NSDLNational Securities Depository Ltd.
National Securities Depository Q2 FY27 Results: Consolidated Net Profit ₹122 Crore on Total Income of ₹583 Crore
- Earnings
- Depository services
Reviewed byKeshav SehgalBlacklitt Research
National Securities Depository (NSE: NSDL) reported total income of ₹582.57 crore and net profit of ₹122.45 crore on a consolidated basis for the quarter ended 30 Sep 2026, and ₹279.82 crore and ₹126.67 crore standalone, it said in a filing on 31 Oct 2026.
Key highlights
Consolidated
Including its subsidiaries
- Total income: ₹582.57 crore, up 34.8% YoY and 3.9% QoQ
- Net profit and EPS: ₹122.45 crore, up 10.9% YoY and 24.6% QoQ; basic EPS ₹6.11
- Other income: ₹36.68 crore, up 14.0% YoY and down 16.4% QoQ
- Final dividend: ₹4 per share on ₹2 face value, declared at the AGM on 22 Sep 2026
Standalone
The company on its own, without its subsidiaries
- Total income: ₹279.82 crore, up 11.7% YoY and 27.4% QoQ
- Net profit and EPS: ₹126.67 crore, up 5.2% YoY and 42.1% QoQ; basic EPS ₹6.33
- Other income: ₹52.02 crore, up 12.1% YoY and 38.7% QoQ
Summary
| Particulars | Q2 FY27 | Q2 FY26 | YoY | Q1 FY27 | QoQ |
|---|---|---|---|---|---|
| 582.57 | 432.22 | +34.8% | 560.49 | +3.9% | |
| Revenue from operations | 545.89 | 400.04 | +36.5% | 516.63 | +5.7% |
| Other income | 36.68 | 32.18 | +14.0% | 43.87 | -16.4% |
| 122.45 | 110.39 | +10.9% | 98.31 | +24.6% | |
| Profit before tax | 161.92 | 146.19 | +10.8% | 128.84 | +25.7% |
| Finance costs | 1.71 | 1.47 | +16.3% | 1.70 | +0.7% |
| Depreciation | 14.90 | 11.10 | +34.2% | 14.50 | +2.8% |
| Tax expense | 39.46 | 35.80 | +10.2% | 30.54 | +29.2% |
| Net profit margin | 21.02% | 25.54% | -4.52 pp | 17.54% | +3.48 pp |
| EPS, basic (₹) | 6.11 | 5.52 | +10.7% | 4.91 | +24.4% |
Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.
Consolidated total income rose 34.8% YoY while net profit rose 10.9%, so profit grew more slowly than income over the year. Revenue from operations, at ₹545.89 crore, carries most of the increase: it rose 36.5% YoY, faster than other income at 14.0%. Other income is 6.3% of total income this quarter, against a larger share of profit before tax.
Depreciation rose 34.2% YoY to ₹14.90 crore and tax expense rose 10.2% to ₹39.46 crore. Tax is 24.4% of profit before tax of ₹161.92 crore. The filing gives no reason for the tax rate in the quarter.
Compared with the previous quarter, net profit rose 24.6% against total income growth of 3.9%, and profit before tax rose 25.7%. Net profit margin stood at 21.02%, against 25.54% a year earlier and 17.54% in Q1 FY27.
The consolidated results include NSDL Database Management Limited and NSDL Payments Bank Limited as subsidiaries, and India International Bullion Holding IFSC Limited as an associate. The group share of the associate's loss after tax for the quarter was ₹45.59 lakh. The auditor's limited review did not modify its conclusion and relied on other auditors' reports for two subsidiaries and one associate.
| Particulars | Q2 FY27 | Q2 FY26 | YoY | Q1 FY27 | QoQ |
|---|---|---|---|---|---|
| 279.82 | 250.56 | +11.7% | 219.67 | +27.4% | |
| Revenue from operations | 227.80 | 204.16 | +11.6% | 182.16 | +25.1% |
| Other income | 52.02 | 46.40 | +12.1% | 37.50 | +38.7% |
| 126.67 | 120.41 | +5.2% | 89.13 | +42.1% | |
| Profit before tax | 161.67 | 154.15 | +4.9% | 117.30 | +37.8% |
| Finance costs | 0.03 | 0.02 | +28.3% | 0.03 | -10.5% |
| Depreciation | 9.85 | 6.50 | +51.6% | 9.55 | +3.1% |
| Tax expense | 35.01 | 33.74 | +3.8% | 28.16 | +24.3% |
| Net profit margin | 45.27% | 48.06% | -2.79 pp | 40.58% | +4.69 pp |
| EPS, basic (₹) | 6.33 | 6.02 | +5.1% | 4.46 | +41.9% |
Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.
Standalone net profit rose 5.2% YoY, slower than total income at 11.7%, and profit before tax rose 4.9%. Other income of ₹52.02 crore is 18.6% of total income and 32.2% of profit before tax, and grew 12.1% YoY, faster than revenue from operations at 11.6%.
Depreciation rose 51.6% YoY to ₹9.85 crore, while finance costs were only ₹0.03 crore. Tax expense of ₹35.01 crore is 21.7% of profit before tax of ₹161.67 crore.
The standalone auditor's limited review carried an unmodified conclusion.
The company's main business is providing depository services, and it reports no separate operating segments under Ind AS 108. The consolidated total income of ₹582.57 crore is ₹302.75 crore higher than the standalone figure, which shows how much of the group's income sits outside the parent.
Two subsidiaries not reviewed by the auditor reported total assets of ₹1,365.68 crore at 30 Sep 2026 and total revenues of ₹318.34 crore for the quarter. The company's Karvy matter is before the Supreme Court: banks and NBFCs claimed dues of about ₹1,435.05 crore under a SEBI order of 13 Dec 2019, and the company says it cannot be held liable and has made no provision. The filing says the outcome cannot be reliably estimated at present.
A show cause notice dated 12 Aug 2026 proposes GST of ₹28.68 crore on royalty for use of the brand by subsidiaries for April 2020 to March 2024, excluding interest and penalty. The company is contesting it.
Inference
The filing reports a final dividend of ₹4 per share on ₹2 face value, declared at the AGM on 22 Sep 2026, and a limited review with an unmodified conclusion on both sets of results.
The filing does not state the amount, if any, the company may have to pay in the Karvy matter, when the Supreme Court hearing will take place, the outcome of the GST notice, or whether the GST royalty issue will affect future quarters. It also does not give a reason for the large rise in other income or the tax rate in the quarter.
Filed with BSE on . Reference: Original filing (PDF)
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