India’s oldest and largest securities depository firm, National Securities Depository (NSDL), is in focus today. The NSDL share price is up over 2% ahead of Q3FY26 results. However, the stock has fallen 5% in the last one month. In fact, NSDL’s stock has declined 25% from its all-time high but has delivered a nearly 7% return since listing.
Vijay Chandok, Managing Director & Chief Executive Officer, remains optimistic about the tailwinds going forward. Speaking to investors after the Q2 results, he had said that, ” We are seeing strong tailwinds of domestic participation as we move forward. We see macroeconomic stability, and we see continued digital transformation providing a very strong foundation for sustainable long-term growth.”
NSDL made a strong debut last August
NSDL had made a stellar debut at the D-Street on August 06, 2025. The stock is listed at a premium of 10% premium to its issue price of Rs 880. The initial public offering (IPO) was entirely an offer for sale of up to 5.01 crore equity shares by existing shareholders to raise Rs 4,011 crore by going public. These shareholders include IDBI Bank, the National Stock Exchange of India, and the State Bank of India.
NSDL Q2FY26
In the first results declared after listing, NSDL posted a strong growth across all metrics during Q2FY26. The company’s revenue from operations rose 28.2% sequentially to Rs 400 crore in the second quarter of the current financial year, compared to Rs 312 crore in the previous quarter. The company’s consolidated net profit surged 23.2% quarter-over-quarter to Rs 110 crore compared to Rs 89.6 crore in the preceding quarter.
On the operating front, NSDL’s EBITDA rose 34.5% QoQ to Rs 128 crore in Q2FY26, versus Rs 95.1 crore in the last quarter of the same financial year. The margins expanded to 32% versus 30.5%.
As per data shared during Q2, the total number of Demat accounts for NSDL crossed 4 crores and stood at 4.19 million as of September 30, 2025, with an incremental run rate of 4.9%. According to NSDL MD and CEO, ” this contrasted with the industry, which showed a de-growth of about 39% on incremental run rate.” Speaking to analysts after the Q2 results, he specified that, “As a result of this, our incremental market share in Demat account additions during Quarter 2 stands at 17.6%, which is a sharp rise from 9.9% in the same period last year. So, we have seen an improvement of 770 basis points in the retail Demat account incremental market share in the current quarter.”
About NSDL
NSDL was originally incorporated in April 2012 as “NSDL Depository Ltd.”, and it is a SEBI-registered market infrastructure institution (MII). It is a pioneer in the dematerialisation of securities in Indian capital markets.
After almost a year of incorporation, the company’s name was changed to “National Securities Depository Limited”. The company has been in depository operations for over 26 years, as per the data provided in the DRHP. NSDL started operations for the first time in 1996.
Coming to the core business, it provides electronic infrastructure for the dematerialisation of securities and facilitates the electronic settlement of trades in the Indian securities market. NSDL was among the first few global depositories to directly implement dematerialisation. It bypassed the two-step immobilisation and subsequent dematerialisation process.