National Securities Depository Limited (NSDL) reported a 10.9% year-on-year increase in consolidated net profit to ₹122.5 crore for the second quarter of FY27, compared with ₹110.4 crore in the corresponding period last year. Consolidated total income rose 34.8% to ₹582.6 crore from ₹432.2 crore, according to the company’s financial results for the quarter ended September 30, 2026.
The results highlight growth across NSDL’s wider business, including its depository operations, payments bank and data-management subsidiary. However, profit growth was slower than income growth. On a standalone basis, NSDL recorded a net profit of ₹126.7 crore and total income of ₹279.8 crore, demonstrating the contribution of its subsidiaries to the consolidated income base.
Key Takeaways
- Consolidated net profit increased 10.9% year-on-year to ₹122.5 crore.
- Consolidated total income climbed 34.8% to ₹582.6 crore.
- Consolidated revenue from operations grew 36.5% to ₹545.9 crore.
- Standalone net profit rose 5.2% to ₹126.7 crore.
- NSDL added 15.6 lakh net beneficial owner accounts during Q2 FY27.
- Its total demat account base reached 4.72 crore by September 30, 2026.
- NSDL launched Demat 2.0, a platform designed to support tokenised securities and near-real-time settlement.
- Consolidated net profit for the first half of FY27 increased 10.4% to ₹220.8 crore.
NSDL Q2 FY27 Financial Results
NSDL’s consolidated financial performance improved across its main income and profit indicators.
Total income increased by ₹150.4 crore compared with Q2 FY26, while net profit rose by ₹12.1 crore.
| Financial indicator | Q2 FY27 | Q2 FY26 | YoY growth |
|---|---|---|---|
| Total income | ₹582.6 crore | ₹432.2 crore | 34.8% |
| Revenue from operations | ₹545.9 crore | ₹400.0 crore | 36.5% |
| Other income | ₹36.7 crore | ₹32.2 crore | 14.0% |
| Profit before tax | ₹161.9 crore | ₹146.2 crore | 10.8% |
| Net profit | ₹122.5 crore | ₹110.4 crore | 10.9% |
All figures are consolidated and rounded.
Revenue from operations accounted for most of the income increase. It grew 36.5% to ₹545.9 crore, while other income increased 14% to ₹36.7 crore.
The difference between income and profit growth is worth noting. Although total income increased by more than a third, net profit rose by around 11%. This indicates that higher income did not translate into an equivalent increase in the bottom line during the quarter.
Standalone Performance: Profit Rises 5.2%
NSDL’s standalone results showed slower growth than its consolidated numbers.
The company’s standalone total income increased 11.7% year-on-year to ₹279.8 crore from ₹250.6 crore. Net profit rose 5.2% to ₹126.7 crore from ₹120.4 crore.
| Financial indicator | Q2 FY27 | Q2 FY26 | YoY growth |
|---|---|---|---|
| Total income | ₹279.8 crore | ₹250.6 crore | 11.7% |
| Revenue from operations | ₹227.8 crore | ₹204.2 crore | 11.6% |
| Other income | ₹52.0 crore | ₹46.4 crore | 12.1% |
| Profit before tax | ₹161.7 crore | ₹154.2 crore | 4.9% |
| Net profit | ₹126.7 crore | ₹120.4 crore | 5.2% |
The comparison shows why consolidated and standalone figures should not be treated as interchangeable. NSDL’s group results include contributions from its subsidiaries, particularly NSDL Payments Bank and NSDL Database Management.
First-Half FY27 Results Show Strong Income Growth
For the six months ended September 30, 2026, NSDL reported consolidated total income of ₹1,143.1 crore, up 46.7% from ₹779 crore in the corresponding period last year.
Consolidated net profit increased 10.4% to ₹220.8 crore from ₹200 crore.
| Financial indicator | H1 FY27 | H1 FY26 | YoY growth |
|---|---|---|---|
| Consolidated total income | ₹1,143.1 crore | ₹779.0 crore | 46.7% |
| Consolidated net profit | ₹220.8 crore | ₹200.0 crore | 10.4% |
| Standalone total income | ₹499.5 crore | ₹441.0 crore | 13.3% |
| Standalone net profit | ₹215.8 crore | ₹203.0 crore | 6.3% |
The first-half figures reinforce the difference between the group’s income expansion and its profit growth. Investors will likely examine whether the additional income can translate into stronger earnings in the coming quarters.
NSDL Adds 15.6 Lakh Demat Accounts in Q2
NSDL continued expanding its depository network during the September quarter.
The company added 15.6 lakh net beneficial owner (BO) accounts, taking its total BO account base to approximately 4.72 crore as of September 30, 2026. Gross additions during the quarter stood at 17.8 lakh.
Other business indicators included:
- Depository participants: 320 as of September 30, 2026.
- Service centres: 53,846 across its network.
- Net BO account additions market share: 17.2% in Q2 FY27, compared with 17.6% a year earlier.
- Unlisted equity market share: 72.5% during the quarter.
- Issuer base: Approximately 1,18,679 issuers.
- Demat custody value market share: 85.8%, including 66.3% among individuals and Hindu Undivided Families (HUFs).
The figures show NSDL’s position in India’s securities depository infrastructure. Its business supports the holding and settlement of securities in electronic form for investors, issuers and market intermediaries.
NSDL Launches Demat 2.0 for Tokenised Securities
One of the company’s notable technology developments during the quarter was the launch of Demat 2.0.
The platform uses distributed ledger technology to support tokenised securities and enable near-real-time settlement through integration with the Reserve Bank of India’s wholesale Central Bank Digital Currency infrastructure.
Tokenisation involves representing ownership or rights in an asset through digital tokens. In securities markets, such systems could support new ways of recording, transferring and settling ownership.
NSDL also introduced other technology initiatives:
- Electronic Gold Receipts: An API-based interface with the National Stock Exchange to automate EGR creation and support digital ownership of physical gold.
- Online bond platforms: API connectivity that enables real-time account and holdings validation, along with electronic instruction submission.
- Digital compliance: Online submission of Form 121 through its corporate website.
These initiatives are intended to simplify market processes and expand digital infrastructure. Their long-term commercial contribution will depend on adoption by market participants and the development of supporting regulatory frameworks.
Subsidiaries Expand Payments and Data-Management Operations
NSDL’s subsidiaries also reported operational progress during Q2 FY27.
NSDL Payments Bank
The payments bank’s retail customer base grew 1.6 times to 54.3 lakh in Q2 FY27 from 33.5 lakh in Q2 FY26.
Its deposit balances increased 1.4 times to ₹378.1 crore from ₹271.5 crore.
The bank’s RuPay National Common Mobility Card (NCMC) programme recorded 1.3 crore Maharashtra State Road Transport Corporation (MSRTC) registrations and more than ₹100 crore in cumulative card loads during October 2026.
NSDL Database Management
NSDL Database Management Limited reported 2.06 crore KYC records of registered intermediaries as of September 30, 2026.
It processed 2.53 crore transactions with a total payment value of approximately ₹13,036 crore.
The subsidiary also continued expanding its digital infrastructure for financial-market intermediaries, government-related services and insurance records.
The Bigger Picture
NSDL’s Q2 FY27 results reflect the expanding role of digital infrastructure in India’s capital markets. Its growing demat account base, issuer network and technology initiatives position the company within the systems that support securities ownership and settlement. The performance of its payments bank and data-management businesses also shows that the group’s activities extend beyond its core depository operations.
However, the 34.8% rise in consolidated income alongside 10.9% profit growth raises an important question about earnings conversion. Investors will need to examine operating costs, subsidiary contributions and the sustainability of income growth in future quarters. NSDL’s technology launches could create opportunities, but their commercial impact will depend on actual adoption rather than announcements alone.
Looking Ahead
NSDL’s performance in the second half of FY27 will be closely watched for evidence that its expanding business can generate faster profit growth. Demat account additions, custody value, issuer onboarding and activity across its subsidiaries will remain important indicators. The adoption of Demat 2.0 and its other digital infrastructure initiatives will also be worth monitoring as the company develops new services for financial-market participants.
For investors, the distinction between standalone and consolidated performance will remain important. NSDL’s subsidiaries contribute substantially to the group’s income, while standalone profit growth was more modest during the quarter. The company’s ability to sustain income growth, improve earnings conversion and scale its newer services will shape how the market evaluates its financial performance.
Frequently Asked Questions
1. What was NSDL’s net profit in Q2 FY27?
NSDL reported consolidated net profit of ₹122.5 crore in Q2 FY27, up 10.9% from ₹110.4 crore in Q2 FY26.
2. What was NSDL’s total income in Q2 FY27?
Its consolidated total income increased 34.8% year-on-year to ₹582.6 crore from ₹432.2 crore.
3. What was NSDL’s standalone net profit?
NSDL’s standalone net profit stood at ₹126.7 crore in Q2 FY27, compared with ₹120.4 crore in the corresponding quarter last year.
4. How many demat accounts does NSDL have?
NSDL’s total beneficial owner account base reached approximately 4.72 crore as of September 30, 2026.
5. What is Demat 2.0?
Demat 2.0 is an NSDL platform using distributed ledger technology to support tokenised securities and near-real-time settlement through integration with the RBI’s wholesale CBDC infrastructure.
6. How did NSDL perform in the first half of FY27?
For H1 FY27, consolidated total income increased 46.7% to ₹1,143.1 crore, while consolidated net profit rose 10.4% to ₹220.8 crore.
7. What are NSDL’s major subsidiaries?
NSDL’s key subsidiaries include NSDL Payments Bank Limited and NSDL Database Management Limited. Their operations cover payments, banking-related services, KYC records, insurance repositories and data-management services.
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