CDSL · Financial Services
Central Depository Services (India) Ltd. reported revenue of ₹259 cr for April to June 2025, +0.8% on the year and +15.6% on the quarter. Over the last four quarters revenue comes to ₹1,083 cr, +17.8% on the four before.
Operating profit (EBITDA) was ₹130 cr, a margin of 50.2%, −973 bps on the year and +153 bps on the quarter. Over the last 8 quarters the margin has ranged from 48.7% to 62.1%, averaging 57.8%. Operating costs grew +25.2%, faster than revenue at +0.8%, so operating profit grew less than sales.
Net profit was ₹102 cr, −23.9% on the year and +2.0% on the quarter, with earnings per share of ₹4.90. Profit before other income, one-offs and tax grew faster, at −20.7%; other income, one-offs or tax held the headline back. The tax rate was 32% against an average of 24% over the previous 8 quarters, which weighed on profit this quarter. Profit over the last four quarters totals ₹494 cr, +3.1% on the four before.
Asset managers and brokers earn fees on assets and activity, so revenue follows market levels and flows; treasury income can lift other income in a good market quarter. The quarterly statements do not carry assets under management, flows and the yield on assets; those come with the filing read.
On earnings per share of ₹23.67 over the last four quarters, the stock at ₹1,287.00 trades at 54.4 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow, the auditor's review, segment results, one-off items line by line and what management said on the call.
Operating margin fell sharply on the year. Pricing, input costs, or mix?
EBITDA margin 50.2%, −973 bps on the year (+153 bps on the quarter).
Source: Quarterly statements
Could not run on this quarter: Exceptional items that recur, Finance cost rising, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
| Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹214 cr | ₹241 cr | ₹257 cr | ₹322 cr | ₹278 cr | ₹224 cr | ₹259 cr | ₹319 cr | ₹304 cr | ₹263 cr | ₹293 cr | ₹394 cr |
| YoY | — | — | +71% | +56% | +30% | −7% | +1% | −1% | +9% | +17% | +13% | +24% |
| EBITDA margin | 60.7% | 61.4% | 59.9% | 62.1% | 57.9% | 48.7% | 50.2% | 55.7% | 52.6% | 44.1% | 47.1% | 57.9% |
| Other income, % of PBT | 14% | 17% | 17% | 16% | 13% | 25% | 24% | 12% | 17% | 6% | 29% | 10% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 26% | 23% | 23% | 28% | 23% | 21% | 32% | 23% | 23% | 23% | 29% | 25% |
| Net profit | ₹107 cr | ₹129 cr | ₹134 cr | ₹162 cr | ₹130 cr | ₹100 cr | ₹102 cr | ₹140 cr | ₹133 cr | ₹80.0 cr | ₹118 cr | ₹173 cr |
| YoY | — | — | +81% | +49% | +21% | −22% | −24% | −14% | +2% | −20% | +15% | +24% |
| Core profit YoY | — | — | +96% | +54% | +19% | −32% | −21% | −15% | −3% | +2% | +3% | +30% |
| EPS | ₹5.14 | ₹6.18 | ₹6.42 | ₹7.75 | ₹6.22 | ₹4.80 | ₹4.90 | ₹6.71 | ₹6.38 | ₹3.84 | ₹5.62 | ₹8.32 |
| Flags | · | · | ✓ | ✓ | ✓ | 1 | 1 | 1 | 1 | 1 | 1 | ✓ |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Central Depository Services (India) Ltd. reported revenue of ₹259 cr (+0.8% on the year) and net profit of ₹102 cr (−23.9% on the year) for April to June 2025.
Profit before other income, exceptional items and tax moved −20.7% on the year, against −23.9% for reported profit.
1 check raised a question: Operating margin fell sharply on the year. Pricing, input costs, or mix?
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