CDSL · Financial Services
Central Depository Services (India) Ltd. reported revenue of ₹293 cr for April to June 2026, +13.0% on the year and +11.3% on the quarter. That is slower than this quarter has grown in recent years (+36.1% on average). Over the last four quarters revenue comes to ₹1,179 cr, +8.8% on the four before.
Operating profit (EBITDA) was ₹138 cr, a margin of 47.1%, −309 bps on the year and +300 bps on the quarter. Over the last 8 quarters the margin has ranged from 44.1% to 62.1%, averaging 52.3%. Operating costs grew +20.0%, faster than revenue at +13.0%, so operating profit grew less than sales.
Net profit was ₹118 cr, +15.4% on the year and +47.1% on the quarter, with earnings per share of ₹5.62. Profit before other income, one-offs and tax grew 3.4%, so 12 points of the headline growth came from outside the core business. The tax rate was 29% against an average of 25% over the previous 8 quarters, which weighed on profit this quarter. Profit over the last four quarters totals ₹471 cr, −4.7% 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 ₹22.55 over the last four quarters, the stock at ₹1,287.00 trades at 57.1 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 47.1%, −309 bps on the year (+300 bps on the quarter).
Source: Results filing
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.
| Metric | Q1 FY27 | Q2 FY26 |
|---|---|---|
| Beneficial Owner (BO) Accounts (lakh) | 1,859 | 1,651 |
| Net BO Accounts Opened in Quarter (lakh) | 58 | 65 |
| Demat Custody Assets Under Custody (lakh crore) | 88 | 80 |
| Number of Issuers (number) | 49,684 | 44,011 |
| Number of ISINs (number) | 133,364 | 113,909 |
Read using the AMCs and capital market intermediaries framework (named in the filing read). Primary valuation lens: P/E against AUM growth and yield.
Read more closely in this sector: Treasury and float income inside profit · F&O share of revenue against regulatory change.
| 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 ₹293 cr (+13.0% on the year) and net profit of ₹118 cr (+15.4% on the year) for April to June 2026.
Profit before other income, exceptional items and tax moved +3.4% on the year, against +15.4% for reported profit.
1 check raised a question: Operating margin fell sharply on the year. Pricing, input costs, or mix?
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