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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.
| 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% |
| 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’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.
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.
Read more: Patel Engineering Q2 FY26 Earnings Results: Net Profit Falls 12% to ₹64.7 Crore, Income Up 3%.
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.
Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions.
Investments in the securities market are subject to market risks. Read all the related documents carefully before investing.
Published on: Nov 14, 2025, 10:54 AM IST
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