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Earnings Presentation Q2 FY2027 | October 31, 2026 1
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NSDL-PUBLIC NSDL-PUBLIC Table of Contents Quarterly Results Update Q2 FY27 Eight sections covering our business, financials, performance, people and shareholder information. 01 Company Overview Who we are and what we do 02 Key Performance Indicators Standalone operating metrics 03 Financial Highlights Standalone results 04 Board & Management Directors and senior leadership 05 Awards & Recognitions Industry awards and accolades 06 Subsidiaries Overview NDML and NPBL 07 Financial Highlights Consolidated results 08 Investor Information Sharehold er overview 2
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NSDL-PUBLIC NSDL-PUBLIC SECTION 01 Company Overview 3
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NSDL-PUBLIC NSDL-PUBLIC Pioneering India’s dematerialised capital market for over three decades. NSDL is India’s first and largest depository Note: Figures rounded off to single decimal point. *Including NRIs. (1) as of Sep ’26. (2) Data sourced from SEBI Bulletin. KEY HIGHLIGHTS 1st India's first & largest depository, since 1996 ₹536.45 lakh crore D emat custody value 80.0% | 13.9% | 6.1% Custody value mix: Equity | Debt | Others Market share across segments (%) 43.8% 66.3% 69.9% 72.5% 88.8% 97.5% 99.9% Total standalone income (Q2 FY27) Individuals* & HUFs (custody value) ⁽¹⁾ Issuers registered Unlisted cos. (equity) ⁽²⁾ Unlisted cos. - Demat value (equity) ⁽²⁾ Listed debt securities (value) ⁽²⁾ FPI demat holdings Subsidiaries 1 7.5 mn Insurance policies dematerialised 20. 6 mn KYC records of registered intermediaries (prominent KRA) Top 3 | Top 34 Top 3 in Inclusive Finance Business | Top 34 in UPI 5. 4 mn | ₹ 378 cr Customers | deposit balances, Q2 FY27 85.8% Market share by total d emat custody value 1,18,679 Issuers registered 45.0% share Incremental Yuva & Women accounts ₹11. 4 mn Avg. value of assets per demat account 47.2mn Beneficiary Owner (BO) accounts 4 (1) (1) (1) (1)
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NSDL-PUBLIC NSDL-PUBLIC 1996 Inauguration of NSDL and commencement of the process of dematerialisation of securities 2010 2012 2014 Launch of New Depository System Launch of FPI regime and dematerialised securities value crossed ₹100 Lakh Crore Launch of e - Voting System for issuers 2015 Launch of Consolidated Accounts Statement (CAS) 2020 Value of securities held by NSDL in dematerialised form crossed ₹200 Lakh Crore 2021 Launch of Commercial Paper Issuance Platform and value of securities held by NSDL in dematerialised form crossed ₹300 Lakh Crore 2022 Launch of blockchain - based market platform to manage and monitor the security and covenant related to issuance of bonds 2026 Implementation of SWAGAT - FI Framework for FPIs and FVCIs and enabled digital submission of Form 121 (Form 15 G/H) for Nil tax declaration 2025 Successful implementation of Direct Payout Settlement for securities and listing of NSDL equity shares on August 6, 2025 2024 Launch of Beta version of T + 0 rolling settlement cycle in equity market and value of securities held by NSDL in dematerialised form crossed ₹500 Lakh Crore 2023 Launch of T + 1 rolling settlement cycle in equity market Timeline – From Milestone to Momentum Recent DEMAT 2.0 for tokenized bonds, APIs for EGR creation and OBPP , and Form 121 submission for all investors via PAN and OTP without login 5
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NSDL-PUBLIC NSDL-PUBLIC NSDL Depository – Service Offerings Core Depository Services Dematerialisation of Securities Settlement of Market & Off - market Transfers Consolidated Account Statement Allotment & Ownership Records Corporate Actions Account Opening & Management Pledge incl. Margin Pledge Suite of E - Services Electronic delivery instructions Digital submission of PoA instructions to DPs Online Demat Account Statement access Encrypted straight - through trade processing Online voting and virtual AGMs via eAGM Ancillary Products & Value - Added Services Digital LAS: loans against shares pledged in demat form Depository Account Validation: validates DP ID, Client ID and PAN Issuer Service Portal: access to issuer services and information FPI Monitor: common application form, investment limits and data MF Conversion & Redemption API: converts MF units to demat Securities & Covenant Monitoring: blockchain platform for bonds/debentures 6
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NSDL-PUBLIC NSDL-PUBLIC Key Achievements – Q2 & H1 FY27 DEMAT 2.0: Tokenized Bonds Developed a DLT platform for corporate bonds, designed for near real - time settlement via RBI’s wholesale CBDC infrastructure Form 121 Submission via NSDL Website Any investor can submit Form 121 on the public NSDL website using PAN and OTP, without a login. Previously limited to registered NSDL users 1 2 4 3 DP Onboarding Momentum by NSDL Onboarded 10 new DPs during H1 FY27, expanding the Depository Participant network to 320 DPs Sustained Demat Account Growth 32.4 lakh gross accounts added (27.9 lakh net) in H1 FY27, reflecting continued growth momentum 10 new DPs 32.4 lakh gross accounts DEMAT 2.0 tokenized bonds Form 121 for all investors NSE API for Electronic Gold Receipts Integrated with NSE to automate EGR creation and improve processing. EGRs represent dematerialised ownership of physical gold in approved vaults API for Online Bond Platform Providers Introduced OBPP API connectivity for real - time account and holdings validation and electronic instruction submission, simplifying bond transactions 5 6 NSE EGR API integration OBPP API connectivity 7
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NSDL-PUBLIC NSDL-PUBLIC SECTION 02 Key Performance Indicators (Standalone) 8
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NSDL-PUBLIC NSDL-PUBLIC Performing consistently over the years (1/3) Note: # On a gross basis, the indicative incremental market share is estimated at ~18. 3 % in Q2 FY27 vs ~18.1% in Q2 FY26 . Net BO Accounts: NSDL added 17.8 lakh gross and 15.6 lakh net accounts in Q2 FY27 vs 16.1 lakh gross and 13.9 lakh net accounts in Q2 FY26 Incremental BO Accounts and Market Share # : Net incremental accounts opened in Q2 FY27 stood at 15.6 lakh , with incremental market share at 17.2% Net BO Accounts Incremental BO Accounts and Market Share # (in lakhs) 418.9 456.3 471.8 392.00 394.00 396.00 398.00 400.00 402.00 404.00 406.00 408.00 410.00 412.00 414.00 416.00 418.00 420.00 422.00 424.00 426.00 428.00 430.00 432.00 434.00 436.00 438.00 440.00 442.00 444.00 446.00 448.00 450.00 452.00 454.00 456.00 458.00 460.00 462.00 464.00 466.00 468.00 470.00 472.00 474.00 476.00 Q2 FY26 Q1 FY27 Q2 FY27 12.4 15.6 13.9 +12.7% 17.6% 17.6% 17.2% Q2 FY26 Q1 FY27 Q2 FY27 15.6 12.4 13.9 (Accounts in lakhs, Market share in %) 9
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NSDL-PUBLIC NSDL-PUBLIC Performing consistently over the years (2/3) Incremental BO Accounts and Market Share # Industry v/s NSDL (Accounts in lakhs) 146.2 24.3 160.8 27.9 Industry NSDL H1 FY26 H1 FY27 Incremental BO Accounts # : Net incremental accounts opened in H1 FY27 stood at 27.9 lakh , with incremental market share at 17.4% Incremental Accounts: Industry saw an increase of 9.9%, and NSDL saw a growth of 14.9% in H1 FY27 , aided by incremental accounts from new DPs 10 (Accounts in lakhs, Market share in %) 16.6% 17.4% H1 FY26 H1 FY27 27.9 12.4 24.3 Note: # On a gross basis, the indicative incremental market share is estimated at ~18.5% in H1 FY27 vs ~17.8% in H1 FY26 .
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NSDL-PUBLIC NSDL-PUBLIC Performing consistently over the years (3/3) Demat – Unlisted EQ * Custody Value (Net incremental issuers in nos , Market share % as on Total base) (in ₹ lakh crore) Note: * Unlisted Market Share: Definition of small companies under companies Act is amended effective December 1, 2025, which has an imp act on dematerialization of unlisted non - small companies . 504.6 535.0 536.5 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0 22.0 24.0 26.0 28.0 30.0 32.0 34.0 36.0 38.0 40.0 42.0 44.0 46.0 48.0 50.0 52.0 54.0 56.0 58.0 60.0 62.0 64.0 66.0 68.0 70.0 72.0 74.0 76.0 78.0 80.0 82.0 84.0 86.0 88.0 90.0 92.0 94.0 96.0 98.0 100.0 102.0 104.0 106.0 108.0 110.0 112.0 114.0 116.0 118.0 120.0 122.0 124.0 126.0 128.0 130.0 132.0 134.0 136.0 138.0 140.0 142.0 144.0 146.0 148.0 150.0 152.0 154.0 156.0 158.0 160.0 162.0 164.0 166.0 168.0 170.0 172.0 174.0 176.0 178.0 180.0 182.0 184.0 186.0 188.0 190.0 192.0 194.0 196.0 198.0 200.0 202.0 204.0 206.0 208.0 210.0 212.0 214.0 216.0 218.0 220.0 222.0 224.0 226.0 228.0 230.0 232.0 234.0 236.0 238.0 240.0 242.0 244.0 246.0 248.0 250.0 252.0 254.0 256.0 258.0 260.0 262.0 264.0 266.0 268.0 270.0 272.0 274.0 276.0 278.0 280.0 282.0 284.0 286.0 288.0 290.0 292.0 294.0 296.0 298.0 300.0 302.0 304.0 306.0 308.0 310.0 312.0 314.0 316.0 318.0 320.0 322.0 324.0 326.0 328.0 330.0 332.0 334.0 336.0 338.0 340.0 342.0 344.0 346.0 348.0 350.0 352.0 354.0 356.0 358.0 360.0 362.0 364.0 366.0 368.0 370.0 372.0 374.0 376.0 378.0 380.0 382.0 384.0 386.0 388.0 390.0 392.0 394.0 396.0 398.0 400.0 402.0 404.0 406.0 408.0 410.0 412.0 414.0 416.0 418.0 420.0 422.0 424.0 426.0 428.0 430.0 432.0 434.0 436.0 438.0 440.0 442.0 444.0 446.0 448.0 450.0 452.0 454.0 456.0 458.0 460.0 462.0 464.0 466.0 468.0 470.0 472.0 474.0 476.0 478.0 480.0 482.0 484.0 486.0 488.0 490.0 492.0 494.0 496.0 498.0 500.0 502.0 504.0 506.0 508.0 510.0 512.0 514.0 516.0 518.0 520.0 522.0 524.0 526.0 528.0 530.0 532.0 534.0 536.0 538.0 540.0 542.0 544.0 546.0 548.0 550.0 552.0 554.0 556.0 558.0 560.0 562.0 564.0 566.0 568.0 570.0 572.0 574.0 576.0 578.0 580.0 582.0 584.0 586.0 588.0 590.0 592.0 594.0 596.0 598.0 600.0 602.0 604.0 606.0 608.0 610.0 612.0 614.0 616.0 618.0 620.0 622.0 624.0 626.0 628.0 630.0 632.0 634.0 636.0 638.0 640.0 642.0 644.0 646.0 648.0 650.0 652.0 654.0 656.0 658.0 660.0 662.0 664.0 666.0 668.0 670.0 672.0 674.0 676.0 678.0 680.0 682.0 684.0 686.0 688.0 690.0 692.0 694.0 696.0 698.0 700.0 Q2 FY26 Q1 FY27 Q2 FY27 85.8% Market Share: US$ 5.6trn 11,552 3,406 3,197 73.0% 72.4% 72.5% 30.0% 35.0% 40.0% 45.0% 50.0% 55.0% 60.0% 65.0% 70.0% 75.0% 80.0% 0 30 60 90 120 150 180 210 240 270 300 330 360 390 420 450 480 510 540 570 600 630 660 690 720 750 780 810 840 870 900 930 960 990 1,020 1,050 1,080 1,110 1,140 1,170 1,200 1,230 1,260 1,290 1,320 1,350 1,380 1,410 1,440 1,470 1,500 1,530 1,560 1,590 1,620 1,650 1,680 1,710 1,740 1,770 1,800 1,830 1,860 1,890 1,920 1,950 1,980 2,010 2,040 2,070 2,100 2,130 2,160 2,190 2,220 2,250 2,280 2,310 2,340 2,370 2,400 2,430 2,460 2,490 2,520 2,550 2,580 2,610 2,640 2,670 2,700 2,730 2,760 2,790 2,820 2,850 2,880 2,910 2,940 2,970 3,000 3,030 3,060 3,090 3,120 3,150 3,180 3,210 3,240 3,270 3,300 3,330 3,360 3,390 3,420 3,450 3,480 3,510 3,540 3,570 3,600 3,630 3,660 3,690 3,720 3,750 3,780 3,810 3,840 3,870 3,900 3,930 3,960 3,990 4,020 4,050 4,080 4,110 4,140 4,170 4,200 4,230 4,260 4,290 4,320 4,350 4,380 4,410 4,440 4,470 4,500 4,530 4,560 4,590 4,620 4,650 4,680 4,710 4,740 4,770 4,800 4,830 4,860 4,890 4,920 4,950 4,980 5,010 5,040 5,070 5,100 5,130 5,160 5,190 5,220 5,250 5,280 5,310 5,340 5,370 5,400 5,430 5,460 5,490 5,520 5,550 5,580 5,610 5,640 5,670 5,700 5,730 5,760 5,790 5,820 5,850 5,880 5,910 5,940 5,970 6,000 6,030 6,060 6,090 6,120 6,150 6,180 6,210 6,240 6,270 6,300 6,330 6,360 6,390 6,420 6,450 6,480 6,510 6,540 6,570 6,600 6,630 6,660 6,690 6,720 6,750 6,780 6,810 6,840 6,870 6,900 6,930 6,960 6,990 7,020 7,050 7,080 7,110 7,140 7,170 7,200 7,230 7,260 7,290 7,320 7,350 7,380 7,410 7,440 7,470 7,500 7,530 7,560 7,590 7,620 7,650 7,680 7,710 7,740 7,770 7,800 7,830 7,860 7,890 7,920 7,950 7,980 8,010 8,040 8,070 8,100 8,130 8,160 8,190 8,220 8,250 8,280 8,310 8,340 8,370 8,400 8,430 8,460 8,490 8,520 8,550 8,580 8,610 8,640 8,670 8,700 8,730 8,760 8,790 8,820 8,850 8,880 8,910 8,940 8,970 9,000 9,030 9,060 9,090 9,120 9,150 9,180 9,210 9,240 9,270 9,300 9,330 9,360 9,390 9,420 9,450 9,480 9,510 9,540 9,570 9,600 9,630 9,660 9,690 9,720 9,750 9,780 9,810 9,840 9,870 9,900 9,930 9,960 9,990 10,020 10,050 10,080 10,110 10,140 10,170 10,200 10,230 10,260 10,290 10,320 10,350 10,380 10,410 10,440 10,470 10,500 10,530 10,560 10,590 10,620 10,650 10,680 10,710 10,740 10,770 10,800 10,830 10,860 10,890 10,920 10,950 10,980 11,010 11,040 11,070 11,100 11,130 11,160 11,190 11,220 11,250 11,280 11,310 11,340 11,370 11,400 11,430 11,460 11,490 11,520 11,550 11,580 11,610 11,640 11,670 11,700 11,730 11,760 11,790 11,820 11,850 11,880 11,910 11,940 11,970 12,000 12,030 12,060 12,090 12,120 12,150 12,180 12,210 12,240 12,270 12,300 12,330 12,360 12,390 12,420 12,450 12,480 12,510 12,540 12,570 12,600 12,630 12,660 12,690 12,720 12,750 12,780 12,810 12,840 12,870 12,900 12,930 12,960 12,990 13,020 13,050 13,080 13,110 13,140 13,170 13,200 13,230 13,260 13,290 13,320 13,350 13,380 13,410 13,440 13,470 13,500 13,530 13,560 13,590 13,620 13,650 13,680 13,710 13,740 13,770 13,800 13,830 13,860 13,890 13,920 13,950 13,980 14,010 14,040 14,070 14,100 14,130 14,160 14,190 14,220 14,250 14,280 14,310 14,340 14,370 14,400 14,430 14,460 14,490 14,520 14,550 14,580 14,610 14,640 14,670 14,700 14,730 14,760 14,790 14,820 14,850 14,880 14,910 14,940 14,970 15,000 Q2 FY26 Q1 FY27 Q2 FY27 11
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NSDL-PUBLIC NSDL-PUBLIC SECTION 03 Financial Highlights (Standalone) 12
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NSDL-PUBLIC NSDL-PUBLIC Key Financial Highlights 13 Total Income Revenue from Operations Profit After Tax (PAT) (in ₹ cr) (in ₹ cr) (in ₹ cr) 250.6 219.7 279.8 Q2 FY26 Q1 FY27 Q2 FY27 11.7% 204.2 182.2 227.8 Q2 FY26 Q1 FY27 Q2 FY27 11.6% 120.4 89.1 126.7 Q2 FY26 Q1 FY27 Q2 FY27 5.2% • In Q2 FY27, total income rose 11.7% YoY and 27.4% sequentially to ₹ 279.8cr • Other income increased by 12.1% YoY and 38.7% sequentially to ₹52.0cr in Q2 FY27 • Revenue from operations increased by 11.6% YoY and 25.1% sequentially to ₹ 227.8cr • Operating profit in Q2 FY27 stood at ₹109.7cr vs ₹107.7cr in Q2 FY26, with Operating margin at 48.1% • In Q2 FY27, PAT increased by 5.2% YoY and 42.1% sequentially to ₹126.7cr • PAT margin stood at 45.3% for Q2 FY27 vs 48.1% in Q2 FY26
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NSDL-PUBLIC NSDL-PUBLIC Financial Performance (in ₹ cr) Particulars Quarter ended Half year ended Q2 FY26 Q1 FY27 Q2 FY27 Growth YoY % Growth QoQ % H1 FY26 H1 FY27 Growth YoY % Total Income 250.6 219.7 279.8 11.7% 27.4% 441.0 499.5 13.3% Revenue from Operations 204.2 182.2 227.8 11.6% 25.1% 365.1 410.0 12.3% Total Expenses 96.4 102.4 118.1 22.5% 15.4% 177.3 220.5 24.3% Operating Profit 107.7 79.8 109.7 1.8% 37.4% 187.8 189.4 0.9% Operating Profit Margin (%) 52.8% 43.8% 48.1% 51.4% 46.2% Amortisation and Finance cost 6.5 9.6 9.9 51.5% 3.0% 12.3 19.5 58.5% EBITDA 160.7 126.9 171.6 6.8% 35.2% 275.9 298.4 8.2% EBITDA Margin (%) 64.1% 57.8% 61.3% 62.6% 59.7% Profit Before Tax 154.1 117.3 161.7 4.9% 37.8% 263.7 279.0 5.8% PBT Margin (%) 61.5% 53.4% 57.8% 59.8% 55.9% Profit After Tax 120.4 89.1 126.7 5.2% 42.1% 203.0 215.8 6.3% PAT Margin (%) 48.1% 40.6% 45.3% 46.0% 43.2% EPS 6.02 4.46 6.33 10.15 10.79 Book Value per share 98.5 110.8 113.2 98.5 113.2 Return on Equity (Annualised) 18.5% 16.4% 22.6% 21.5% 19.7% 14
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NSDL-PUBLIC NSDL-PUBLIC Financial Results Particulars Quarter ended Half year ended Q2 FY26 Q1 FY27 Q2 FY27 Growth YoY % Growth QoQ % H1 FY26 H1 FY27 Growth YoY % Income Revenue from Operations 204.2 182.2 227.8 11.6% 25.1% 365.1 410.0 12.3% Other Income 46.4 37.5 52.0 12.1% 38.7% 75.9 89.5 18.0% Total Income 250.6 219.7 279.8 11.7% 27.4% 441.0 499.5 13.3% Expenses Employee benefits expense 28.7 34.7 35.1 22.3% 1.3% 53.9 69.8 29.5% Technology related expense 21.3 27.6 32.4 52.2% 17.6% 39.2 60.0 52.9% Depreciation & amortisation expense 6.5 9.6 9.8 51.6% 3.1% 12.2 19.4 58.6% Contribution to investor protection fund 5.4 3.9 5.7 4.6% 45.9% 9.4 9.5 1.8% Other expenses 34.5 26.7 35.1 1.8% 31.5% 62.6 61.7 (1.4%) Total Expenses 96.4 102.4 118.1 22.5% 15.4% 177.3 220.5 24.3% Profit Before Tax 154.1 117.3 161.7 4.9% 37.8% 263.7 279.0 5.8% Tax Expenses 33.7 28.2 35.0 60.6 63.2 Profit After Tax 120.4 89.1 126.7 5.2% 42.1% 203.0 215.8 6.3% EPS (in ₹) 6.02 4.46 6.33 10.15 10.79 15 (in ₹ cr)
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NSDL-PUBLIC NSDL-PUBLIC Operating Revenue Breakdown Particulars Quarter ended Half year ended Q2 FY26 Q1 FY27 Q2 FY27 Growth YoY % Growth QoQ % H1 FY26 H1 FY27 Growth YoY % Recurring Fee 43.6% 55.5% 44.7% 45.6% 49.5% Annual Custody Fee (1) 88.9 101.1 101.8 14.5% 0.8% 166.5 202.9 21.9% Non - Recurring Fee 56.4% 44.5% 55.3% 54.4% 50.5% Settlement Fee 13.9 14.8 15.5 11.2% 4.4% 28.7 30.3 5.5% Pledge Fee 14.5 17.2 17.2 18.1% (0.3%) 27.9 34.4 23.1% e - Voting 28.9 8.9 31.9 10.2% 258.3% 35.7 40.8 14.2% CA/IPO 29.4 18.9 36.5 24.2% 93.1% 45.1 55.4 22.7% Other transaction charges (2) 28.5 21.3 25.0 (12.4%) 17.4% 61.1 46.2 (24.4%) Sub - total 115.2 81.1 126.0 9.3% 55.3% 198.6 207.0 4.3% Total operating Income 204.2 182.2 227.8 11.6% 25.1% 365.1 410.0 12.3% Note: (1) Annual custody fee includes annual fee charged to listed and unlisted companies, a nnual f ee charged to MF, DPs and Distributed Ledger Technology (DLT) platform. (2) Other transaction charges comprises of Joining fees – Issuers and Distributed Ledger Platform, CAS and other data charges. 16 (in ₹ cr)
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NSDL-PUBLIC NSDL-PUBLIC SECTION 04 Board of Directors and Management 17
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NSDL-PUBLIC NSDL-PUBLIC Dr. Arun Kumar Panda Public Interest Director ~35 years of experience in the Government as a member of the Indian Administrative Service TPSODL, TPNODL and Mayfair Hotels & Resorts Ms. Sripriya Kumar Public Interest Director ~25 years of experience in finance & accountancy, legal & regulatory, risk management, administration Sundaram Finance Holdings Limited, PwC, SPR & Co Experienced Board of Directors (1/2) Mr. Rajat Moona Public Interest Director ~34 years of experience in teaching and research for development & standards IIT Gandhinagar, IIT Kanpur Dr. Shashank Saksena Public Interest Director ~35 years of experience in financial sector policy, economic governance & regulatory reforms Allahabad Bank, Central Bank of India, AIC, DICGC, PFRDA, IBBI Mr. Parveen Kumar Gupta Chairman & Public Interest Director ~41 years of experience in banking industry and has been a part of MSME committee by RBI State Bank of India, SBI Capital Markets Limited 18 Mr. Vijay Chandok MD & CEO ~32 years of experience in banking, finance & accountancy and capital markets ICICI Bank, ICICI Securities Limited
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NSDL-PUBLIC NSDL-PUBLIC Experienced Board of Directors (2/2) Mr. Subhash Kelkar Executive Director – Critical Operations ~33 years of experience as a technology business leader in capital markets & MII BSE, ICICI Securities, CMS Infosystem & IIFL Mr. Ankit Sharma Executive Director – Regulatory & Compliance ~31 years of experience in regulatory policy, compliance & governance NSE, ICICI Securities, DB Centre India, UBS, SEBI, RBI Mr. Sriram Krishnan Non - Independent Director ~29 years of experience in capital markets, finance and accountancy, administration, banking, technology National Stock Exchange, HSBC, Citibank NA and Deutsche Bank AG Mr. Sanjay Panicker Non - Independent Director ~29 years of experience in banking, finance & accountancy, administration, risk management IDBI Bank, Vans Information and Investor Services Limited 19
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NSDL-PUBLIC NSDL-PUBLIC Mr. Sameer Patil Chief Business Officer ~27 years of experience in capital markets and liaising with regulator BSE Limited, National Commodity & Derivative Exchange Of India Limited, MCX Mr. Jigar Shah Chief Financial Officer ~ 18 years of experience in finance, accounts and strategic management NSDL Payments Bank Limited, IDFC First Bank Limited and Standard Chartered Bank Mr. Prashant Vagal Chief Operating Officer ~31 years of experience in business development and operations Special Steels Limited; CIFCO Finance Limited Mr. Yash Kumar Gyanani Chief Regulatory Officer ~ 24 years of experience in the field of regulatory and compliance Citicorp Services, HSBC India, J.P. Morgan, National Commodity and Derivatives Exchange Ltd and SEBI Mr. Ashish Dandekar Chief Technology Officer ~33 years of experience in technology and advisory roles ICICI Bank, NSE, CCIL, Tata Capital, BPCL, UIDAI Mrs. Meghna Harish Kale Chief Human Resource Officer ~ 25 years of experience in human resource management and talent priorities Axis Asset Management, ICICI Bank Limited, Axis Bank Limited and Kotak Mahindra Bank Limited Key Senior Management team 20
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NSDL-PUBLIC NSDL-PUBLIC SECTION 05 Awards and Recognitions 21
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NSDL-PUBLIC NSDL-PUBLIC Awards & Recognitions Influential Leader Influentia Leaders of India 01 APAC Best Company of the Year World BFSI 02 Leading CFO in BFSI & Excellence in Capital Raising CII CFO Excellence Awards 03 CISO of the Year Award 7th CXO Vanguard Awards 04 Enterprise Risk Leadership Award BFSI 100 Game Changer Awards, Elets Technomedia 05 Best Financial Team BW World’s Best CFO & Finance Strategy Excellence Awards 06 Procurement Excellence & Innovation India Procurement Summit 07 Great Manager Award People Business 08 Recognitions Across Finance, Technology, Security and People 22
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NSDL-PUBLIC NSDL-PUBLIC SECTION 06 Subsidiaries Overview 23
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NSDL-PUBLIC NSDL-PUBLIC NDML – Business at a Glance National Insurance Repository 17.5mn Insurance policy digitization KYC Registration Agency (KRA) 20.6mn SEBI - registered KRA | 2,057 intermediaries National Skill Registry 2.6mn Employee background verification | NASSCOM SEZ transaction platform | 605 SEZ developers 24 policies Registrar & Transfer Agent (RTA) 10,283 SEBI - registered RTA with 30,365 ISINs | Primary market transactions issuers SurePay ~₹13,036cr Digital payments platform | 785 merchants onboarded in H1 FY27 KYC records IT professionals SEZ Online 6,504 SEZ units Instigo 1,02,162 Digital onboarding and e - KYC platform 12 cumulative SRIs transactions Accreditation 2,336 Accreditation agency certificates issued
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NSDL-PUBLIC NSDL-PUBLIC NPBL – Business at a Glance Note: NSDL Payments Bank is directly and indirectly held by NSDL (95.05%) and Protean eGov Technologies (4.95%). 25 Customer Acquisition 1.1mn new accounts Digital account opening | 5.4mn active customers (H1 FY27) Customer Service Points 7,244 service points Withdrawal, deposit and transfer touchpoints across India NCMC Smartcards 1.3cr MSRTC registrations Over ₹100cr cumulative card loads in October 2026 Micro - ATMs Banking services via BCs through micro - ATM network ₹44.3bn transactions in H1 FY27 Cash Management Services (CMS) Collections via own BC network ₹133.5bn transfers in H1 FY27 AePS Services 50 business correspondents, ~1mn agents ₹253.7bn withdrawals in H1 FY27 UPI CW Services New service in H1 FY27 | Servicing through BCs ₹1.2bn withdrawals UPI Acquiring Instant mobile transfers, 24 × 7 ₹439.2bn transactions in H1 FY27 Prepaid Cards Corporate gift, student and meal cards, among others ₹55.1bn transactions in H1 FY27
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NSDL-PUBLIC NSDL-PUBLIC NPBL – Operational Snapshot Note: * This is a standalone number as per BR Act; consolidated figures will differ, due to IND - AS adjustments and elimination of inter - company revenues upon consolidation. Total Income* Customer Liability Balance CASA Customers 179.4 314.1 292.3 Q2 FY26 Q1 FY27 Q2 FY27 (in cr) +62.9% (in cr) (in lakhs) +1.6x 271.5 379.3 378.1 Q2 FY26 Q1 FY27 Q2 FY27 +1.4x 9,572.3 20,740.4 23,181.6 Q2 FY26 Q1 FY27 Q2 FY27 UPI Acquiring Volumes +2.4x 33.5 49.5 54.3 Q2 FY26 Q1 FY27 Q2 FY27 (in cr) NSDL Payments Bank’s RuPay NCMC smartcards reached 1.3 crore MSRTC registrations and over ₹100 crore in cumulative card loads in October 2026, supporting concessional bus travel in Maharashtra under the government mandate effective September 1, 2026. 26
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NSDL-PUBLIC NSDL-PUBLIC SECTION 07 Financial Highlights (Consolidated) 27
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NSDL-PUBLIC NSDL-PUBLIC Financial Performance 28 Particulars Quarter ended Half year ended Q2 FY26 Q1 FY27 Q2 FY27 Growth YoY % Growth QoQ % H1 FY26 H1 FY27 Growth YoY % Total Income 432.2 560.5 582.6 34.8% 3.9% 779.0 1,143.1 46.7% Revenue from Operations 400.0 516.6 545.9 36.5% 5.7% 712.1 1,062.5 49.2% Total Expenses 284.7 431.9 420.2 47.6% (2.7%) 512.7 852.1 66.2% Operating Profit 114.0 85.0 125.2 9.8% 47.4% 197.6 210.2 6.4% Operating Profit Margin (%) 28.5% 16.4% 22.9% 27.8% 19.8% Depreciation and amortisation expense 11.1 14.5 14.9 34.2% 2.8% 20.7 29.4 42.1% Finance cost 1.5 1.7 1.7 16.3% 0.7% 3.1 3.4 10.7% EBITDA 158.8 145.0 178.5 12.5% 23.1% 288.3 323.6 12.2% EBITDA Margin (%) 36.7% 25.9% 30.6% 37.0% 28.3% Share of Profits from Associates (1.4) 0.2 (0.5) (1.8) (0.2) Profit Before Tax 146.2 128.8 161.9 10.8% 25.7% 264.5 290.8 9.9% PBT Margin (%) 33.8% 23.0% 27.8% 34.0% 25.4% Profit After Tax 110.4 98.3 122.5 10.9% 24.6% 200.0 220.8 10.4% PAT Margin (%) 25.5% 17.5% 21.0% 25.7% 19.3% EPS (in ₹) 5.52 4.92 6.12 10.00 11.04 Book Value per share 108.3 123.3 125.5 108.3 125.5 Return on Equity ( Annualised ) 20.7% 16.2% 19.6% 19.2% 18.1% (in ₹ cr)
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NSDL-PUBLIC NSDL-PUBLIC Financial Results 29 Particulars Quarter ended Half year ended Q2 FY26 Q1 FY27 Q2 FY27 Growth YoY % Growth QoQ % H1 FY26 H1 FY27 Growth YoY % Income Revenue from Operations 400.0 516.6 545.9 36.5% 5.7% 712.1 1,062.5 49.2% Other income 32.2 43.9 36.7 14.0% (16.4%) 66.9 80.5 20.3% Total Income 432.2 560.5 582.6 34.8% 3.9% 779.0 1,143.1 46.7% Expenses Employee benefits expense 44.6 54.0 53.5 19.8% (1.0%) 83.0 107.5 29.5% Depreciation and amortisation expense 11.1 14.5 14.9 34.2% 2.8% 20.7 29.4 42.1% Finance cost 1.5 1.7 1.7 16.3% 0.7% 3.1 3.4 10.7% Contribution to investor protection fund 5.4 3.9 5.7 4.6% 45.9% 9.4 9.5 1.8% Other expenses 222.1 357.8 344.4 55.1% (3.7%) 396.6 702.2 77.1% Total Expenses 284.7 431.9 420.2 47.6% (2.7%) 512.7 852.1 66.2% PBT before share of associates 147.5 128.6 162.4 10.1% 26.2% 266.3 291.0 9.3% Share of Net Profits (1.4) 0.2 (0.5) (1.8) (0.2) Profit Before Tax 146.2 128.8 161.9 10.8% 25.7% 264.5 290.8 9.9% Tax Expenses 35.8 30.5 39.5 64.5 70.0 Profit After Tax 110.4 98.3 122.5 10.9% 24.6% 200.0 220.8 10.4% EPS (in ₹) 5.52 4.92 6.12 10.00 11.04 (in ₹ cr)
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NSDL-PUBLIC NSDL-PUBLIC SECTION 08 Investor Information 30
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NSDL-PUBLIC NSDL-PUBLIC Shareholding Pattern (as of September 30, 2026) Category Shareholding (%) No. of Shareholders Foreign Institutional Investor (FII) 8.2% 65 Domestic Institutional Investor (DII) 38.2% 34 Public 53.6% 9,07,527 Total 100.0% 9,07,626 *Others Shareholding (%) Canara Bank 2.3% LIC 0.9% Dharampal Satyapal Limited 0.7% Bank of Baroda 0.6% Citibank N.A. 0.5% Whiteoak 0.5% Others 41.3% Total 46.8% Note: Parallel lines in the chart indicate rescaling of the percentage value. Others* HSBC State Bank of India Deutsche Bank A.G SUUTI HDFC Bank National Stock Exchange of India IDBI Bank Union Bank of India 15.0% 15.0% 6.9% 5.1% 3.1% 3.0% 2.6% 2.5% 46.8% 31
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NSDL-PUBLIC NSDL-PUBLIC Disclaimer Safe Harbour Rules - This presentation document is for your information and neither this presentation nor any part thereof shall be ( i ) copied, photocopied, duplicated or otherwise reproduced in any form or by any means ; or (iii) re - circulated, redistributed, passed on, published in any media, website or otherwise disseminated, to any other person, in any form or manner, in part or as a whole, without the prior written consent of the Company . Although care has been taken to ensure that the information in this presentation is accurate, and that the opinions expressed are fair and reasonable, the information is subject to change without notice, its accuracy, fairness or completeness is not guaranteed, and no express or implied warranty is made thereto . The Company expressly disclaims any obligation or undertaking to supplement, amend or disseminate any updates or revisions to any statements contained herein to reflect any change in events, conditions or circumstances on which any such statements are based . Neither the Company nor any of its directors, officers, employees or affiliates nor any other person assume any responsibility or liability for, the accuracy or completeness of, or any errors or omissions in, any information or opinions contained herein, and none of them accept any liability (in negligence, or otherwise) whatsoever for any loss howsoever arising from any use of this presentation or its contents or otherwise arising in connection therewith . The distribution of this presentation in certain jurisdictions may be restricted by law . Accordingly, any persons in possession of the aforesaid should inform themselves about and observe such restrictions . No part of this document should be considered as a recommendation that any investor should subscribe to or purchase securities of the Company or any of its subsidiaries or affiliates and should not form the basis of, or be relied on in connection with, any contract or commitment or investment decision whatsoever . This presentation may contain statements of future expectations and other forward - looking statements which involve risks and uncertainties . These statements include descriptions regarding the intent, belief or current expectations of the Company or its officers with respect to the consolidated results of operations and financial condition, and future events and plans of the Company . Such forward - looking statements are not guarantees of future performance and involve risks and uncertainties and actual results, performances or events may differ from those in the forward - looking statements as a result of various factors, uncertainties and assumptions including but not limited to price fluctuations, actual demand, exchange rate fluctuations, competition, environmental risks, any change in legal, financial and regulatory frameworks, political risks and factors beyond the Company’s control . You are cautioned not to place undue reliance on these forward - looking statements, which are based on the current view of the management of the Company on future events . No assurance can be given that future events will occur, or that assumptions are correct . The Company does not assume any responsibility to amend, modify or revise any forward - looking statements, on the basis of any subsequent developments, information or events, or otherwise . Use of Non - GAAP Measures - In addition to our results determined in accordance with Ind AS, we believe the following Non - GAAP measures are useful to investors in evaluating our operating performance . We use the following NonGAAP financial information to evaluate our ongoing operations and for internal planning and forecasting purposes . We believe that Non - GAAP financial information, when taken collectively with financial measures prepared in accordance with Ind AS, may be helpful to investors because it provides an additional tool for investors to use in evaluating our ongoing operating results and trends and in comparing our financial results with other companies in our industry because it provides consistency and comparability with past financial performance . However, our management does not consider these Non - GAAP measures in isolation or as an alternative to financial measures determined in accordance with Ind AS . Non - GAAP financial information is presented for supplemental informational purposes only, has limitations as an analytical tool and should not be considered in isolation or as a substitute for financial information presented in accordance with Ind AS . Non - GAAP financial information may be different from similarly titled Non - GAAP measures used by other companies . The principal limitation of these Non - GAAP financial measures is that they exclude significant expenses and income that are required by Ind AS to be recorded in our financial statements, as further detailed below . In addition, they are subject to inherent limitations as they reflect the exercise of judgement by management about which expenses and income are excluded or included in determining these Non - GAAP financial measures . Investors are encouraged to review the related Ind AS financial measures and the reconciliation of Non - GAAP financial measures to their most directly identifiable Ind AS financial measures included below and to not rely on any single financial measure to evaluate our business . 32
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For any queries please contact Email ID: IR@nsdl.com 33