NSDL vs CDSL: Comparing Q2 FY26 Earnings Results, Dividend and Share Price

India’s two major depositories NSDL and CDSL, are back in the spotlight after sharing their Q2 FY26 financial results. With NSDL newly listed and investors tracking demat growth closely, here’s a clear look at how both companies performed.

NSDL Vs CDSL: Q2 FY26 Earnings Performance

NSDL (National Securities Depository Limited)

• NSDL reported steady growth in its second quarterly update after listing.
• Net profit grew 14.6% YoY to ₹110 crore.
• Revenue rose 12%, driven by higher custody and digital services.
• Income from investments also increased 21%, improving overall financial strength.

CDSL (Central Depository Services Ltd)

• CDSL saw weaker performance this quarter.
• Net profit fell 13.6% YoY to ₹140.21 crore, down from ₹162 crore.
• Revenue slipped slightly, while expenses increased—pushing down margins.

Dividend Announcements

NSDL

• Declared ₹2 per share as dividend for Q2 FY26, its first-ever dividend since listing.
• Also received ₹18.3 crore dividend from its subsidiary NDML.

CDSL

• Announced a higher dividend of ₹12.50 per share for the same quarter.

Share Price Performance

NSDL

• Currently down 1%.
• Down 3% in the past month but up 21% in 2025.
• 52-week range: ₹880 – ₹1,425.

CDSL

• Trading almost flat, up 0.4%.
• Down 2% in the last 5 days, up 1% over the past month.
• Down 11% so far in 2025.
• 52-week range: ₹1,047.45 – ₹1,989.80.

Read More: Dividend Stocks: Man Infracon, IRB Infra, and More Trading Record Date Today, November 17, 2025.

Conclusion

NSDL delivered a stronger Q2 with profit and revenue growth, while CDSL saw pressure on margins due to rising costs. NSDL also offered its first dividend, reflecting confidence after listing. 

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