NSDL Q3 Results: Profit rises 4%, margin expands sharply despite flat revenue

National Securities Depository Ltd (NSDL) reported a steady performance for the December quarter, with net profit rising 4.4% year-on-year to ₹89.6 crore, compared with ₹85.8 crore in the same period last year.

Revenue for the quarter remained broadly flat, slipping marginally by 0.8% to ₹359.6 crore from ₹362.5 crore a year earlier. Despite muted topline growth, operating performance improved meaningfully, with EBITDA jumping 18.5% year-on-year to ₹107.4 crore.

This led to a sharp expansion in operating

margins, which rose to 29.9% from 25% in the year-ago quarter, reflecting better cost control and operating leverage.

For context, NSDL had reported a stronger sequential performance in the September quarter, with net profit rising 15% year-on-year. Revenue in Q2 FY26 grew over 12%, while EBITDA increased 13%, with margins holding steady at around 32%.

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The depository also reported higher total income in the September quarter, driven by a rise in investment income, and received a dividend of ₹18.3 crore from its subsidiary, NSDL Database Management Ltd.

Ahead of the December-quarter earnings announcement, shares of NSDL closed 2.65% higher at ₹1,011.85 on the NSE.