National Securities Depository Ltd (NSDL) Q1 Results FY27 Preview: Date, Time, Expectations & Key Things To Watch

National Securities Depository Ltd (NSDL) enters its Q1 FY27 results as India's primary market activity shows a measured pace, with a late-quarter surge in QIPs balancing a quieter IPO window. Investors will be focused on whether the company’s incremental market share in new demat accounts has firmed up and how the onboarding run rate for unlisted companies is holding up following recent regulatory shifts.

National Securities Depository Ltd Q1 Results Date and Time

The board meeting is scheduled for July 30, 2026, to consider the Q1 FY27 financial results.

What to expect from National Securities Depository Ltd's Q1 FY27 results

NSDL's core depository business is expected to show YoY growth in recurring annual issuer income, supported by an issuer base that expanded to 1,07,051 entities by the end of December 2025. While Q1 FY27 primary market activity was measured, the rebound in QIPs in June 2026, which saw 10 companies raise Rs. 16,990 Cr, likely provided a tailwind for settlement fees. The onboarding of unlisted companies is anticipated to remain at a subdued run rate of approximately 4,000 to 5,000 companies per quarter, reflecting the impact of regulatory changes that narrowed the eligible universe. Management continues to prioritize technology investment, with Rs. 30 Cr of capex front-loaded in H1 FY26, and will likely address whether this elevated spending trajectory will persist into FY27. The upcoming call will also clarify the progress of the Insurance Repository spin-off and the operating leverage inflection for the NSDL Payments Bank, which reported 3.75 million customers as of December 2025.

Key Things To Watch

Unlisted company onboarding run rate: Monitoring the impact of regulatory changes on joining fee revenue.

• Assess if additions stabilized at the 4,000-5,000 per quarter range seen in Q3 FY26.
• Management view on whether regulatory headwinds impacting the eligible universe have fully run their course.

Incremental BO market share: Tracking competitive positioning in new demat account acquisitions.

• Evaluate if the June 2026 recovery in industry-wide account additions lifted NSDL's incremental share.
• Update on the performance impact of recently onboarded DPs expected to materialize in H2 calendar 2026.

Payments Bank PAT momentum: Assessing the profitability trajectory of the banking subsidiary.

• Update on whether operating leverage has improved following the Rs. 30 Cr equity infusion.
• Management clarity on net contribution excluding business correspondent commissions.

Technology capex and DLT scaling: Reviewing long-term investment and new revenue streams.

• Guidance on whether the FY26 standalone capex of Rs. 109.6 Cr will be sustained or moderated in FY27.
• Progress on scaling DLT platform revenue beyond the existing 9,000 monitored ISINs.

Insurance Repository and SEZ Online: Tracking restructuring and legacy business impacts.

• Status of regulatory approvals and timeline for the Insurance Repository subsidiary spin-off.
• Impact of the ICEGATE migration on NDML's SEZ Online revenue as the merchandise category is phased out.