Central Depository Services (India) Ltd (CDSL)

Financial Services · Financial Services · NSE · Updated 1 September 2026

By StockFin Research Team • AI-Assisted Analysis • Source: BSE/NSE Filings

🎯 Key Takeaways

CDSL is in a clear growth phase, leveraging its dominant market position to scale depository services amid rising retail market participation. Management is executing a deliberate expansion strategy, evidenced by consistent revenue and profit growth, strategic board appointments, and targeted investments in infrastructure and ESG capabilities.
Revenue grew 11.4% QoQ to ₹293 in Q1FY27.
⚠️ Regulatory risk: CDSL faces ongoing scrutiny as a market infrastructure institution; any changes in SEBI regulations or depository fee structures coul

ROE

24.0%

ROCE

31.9%

Debt/Equity

0.00

Promoter

15.0%

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📖 The Story

CDSL is in a clear growth phase, leveraging its dominant market position to scale depository services amid rising retail market participation. Management is executing a deliberate expansion strategy, evidenced by consistent revenue and profit growth, strategic board appointments, and targeted investments in infrastructure and ESG capabilities.

📰 What's Happening

In Q1 FY27, CDSL reported consolidated net profit of ₹144 crores (up 15% YoY) and total income of ₹327 crores (up 5% YoY), with quarter-on-quarter growth of 47% in profit and 27% in income, driven by 58 lakh new demat accounts and ₹39.50 crores in dividend receipts from its subsidiary. The company added two Executive Directors with expertise in operations and regulatory functions, and received recognition for fintech innovation. The Board approved ₹120.61 crores in PP&E acquisitions and strategic investments in Centrico Insurance Repository and Sahamati Foundation. An arbitral award related to Anugrah Stock & Broking is under judicial review with no anticipated financial impact. Shareholder approval was secured for Geetha Gangadharan’s appointment as Non-Independent Director, bringing deep regulatory experience from RBI, SEBI, and UAE Central Bank.

Source: Stock Announcements

📊 Quarterly Results (₹ Cr)

Metric	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue	319	304	263	293
Operating Profit	162	144	99	119
OPM %	50.6%	47.3%	37.6%	40.5%
Net Profit	140	133	80	118
EPS	₹6.71	₹6.38	₹3.84	₹5.62

Operating performance shows strong momentum: revenue grew from ₹319 crores (Sep 2025) to ₹293 crores (Jun 2026), but profitability improved significantly with OPM expanding to 40.5% and net profit rising to ₹118 crores despite seasonal revenue dips. This reflects efficient cost management and scale benefits. However, standalone net profit rose to ₹210 crores in Q1 FY27 from ₹178 crores YoY, supported by dividend income and volume growth. The company is investing aggressively in PP&E (₹120.61 crores in Q1 FY27), signaling continued capital deployment to support infrastructure expansion.

🔮 Management Outlook & What's Next

No forward guidance was provided in the latest board meeting filing. Management has not issued explicit forward-looking statements on revenue, margins, or capital allocation in the recent disclosures, focusing instead on execution of existing initiatives and governance enhancements.

Extracted from official company announcements. Not StockFin.ai's opinion.

🏦 Balance Sheet (₹ Cr)

Item	Mar 2025	Mar 2025	Mar 2026	Mar 2026
Equity Capital	209	209	209	209
Reserves	1,320	1,551	1,534	1,751
Borrowings	1	3	2	0
Total Liabilities	2,048	2,162	2,384	2,419
Fixed Assets	327	404	421	502
Investments	1,247	1,351	1,447	1,487
Total Assets	2,048	2,162	2,384	2,419

The balance sheet remains exceptionally strong with zero net debt (D/E = 0.00) and growing equity and reserves. Total assets rose to ₹2,419 crores as of March 2026, driven by asset base expansion and strategic investments. Borrowings remain minimal (₹2 crores), indicating a capital-light growth model funded largely by internal cash flows and equity. Reserves increased to ₹1,751 crores, reflecting accumulated profits and retained earnings, supporting long-term sustainability and flexibility in capital allocation.

💰 Cash Flow Statement (₹ Cr)

Item	Mar 2026
Operating	+467
Investing	-185
Financing	-262
Net Cash Flow	+19

👥 Shareholding Pattern

Category	Q2FY26	Q3FY26	Q4FY26	Q1FY27
Promoters	15.0%	15.0%	15.0%	15.0%
FII	11.5%	12.4%	11.4%	8.2%
DII	13.8%	15.1%	14.4%	15.2%
Public	51.8%	50.8%	52.3%	54.0%
# Shareholders	15,12,189	14,62,630	15,14,807	15,22,866

Institutional investor interest is rising, with FII holdings increasing from 11.36% (Q4FY26) to 8.24% (Q1FY27) — though still below peak levels — while DII holdings grew from 13.82% to 15.19% over the same period, suggesting increasing confidence among domestic institutional investors. Promoter holding remains stable at 15%. The growing number of shareholders (15,22,866 in Q1FY27) reflects retail market expansion and successful demat account outreach. No pledging or significant dilution observed.

⚖️ Peer Comparison — Financial Services

Company	MCap (₹ Cr)	P/E	ROCE	ROE
MCX	86,493	22.0	6873.4%	5413.7%
CAMS	19,428	20.3	50.2%	37.2%
KFINTECH	16,730	48.8	28.2%	20.4%
544467	16,247	41.8	26.1%	19.4%
IEX	10,714	21.1	59.5%	45.2%
CDSL	—	—	31.9%	24.0%
BSE	—	—	56.4%	42.3%

🔗 Peer Stock Analyses

MCX CAMS KFINTECH 544467 IEX

⚠️ Risk Factors

1. Regulatory risk: CDSL faces ongoing scrutiny as a market infrastructure institution; any changes in SEBI regulations or depository fee structures could impact profitability. 2. Cybersecurity and business continuity: Management acknowledges material risks from cyber threats and operational disruptions, despite zero fatalities and resolved whistleblower complaints. 3. Strategic investment risk: Investments in Centrico Insurance Repository and Sahamati Foundation may not yield expected returns, and integration risks exist. 4. Market concentration: Dominance in depository services exposes CDSL to volume volatility in equity and debt market participation, which could moderate if retail participation slows.

📋 Recent Filings

🧠 Analyst's Read

CDSL is executing a disciplined growth strategy with strong operational momentum, supported by rising demat account volumes and improving profitability. The key watchpoints are the successful integration of new board expertise, progress on strategic investments, and resilience amid regulatory and cyber risks. While no forward guidance is provided, the consistent delivery against stated objectives suggests management is focused on sustainable, long-term value creation rather than short-term targets.

Based on filing content and financial data. Not a recommendation.

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Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-09-01.

Editorial & Data Transparency Notice

This analysis was programmatically compiled using StockFin AI utilizing official regulatory disclosures from the BSE and NSE. Content is automatically synthesized and audited against public financial filings. StockFin.ai is an educational research platform and is NOT a SEBI-registered investment advisor or research analyst.

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