India's largest securities depository — holds, transfers and settles investors' demat securities nationwide.
Reported
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 293 | +13.1% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | 47.0 | −3.0 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | 118 | +15.7% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
| Return on equity | 25.32 | −8.1 pts | Trailing twelve months | TTM to Jun 2026 | Adjusted profit attributable to owners ÷ average owners’ equity. |
| Free cash flow margin | 30.22 | −5.5 pts | Fiscal year | FY ending Mar 2026 | (Operating cash flow − fixed-asset purchases + disposals) ÷ revenue. |
| Revenue growth (YoY) | 8.86 | −27.4 pts | Trailing twelve months | TTM to Jun 2026 | Revenue change against the same period one year earlier. |
Guidance
1 of 4 judged targets kept · 3 open · verdicts reflect calls analysed to Q1 FY27.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Folio Count Disclosure | Disclose the updated folio count as of March 31, 2026, during the Q1 FY27 earnings call. | Q4 FY26 | Management disclosed the folio count as 38.73 crores during the call. | Achieved |
| Dividend Payout Ratio | Maintain policy guidance on dividend payout at 60% of our operating profits. | Q4 FY25 | No mention of the annual dividend payout policy. This is typically an annual announcement made with full-year results. | Ghosted |
| ISIN Issuance for Unlisted Companies | Both depositories to handle ISIN issuance for unlisted companies in the near future (ending competitor exclusivity). | Q4 FY26 | Management confirmed they are in 'active engagement' but the service has 'not yet gone live'. | On Track |
3 of C D S L's 7 targets were missed. See which ones, and which are quietly gone. The 3 above are the free sample; 4 more targets are in the full ledger.
Claimed
Qualified
Price
1Y: ₹1,590.2 on 24 Oct 2025 → ₹1,222. High ₹1,655.3 (12 Nov 2025), low ₹1,119.4 (30 Mar 2026).
Overview
Based on the company's own presentations, annual report and earnings calls.
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
close before → close after
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.
Guidance
1 of 4 judged targets kept · 3 open · verdicts reflect calls analysed to Q1 FY27.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Folio Count Disclosure | Disclose the updated folio count as of March 31, 2026, during the Q1 FY27 earnings call. | Q4 FY26 | Management disclosed the folio count as 38.73 crores during the call. | Achieved |
| Dividend Payout Ratio | Maintain policy guidance on dividend payout at 60% of our operating profits. | Q4 FY25 | No mention of the annual dividend payout policy. This is typically an annual announcement made with full-year results. | Ghosted |
| ISIN Issuance for Unlisted Companies | Both depositories to handle ISIN issuance for unlisted companies in the near future (ending competitor exclusivity). | Q4 FY26 | Management confirmed they are in 'active engagement' but the service has 'not yet gone live'. | On Track |
Claimed
Qualified
The full ledger
A free account opens 5 company ledgers a month. All 7 tracked commitments, with each call’s wording and source.
Call summaries
C D S L Q1 FY27
CDSL reported a mixed Q1 FY27 with consolidated total income and net profit showing growth, driven by robust demat account additions and maintaining an 80% market share. However, stand-alone net profit and subsidiary dividend income saw a decline. The company also faced a slight dip in incremental market share and increased employee costs due to annual appraisals, while navigating regulatory changes impacting KYC and issuer charges.
Read the full callC D S L Q4 FY26
CDSL reported a mixed Q4 and full year FY26, with standalone and consolidated total income showing growth, driven by strong demat account additions and market share. However, consolidated net profit and CVL's financial performance saw declines. The company emphasized its continued investment in technology and infrastructure to support an expanding investor base and evolving market needs, while acknowledging geopolitical uncertainties and regulatory changes impacting revenue streams like KYC charges.
Read the full callC D S L Q3 FY26
CDSL reported a mixed Q3 FY26, with strong growth in Demat accounts and consolidated revenue, but a notable decline in consolidated net profit for 9M FY26 and significant underperformance from its subsidiary, CDSL Ventures Limited (CVL). Management addressed concerns regarding rising technology costs, attributing them to necessary infrastructure investments for future growth and evolving market demands. The company maintained its focus on enhancing the securities market ecosystem and investor trust, while acknowledging a slight drop in incremental market share due to seasonal factors.
Read the full callEvery analysed call
Fundamentals
Current values with the period they cover; the trend reads across the 6 fiscal years held (Mar 2021 to Mar 2026).
Financials
Net profit, year on year: +16% (quarter to jun 2026 against jun 2025).
| Line item | Sept 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sept 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 322 | 278 | 224 | 259 | 319 | 304 | 263 | 293 |
| Expenses | 122 | 117 | 115 | 129 | 143 | 145 | 147 | 155 |
| Operating profit | 200 | 161 | 109 | 130 | 176 | 160 | 116 | 138 |
| Operating margin | 62.0% | 58.0% | 49.0% | 50.0% | 55.0% | 52.0% | 44.0% | 47.0% |
| Other income | 37 | 21 | 32 | 36 | 22 | 29 | 6 | 48 |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 12 | 13 | 14 | 15 | 16 | 17 | 18 | 19 |
| Profit before tax | 225 | 168 | 127 | 151 | 183 | 172 | 103 | 167 |
| Tax rate | 28.0% | 23.0% | 21.0% | 32.0% | 23.0% | 23.0% | 23.0% | 29.0% |
| Net profit | 162 | 130 | 100 | 102 | 140 | 133 | 80 | 118 |
| EPS (₹ per share) | 7.75 | 6.22 | 4.80 | 4.90 | 6.71 | 6.38 | 3.84 | 5.62 |
| Line item | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| Sales | 555 | 812 | 1,081 | 1,145 |
| Expenses | 237 | 326 | 457 | 564 |
| Operating profit | 319 | 486 | 624 | 582 |
| Other income | 66 | 97 | 120 | 93 |
| Interest | 0 | 0 | 0 | 0 |
| Depreciation | 19 | 27 | 49 | 66 |
| Profit before tax | 365 | 556 | 695 | 609 |
| Net profit | 276 | 419 | 526 | 455 |
| Line item | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sept 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Equity capital | 104 | 104 | 104 | 209 | 209 | 209 |
| Reserves | 988 | 1,109 | 1,359 | 1,551 | 1,534 | 1,751 |
| Borrowings | 0 | 2 | 1 | 3 | 2 | 2 |
| Other liabilities | 232 | 241 | 317 | 399 | 639 | 457 |
| Total liabilities | 1,326 | 1,457 | 1,781 | 2,162 | 2,384 | 2,419 |
| Fixed assets | 106 | 125 | 342 | 446 | 456 | 500 |
| Capital work in progress | 4 | 174 | 4 | 7 | 12 | 7 |
| Investments | 925 | 937 | 1,149 | 1,351 | 1,447 | 1,487 |
| Other assets | 290 | 221 | 287 | 357 | 470 | 424 |
| Total assets | 1,326 | 1,457 | 1,781 | 2,162 | 2,384 | 2,419 |
| Line item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Debtor days | 40 | 30 | 25 | 30 | 18 | 21 |
| Cash conversion cycle | 40 | 30 | 25 | 30 | 18 | 21 |
| Working capital days | -110 | -75 | -45 | -22 | -57 | -32 |
| Return on capital employed | 31.0% | 40.0% | 30.0% | 40.0% | 42.0% | 32.0% |
| Dividend payout | 47.0% | 50.0% | 61.0% | 55.0% | 50.0% | 58.0% |
The businesses behind the company’s reported revenue.
Depository Activity contributes 84.2% of reported segment revenue.
Quarter ended 30 Jun 2026 · Consolidated
₹246.70 crore
₹45.01 crore
₹1.27 crore
| Business segment | Revenue · ₹ crore | Share |
|---|---|---|
| Depository Activity | 246.70 | 84.2% |
| Data Entry and Storage | 45.01 | 15.4% |
| Repository | 1.27 | 0.4% |
Share = segment revenue ÷ total segment revenue, before intersegment adjustments.
Intersegment transactions are between the company’s own businesses. Net segment revenue can differ from income-statement revenue because reporting definitions differ.
Source: FinEdge · Last checked 19 Sept 2026. Reported segment names are kept as supplied.
Data Entry and Storage shrank from 23% to 15% of revenue over the last two years.
| Segment | Mar 2024 | Jun 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Mar 2026 | Jun 2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| Depository Activity | 77% | 77% | 79% | 81% | 85% | 85% | 81% | 84% | +11.2% |
| Data Entry and Storage | 23% | 23% | 20% | 19% | 14% | 15% | 19% | 15% | +21.8% |
| Repository | <1% | <1% | <1% | <1% | <1% | <1% | <1% | <1% | +49.0% |
Share of reported segment revenue by quarter, consolidated basis, as filed. A quarter the company did not report is left blank, never carried forward.
See how segments are shifting across companies → Segment Shift
Ownership
Public hold 58.56% as of Sept 2026; institutions added 3.00 pts since Jun 2026.
since Jun 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
The same filing shows 0 holders trimming and 1 off the list — both are in the register beside this.
Named in the Sep 2026 filing
Every holder of C D S L above SEBI's 1% disclosure line, and what changed since Jun 2026.
| Holder | Stake | Change |
|---|---|---|
| 15.00% | unchanged | |
| Insurer | 4.40% | unchanged |
| Mutual fund | 1.35% | newly disclosed |
| Mutual fund | 1.13% | unchanged |
| 1.09% | newly disclosed | |
| Mutual fund | 1.00% | newly disclosed |
| Mutual fund | — | 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.
Filings to Sep 2026
0 new, 1 added, 7 trimmed, 0 sold out — net +2.85 L shares (+3.8%).
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| Nippon India Small Cap Fund Nippon India Mutual Fund | ₹321 Cr | held | Dec '18 |
| Parag Parikh Flexi Cap Fund PPFAS Mutual Fund | ₹286 Cr | held | Aug '19 |
| SBI ESG Exclusionary Strategy Fund SBI Mutual Fund | ₹97 Cr | held | Jun '26 |
| SBI Arbitrage Fund (Erstwhile known as SBI Arbitrage Opportunities Fund) SBI Mutual Fund | ₹65 Cr | +3.05 L | Jun '26 |
| SBI Retirement Benefit Fund - Aggressive Plan SBI Mutual Fund | ₹58 Cr | held | Jul '26 |
| HDFC Arbitrage Fund HDFC Mutual Fund | ₹47 Cr | −0.07 L | Jun '26 |
| Nippon India Nifty Smallcap 250 Index Fund Nippon India Mutual Fund | ₹35 Cr | −0.09 L | Oct '20 |
| SBI Retirement Benefit Fund - Aggressive Hybrid Plan SBI Mutual Fund | ₹24 Cr | held | Jul '26 |
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 Sep 2026
1 added, 7 trimmed — net +2.85 L shares (+3.8%)
Shares held by these funds −49%
Oct '23 77.37 L shares Sep '26
Your own record
Free account: one company. Everything above stays public.
Write why you follow C D S L and the condition you want checked. Inve compares your numeric conditions with available results and management guidance; your own conditions remain yours to review.
Keep reading
Guides on how to read this kind of business and the numbers that matter.
