Financial Services · NSE: CDSL
Central Depository Services (India)
Q2 FY27 earnings call · Guided by management
Call held 2 Nov 2026 · Read the filing on NSEFiling
- M.Cap
- ₹30,410Cr
- P/E
- 60.2×
- 1Y return
- −12.10%
- From 52W high
- −13.1%
Highlights are read by AI from the company's filing and can contain mistakes. Check the source page linked to each line.
Share price
Results Q2 FY27, as filed · consolidated · ₹ Cr
| Q2 FY27 | Q2 FY26 | YoY | Q1 FY27 | QoQ | |
|---|---|---|---|---|---|
| Revenue | 394 | 319 | +23.7% | 293 | +34.7% |
| PBTProfit before tax | 231 | 184 | +25.5% | 166 | +38.7% |
| Net profit | 174 | 140 | +24.0% | 118 | +47.9% |
| EPS (₹) | 8.32 | 6.71 | +24.0% | 5.62 | +48.0% |
From the company's own results filing on NSE. Net profit is the owners' share. Growth and the dotted lines are worked out from the filed figures.
In short
- 01Consolidated Q2 FY27 net profit was INR173.30 crore against INR139.93 crore a year ago, on total income of INR417.30 crore.
- 02Management said IPO revenue came from a general rise in the number of IPOs, not a one-off.
- 03CDSL held about 80%+ of industry demat accounts, about 19.34 crore accounts at end-September 2026.
- 04KRA rack rates were cut to INR5 for creation and INR28 for fetch; higher volumes largely offset the price cut.
- 05CVL H1 FY27 revenue rose 20% to INR99.91 crore, while profit after tax fell 12% to INR23.74 crore.
- 06Management said it will keep investing in technology and people.
- 07New Chief Regulatory Officer (Farokh Patel) and Chief Technology Officer (Kinjal Shah) were appointed in the quarter.
Segments
KRA search API: Search API revenue fell vs Q1 after it became chargeable
Sunil Alvares · Managing Director & CEO · Q&A · p. 9
KRA search API: Search API revenue fell vs Q1 after it became chargeable
“And on the search API, the revenue as compared to the first quarter has come down primarily because it was earlier free and now it is chargeable.”
Insurance: Insurance revenue roughly INR2 crore in H1
Girish Amesara · Chief Financial Officer · Q&A · p. 11
Insurance: Insurance revenue roughly INR2 crore in H1
“See, in insurance, we have earned a revenue of roughly INR2 crores in these 6 months.”
Insurance: Insurance revenue almost the same as first half of previous year
Girish Amesara · Chief Financial Officer · Q&A · p. 11
Insurance: Insurance revenue almost the same as first half of previous year
“In the 1 half of previous year, it was almost the same.”
KRA search API: Search API transactions fell as intermediaries fine-tuned systems
Sunil Alvares · Managing Director & CEO · Q&A · p. 9
KRA search API: Search API transactions fell as intermediaries fine-tuned systems
“The intermediaries have started fine-tuning their system and the number of transactions has also come down.”
Demand
IPO proceeds exceeded US$9 billion (INR86,500 crore) in July-September quarter
Nehal Vora · Managing Director and CEO · p. 3
IPO proceeds exceeded US$9 billion (INR86,500 crore) in July-September quarter
“IPO proceeds exceeded US$9 billion or INR86,500 crores in the July to September quarter, highest ever for this period.”
IPO and corporate action: IPO revenue from general rise in number of IPOs, not a one-off
Nehal Vora · Managing Director and CEO · Q&A · p. 6
IPO and corporate action: IPO revenue from general rise in number of IPOs, not a one-off
“It's not specific to any particular IPO or a one-off. It's a general uptick on the number of IPOs, which are hitting the market and probably may be expected to hit.”
IPO and corporate action: IPO revenue depends on how much IPOs are oversubscribed
Girish Amesara · Chief Financial Officer · Q&A · p. 9
IPO and corporate action: IPO revenue depends on how much IPOs are oversubscribed
“So totally, it is a function of market with respect to how IPO is oversubscribed and then accordingly, you get the revenue.”
Pledge: MTF book growing on CDSL side; no 1:1 link to pledge income
Nehal Vora · Managing Director and CEO · Q&A · p. 10
Pledge: MTF book growing on CDSL side; no 1:1 link to pledge income
“We don't have a 1:1 correlation. What we present is the overall income, which happens. But as we speak, the book of MTF is growing and these have been a significant growth which has happened on the CDSL side.”
Industry added about 32.7 lakh demat accounts in August, highest in 7 months
Nehal Vora · Managing Director and CEO · p. 3
Industry added about 32.7 lakh demat accounts in August, highest in 7 months
“The industry added approximately 32.7 lakh accounts in August, the highest monthly addition in 7 months.”
Margins and costs
CVL: CVL H1 total expenditure up 33% to INR75.81 crore
Sunil Alvares · Managing Director & CEO · p. 6
CVL: CVL H1 total expenditure up 33% to INR75.81 crore
“Total expenditure increased by 33% to INR75.81 crores compared to INR57.01 crores in H1 FY26.”
CDSL to keep investing in technology and employees
Nehal Vora · Managing Director and CEO · Q&A · p. 6
CDSL to keep investing in technology and employees
“It's times like these where we see really the dividend where the number of activity goes up, CDSL is able to manage that kind of load, and we'll continue to embark on this journey to invest in technology as well as the employees.”
CVL online data: Higher online data volumes largely offset price cut from 1 April 2026
Sunil Alvares · Managing Director & CEO · Q&A · p. 6
CVL online data: Higher online data volumes largely offset price cut from 1 April 2026
“To, to a large extent, it has taken care of the pricing impact, which was which was introduced from 1st April 2026.”
KRA: KRA creation rate cut to INR5
Sunil Alvares · Managing Director & CEO · Q&A · p. 6
KRA: KRA creation rate cut to INR5
“After the pricing change, see for creation, it has come down to INR5. And for fetching it has come down to INR28.”
KRA: KRA fetch rate cut to INR28
Sunil Alvares · Managing Director & CEO · Q&A · p. 6
KRA: KRA fetch rate cut to INR28
“After the pricing change, see for creation, it has come down to INR5. And for fetching it has come down to INR28.”
Acquisitions and new business
CVL: Started separate Aadhaar-based eKYC, registering sub-KUAs; income rising
Sunil Alvares · Managing Director & CEO · Q&A · p. 9
CVL: Started separate Aadhaar-based eKYC, registering sub-KUAs; income rising
“And thirdly, we have also started doing Aadhaar-based eKYC separately. We, we have now started registering sub-KUAs for this facility, and we've seen that particular income also going up.”
Management
Farokh Patel made Chief Regulatory Officer and Compliance Officer from September 1, 2026
Nehal Vora · Managing Director and CEO · p. 4
Farokh Patel made Chief Regulatory Officer and Compliance Officer from September 1, 2026
“Shri Farokh Patel has been elevated to the role of Chief Regulatory Officer and Compliance Officer of the company with effect from September 1, 2026.”
Kinjal Shah joined as Chief Technology Officer from September 22, 2026
Nehal Vora · Managing Director and CEO · p. 4
Kinjal Shah joined as Chief Technology Officer from September 22, 2026
“We've also welcomed Shri Kinjal Shah as our Chief Technology Officer with effect from September 22, 2026.”
Insurance: Insurance business has a new MD and CEO
Nehal Vora · Managing Director and CEO · Q&A · p. 11
Insurance: Insurance business has a new MD and CEO
“We have a new MD and CEO, who has joined there in terms of the experience, and he is kind of experienced in the industry.”
One-offs
Standalone other income includes INR39.50 crore subsidiary dividend vs INR62 crore last year
Girish Amesara · Chief Financial Officer · p. 5
Standalone other income includes INR39.50 crore subsidiary dividend vs INR62 crore last year
“The other income in stand-alone financial results include dividend received from a subsidiary company amounting to INR39.50 crores, which was received in June quarter as compared to INR62 crores received in a similar quarter during the previous year.”
Debtors' provision reversal of INR1.77 crore in the quarter
Girish Amesara · Chief Financial Officer · Q&A · p. 11
Debtors' provision reversal of INR1.77 crore in the quarter
“So Sanketh in terms of debtor’s provision, there is a reversal of INR1.77 crores.”
Risks
Unlisted: Unlisted ISIN rights matter is under regulatory process
Nehal Vora · Managing Director and CEO · Q&A · p. 10
Unlisted: Unlisted ISIN rights matter is under regulatory process
“On the first one, it is going through the regulatory supervision, and it's in that process.”
Other
RBI let depositories include bank deposits in consolidated account statement
Nehal Vora · Managing Director and CEO · p. 4
RBI let depositories include bank deposits in consolidated account statement
“RBI has enabled depositories to include information on bank deposits in the consolidated account statement through the account aggregator system”
Investor Education and Protection Fund: Investor education cycle rallies reached around 10,000 participants
Nehal Vora · Managing Director and CEO · p. 4
Investor Education and Protection Fund: Investor education cycle rallies reached around 10,000 participants
“Its 50 cycle rallies across 12 states and over 45 districts reached around 10,000 participants.”
Standalone H1 total income INR685.21 crore vs INR602.26 crore
Girish Amesara · Chief Financial Officer · p. 5
Standalone H1 total income INR685.21 crore vs INR602.26 crore
“For the 6 months ended September 30, 2026, the total income is achieved at INR685.21 crores as against INR602.26 crores for the 6 months of the previous year.”
Standalone H1 net profit INR307.79 crore vs INR279.51 crore
Girish Amesara · Chief Financial Officer · p. 5
Standalone H1 net profit INR307.79 crore vs INR279.51 crore
“The standalone net profit for the 6 months, is achieved at INR307.79 crores as against INR279.51 crores for the first half of the previous year.”
Standalone Q2 total income INR358.70 crore vs INR289.90 crore
Girish Amesara · Chief Financial Officer · p. 5
Standalone Q2 total income INR358.70 crore vs INR289.90 crore
“In terms of quarterly numbers, the stand-alone total income is at INR358.70 crores as against INR289.90 crores for the corresponding quarter of the previous year.”
Sources
- Earnings call transcript, Q2 FY27 Filed 5 Nov 2026 · 11 pages
Management's own statements, quoted from its NSE filings. This page was read by AI and can contain mistakes: check the source pages before relying on any figure. No forecast or opinion of ours. Not investment advice.

