C D S L
C D S L Q4 FY26 earnings call: Revenue & Margins
Q4 FY26 earnings call: what management said on revenue, margins and capex.
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The short version
CDSL anticipates continued growth in demat accounts, with the number increasing 10x from 1.8 crore in 2019 to the present, indicating strong market expansion potential. CDSL has reported consistent growth over the years, with demat accounts growing nearly 10x from 1.8 crore in 2019 to over 24 crore in 2026, indicating strong scalability potential.
From C D S L's Q4 FY26 earnings-call transcript · updated 23 Aug 2026.
Revenue & Sales Performance
- CDSL anticipates continued growth in demat accounts, with the number increasing 10x from 1.8 crore in 2019 to the present, indicating strong market expansion potential.
- SEBI survey points out only 9-10% participation currently, with potential to grow to 25-30%, indicating significant headroom for new investor additions.
- Increasing inclusion efforts such as eCAS available in 23 Indian languages and investor apps in multiple vernacular languages aim to broaden market reach.
- The rise in newborn demat accounts signals a paradigm shift and broadening of investor demographics.
2 more points from C D S L's call on revenue
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Profitability & Margins
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Capital Expenditure Plans
- CDSL is making significant ongoing investments in technology, with annual technology spends around INR 240-250 crores, including both operational expenses and fixed asset accretion.
- The technology investment supports scalability to handle the rapidly growing demat accounts, which have increased 10x from 1.8 crores in 2019 to over 18 crores in 2026.
- Investment focuses include infrastructure, application upgrades, security, APIs, and platform enhancements to maintain leadership and meet evolving ecosystem needs.
2 more points from C D S L's call on capex
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Top-ranked in Capital Markets
Ranked on what management guided this quarter
Rank buckets describe management commentary on revenue and margin. Not investment advice, and not a forecast of returns.
Fundraising & Capital Structure
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Order Book & Pipeline
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C D S L — Quarterly revenue & net profit
C D S L Q4 FY26 results — key figures
| ₹ Cr | Q4 FY26 | Q4 FY25 | YoY | Q3 FY26 | QoQ |
|---|---|---|---|---|---|
| Revenue | 263 | 224 | +17.4% | 304 | -13.5% |
| Operating profit (EBITDA) | 116 | 109 | +6.4% | 160 | -27.5% |
| Operating margin | 44% | 49% | -5 pp | 52% | -8 pp |
| Profit before tax | 103 | 127 | -18.9% | 172 | -40.1% |
| Net profit (PAT) | 80 | 100 | -20% | 133 | -39.8% |
| EPS (₹) | 3.84 | 4.80 | -20% | 6.38 | -39.8% |
Source: reported quarterly figures (Screener), ₹ crore.
Reported quarterly figures (₹ Cr). Latest (Q2 FY27): revenue ₹394 Cr, net profit ₹173 Cr. Revenue and profit are scaled separately — hover a quarter for exact figures.
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What Central Depository Services (India) Ltd's management said in earlier quarters
- Q2 FY27 earnings call analysis →
- Q1 FY27 earnings call analysis →
- Q4 FY25 earnings call analysis →
- Q3 FY26 earnings call analysis →
- Q1 FY26 earnings call →
- Q3 FY25 earnings call →
- Q2 FY25 earnings call →
- Q1 FY25 earnings call →
- Q4 FY24 earnings call →
- Q3 FY24 earnings call →
- Q2 FY24 earnings call →
- Q1 FY24 earnings call →
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Revenue from operations for Q4 FY26: ₹23.50 Cr . Key concall takeaways from Systematix Corporate Services Ltd's Q4 FY26 earnings call — and how it ranks…
- Dam Capital Advi (Q4 FY26)
Quarterly Revenue (Q4 FY26):** ₹29.3 Cr vs. Key concall takeaways from Dam Capital Advisors Ltd's Q4 FY26 earnings call — and how it ranks against sector peers.
- Indian Energy Ex (Q4 FY26)
FY26 electricity volume rose 17% YoY to 141 billion units, with RTM volumes growing 41% and green market volumes up 23% YoY, indicating strong growth momentum…
Potential multibaggers · Q2 FY27
Potential multibaggers in Capital Markets
on management's own guidance
- Nippon Life India Asset Management LtdGood growth2
- BSEGood growth1
- Motilal Oswal Financial Services LtdGood growth3
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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.
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Frequently Asked Questions
What were C D S L Q4 FY26 results?
CDSL anticipates continued growth in demat accounts, with the number increasing 10x from 1.8 crore in 2019 to the present, indicating strong market expansion potential. CDSL has reported consistent growth over the years, with demat accounts growing nearly 10x from 1.8 crore in 2019 to over 24 crore in 2026, indicating strong scalability potential.
What is C D S L share price analysis?
C D S L currently shows a neutral. The stock trades at a P/E of 61.6 with a market cap of ₹29,028 Cr. Investors should review the full earnings analysis for detailed insights.
Is C D S L planning capital expenditure?
CDSL is making significant ongoing investments in technology, with annual technology spends around INR 240-250 crores, including both operational expenses and fixed asset accretion.
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This analysis is AI-generated based on publicly available earnings data and the company's earnings call transcript. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.