Central Depository Services (India) Ltd(CDSL)

NSE: CDSL

₹ 1,188.5-2.98%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 24,840 crNext results: 31 Oct 2026Website: www.cdslindia.comUpdated: 24 Oct 2026

About

Central Depository Services (India) Limited (CDSL) is India's largest securities depository, holding 18.59 crore demat accounts as of June 30, 2026 and an approximately 80% market share of all demat accounts in the country. It operates two reported segments - Depository Activity (83.8% of FY26 revenue) and Data Entry and Storage (15.9%) - and runs subsidiaries in KYC registration, insurance repositories, and commodity warehousing. CDSL reported consolidated revenue of ₹1,144.92 crore and PAT of ₹455.08 crore in FY26.^[1][2][3]

Business segments

Depository Activity contributed 83.8% of FY26 segment revenue (₹960.45 crore) at an EBIT margin of 48.7%; its revenue share has risen 5.6 percentage points since FY19.^[2]
Data Entry and Storage (CVL KYC subsidiary) contributed 15.9% of FY26 segment revenue (₹182.81 crore) at an EBIT margin of 32.9%; its share has fallen 5.3 percentage points since FY19.^[2]

Products and services

Depository services cover dematerialisation of equity shares, preference shares, mutual fund units, debt instruments, government securities, certificates of deposit, commercial papers, and other instruments.^[4]
Corporate services include eFIM (foreign investment limit monitoring), eSDD (system-driven disclosures), eNotices, e-Voting, eCAS statements, online account opening, and pledge/margin-pledge facilities.^[4]
CVL (CDSL Ventures Limited), the first and largest KYC Registration Agency in India (est. 2006), also provides RTA services, eSign, eKYC, GST Suvidha Provider services, and PMJJBY deduplication.^[4]

Key operating numbers

Total demat accounts reached 18.59 crore as of Q1 FY27, with 58 lakh new accounts opened in the quarter; folio count stood at 38.73 crore in Q1 FY27 vs 33.2 crore in Q1 FY26.^[1]
Demat custody value was ₹1,859 lakh crore as of Q1 FY27.^[1]
Number of issuers grew to 49,684 and ISINs to 1,33,364 in Q1 FY27, up from 46,271 issuers and 1,20,277 ISINs in Q3 FY26.^[1]
Annual issuer charges grew 12.3% YoY in Q1 FY27 despite folio count growing ~17% YoY; unlisted issuer revenue fell to ₹0.30 crore in Q1 FY27 from ₹3.5 crore in the prior quarter.^[1]
Margin pledge income was ₹6.19 crore in Q1 FY27; e-Voting income was ₹5.58 crore and eCAS revenue ₹12.08 crore in Q4 FY26.^[1]

Market share

Overall demat account market share held at approximately 80% in Q1 FY27; CDSL added 2.7 crore accounts in FY26 against an industry total of 22.4 crore.^[1]
Incremental market share of new demat account openings was 85 - 90% through FY26 but declined to ~81.4% by Q1 FY27, approximately 420 bps below the March 2026 level.^[5]
Market share in unlisted company demat accounts stood at 30 - 32% as of Q2 FY26, reflecting NSDL's long-held exclusivity in ISIN issuance for unlisted companies.^[6]

Subsidiaries and adjacent businesses

CDSL Insurance Repository Limited (CIRL) had 24.42 lakh e-Insurance Accounts in Q1 FY27, up from 22.62 lakh in Q4 FY26 and 20.59 lakh in Q2 FY26.^[1]
Countrywide Commodity Repository Limited (CCRL) had opened 4,776 client accounts and issued 56,540 electronic negotiable warehouse receipts as of March 31, 2025.^[4]
CVL PAT declined 5% YoY to ₹12.12 crore in Q1 FY27 as total expenditure rose 31% YoY, outpacing 18% total income growth.^[1]

Customers and distribution

CDSL's customer base includes Depository Participants, Issuers, RTAs, Clearing Members, Clearing Corporations, and Alternative Investment Funds; CDSL has no export revenue.^[4]

Technology investment

Consolidated technology cost (~₹162 crore annually in FY26) exceeded human-resource cost; technology cost has grown approximately 4x since FY23 while volumes grew ~1.82x over the same period.^[5]
CDSL introduced Unified Distilled File Formats (UDiFF) to standardise data exchange between depository participants and CDSL.^[4]
Capital commitments for property, plant and equipment stood at ₹1,132.68 lakh as of FY25.^[4]

Recent developments

SEBI approved the appointment of two new Executive Directors: Amit Mahajan (Vertical 1 - operations/IT) and Nayana Ovalekar (Vertical 2 - regulatory/risk/compliance), confirmed by shareholders in Q1 FY27.^[1]
SEBI mandated cuts to CVL KYC fees effective April 1, 2026: fetch charges reduced from ₹35 to ₹28 and creation charges from ₹20 to ₹5; a new Search API charge of ₹0.25 per query was permitted.^[1]
CVL received SEBI's no-objection to set up a business unit at GIFT IFSC, proposed to be registered with IFSCA as the first KYC Registration Agency in that jurisdiction.^[5]
ISIN issuance capability for unlisted companies at CDSL remained under testing and not yet live as of Q1 FY27; once active, it is expected to create a level playing field with NSDL.^[1]

Market Cap

₹24,840 Cr

High / Low

₹1,674 / 1,116

Stock P/E

52.7

Price / Book

12.7

Book Value

₹94

EPS

₹21.8

No. of Shares

20.9 Cr

ROE

24.5%

Sales

₹1,145 Cr

Net Profit

₹455 Cr

Promoter holding

15.0%

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Central Depository Services (India) Ltd(CDSL)

About

Business segments

Products and services

Key operating numbers

Market share

Subsidiaries and adjacent businesses

Customers and distribution

Technology investment

Recent developments

Signal history

The analysis Screener can't give you

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