NSDL shares decline nearly 5% as revenue falls 7% to ₹312 crore; check Q1 performance

Shares of the newly listed National Securities Depository Ltd (NSDL) declined 4.87% to an intra-day low of ₹1226 apiece on the Bombay Stock Exchange (BSE) on Wednesday, August 13, after the company reported its first quarter earnings for the 2025-26 financial year (Q1FY26).

The depository’s consolidated net profit surged 15% year-on-year (YoY) to ₹90 crore in the June quarter of FY26, compared to ₹78 crore in the corresponding period a year earlier.

However, its revenue from operations fell 7% YoY to ₹312 crore during the quarter under review, as against ₹337 crore in the first quarter of FY25.

At an operational level, the firm’s EBITDA (earnings before interest, tax, depreciation and amortisation) surged 18% YoY to ₹95 crore in the June FY26 quarter. Furthermore, its EBITDA margin, also known as operating margin, grew by 660 basis points to 30.51% in Q1FY26, compared to 23.89% in the year-ago period.

The national depository’s Demat account market share (net of B/O account and on a run basis) stood at 15.5% during the reporting quarter, in contrast to 9.4% in Q1 FY25. It also crossed four crore accounts as of June 30, 2025.

It earned ₹161 crore from depository business, ₹18 crore from database management services, and ₹133 crore from banking services in the first quarter of FY26.

The company earned the majority of its net profit from its depository business, with the database management and banking services segment generating ₹3.55 crore and ₹1.73 crore, respectively.

NSDL debuted on the BSE on August 6, with its initial public offering (IPO) worth ₹4,010.95 crore, comprising entirely of an offer for sale of 5.01 crore shares. The public issue was listed at ₹880 apiece, up 10% from its issue price of ₹800.

The issue received strong responses, with a subscription of 41 times over the total number of shares on offer.

The stock of NSDL is trading 4.35% lower at ₹123.70 per equity share, at around 11:32 am.

The company has a total market capitalisation of ₹24,632 crore, as of August 13, 2025, as per data on the BSE.