NSDL's Q2 FY27 numbers came in mixed, with revenue of Rs. 545.89 Cr (+36.46% YoY) and PAT growth of +10.93% YoY. Here's a quick read of what worked, what to watch, and what management said.
| Results date | October 31, 2026 |
|---|---|
| Revenue (Q2) | Rs. 545.89 Cr (+36.46% YoY) |
| PAT (Q2) | Rs. 122.45 Cr (+10.93% YoY) |
| EBITDA margin | 30.65% (-608 bps YoY) |
| EPS (Q2) | Rs. 6.11 (+10.69% YoY) |
NSDL delivered 36.46% consolidated revenue growth and 10.93% PAT growth, with the depository segment contributing 88.45% of segment results and database management margins expanding sharply. Margin compression persists YoY (standalone operating margin −463 bps), but sequential cost discipline (employee +1.34% QoQ) and capex down 33.69% YoY confirm the guided investment taper, setting up potential operating leverage in coming quarters. No numeric guidance exists to score against, and open contingencies (Rs.28.68 cr GST demand, Karvy/SAT) remain unprovided.
| Driver | Expected before results | What happened | Verdict |
|---|---|---|---|
| Standalone revenue | "likely ahead YoY on flows, against a stiff seasonal base… the YoY comp is the toughest of the year" | +11.58% YoY to Rs.227.80 cr | Played out |
| Consolidated revenue | "growth should decelerate sharply" after the Q1 NPBL peak | +36.46% YoY vs +65.6% in Q1; banking −6.73% QoQ | Played out |
| Margins | "compressing bias, with the first guided relief possible" | SA operating margin −463 bps YoY but +434 bps QoQ; employee +1.34% QoQ; capex −33.69% YoY | Partially |
| GST event | "any provision or interest/penalty quantification booked with Q2 numbers would move them" | No provision; matter contested; PAT unadjusted | Played out |
| Rates/treasury | rising G-Sec yields "support accrual income… but are a mark-to-market drag" | Other income +12.10% YoY standalone; no MTM split in filing | Partially |
| Flow/share metrics, unlisted band | watch-list items | Not disclosed in the Q2 filing — remains open for the call | Not observable |
| NPBL normalization | "NPBL normalisation after the Q1 card-onboarding peak" | Banking revenue −6.73% QoQ, result up on CASA/transaction mix | Played out |
Read our full results preview.
| What management said | Where | What happened | Verdict |
|---|---|---|---|
| Technology capex to decline in FY27 after Rs.106 cr FY26 spend | Q4 FY26 / Q1 FY27 earnings calls | H1 FY27 consolidated capex Rs.33.02 cr, −33.69% YoY | On Track |
| "Much lower" employee additions in FY27; hiring largely done by Q1 | Q1 FY27 earnings call | Standalone employee cost +1.34% QoQ (Rs.35.15 cr vs Rs.34.68 cr); YoY +22.27% is base effect | On Track |
| Custody fee "secular growth" | Q4 FY26 earnings call | Depository segment revenue +11.59% YoY (fee-line split not in filing) — proxy | On Track |
| "The depository business, not the bank, is the primary value driver" | prior-quarter calls | Depository = 88.45% of Q2 segment results on 41.73% of revenue | Confirmed |
| Payments Bank card-onboarding fees were pass-through and "peaked in Q1" | Q1 FY27 earnings call | Banking revenue −6.73% QoQ; segment result Rs.5.83 cr vs Rs.1.88 cr in Q1 | Confirmed |
| Technology/people investment front-loads costs; operating leverage to follow | Q1 FY27 call, MD & CEO | Margin still compressed YoY, but employee flat QoQ and capex −33.69% YoY — inflection starting | Too Early |
| No specific numeric guidance for 1–2 years; "current momentum" confidence | Q3 FY26 call (Jan 2026) | Q2 delivered +10.93% consolidated PAT growth | Consistent |
| Metric | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 |
|---|---|---|---|---|---|
| BO/Demat accounts (mn) | 41.9 | 43.2 | 44.4 | 45.6 | — |
| Issuers registered | 102,238 | 107,051 | 111,379 | 115,107 | — |
| Incremental demat share | 17.6% | 14.65% | 14.0% | ~17.5% | — |
| NPBL customers (mn) | 3.3 | 3.75 | 4.4 | 5.0 | — |
| NPBL deposits (Rs. cr) | — | >475 | 521 | 477 | — |
Disclaimer: This results analysis is published for educational and informational purposes only. It is not investment advice, not a recommendation to buy, sell or hold any security.