Earnings Call transcript

NSDL/AF/BSE/2026/0087 Date: November 04, 2026 Listing Compliance Department BSE Limited, Phiroze Jeejeebhoy Towers Dalal Street Mumbai 400 001 Dear Sir/Madam, Scrip Code: 544467 ISIN: INE301O01023 Sub.: Transcript for Conference Call held on November 02, 2026, for Q2 (2026-27) Results Ref.: Regulation 30 of the Securities and Exchange Board of India (Listing Obligations & Disclosure Requirements) Regulations, 2015. This is with reference to our earlier communication dated October 22, 2026, regarding the Conference Call scheduled for Monday, November 02, 2026, organized by ICICI Securities to discuss the Q2 - 2026–27 Results, please find attached the transcript of the said Conference Call. The said information is also available on the website of the Company - https://nsdl.com/ We request you to kindly take the same on record. Thanking you, Yours faithfully, For National Securities Depository Limited Alen Ferns Company Secretary & Compliance Officer Membership No. A30633 Encl: as above 301, 3rd Floor, Naman Chambers, G Block, Plot No- C-32, Bandra Kurla Complex, Bandra East, Mumbai- 400051 Tel: 91 22 6944 8400/8500| CIN – L74120MH2012PLC230380 | Email: info@nsdl.co.in | Web: nsdl.com “National Securities Depository Limited Q2 FY27 Results Conference Call” November 02, 2026 MANAGEMENT: MR. VIJAY CHANDOK – MANAGING DIRECTOR AND CHIEF EXECUTIVE OFFICER – NATIONAL SECURITIES DEPOSITORY LIMITED MR. SUBHASH KELKAR – EXECUTIVE DIRECTOR, CRITICAL OPERATIONS – NATIONAL SECURITIES DEPOSITORY LIMITED MR. PRASHANT VAGAL – CHIEF OPERATING OFFICER – NATIONAL SECURITIES DEPOSITORY LIMITED MR. JIGAR SHAH – CHIEF FINANCIAL OFFICER – NATIONAL SECURITIES DEPOSITORY LIMITED MR. SAMEER PATIL – CHIEF BUSINESS OFFICER – NATIONAL SECURITIES DEPOSITORY LIMITED MR. ABHIJIT KAMALAPURKAR – MANAGING DIRECTOR AND CHIEF EXECUTIVE OFFICER – NSDL PAYMENTS BANK MR. RAJEEV GUPTA – MANAGING DIRECTOR AND CHIEF EXECUTIVE OFFICER – NSDL DATABASE MANAGEMENT MS. AARZOO KHANDELWAL – INVESTOR RELATIONS – NATIONAL SECURITIES DEPOSITORY LIMITED Page 1 of 14 National Securities Depository Limited November 02, 2026 Moderator: Ladies and gentlemen, good day, and welcome to the Q2 FY27 Results Conference Call of National Securities Depository Limited, that is NSDL. As a reminder, all participant lines will be in the listen-only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference call, please signal an operator by pressing star then zero on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Ms. Aarzoo Khandelwal. Thank you, and over to you, ma'am. Aarzoo Khandelwal: Good evening, and welcome, everyone. Thank you for joining us today to discuss NSDL's Q2 FY27 financial and business performance. The recording of today's earnings call and the transcript will be uploaded on our website under the Investor Relations section. The financial results, investor presentation and the press release are also available on the website. For today's call, NSDL is represented by Mr. Vijay Chandok, Managing Director and Chief Executive Officer; Mr. Subhash Kelkar, Executive Director - Critical Operations; Mr. Prashant Vagal, Chief Operating Officer; Mr. Jigar Shah, Chief Financial Officer; Mr. Sameer Patil, Chief Business Officer; Mr. Abhijit Kamalapurkar, Managing Director and Chief Executive Officer of NSDL Payments Bank; Mr. Rajeev Gupta, Managing Director and Chief Executive Officer of NSDL Database Management; and myself, Aarzoo Khandelwal from Investor Relations. The leadership team will give us a brief overview of the operational and the financial performance of the quarter gone by, which will be followed by a Q&A session. With this brief introduction, I now invite Mr. Vijay Chandok for his opening remarks. Vijay Chandok: Thank you, Aarzoo. A very good evening, ladies and gentlemen. Let me start by extending a very warm welcome and greetings of the season to all our shareholders, investors and analysts joining us today for the Q2 2027 earnings conference call. I sincerely appreciate the continued trust that all our 9.1 lakh valued shareholders have placed with us. We remain committed to building a stronger business, deepening our competitive position and delivering sustained value to all our stakeholders. I'm pleased to have with you with us and as we discuss our performance and progress for Q2 FY27. To place our performance in perspective, let me first briefly outline the broader market environment during the quarter. Well, as anticipated, the primary market activity rebounded strongly during Q2 FY27 after a relatively muted first quarter. During the first 9 months of this calendar year 2026, India's primary market raised over INR1.17 lakh crores through 244 IPOs with nearly 90,000 of this being raised in Q2 FY2027 alone, which included the landmark listing of National Stock Exchange. Page 2 of 14 National Securities Depository Limited November 02, 2026 Investor participation remained healthy with total number of demat accounts in India now crossing 24 crores, with nearly 90 lakh demat accounts getting added in Q2 FY2027. And when you compare this with Q2 FY2026, that number was 79 lakhs. So the demat account addition during this quarter on a Y-o-Y basis was up by 14.2%. NSE's unique investors reached approximately INR13.7 crores by the end of September 2026. Compared to 12.9 crores that was at the beginning of the year in April 2026. Against this backdrop, let me turn the attention now to NSDL. This quarter, our efforts remain centered around a few things, which I thought it's important to highlight. One is growing our customer franchise. Second was improving our customer experience. And thirdly, it was strengthening the investor awareness. And in that context, a few highlights I would like to highlight, please, for your attention. Starting with our depository participant business. During this quarter, the total number of demat accounts for NSDL reached 4.72 crores. We also reached 320 depository participants. In this quarter alone, we added about 4 new DPs. And if you look at H1 in the current year, we've added 10 in all. So these depository participants provide services in more than 2,000 cities and small towns. We hold at present 86% of the value of custody totaling to about USD5.6 trillion, which represents 80% of that represents the equity base. During Q2 FY27, we added 15.6 lakh net demat accounts, reflecting a continued account addition during the quarter. Market share came in at about 17.2% in Q2 FY2027 compared with 17.6% in the sequential previous quarter. For H1, however, our market share increased to 17.4% from 16.6% in the corresponding H1 of 2026. Fintech brokers have continued to get added. And today, they account for 23.5% of our incremental demat account sourcing. So it has crossed 20% now and stands at 23.5% at the end of Q2 2027. You compare this with Q2 of FY2026, that number was only 9.3%. So this clearly reflects the growing ability of NSDL to attract the new age fintech brokers, thanks to our investments in technology. We would also like to highlight our continued traction in the YUva Plan, the youth plan that we launched and the women's demat plan, which now together account for approximately 45% of our incremental demat account additions in Q2 FY2027. Coming to our issuer and key value-added business services. We continue to expand our investor base, which has now crossed 118,000 issuers. Market share in the unlisted issuer segment stands in at about 72.5% in Q2 with 3,197 companies getting admitted to the platform during this quarter. The total number of events on our e-voting platform increased in the quarter to 3,160 from 2,924 last year Page 3 of 14 National Securities Depository Limited November 02, 2026 same quarter, and our market share remains broadly stable at about 52.4% in Q2 FY2027. Further, during this quarter, we focuse [Showing first 8,000 characters — download PDF for full document]