NSDL Q2 FY2026 Results: Steady Growth in First Post-IPO Earnings

!National Securities Depository Limited ( !NSDL ), India's largest securities depository and a key market infrastructure institution, announced its Q2 FY2026 (July-September 2025) results on November 13, 2025 — marking its first quarterly earnings release since its IPO listing in August 2025. The company, which holds ~86% market share in demat custody value, delivered solid performance driven by growth in transaction-based revenues, banking services, and digital initiatives amid a booming Indian capital market. Key Financial Highlights (Consolidated, YoY Comparison): Revenue from Operations: ₹357 crore (some reports cite ~₹400 crore including other income), up 12% from ₹318 crore in Q2 FY2025. Net Profit (PAT): ₹110 crore, up 15% YoY from ₹96 crore; +23% QoQ. EBITDA: ₹131 crore (approx., derived from operating profit metrics), up ~12% YoY. EBITDA Margin: Stable at 36.7% (vs. 36.9% YoY). Total Demat Accounts: 4.19 crore as of September 30, 2025. Average Assets Under Custody per Account: ₹1.2 crore. Market Share (by Custody Value): 86.3%.