Transcript for conference call held on 31 July, 2026, for Q1 2026-27(Results)

NSDL/AF/BSE/2026/0059 Date: August 05, 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 July 31, 2026, for Q1 (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 July 17, 2026, regarding the Conference Call scheduled for Friday, July 31, 2026, organized by ICICI Securities to discuss the Q1 - 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 Q1 FY27 Earnings Conference Call” July 31, 2026 MANAGEMENT: MR. VIJAY CHANDOK – MANAGING DIRECTOR AND CHIEF EXECUTIVE 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. KOTHANDARAMAN PRABHAKARAN – CHIEF TECHNOLOGY OFFICER – NATIONAL SECURITIES DEPOSITORY LIMITED MR. PRASHANT VAGAL – CHIEF OPERATING OFFICER – NATIONAL SECURITIES DEPOSITORY LIMITED MR. RAJEEV GUPTA – MANAGING DIRECTOR AND CHIEF EXECUTIVE OFFICER – NSDL DATABASE MANAGEMENT MR. ABHIJIT KAMALAPURKAR – MANAGING DIRECTOR AND CHIEF EXECUTIVE OFFICER – NSDL PAYMENTS BANK MS. AARZOO KHANDELWAL – INVESTOR RELATIONS MODERATOR: MR. ANSUMAN DEB – ICICI SECURITIES Page 1 of 26 National Securities Depository Limited July 31, 2026 Moderator: Ladies and gentlemen, good day and welcome to National Securities Depository Limited, NSDL Q1 FY27 Earnings Conference Call. 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 the conference call, please signal an operator by pressing '*' then '0' 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, Ms. Khandelwal. Aarzoo Khandelwal: Good afternoon and welcome everyone. Thank you for joining us today to discuss NSDL's Q1 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. Jigar Shah, Chief Financial Officer; Mr. Sameer Patil, Chief Business Officer; Mr. Kothandaraman Prabhakaran, Chief Technology Officer; Mr. Prashant Vagal, Chief Operating Officer; Mr. Rajeev Gupta, Managing Director and Chief Executive Officer of NSDL Database Management; Mr. Abhijit Kamalapurkar, Managing Director and Chief Executive Officer of NSDL Payments Bank; 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. Page 2 of 26 National Securities Depository Limited July 31, 2026 With this brief introduction, I now invite Mr. Vijay Chandok for his opening remarks. Vijay Chandok: Thank you very much, Aarzoo. Very good afternoon, ladies and gentlemen, and a very warm welcome to all our shareholders, investors, analysts joining us today for our Q1 FY27 earnings conference call. I sincerely appreciate the continued trust that our 8.9 lakh valued investors and shareholders have placed with us. Since our listing almost a year back, we have remained focused on delivering sustained growth, strengthening our market position and creating long-term value for all our stakeholders. I'm pleased to have all of you with us today as we discuss our performance and progress for Q1 FY27. Let me begin with a brief overview on the market environment because I believe it's important to understand the performance of the company in the context of the environment, very specifically to the environment that we operate. So, starting with the market update, the West Asia conflict, as all of us are aware, eased during Q1 of FY27, supporting lower oil prices, stabilization of the rupee, and improved market sentiment. In such a context, Nifty 50 rebounded strongly, gaining 6.6% during the quarter. However, renewed hostilities in July have revived geopolitical and crude price risks. But during the quarter, what stayed consistent was that who was buying and who was selling. FPIs remained net sellers for the third consecutive quarter, and DIIs remained strong buyers with continuing to provide support to the markets. Amongst all this situation, the investor base continued to expand as far as our market is concerned, with nearly 70 lakh new demat accounts getting added in Q1 FY27 versus 67 lakh that got added Page 3 of 26 National Securities Depository Limited July 31, 2026 in the same quarter of the previous year. With this addition, the total demat count for the industry has now crossed 23.16 crore, which is up on a YoY basis by 16.3%. After a relatively muted IPO market in Q1 of FY27, activity is expected to pick up for the remaining part of the calendar year, if one were to go by the pipeline that we see. With that context set, let me turn specifically to NSDL. During the quarter, we continued to make progress across our key focus areas of operational efficiencies, investor experience and awareness, and accessibility. And let me highlight a few notable developments. On the business front, our Yuva, the youth plan, and the Women's Demat plan, where we have made the settlement charges zero for the first 3 years for a new entrant for an NSDL account, continue to gain traction, and together they stand at about 18% to 20% of our incremental demat additions in Q1 of FY27. NSDL also enabled a special tagging of SWAGAT-FI, a (Single Window Automatic and Generalized Access for Trusted Foreign Investors) framework for FPIs and FVCIs in NSDL. So it's basically focusing on ease of business through simplified onboarding, reduced compliance burden and 10-year registration validity for foreign investors. So, lot of easing was carried out during this quarter. NSDL conducted investor awareness programs online, offline and in hybrid formats in association with corporates, defense services, education institutions and women-focused forums, covering a very diverse set of investor segments nationwide. In Q1 FY27, NSDL conducted over 157 IAPs or investor awareness programs, reaching more than 8000 participants across 10 states and union territories in multiple languages. Page 4 of 26 National Securities Depository Limited July 31, 2026 The focus during the quarter was also to increase the utilization of the 40 plus APIs that we launched for DPs during the previous quarters. I think we had briefed this to you earlier. This helped us improve our customer experience and increase market share in demat accounts, which I will talk about in a bit. Further, during the quarter, the board approved an investment in IIBH, which is a subsidiary in the GIFT City, which is an associate, I'm sorry, in the GIFT City with NSDL holding 20% stake in that company. We also recently welcomed Mr. Subhash Kelkar as our Executive Director, Critical Operations. An [Showing first 8,000 characters — download PDF for full document]