CDSL
C D S L share price & financials
- Price
- ₹1,370.3
- Market cap
- ₹27.8k Cr
- Sector
- Financial Services
- Calls analysed
- 6
C D S L Q1 FY27
What went well
- Consolidated total income grew to INR341 crores from INR295.14 crores YoY.
- Consolidated net profit grew to INR118 crores from INR102 crores YoY.
- Opened 58 lakh new demat accounts, reaching 18.59 crores total.
What to watch
- Stand-alone net profit declined to INR144 crores from INR152 crores YoY.
- Dividend from subsidiary (part of other income) decreased to INR39.50 crores from INR62 crores YoY.
What C D S L does
CDSL is one of India's two securities depositories, holding investors' shares and other securities in electronic (dematerialised) form and enabling their transfer, pledge and settlement on behalf of Depository Participants (DPs), listed issuers, clearing corporations and stock exchanges. It earns primarily from annual fees charged to issuers for maintaining securities in demat form, transaction charges on trades, and income linked to IPOs and corporate actions. Through subsidiaries, the group also runs India's largest KYC Registration Agency and RTA business (CDSL Ventures), an IRDAI-licensed insurance repository (CIRL), and a WDRA-regulated electronic commodity repository (CCRL).
Segments
- Depository Services (CDSL standalone)
- KYC & RTA Services (CDSL Ventures Limited)
- Insurance Repository (Centrico Insurance Repository Limited)
- Commodity Repository (Countrywide Commodity Repository Limited)
- Demat (BO) accounts serviced
- 18.01 crore (as of Mar 2026)
- Listed issuers whose securities are held
- 48,103 (as of Mar 2026)
- ISINs (securities) admitted in demat form
- 1,26,779 (as of Mar 2026)
- Depository Participants in network
- 574
- States and Union Territories reached
- 36
- Securities held in demat custody
- 83,599 crore securities
Guidance record · Q1 FY27
what the last two calls moved 7 tracked 1 delivered 3 missed 3 open- Folio Count Disclosure delivered said Q4 FY26 Promised: Disclose the updated folio count as of March 31, 2026, during the Q1 FY27 earnings call. Q1 FY27: Management disclosed the folio count as 38.73 crores during the call.
- Dividend Payout Ratio went quiet said Q4 FY25 Promised: Maintain policy guidance on dividend payout at 60% of our operating profits. Q1 FY27: No mention of the annual dividend payout policy. This is typically an annual announcement made with full-year results.
- ISIN Issuance for Unlisted Companies on track said Q4 FY26 Promised: Both depositories to handle ISIN issuance for unlisted companies in the near future (ending competitor exclusivity). Q1 FY27: Management confirmed they are in 'active engagement' but the service has 'not yet gone live'.
All 7 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 13.1%, net profit up 15.7% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 322 | 278 | 224 | 259 | 319 −1% | 304 +9% | 263 +17% | 293 +13% |
| EBITDA | 200 | 161 | 109 | 130 | 176 −12% | 160 −1% | 116 +6% | 138 +6% |
| Net profit | 162 | 130 | 100 | 102 | 140 −14% | 133 +2% | 80 −20% | 118 +16% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance −12.2% 1Y
1Y: ₹1,548.8 on 10 Sept 2025 → ₹1,360. High ₹1,655.3 (12 Nov 2025), low ₹1,119.4 (30 Mar 2026).
How the price took the results
close before → close after
- Q1 FY27
- −0.8%
- 3 Aug
- Q4 FY26
- −1.0%
- 7 May
- Q3 FY26
- +0.6%
- 2 Feb
- Q2 FY26
- +0.4%
- 3 Nov
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Financials, as filed
Revenue grew 27.3% a year over 3 years, FY23 to FY26. Operating margin narrowed to 50.8%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹555 Cr | ₹812 Cr | ₹1.1k Cr | ₹1.1k Cr |
| Operating profit | ₹319 Cr | ₹486 Cr | ₹624 Cr | ₹582 Cr |
| Operating margin | 57.5% | 59.9% | 57.7% | 50.8% |
| Interest | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Depreciation | ₹19 Cr | ₹27 Cr | ₹49 Cr | ₹66 Cr |
| Net profit | ₹276 Cr | ₹419 Cr | ₹526 Cr | ₹455 Cr |
| Net margin | 49.7% | 51.6% | 48.7% | 39.7% |
| ROCE | 30.0% | 40.0% | 42.0% | 32.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹104 Cr | ₹104 Cr | ₹104 Cr | ₹104 Cr | ₹209 Cr | ₹209 Cr |
| Reserves | ₹773 Cr | ₹988 Cr | ₹1.1k Cr | ₹1.4k Cr | ₹1.5k Cr | ₹1.8k Cr |
| Borrowings | ₹0 Cr | ₹0 Cr | ₹2 Cr | ₹1 Cr | ₹2 Cr | ₹2 Cr |
| Other liabilities | ₹206 Cr | ₹232 Cr | ₹241 Cr | ₹317 Cr | ₹639 Cr | ₹457 Cr |
| Total liabilities | ₹1.1k Cr | ₹1.3k Cr | ₹1.5k Cr | ₹1.8k Cr | ₹2.4k Cr | ₹2.4k Cr |
| Fixed assets | ₹73 Cr | ₹106 Cr | ₹125 Cr | ₹342 Cr | ₹456 Cr | ₹500 Cr |
| Capital work in progress | ₹23 Cr | ₹4 Cr | ₹174 Cr | ₹4 Cr | ₹12 Cr | ₹7 Cr |
| Investments | ₹709 Cr | ₹925 Cr | ₹937 Cr | ₹1.1k Cr | ₹1.4k Cr | ₹1.5k Cr |
| Other assets | ₹278 Cr | ₹290 Cr | ₹221 Cr | ₹287 Cr | ₹470 Cr | ₹424 Cr |
| Total assets | ₹1.1k Cr | ₹1.3k Cr | ₹1.5k Cr | ₹1.8k Cr | ₹2.4k Cr | ₹2.4k Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, FIIs trimmed −4.66 pp while the public added +3.70 pp. The shareholder count grew 2% to 15,22,866.
- Promoters
- 15.0%
- FIIs
- 8.2%
- DIIs
- 15.2%
- Public
- 61.6%
Since Jun 2025
- FIIs −4.66 pp
- Public +3.70 pp
- DIIs +0.95 pp
How it drifted, 12 quarters
Over this window the public went from 47.9% to 61.6% — +13.6 pp.
Ownership split by quarter, oldest first. Sep '23: Promoters 15.0%, FIIs 15.3%, DIIs 21.8%, Public 47.9%.Dec '23: Promoters 15.0%, FIIs 18.2%, DIIs 21.3%, Public 45.5%.Mar '24: Promoters 15.0%, FIIs 11.4%, DIIs 23.1%, Public 50.5%.Jun '24: Promoters 15.0%, FIIs 14.0%, DIIs 24.9%, Public 46.1%.Sep '24: Promoters 15.0%, FIIs 13.8%, DIIs 21.6%, Public 49.7%.Dec '24: Promoters 15.0%, FIIs 17.1%, DIIs 19.1%, Public 48.7%.Mar '25: Promoters 15.0%, FIIs 11.3%, DIIs 15.4%, Public 58.3%.Jun '25: Promoters 15.0%, FIIs 12.9%, DIIs 14.2%, Public 57.9%.Sep '25: Promoters 15.0%, FIIs 11.5%, DIIs 14.2%, Public 59.3%.Dec '25: Promoters 15.0%, FIIs 12.4%, DIIs 15.1%, Public 57.5%.Mar '26: Promoters 15.0%, FIIs 11.4%, DIIs 14.4%, Public 59.2%.Jun '26: Promoters 15.0%, FIIs 8.2%, DIIs 15.2%, Public 61.6%.
Who is on the register
Named in the Jun 2026 filing
Every holder of C D S L above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| BSE Limited | 15.00% | unchanged |
| LICI Asm Non Par Insurer | 4.40% | unchanged |
| Nippon Life India Trustee Ltd-A/C Nippon India Small Cap Fund Mutual fund | 1.35% | unchanged |
| Parag Parikh Flexi Cap Fund Mutual fund | 1.13% | unchanged |
| Investor Education and Protection Fund (IEPF) | 0.00% | unchanged |
| Key Managerial Personnel | 0.00% | unchanged |
| Unclaimed or Suspense or Escrow Account | 0.00% | unchanged |
| New World Fund Inc Global fund house | — | off the list |
| Smallcap World Fund, Inc Global fund house | — | off the list |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
Mutual funds in CDSL
Filings to Aug 2026
0 new, 6 added, 2 trimmed, 1 sold out — net −3.67 L shares (−7.0%).
- Held by funds
- ₹684 Cr
- 15 schemes
- Biggest holder
- Nippon India Small Cap Fund
- ₹356 Cr · 0.4% of that fund
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| Nippon India Small Cap Fund Nippon India Mutual Fund | ₹356 Cr | held | Dec '18 |
| SBI ESG Exclusionary Strategy Fund SBI Mutual Fund | ₹108 Cr | held | Jun '26 |
| SBI Retirement Benefit Fund - Aggressive Plan SBI Mutual Fund | ₹64 Cr | held | Jul '26 |
| Nippon India Nifty Smallcap 250 Index Fund Nippon India Mutual Fund | ₹40 Cr | +0.03 L | Oct '20 |
| SBI Arbitrage Fund SBI Mutual Fund | ₹29 Cr | +1.19 L | Jun '26 |
| SBI Retirement Benefit Fund - Aggressive Hybrid Plan SBI Mutual Fund | ₹26 Cr | held | Jul '26 |
| HDFC Arbitrage Fund HDFC Mutual Fund | ₹25 Cr | +1.09 L | Jun '26 |
| SBI Nifty Smallcap 250 Index Fund SBI Mutual Fund | ₹20 Cr | +0.02 L | Oct '22 |
HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.
Mutual funds Aug 2026
6 added, 2 trimmed — net −3.67 L shares (−7.0%)
- Funds are sitting on
- +106%
- vs est. average cost
- Held by funds
- ₹684 Cr
- 15 schemes · ≈ 2.4% of the company
- Biggest holder
- Nippon India Small Cap Fund
- ₹356 Cr · 0.4% of that fund
Shares held by these funds −0%
Aug '23 53.65 L shares Jul '26
All earnings calls (6)
Read the Q1 FY27 call →Learn to analyse C D S L
Guides on how to read this kind of business and the numbers that matter.