NSDL Shares Drop 3% as Core Depository Business Drags Q3 Results

• NSDL shares opened lower after reporting a subdued Q3 performance, primarily due to a slowdown in its high-margin core depository business.
• Revenue declined 10.1% quarter-on-quarter, driven by a sharp 17% drop in the core depository segment.
• EBITDA margins contracted by 214 basis points to 29.8%, and net profit fell 18.8% sequentially.
• Digital banking was the sole bright spot, with EBIT surging 106.2%, but its low margin couldn't offset the core business slowdown.
• NSDL shares have corrected nearly 30% from their 52-week high of ₹1,425 and are down 5% year-to-date in 2026.

Why It Matters: NSDL's Q3 results were hit by a weak core depository business, causing shares to drop despite digital banking growth.