NSDL Shares Fall 3% After Lacklustre Q3 Earnings; Stock Down 31% From 52-Week High

NSDL shares declined over 3% in Thursday's trade after the depository reported a subdued Q3 FY26 performance. The muted earnings failed to meet market expectations, triggering selling pressure in the stock.

At the time of writing, nsdl share price was trading at Rs. 981.00, down Rs. 30.85 or 3.05% for the day. The stock is now around 31% below its 52-week high.

NSDL Q3 FY26 Results

National Securities Depository Ltd (NSDL) reported a modest rise in profitability for the December quarter, even as revenue growth remained flat. Net profit after tax rose marginally by 0.5% to Rs. 77.9 crore, compared with Rs. 77.5 crore a year earlier.

Revenue slipped marginally by 0.8% YoY to Rs. 359.6 crore, down from Rs. 362.5 crore in Q3 FY25. Meanwhile EBITDA jumped 18.5% YoY to Rs. 107.4 crore, driven by tighter cost control. Operating margin expanded sharply to 29.9%, up from 25% a year earlier.

Other Financial and Operating Metrics

NSDL reported total income of Rs. 198.7 crore in Q3 FY26, up 15.4% from Rs. 172.2 crore in Q3 FY25. The company saw strong traction in its beneficiary owner (BO) base:

As per the exchange filing, "Net BO market share increased to 15.89% in 9M FY26, from 8.84% in 9M FY25. BO market share rose from 6.9% in Q3 FY25 to 14.7% in Q3 FY26, with total BO accounts reaching 4.32 crore as of December 31, 2025. NSDL added 13 lakh net BO accounts during Q3 FY26."

In the unlisted market, NSDL strengthened its position, with 4,446 companies admitted in Q3 FY26, taking its equity market share to 72.5%, compared with 71.4% in Q3 FY25.

As of December 2025, NSDL's market share by total demat custody value stood at 86.2%, with individual and HUF investors accounting for 66.5% of the total.

Operational Updates and Developments

The number of depository participants (DPs) stood at 300, while DP service centres totalled 56,858 as of December 31, 2025.
Protean eGov Technologies Ltd acquired a 4.95% stake in NSDL Payments Bank Ltd for Rs. 30.2 crore, . As of December 2025, the payments bank had crossed Rs. 475 crore in deposit balance, with a depositor base of 37.5 lakh customers.