National Securities Depository Ltd. Q1 Revenue Rises 65.6% to Rs 516 Cr

National Securities Depository Ltd. reported consolidated revenue from operations of Rs 516.6 crore in Q1 FY27, a 65.6% year-on-year increase, while consolidated profit after tax rose to Rs 98.3 crore. The June-quarter performance was supported by higher income, account additions and a rise in incremental market share.

What did National Securities Depository Ltd. report in Q1 FY27?

National Securities Depository Ltd. reported consolidated total income of Rs 560.5 crore for the quarter ended June 2026, compared with Rs 346.8 crore in the corresponding quarter of the previous year. Revenue from operations stood at Rs 516.6 crore, up 65.6% year on year and 12.74% sequentially based on the reported quarterly data.

Consolidated profit after tax was Rs 98.3 crore, compared with Rs 89.6 crore in Q1 FY26, representing year-on-year growth of 9.7% in the earnings summary. The quarterly-results table reported profit after tax of Rs 98.10 crore, compared with Rs 91.58 crore in the preceding March 2026 quarter and Rs 90.03 crore a year earlier.

The reported gross profit was Rs 86 crore, down 3.89% sequentially but up 1.02% year on year. The difference between the strong revenue increase and the more moderate profit growth is visible in the reported operating metrics: operating profit was Rs 100.96 crore, below Rs 103.91 crore in March 2026, while EBITDA rose to Rs 144.83 crore from Rs 129.95 crore a year earlier.

What drove National Securities Depository's quarterly growth?

National Securities Depository's reported growth was accompanied by continued expansion in demat accounts and issuer onboarding. Total demat accounts reached 4.56 crore at the end of Q1 FY27, with net additions of 12.4 lakh during the quarter. This compared with net additions of 10.54 lakh in Q1 FY26.

Incremental market share rose to 17.6% in Q1 FY27, from 14% in Q4 FY26 and 15.5% in Q1 FY26. The company also reported securities under custody of about $5.7 trillion, or Rs 535 lakh crore, with equity accounting for 80% of the custody value.

During the earnings call, Chief Financial Officer Jigar Shah said annual custody income growth was supported by the addition of unlisted companies. The company onboarded 33,000 unlisted companies in FY25 and 30,000 in FY26, according to the call summary. This increased the folio count to about 14 crore from 11.9 crore a year earlier.

The company said 3,600 companies joined during Q1 FY27. At a joining fee of Rs 15,000 per company, these additions contributed about Rs 5 crore to Rs 6 crore, forming part of other transaction charges of Rs 21 crore.

How did standalone and consolidated results compare?

National Securities Depository's standalone income and profit also increased, though the consolidated figures showed faster growth. Standalone total income rose 15.3% year on year to Rs 219.7 crore, while standalone revenue from operations grew 13.2% to Rs 182.2 crore.

Standalone profit after tax was Rs 89.1 crore, up 7.9% from Rs 82.6 crore in Q1 FY26. Consolidated total income increased 61.6% year on year, reflecting the wider performance captured in the consolidated accounts.

The company capitalised Rs 7 crore to Rs 8 crore of technology expenditure in Q1 FY27. For comparison, technology capitalisation for the full previous year was Rs 106 crore. The disclosed figures provide context on the level of technology-related capitalisation during the quarter but do not specify a full-year FY27 technology spending plan.

Why do the Q1 figures matter for investors and market participants?

National Securities Depository's results matter because depositories are central to the holding and settlement infrastructure for securities markets. Growth in demat accounts, folios, securities under custody and issuer additions indicates greater activity across the company's operating network.

The 65.6% year-on-year rise in revenue from operations and the 61.6% increase in consolidated total income were materially higher than the growth in consolidated profit after tax. Investors can therefore assess the quarter using both the top-line expansion and the reported movements in gross profit, operating profit and EBITDA.

The issuer-related data is also relevant to the unlisted-company segment. Management linked custody income growth to a larger issuer base, and said National Securities Depository holds a market share of more than 70% among unlisted companies. That statement was made in the Q1 earnings call discussion.

When will National Securities Depository announce Q2 FY27 results?

National Securities Depository's stated upcoming earnings date for Q2 FY27 is October 31, 2026. The available information does not provide Q2 financial results or guidance, so the Q1 figures remain the latest reported quarterly financial data in the material provided.

The company has announced a conference call for November 2, 2026, at 16:30 IST to discuss Q2 FY27 results and management updates. ICICI Securities is organising the call. The announcement was described as an informational intimation under SEBI Listing Regulations rather than a financial update.

Conclusion

National Securities Depository delivered higher Q1 FY27 consolidated revenue, total income and profit after tax, alongside growth in demat accounts and incremental market share. The quarter also reflected continued issuer onboarding, including unlisted companies, which management linked to higher custody income and a folio count of about 14 crore.

The next disclosed event is the Q2 FY27 earnings date of October 31, 2026, followed by the management discussion on November 2. Market participants will have additional reported data at that stage on revenue, profitability, account additions, issuer activity and technology capitalisation.