earnings release, NSDL share price closed 2.16% higher at ₹1,147.25 on the BSE, indicating positive investor expectations around operational performance and consistent growth in demat activity. At 10:51 AM, the stock was trading at ₹1,160.70.

Conclusion

NSDL delivered a strong and stable Q2 performance with healthy growth in revenue, profitability, and investment income. With a dominant stake in India’s depository market and sustained expansion in demat accounts, the company remains well-positioned for structural long-term growth driven by rising retail participation and capital market activity.

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Published on: Nov 14, 2025, 10:54 AM IST

Aayushi Chaubey

Aayushi Chaubey is a finance enthusiast with a year of experience in the market research industry. She loves to decipher the impact of real-world developments on stock markets and how investors can make smart investment decisions to meet their long-term goals.

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