Central Depository Services (India) LimitedQ1 FY27 Results & Financial Update
Central Depository Services (India) Limited: Q1 FY27 consolidated results and company financials – revenue ₹292.76 Cr, PAT ₹117.67 Cr. Explore reported YoY/QoQ movements, margins, business drivers and management commentary. This page does not provide a rating, target price or investment recommendation.
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Quarterly Results AnalysisExplore Central Depository Services (India) Q1 FY27 quarterly results and earnings: revenue, profit (PAT), EBITDA, margins, YoY and QoQ growth, order book or business updates where reported, financial performance and management commentary. Reported figures and Nivata calculations are shown separately; no buy, sell or hold recommendation is provided.
Quarter overview
Quarterly earnings analysis
During the quarter ended 30 June 2026 (Q1 FY27), CDSL reported consolidated revenue from operations of INR 292.76 crore.
Total consolidated income for the quarter reached INR 340.50 crore, which includes other income of INR 47.74 crore.
Profit before tax (PBT) for the quarter stood at INR 166.67 crore after accounting for expenses including depreciation and amortization of INR 19.18 crore.
Profit after tax (PAT) was recorded at INR 117.67 crore, resulting in basic and diluted earnings per share (EPS) of INR 5.62 for the quarter.
Tax expense for the period was reported at INR 49.00 crore, while finance costs remained nil.
Profit after tax was ₹117.67 Cr for the reported quarter. EPS was ₹5.62 for the reported quarter.
Central Depository Services (India) Limited posted audited consolidated financial results for the quarter ended June 30, 2026, highlighting continued expansion across its depository network and business segments.
01 · Business model
What does Central Depository Services (India) do?
Central Depository Services (India) Limited operates as a market infrastructure institution, providing depository services to various market participants including stock exchanges, depository participants, issuers, and investors.
The company facilitates holding and transacting securities in electronic form and provides settlement of trades on stock exchanges.
CDSL generates revenue through transaction charges, account maintenance charges, issuer charges, and other related services tied to capital market activity.
Central Depository Services (India) Limited (CDSL) operates as a foundational Market Infrastructure Institution (MII), enabling the electronic holding, settlement, and transfer of securities across India's financial ecosystem.
Established in 1999 and recognized as Asia's first listed depository, the company partners with over 588 depository participants to serve investors, issuers, clearing corporations, and stock exchanges.
02 · Historical context
What shaped the business before this quarter
CDSL expanded its total registered demat accounts from 15.86 crore as of June 30, 2025, to over 18.59 crore by June 30, 2026.
Established in 1999, CDSL has operated historically as Asia's first listed depository, developing a network of over 588 depository participants over its 25-year operating history.
Established in 1999, CDSL has operated for over 25 years as a foundational Market Infrastructure Institution enabling dematerialisation and digital securities services in India.
03 · Financial snapshot
Current-quarter financial snapshot
| Metric | Q1 FY27 |
|---|---|
| Revenue from operations | ₹292.76 Cr |
| Total income | ₹340.50 Cr |
| Profit before tax | ₹166.67 Cr |
| Profit after tax | ₹117.67 Cr |
| EPS | ₹5.62 |
Financial interpretation
What the reported numbers mean
Profit after tax represented 40.2% of reported quarterly operating revenue. This is a calculated net-profit-to-sales ratio, not a company-reported operating margin. It measures the outcome after expenses and tax; it does not, by itself, establish how margins changed versus another period.
Profit before tax was equivalent to 56.9% of quarterly operating revenue. The distinction between pre-tax and post-tax profit matters when interpreting earnings; neither ratio identifies an underlying cost driver without a properly matched comparative period.
Total income exceeded operating revenue by ₹47.74 crore. This is the disclosed difference between the two lines, not incremental sales. The distinction matters when assessing how much of the quarter’s reported income came from the operating top line.
Ratios above are calculated from the reported quarterly figures. They are analytical descriptions, not company-reported margin guidance or an investment recommendation.
04 · Why it moved
Why the quarter looked the way it did
What drove revenue
Revenue is driven by transaction charges, annual issuer fees, and electronic settlement volumes stemming from an active base of over 18.59 crore demat accounts.
Standalone revenue incorporates dividend distributions from subsidiaries, which contributed ₹39.50 crore during the quarter compared to ₹62 crore in the same period last year.
The opening of approximately 58 lakh new demat accounts during Q1 FY27 drove the total active register past 18.59 crore accounts, directly expanding the base for issuer and annual issuer charges.
Market valuation and electronic holding growth lifted total Assets Under Custody (AUC) to ₹88.2 lakh crore, enlarging the fee-generating asset pool.
What drove margins
Profitability reflects operating leverage inherent in depository operations, where incremental demat accounts and transaction volumes flow through with relatively stable fixed infrastructure costs.
Standalone financial results included dividend income from subsidiaries amounting to ₹39.50 crore in Q1 FY27, compared to ₹62.00 crore in Q1 FY26.
05 · Demand, customers & order book
Where demand is coming from
CDSL added approximately 58 lakh new demat accounts during Q1 FY27, taking total cumulative accounts past 18.59 crore served through more than 588 depository participants.
CDSL continued to partner with more than 588 depository participants to service its over 18.59 crore demat accounts.
06 · Segments, products & geography
Which parts of the business are doing the work
Segments and products
Subsidiaries such as CDSL Ventures Limited (CVL) operated as KYC Registration Agencies and RTA service providers, Centrico Insurance Repository Limited provided insurance repository services, and Countrywide Commodity Repository Limited (CCRL) handled electronic warehouse receipts.
Geography and market mix
CDSL serves depository participants, issuers, and investors nationwide, complemented by Investor Awareness Programmes conducted across multiple regions during the quarter.
07 · Strategy & new businesses
How the company is trying to change its growth mix
CDSL completed an equity investment of ₹1 crore for a 2% stake in Sahamati Foundation, an RBI-recognized Self-Regulatory Organisation for the Account Aggregator ecosystem, aimed at strengthening governance and financial data-sharing standards in India.
08 · Reported developments
What changed operationally
CDSL received multiple awards during the quarter, including 'Most Innovative Fintech Company in Asia-Pacific' from Global Finance Magazine, 'Innovation in Settlement Efficiency' at the Global Custodian Leaders in Asia Custody Awards, and the Golden Peacock Innovative Product/Service Award for 2026.
The Governing Board approved the appointment of Amit Mahajan as Executive Director for Critical Operations and Nayana Ovalekar as Executive Director for Regulatory, Compliance, Risk Management & Investor Grievances, effective June 2026.
09 · Items worth noticing
The line items that can distort a quick read
Standalone financial results include dividend income from subsidiaries amounting to ₹39.50 crore in Q1 FY27, compared to ₹62 crore in Q1 FY25-26.
10 · Beyond the numbers
What changed beyond the numbers
Reported update
Investor Education Initiatives
The CDSL Investor Protection Fund (IPF) conducted over 40 Investor Awareness Programmes across India and received the Silver Award at the ET BrandEquity Shark Awards 2026 for its 'SEBI vs SCAM' campaign.
11 · Previous-quarter changes
What changed since the previous quarter
Consolidated total income grew 27% sequentially from ₹268.00 crore in Q4 FY26 to ₹340.50 crore in Q1 FY27, while consolidated net profit increased 47% from ₹80.00 crore to ₹117.67 crore over the same period.
12 · Key Q&A
The quarter, answered directly
What does Central Depository Services (India) do?
Central Depository Services (India) Limited operates as a market infrastructure institution, providing depository services to various market participants including stock exchanges, depository participants, issuers, and investors.
What is the clearest takeaway from Q1 FY27?
During the quarter ended 30 June 2026 (Q1 FY27), CDSL reported consolidated revenue from operations of INR 292.76 crore.
What drove revenue or demand?
Revenue is driven by transaction charges, annual issuer fees, and electronic settlement volumes stemming from an active base of over 18.59 crore demat accounts.
What mattered most for margins or profitability?
Profitability reflects operating leverage inherent in depository operations, where incremental demat accounts and transaction volumes flow through with relatively stable fixed infrastructure costs.
What changed operationally beyond the headline numbers?
CDSL completed an equity investment of ₹1 crore for a 2% stake in Sahamati Foundation, an RBI-recognized Self-Regulatory Organisation for the Account Aggregator ecosystem, aimed at strengthening governance and financial data-sharing standards in India.
What should the next disclosure help confirm?
Monitor the pace of new demat account additions beyond the 18.59 crore milestone and the progression of Assets Under Custody from the reported ₹88.2 lakh crore level.
13 · Scenario calculator
Earnings sensitivity: what if growth and margins change?
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14 · Next filing checkpoints
What the next disclosure can confirm or change
- 01
Account Growth Trajectory: Monitor the pace of new demat account additions beyond the 18.59 crore milestone and the progression of Assets Under Custody from the reported ₹88.2 lakh crore level.
- 02
Account Aggregator Integration: Track the integration and development of cross-industry data sharing initiatives following the equity investment in Sahamati Foundation.
- 03
Demat account milestones: Monitor subsequent quarterly updates for the pace of new demat account openings beyond the 18.59 crore mark achieved by June 30, 2026.
- 04
Assets Under Custody progression: Track the trajectory of Assets Under Custody from the reported ₹88.2 lakh crore level alongside broader capital market activity.
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Use Nivata’s plain-English guides to understand the accounting terms used in this brief before interpreting them.