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National Securities Depository Limited (NSDL), India’s oldest and largest depository, has posted its first earnings report since its high-profile listing last week, and the market’s reaction was less than enthusiastic.
On Wednesday, NSDL’s share price fell over 4% in early trade, signaling a pullback after an impressive post-listing rally. The latest NSDL Share Price reflects strong investor confidence and positive market sentiment.
NSDL entered the market on August 6, opening at Rs. 880, about 10% higher than its IPO price. The Rs. 4,000 crore issue, entirely an offer-for-sale, was heavily subscribed, with strong demand from institutional investors.
NSDL continues to expand its services, strengthening its position in India’s financial ecosystem. In the days following, the stock price increased more than 33%, including an increase of 26% in the last week alone.
However, Wednesday’s earnings announcement brought some reality checks for investors, as it was a mixed picture of growth and challenges. Investors are closely watching NSDL Shares for signs of long-term growth potential.
The upcoming NSDL IPO is expected to attract significant interest from retail and institutional investors. For the June quarter, NSDL reported a net profit of Rs. 90 crore, up 15% year-on-year from Rs. 78 crore. Sequentially, profit was up nearly 8% compared to the March 2025 quarter.
On the revenue front, the story was different. Operating revenue fell 23% YoY to Rs. 312 crore and dropped 14% compared to the previous quarter. Operating expenses rose 15% YoY, though EBITDA still increased 27% to Rs. 115 crore, reflecting cost efficiency and operational leverage.
Despite revenue pressure, NSDL’s operational footprint continues to grow rapidly. Its demat account market share on a run-rate basis rose to 15.5% in Q1 FY26, up sharply from 9.4% a year earlier. The total number of demat accounts crossed 4 crore by the end of June.
The company also strengthened its position in the unlisted market, with 10,392 companies admitted during the quarter. In the equities segment, NSDL’s market share improved to 73.2%, up from 70.8% last year.
Also Read: NSDL Shares Rally Nearly 10%, Delivering 78% Gain Since IPO Debut
NSDL’s leading competitor, Central Depository Services Limited (CDSL), reported its Q1 results earlier. CDSL reported Q1 revenue growth of 15.3% QoQ to Rs. 2,590 crore due to significant growth in issuer fees (+50% YoY), transaction fees (+26.5% QoQ), and other operating income (+16.5% QoQ).
While NSDL continues to lead in assets under custody, settlement volumes, and servicing companies, CDSL is still leading in retail participation and new account openings, important areas of growth for the future. As of Wednesday, NSDL shares traded at Rs. 1,231, down 4.3%.
NSDL’s first earnings since going public reflect a company in transition, growing in scale and market share but facing revenue headwinds. For investors, the coming quarters will be crucial to see whether operational expansion translates into consistent growth. For accurate and timely Stock Market News, many traders rely on trusted financial platforms.
