National Securities Depository's Q4 FY 2025-26 Quarterly Results

Result Summary

• National Securities Depository Ltd reported a 23.4% quarter-on-quarter (QoQ) increase in its consolidated revenues for the quarter-ended Mar (Q4 FY 2025-26). On a year-on-year (YoY) basis, it witnessed a growth of 23.6%.
• Its expenses for the quarter were up by 38.3% QoQ and 30.4% YoY.
• The net profit increased 0.7% QoQ and increased 8.4% YoY.
• The earnings per share (EPS) of National Securities Depository Ltd stood at 4.51 during Q4 FY 2025-26.

Financial Statments for Q4 FY 2025-26

Data Source: BSE, Company announcements The securities quoted are exemplary and are not recommendatory. Past performance is not indicative of future results

## Company Overview
National Securities Depository Ltd (NSDL) is a prominent entity in the financial sector, primarily operating within the securities depository industry in India. As a depository, NSDL provides services related to dematerialization of securities, facilitating the trading and settlement of securities in an electronic form. This enables secure and efficient management of securities transactions, catering to a wide range of financial instruments. The company plays a crucial role in the infrastructure of the Indian securities market, offering services that include account maintenance, transaction processing, and information dissemination. Recent developments in the industry, such as technological advancements and regulatory changes, continue to shape NSDL's operational landscape. However, detailed recent developments specific to the company are not available in the provided data.

## Revenue
For the quarter ending in FY26, National Securities Depository Ltd reported a total income of ₹486.80 crores, marking a significant increase from the previous quarter (Q3FY26) income of ₹394.35 crores and the same quarter in the previous year (Q4FY25) which stood at ₹393.78 crores. The quarter-over-quarter (QoQ) growth in total income is recorded at 23.4%, while the year-over-year (YoY) growth is slightly higher at 23.6%. Such growth percentages indicate a robust performance in revenue generation over both the quarterly and annual periods, reflecting the company's expanding operations and possibly increasing demand for its services.

## Profitability
The profitability metrics for NSDL show that the profit before tax for Q4FY26 was ₹116.81 crores, which represents a decrease from ₹126.76 crores in Q3FY26, indicating a QoQ decline of 7.8%. However, when compared to Q4FY25's figure of ₹109.98 crores, there is a YoY increase of 6.2%. The tax expense in Q4FY26 was ₹25.22 crores, which is lower than the Q3FY26 tax of ₹35.79 crores and slightly lower than Q4FY25's ₹27.47 crores, showing a YoY decrease of 8.2% and a more substantial QoQ decrease of 29.5%. The profit after tax for Q4FY26 stood at ₹90.32 crores, with a modest QoQ growth of 0.7% from Q3FY26's ₹89.67 crores and a YoY increase of 8.4% from Q4FY25's ₹83.30 crores. Earnings per share (EPS) followed a similar pattern, with a QoQ increase of 0.7% from ₹4.48 in Q3FY26 to ₹4.51 in Q4FY26, and a YoY increase of 8.4% from ₹4.16 in Q4FY25.

## Operating Metrics
In terms of operational expenses, NSDL's total expenses for Q4FY26 were ₹369.99 crores, which is a significant increase from ₹267.59 crores in Q3FY26 and ₹283.79 crores in Q4FY25. This represents a QoQ increase of 38.3% and a YoY increase of 30.4%. The substantial rise in expenses could suggest increased operational activities or costs. Despite the rise in expenses, the company managed to maintain a positive profit after tax, indicating effective cost management or revenue generation strategies. The EPS for Q4FY26 further supports the notion of stable profitability, despite the increase in operating expenses. Key financial ratios such as the price-to-earnings (P/E) ratio, debt-to-equity ratio, and current ratio were not provided, hence they cannot be calculated from the available data.