India’s Speciality Chemicals Sector Outlook FY2026: Demand Revival, China+1 Tailwinds, and Margin Recovery Ahead
15 Nov 2025
National Securities Depository Limited – India’s Leading Securities Depository
📊 Stock Analysis
Complete financial analysis with key metrics and investment outlook
National Securities Depository Ltd (NSDL) Q2 FY2026 Financial Results
National Securities Depository Ltd (NSDL), India’s pioneer in depository and market infrastructure services, reported a strong financial performance in Q2 FY26. The company delivered double-digit growth in revenue and profit, supported by higher market activity, expanding demat penetration, and strong operational efficiencies.
Stock Performance & Key Metrics
As of November 14, 2025:
- Current Price: ₹1,140
- Market Cap: ₹22,793 Cr
- High / Low: ₹1,425 / ₹880
- Stock P/E: 66.6
- Book Value: ₹108
- Dividend Yield: 0.18%
- ROCE: 23.6%
- ROE: 17.8%
- Face Value: ₹2
- EPS: ₹17.2
- Debt to Equity: 0.01
- Debt: ₹19.3 Cr
- PEG Ratio: 3.99
- Industry P/E: 54.0
Q2 FY2026 Financial Highlights
| Particulars | Q2 FY26 (Sep 2025) |
Q1 FY26 (Jun 2025) |
Q2 FY25 (Sep 2024) |
YoY Change |
|---|---|---|---|---|
| Sales / Revenue | ₹400 Cr | ₹312 Cr | ₹357 Cr | ↑ 12% |
| EBITDA | ₹127 Cr | ₹94.8 Cr | ₹113 Cr | ↑ 12% |
| Net Profit (PAT) | ₹110 Cr | ₹89.6 Cr | ₹96.2 Cr | ↑ 15% |
| EPS (₹) | ₹5.52 | ₹4.48 | ₹4.81 | ↑ 15% |
Result Summary
- Total income up 18.9% YoY at ₹250.6 Cr.
- PAT up 18.3% YoY to ₹120.4 Cr on strong operational performance.
- Demat account market share surged to 17.6% (vs 9.9% YoY) with net BO accounts at 4.19 Cr.
- Added 13.92 lakh new BO accounts during Q2 FY26.
- Dominant 86.3% market share in total demat custody value.
- Received ₹18.3 Cr dividend from subsidiary NDML.
- Standalone net worth at ₹1,970.9 Cr; consolidated net worth at ₹2,166.6 Cr.
Management & Regulatory Notes
- Press release issued on Mumbai, November 13, 2025.
- NSDL Payments Bank was accorded Scheduled Payments Bank status by RBI in July 2025.
- Steady growth seen in unlisted company admissions — 11,552 companies in Q2 FY26 with 73% equity market share.
- 299 Depository Participants and 55,738 service centres across India.
Business & Operational Notes
- NSDL remains a dominant player in the Indian securities market with expanding BO accounts.
- Custody value market share at 86.3% reinforces leadership.
- Stable revenue streams from dematerialization, custody services, DP operations, and digital platforms.
- Subsidiary NDML continues to strengthen the digital governance ecosystem with KYC, SEZ online and e-insurance services.
Strategic & Financial Overview
- Strong financial visibility supported by market leadership in demat and custody.
- Expanding contribution from subsidiaries enhances consolidated performance.
- Growing digital adoption and capital market participation to drive revenue momentum.
- Low-debt structure ensures financial stability and consistent profitability.
Outlook
NSDL expects:
- Continued strength in demat account openings driven by retail market participation.
- Higher revenues from digital governance and financial infrastructure services.
- Stable profitability supported by operating leverage.
- Further expansion in the unlisted securities and corporate services ecosystem.
About National Securities Depository Ltd
National Securities Depository Ltd (NSDL) is India’s first and one of the largest depositories, providing services to investors, issuers, and market intermediaries.
- Demat & remat services
- Account maintenance & DP services
- Corporate actions processing
- Digital governance solutions (via NDML)
- Custody, settlement & securities record-keeping
For the full results PDF:
https://www.bseindia.com/xml-data/corpfiling/AttachLive/3d3c9dfb-537a-491a-a837-23cf5ea1f762.pdf
Data as of November 14, 2025 | Press Release: November 13, 2025
