Synopsis :
National Securities Depository Ltd. shares fell more than 5% after Q1 FY26 results revealed lower revenue but higher profits year on year.
A recently listed stock that provides depository services and settlement facilities for Indian securities is in the spotlight after announcing its Q1 results. Following the result stock declined over 5 percent.
With the market capitalization of Rs. 24,355 crore, the shares of National Securities Depository Ltd trading at Rs. 1,217.10, down by 5.56 percent from its previous day’s close price of Rs. 1,288.80 per equity share, and it has reached a high of Rs. 1,307.70 in the same trading day.
Q1FY26 Results
National Securities Depository Ltd reported Rs. 312 crore in consolidated revenue for the first quarter of FY26, a 7.5 percent decrease over the Rs. 337.3 crore for the same period in FY25.
However, it also decreased by 14.2 percent as compared to Rs. 363.6 crore in Q4 FY25.The EBITDA for Q1 FY26 stood at Rs. 129.5 crore, up by 5.97 percent from Rs. 122.2 crore in Q4 FY25, and rose by 19.39 percent from Rs. 108.5 crore in Q1 FY25.
The consolidated net profit for the first quarter of FY26 was Rs. 89.6 crore, which was 7.6 percent higher than the Rs. 83.3 crore reported in the previous quarter and 15.2 percent higher year over year than the Rs. 77.8 crore in Q1 FY25. Profit growth was also reflected in earnings per share (EPS), which increased to approximately Rs. 4.48 in Q1 FY26 from Rs. 3.89 in Q1 FY25 and Rs. 4.16 in Q4 FY25.
Also Read: Smallcap stock in focus after company announces strong Q1 results
Other Updates
In Q1 FY26, the company’s demat account market share increased to 15.5 percent on a run-rate basis from 9.4 percent the previous year, with total accounts crossing 4 crore by June 30, 2025.
Its equity market share in the unlisted segment increased to 73.2 percent from 70.8 percent in the first quarter of FY25, with 10,392 companies admitted during the period. The total number of companies (listed and unlisted) rose from 46,664 in Q1 FY25 to 90,409 in Q1 FY26, with the company holding a market share of 69.5 percent.
About the Company & Others
National Securities Depository Ltd provides an electronic infrastructure for converting securities into digital form and enables trade settlement in the Indian securities market.
NSDL, India’s first and largest depository since 1996, dominates the securities market with 90,409 registered issuers (69.5 percent market share) and 201,687 active instruments (65.64 percent).
It owns 99.99 percent of FPI demat holdings by value, 73.2 percent of unlisted equity companies, and 96.98 percent of debt securities by value. NSDL provides services to 4.05 million demat accounts, accounting for 86.6 percent of total demat custody value and 67.5 percent of individual and HUF custody value.
With a price range of Rs. 760 to Rs. 800 per equity share, National Securities Depository Ltd launched its initial public offering (IPO). The subscription period was open from July 30 to August 1, 2025. On August 6, 2025, the company’s shares went public on the BSE platform, initially trading for Rs. 880 each. This indicated strong investor interest and represented a listing gain of about 10 percent over the upper end of the issue price.
A return on equity (ROE) of about 17.8 percent and a return on capital employed (ROCE) of about 23.6 percent demonstrate the company’s financial position. At the moment, the company’s P/E ratio is at 75.5x higher as compared to its industry average of 54.7x.
Written by Akshay Sanghavi
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