National Securities Depository Ltd (NSDL) Q4FY26 Management Mirror - Mar-2026 Qtr
Capex and Operating Margins
Management expects technology capital expenditures to remain elevated and broadly similar to the prior year for one more year, alongside a marginal increase in operating expenses, before structurally improving operating leverage and declining CapEx materialize in the subsequent year, consistent with the front-loaded investment strategy outlined since the Sep'25 Qtr. [Status: Reaffirmed]
4 more themes on the ELITE plan.