Depositories Clearing Houses and Other Intermediaries industry

4 companies · ₹79,264 cr · 4 with AI deep dives · Q1FY27 report

SIP flows and exchange volumes at records, but TER-to-BER yield reset and F&O regulation cap earnings upside

Mid cyclemargin range-bound near 0.0%

Revenue YoY: +17.7%
EBITDA margin: 0.0%; 0bps YoY
Price, 1 year: -9.8%; 0% of names up
P/E vs own 5y: +3.9%; 44.4x now

Exhibit 1The quarter in numbers

constant panel of 3 companies above ₹500 cr

aggregate revenue (₹ cr)EBITDA margin (right axis)

Metric	Jun 26	Mar 26	QoQ	Jun 25	YoY	Peak	vs peak
Revenue	1,044 cr	1,005 cr	+3.9%	887 cr	+17.7%	1,065 cr	-2.0%
EBITDA margin	0.0%	0.0%	0bps	0.0%	0bps	0.0%	0bps

Revenue

Jun 26: 1,044 cr
Mar 26: 1,005 cr
QoQ: +3.9%
Jun 25: 887 cr
YoY: +17.7%
Peak: 1,065 cr
vs peak: -2.0%

EBITDA margin

Jun 26: 0.0%
Mar 26: 0.0%
QoQ: 0bps
Jun 25: 0.0%
YoY: 0bps
Peak: 0.0%
vs peak: 0bps

Breadth: 100% of 4 companies grew revenue year on year (was 100% a quarter earlier) and 0% expanded margin (was 0%).

Exhibit 2What it costs

40.64x - 50.33x across the panel today

The median name trades at 44.4x, +3.9% against this industry's own 5-year median of 42.7x, and -36.1% against its own peak of 69.4x.

Exhibit 3Structure

₹79,264 cr

Central Depository Services (India) Ltd is 36.1% of this industry by market cap. The top 5 are 100% and the top 10 are 100%.

mid 44 above ₹500 cr

Exhibit 5Coverage (1 of 1)

Every company here with a deep dive, topped up by market cap. The rest of the industry is in the appendix.

Company	Mcap	P/E	EV/EBITDA	ROCE	Margin	Rev YoY	Read
Central Depository Services (India) Ltd	₹28,424 cr	60.3x	-	29.9%	-	+13.1%	Unlock

Central Depository Services (India) Ltd

Mcap: ₹28,424 cr
P/E: 60.3x
EV/EBITDA: -
ROCE: 29.9%
Margin: -
Rev YoY: +13.1%

Unlock

Exhibit 6What managements said

from Capital Markets earnings calls · as of 2026-06-30

tailwindSIP and systematic flows sustaining structural AUM growth across the sector8 managements

Monthly SIP flows grew 14 - 20% YoY at every large AMC. SBIFUNDS monthly SIPs reached ~₹4,000 crore (+14% YoY); HDFCAMC systematic transactions +20% YoY; CAMS-serviced SIP…

SBIFUNDS (Q1FY27): “SIP AUM increased by ₹2.1 trillion, reflecting 15% year-on-year growth and monthly SIPs…”

headwind7 managements mixed6 managements tailwind8 managements headwind5 managements tailwind4 managements headwind4 managements

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Exhibit 7Outlook

The outlook and what resolves next quarter

Where these managements said things are heading, and the dated, checkable events that would change it. Free with an account - 3 full reports a quarter.

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AppendixThe other 0 companies

1-0

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