NSDL shares drop over 3% after flat Q3 results; what analysts say
The company reported a 15.4 per cent year-on-year (YoY) rise in total income to Rs 198.7 crore in the third quarter of FY26, compared with Rs 172.2 crore in the corresponding quarter last year.
- Jan 29, 2026,
- Updated Jan 29, 2026 5:18 PM IST
Shares of National Securities Depository Ltd (NSDL) fell 3.35 per cent on Thursday, closing at Rs 979.95, after the company reported flat third-quarter results. At this price, the stock has declined 31.23 per cent from its all-time high of Rs 1,425, recorded on August 11 last year.
The company reported a 15.4 per cent year-on-year (YoY) rise in total income to Rs 198.7 crore in the third quarter of FY26, compared with Rs 172.2 crore in the corresponding quarter last year.
Net profit after tax grew marginally by 0.5 per cent to Rs 77.9 crore in Q3 FY26 from Rs 77.5 crore in Q3 FY25, NSDL said. The depository also saw a sharp improvement in its beneficiary owner (BO) market share.
Net BO market share increased to 15.89 per cent in the first nine months of FY26 from 8.84 per cent in the same period of the previous fiscal. On a quarterly basis, net BO market share rose to 14.7 per cent in Q3 FY26 from 6.9 per cent in Q3 FY25, taking the total number of BO accounts to 4.32 crore as of December 31, 2025. During the quarter, NSDL added 13 lakh net BO accounts.
An analyst remains positive on NSDL's long-term prospects despite a flattish December quarter, highlighting capital market growth, rising demat accounts and increased institutional participation. Technically, however, the stock continues to trade in a downtrend, with key support around Rs 945–900.
Kranthi Bathini, Director – Equity Strategy at WealthMills Securities, said, "NSDL's December quarter performance was largely flat. As a market infrastructure depository company, it stands to benefit from the long-term growth of India's capital markets. With an increase in new demat accounts and rising institutional participation, NSDL is likely to be a key beneficiary. Investors can continue to hold the stock and look at fresh accumulation on declines with a long-term perspective."
Osho Krishan, Senior Analyst – Technical & Derivative Research at Angel One, pointed out that NSDL remains in a secular downtrend and has struggled to decisively move above its 20-day exponential moving average (DEMA). "The setup continues to look weak, with immediate support placed around the 945 zone. On the upside, only a decisive and sustained breakout above the 1,070–1,080 band could revive buying interest in the stock," he added.
Ravi Singh, Chief Research Officer at Mastertrust, said the stock could decline towards Rs 900, while immediate resistance is seen near Rs 1,020.
As India's first depository, NSDL stands to benefit from the country's ongoing financialisation. With demat penetration at only 15 per cent, compared to over 60 per cent in the US, the company continues to hold substantial long-term growth potential.
Shares of National Securities Depository Ltd (NSDL) fell 3.35 per cent on Thursday, closing at Rs 979.95, after the company reported flat third-quarter results. At this price, the stock has declined 31.23 per cent from its all-time high of Rs 1,425, recorded on August 11 last year.
The company reported a 15.4 per cent year-on-year (YoY) rise in total income to Rs 198.7 crore in the third quarter of FY26, compared with Rs 172.2 crore in the corresponding quarter last year.
Net profit after tax grew marginally by 0.5 per cent to Rs 77.9 crore in Q3 FY26 from Rs 77.5 crore in Q3 FY25, NSDL said. The depository also saw a sharp improvement in its beneficiary owner (BO) market share.
Net BO market share increased to 15.89 per cent in the first nine months of FY26 from 8.84 per cent in the same period of the previous fiscal. On a quarterly basis, net BO market share rose to 14.7 per cent in Q3 FY26 from 6.9 per cent in Q3 FY25, taking the total number of BO accounts to 4.32 crore as of December 31, 2025. During the quarter, NSDL added 13 lakh net BO accounts.
An analyst remains positive on NSDL's long-term prospects despite a flattish December quarter, highlighting capital market growth, rising demat accounts and increased institutional participation. Technically, however, the stock continues to trade in a downtrend, with key support around Rs 945–900.
Kranthi Bathini, Director – Equity Strategy at WealthMills Securities, said, "NSDL's December quarter performance was largely flat. As a market infrastructure depository company, it stands to benefit from the long-term growth of India's capital markets. With an increase in new demat accounts and rising institutional participation, NSDL is likely to be a key beneficiary. Investors can continue to hold the stock and look at fresh accumulation on declines with a long-term perspective."
Osho Krishan, Senior Analyst – Technical & Derivative Research at Angel One, pointed out that NSDL remains in a secular downtrend and has struggled to decisively move above its 20-day exponential moving average (DEMA). "The setup continues to look weak, with immediate support placed around the 945 zone. On the upside, only a decisive and sustained breakout above the 1,070–1,080 band could revive buying interest in the stock," he added.
Ravi Singh, Chief Research Officer at Mastertrust, said the stock could decline towards Rs 900, while immediate resistance is seen near Rs 1,020.
As India's first depository, NSDL stands to benefit from the country's ongoing financialisation. With demat penetration at only 15 per cent, compared to over 60 per cent in the US, the company continues to hold substantial long-term growth potential.