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CDSL reported a consolidated total revenue of INR 334 crores for Q3 FY26, marking a 12.08% increase year-over-year from INR 298 crores. The stand-alone net profit for the quarter also saw a healthy rise of 14.28% YoY, reaching INR 120 crores compared to INR 105 crores in the previous year. However, the combined average daily turnover at BSE and NSE for December 2025 was INR 1 lakh crores, reflecting an 8.3% decline from the same period last year.

The depository industry continued its robust growth, crossing 21.6 crore Demat accounts. CDSL significantly contributed to this expansion by opening over 75 lakh new accounts during Q3 FY26, bringing its total Demat accounts to 17.27 crores. This growth allowed CDSL to maintain a dominant market share of 80% in the industry. The total folio count remained consistent at 33.76 crores, as previously reported in Q1.

CDSL's subsidiary, CDSL Ventures Limited (CVL), experienced a challenging 9-month period ending December 2025. Revenue from operations for CVL declined by 30.16% YoY to INR 132 crores, down from INR 189 crores in the prior year. Concurrently, CVL's profit after tax saw a substantial decrease of 53.84% YoY, falling to INR 42 crores from INR 91 crores in 9M FY25, indicating significant pressure on its profitability.

Management addressed analyst concerns regarding a significant increase in technology costs, which have grown approximately 4x since FY23, while volume growth was 1.82x. CDSL clarified that these investments are crucial for upgrading to the latest technology, building capacity to handle potential volume surges, and supporting newer products and security measures. This strategic spend is aimed at ensuring seamless operations and maintaining a strong value proposition in a rapidly evolving market, positioning the company for future growth.

The KRA business remains a key focus, with management highlighting that KRAs possess validated data with a broader set of fields compared to CKYC. Recent regulatory developments, including a SEBI consultation paper proposing KRAs hold additional client details and a Ministry of Finance circular linking KRAs to CKYC, underscore the continued importance and evolving role of KRAs in the securities market ecosystem. CDSL believes these developments reinforce the long-term viability and relevance of its KRA operations.

For Q3 FY26, CDSL reported specific income figures from various services: CAS income stood at INR 12.78 crores, and e-voting income was INR 5.23 crores. Additionally, pledge margin pledge income contributed INR 5.42 crores, unlisted issuer income was INR 2.66 crores, and application processing income generated INR 3.17 crores. Management noted that overall other costs were in line with expectations, with reductions observed in interKRA and eSign expenses, indicating effective cost management in certain areas.

CDSL acknowledged the current market dynamics, including a period of softness and the increasing popularity of commodities, but reiterated its commitment to building robust infrastructure to be prepared for any future growth. The company emphasized its investor-centric approach, evidenced by crossing 100 million YouTube channel views and successfully launching its 'Reimagine Ideathon' with over 1,000 participants. These initiatives aim to enhance trust and educate investors across the country.