Standalone Financial Performance (₹ in Lakhs)

Income Statement for Q2 (Quarter ended September 30, 2026):

  • Revenue from operations: ₹22,780.31 (Q2 FY2026: ₹20,416.06)
  • Other income: ₹5,201.78 (Q2 FY2026: ₹4,640.34)
  • Total Income: ₹27,982.09 (Q2 FY2026: ₹25,056.40)
  • Total Expenses: ₹11,814.71 (Q2 FY2026: ₹9,641.61)
  • Profit before tax: ₹16,167.38 (Q2 FY2026: ₹15,414.79)
  • Total tax expense: ₹3,500.56 (Q2 FY2026: ₹3,373.68)
  • Net profit after tax: ₹12,666.82 (Q2 FY2026: ₹12,041.11)
  • Basic and diluted EPS: ₹6.33 (Q2 FY2026: ₹6.02)

Income Statement for H1 (Six months ended September 30, 2026):

  • Revenue from operations: ₹40,996.55 (H1 FY2026: ₹36,511.85)
  • Other income: ₹8,952.16 (H1 FY2026: ₹7,588.88)
  • Total Income: ₹49,948.71 (H1 FY2026: ₹44,100.73)
  • Total Expenses: ₹22,051.67 (H1 FY2026: ₹17,734.59)
  • Profit before tax: ₹27,897.04 (H1 FY2026: ₹26,366.14)
  • Total tax expense: ₹6,316.78 (H1 FY2026: ₹6,062.21)
  • Net profit after tax: ₹21,580.26 (H1 FY2026: ₹20,303.93)
  • Basic and diluted EPS: ₹10.79 (H1 FY2026: ₹10.15)

Balance Sheet (Standalone) as of September 30, 2026:

  • Total Assets: ₹3,18,676.84 (March 31, 2026: ₹2,77,762.72)
  • Equity Share Capital: ₹4,000.00 (unchanged)
  • Other Equity: ₹2,22,342.42 (March 31, 2026: ₹2,08,840.52)
  • Total Equity: ₹2,26,342.42 (March 31, 2026: ₹2,12,840.52)

Consolidated Financial Performance (₹ in Lakhs)

Income Statement for Q2 (Quarter ended September 30, 2026):

  • Revenue from operations: ₹54,589.33 (Q2 FY2026: ₹40,004.17)
  • Other income: ₹3,668.15 (Q2 FY2026: ₹3,217.93)
  • Total Income: ₹58,257.48 (Q2 FY2026: ₹43,222.10)
  • Total Expenses: ₹42,020.08 (Q2 FY2026: ₹28,467.83)
  • Profit before tax and share of associate: ₹16,237.40 (Q2 FY2026: ₹14,754.27)
  • Share of Loss of Associate: (₹45.59) (Q2 FY2026: (₹135.51))
  • Profit before tax: ₹16,191.81 (Q2 FY2026: ₹14,618.76)
  • Total tax expense: ₹3,946.44 (Q2 FY2026: ₹3,579.91)
  • Net profit after tax: ₹12,245.37 (Q2 FY2026: ₹11,038.85)
  • Attributable to owners of the parent: ₹12,222.30
  • Attributable to non-controlling interests: ₹23.07
  • Basic and diluted EPS: ₹6.11 (Q2 FY2026: ₹5.52)

Income Statement for H1 (Six months ended September 30, 2026):

  • Revenue from operations: ₹1,06,251.90 (H1 FY2026: ₹71,206.73)
  • Other income: ₹8,054.76 (H1 FY2026: ₹6,694.74)
  • Total Income: ₹1,14,306.66 (H1 FY2026: ₹77,901.47)
  • Total Expenses: ₹85,206.10 (H1 FY2026: ₹51,271.67)
  • Profit before tax and share of associate: ₹29,100.56 (H1 FY2026: ₹26,629.80)
  • Share of Loss of Associate: (₹24.72) (H1 FY2026: (₹176.33))
  • Profit before tax: ₹29,075.84 (H1 FY2026: ₹26,453.47)
  • Total tax expense: ₹6,999.97 (H1 FY2026: ₹6,452.00)
  • Net profit after tax: ₹22,075.87 (H1 FY2026: ₹20,001.47)
  • Attributable to owners of the parent: ₹22,041.09
  • Attributable to non-controlling interests: ₹34.78
  • Basic and diluted EPS: ₹11.02 (H1 FY2026: ₹10.00)

Balance Sheet (Consolidated) as of September 30, 2026:

  • Total Assets: ₹4,30,700.92 (March 31, 2026: ₹3,81,949.18)
  • Equity Share Capital: ₹4,000.00 (unchanged)
  • Other Equity: ₹2,46,995.65 (March 31, 2026: ₹2,32,997.28)
  • Non-controlling interest: ₹997.95 (March 31, 2026: ₹958.60)
  • Total Equity: ₹2,51,993.60 (March 31, 2026: ₹2,37,955.88)

Subsidiaries and Associate

The consolidated results include:

  • NSDL Database Management Limited (Subsidiary) - includes step-down subsidiary NDML Insurance Repository Services Limited
  • NSDL Payments Bank Limited (Subsidiary)
  • India International Bullion Holding IFSC Limited (Associate)

The financial results of subsidiaries reflect total assets of ₹1,36,568.09 lakhs as of September 30, 2026, total revenues of ₹31,833.99 lakhs for the quarter and ₹65,303.92 lakhs for the six months ended September 30, 2026, and net profit after tax of ₹1,455.71 lakhs for the quarter and ₹2,351.91 lakhs for the six months ended September 30, 2026.

The Group's share of loss after tax from the associate was ₹(45.59) lakhs for the quarter and ₹(24.72) lakhs for the six months ended September 30, 2026.

Segment Information (Consolidated)

The Group has three reportable segments:

1. Depository services: Q2 revenue ₹22,779.88 lakhs; segment result ₹10,992.09 lakhs

2. Database management services: Q2 revenue ₹2,539.01 lakhs; segment result ₹852.55 lakhs

3. Banking services: Q2 revenue ₹29,270.45 lakhs; segment result ₹583.42 lakhs

Dividend

Shareholders at the Annual General Meeting held on September 22, 2026, declared a final dividend of ₹4 per equity share (face value ₹2 each) for FY2026, as recommended by the Board.

Legal and Regulatory Matters

1. Karvy Stock Broking Matter:

The company has preferred two civil appeals before the Supreme Court challenging the SAT Order dated December 20, 2023. The SAT had directed SEBI, NSE, and NSDL to (i) permit Axis Bank to invoke shares pledged by Karvy, or (ii) restore the pledge of shares in favor of other Banks & NBFCs, or compensate them with the value of underlying securities plus interest. SEBI's order dated December 13, 2019, recorded total dues payable by Karvy to Banks & NBFCs at approximately ₹1,435.05 crores. The Supreme Court granted interim relief to appellants on January 18, 2024, and has extended this order during subsequent hearings. The next hearing date is awaited. Management maintains that NSDL's actions were per SEBI's Interim Order and under NSE's supervision, and thus believes no liability should be attributed to NSDL. No provision has been made in the books as the outcome is contingent on the Supreme Court's verdict and cannot be reliably estimated.

2. GST Demand Notice:

During the quarter, the company received a Show Cause Notice dated August 12, 2026 (received August 13, 2026), under Section 74(1) of the CGST Act and corresponding MGST provisions, imposing a GST demand of ₹2,868.08 lakhs plus interest and penalty. This relates to alleged non-payment of GST on royalty for use of the company's brand name and logo by subsidiaries for the period April 2020 to March 2024. The matter is being contested, and submission of a detailed reply is underway.

Corporate Development

IRDAI advised NSDL Database Management Limited to convert its Insurance Repository (IR) business into a separate company. On July 24, 2026, NDML Insurance Repository Services Limited was incorporated as a wholly-owned subsidiary. On August 24, 2026, the Board and shareholders of NDML approved a draft Scheme of Arrangement for demerging the IR business into the new subsidiary. An application was filed with NCLT Mumbai on September 25, 2026, seeking approval of the Scheme. The NCLT order is awaited. The NIR business recorded revenue of ₹177.36 lakhs for Q2 and ₹322.72 lakhs for H1 FY2027, with profit of ₹39.64 lakhs for Q2 and ₹41.93 lakhs for H1. Total assets of NIR were ₹210.61 lakhs and liabilities ₹418.77 lakhs as of September 30, 2026.

Auditor's Review

The financial results were reviewed by the Audit Committee and approved by the Board on October 31, 2026. The statutory auditors, K. C. Mehta & Co. LLP, issued an unmodified review conclusion stating that nothing has come to their attention that causes them to believe that the financial results contain any material misstatement.

The financial results are available on the company's website (https://nsdl.com) and the stock exchange website (www.bseindia.com).