The ink’s barely dry on NSDL’s IPO papers and management’s already pitching themselves as the market’s “other” infrastructure behemoth—not just a demat account warehouse. In a quarter where Indian equities wobbled under global jitters, they clocked ₹190.4 crore standalone revenue (+21.7% YoY) and ₹82.6 crore PAT (+24% YoY). Oh, and they snagged a chunky 610 bps jump in incremental BO account market share to 15.5%.
Why it matters? Because NSDL’s nine-line-item revenue machine is built to buffer market mood swings—and this quarter proved the model works.
Stick around—things get spicier two scrolls down.
AT A GLANCE
• Standalone revenue up 21.7% – IPO glow meets operational grit• PAT up 24% YoY – not just IPO one-off sparkle• Incremental BO account share up to 15.5% – finally chasing the discount broker crowd• 20 crore demat accounts industry-wide – NSDL’s in 4 crore of them• Common contract note live – brokers now pay for that “mandatory” upload
MANAGEMENT’S KEY COMMENTARY
• “First earnings call as a listed entity” – Translation: We’re minding our Ps, Qs, and SEBI regs.• “Nine line items of revenue” – Translation: Not all our eggs are in the trading volume basket.• “610 bps jump in incremental share” – Translation: Friction-killing tweaks are finally paying off.• “DLT bond covenant monitoring now earns revenue” – Translation: Even corporate debt gets a tech twist.• “Payments Bank is a medium-long term play” – Translation: Don’t look for hockey sticks this year.• “Tech spend will be multiples of last year’s ₹35 cr capex” –
Translation: We’re buying servers, not just snacks for townhalls.• “Common contract note now mandatory” – Translation: We’ll charge you for that compliance, thank you.
NUMBERS DECODED
| Revenue – The Hero | EBITDA – The Sidekick | Margins – The Drama Queen |
|---|---|---|
| ₹190.4 cr (+21.7% YoY) | ₹115.3 cr (+27% YoY) | Costs held, margin lift from mix |
Hero got a boost from custody fees and a surge in unlisted company onboarding. Sidekick enjoyed operating leverage. Drama Queen stayed composed despite Payments Bank drag.
ANALYST QUESTIONS
Q:How will you grow beyond depository services if volumes stall?A:“Nine revenue lines, 42% recurring.” Translation: We’re not SEBI-proof, but we’re diversified.
Q:Payments Bank revenues dipped—macro or model?A:“Better CASA quality over quantity.” Translation: Pruning weeds to grow roses.
Q:Incremental share gain from one big discount broker?A:“Combo of old and new efforts.” Translation: It’s notonlythe Bangalore unicorn.
GUIDANCE & OUTLOOK
The growth lever: onboarding unlisted companies (up
