Central Depository Services (India) Q2 Profit Rises 24% to ₹173 Crore

Central Depository Services (India) Limited reported consolidated net profit of ₹173.30 crore for Q2 FY27, up 24% year-on-year from ₹139.93 crore, while consolidated total income increased 22% to ₹417.30 crore. The quarter reflected record IPO activity and continued growth in demat accounts, according to management.

What did CDSL report for Q2 FY27?

CDSL reported stronger income and profit for the quarter ended September 30, 2026, supported by activity in India’s capital markets. Consolidated total income reached ₹417.30 crore, compared with ₹341.37 crore in the corresponding quarter of the previous year. Consolidated revenue from operations rose to ₹394.48 crore from ₹318.88 crore.

Consolidated net profit stood at ₹173.30 crore, against ₹139.93 crore a year earlier. The reported profit growth was 24% year-on-year. The company’s earnings call on November 2, 2026 was hosted by HDFC Securities, with Managing Director and Chief Executive Officer Nehal Vora, Chief Financial Officer Girish Amesara and other senior management representatives participating.

How did CDSL's standalone and half-year performance compare?

CDSL’s standalone total income for Q2 FY27 was ₹358.70 crore, compared with ₹289.90 crore in Q2 FY26. Standalone net profit rose to ₹163.34 crore from ₹127.50 crore in the year-earlier quarter. CFO Girish Amesara presented these figures during the earnings call.

For the first half ended September 30, 2026, standalone total income was ₹685.21 crore, up from ₹602.26 crore in the corresponding previous-year period. Standalone net profit for the six months was ₹307.79 crore, compared with ₹279.51 crore a year earlier.

At the consolidated level, H1 FY27 total income rose to ₹757.80 crore from ₹636.53 crore. Consolidated net profit increased to ₹290.97 crore from ₹242.34 crore. These half-year results show that the improvement in Q2 was accompanied by higher income and profit across the first six months.

What supported CDSL's quarterly earnings growth?

Record IPO activity and demat-account growth supported CDSL’s stronger quarterly earnings, according to the earnings-call summary. As a depository, CDSL’s operations are linked to activity across securities issuance, investor account opening and the holding of securities in dematerialised form.

Management said demat accounts, custody value, admitted issuers and ISINs reached new highs in the reported five-quarter series. The company did not disclose the numerical levels of these operating measures in the provided call material, but identified them as part of the operating backdrop for the quarter.

The reporting period ended on September 30, 2026. The company’s results therefore capture a period of active primary-market issuance and continued participation in demat accounts. The earnings call transcript does not provide a segment-wise numerical split for the quarterly drivers beyond the reported income and profit figures.

What did management say about technology investment and guidance?

CDSL said technology resilience and investor education remained priorities as its operating scale increased. Management emphasised ongoing technology investment, which is relevant to a depository that supports market infrastructure and handles investor account-related processes.

The company did not provide specific revenue or earnings guidance during the call. Investors therefore have no management-provided forward target for income, revenue or profit in the disclosed material. Management directed participants to its investor presentation and exchange disclosures for a detailed breakdown of revenue and expenses over the last five quarters.

The absence of numerical guidance means the reported Q2 and H1 figures are the main disclosed reference points for assessing the company’s recent financial performance. Future results will depend on operating activity and other factors that were not quantified in the call.

How did CVL perform in the first half of FY27?

CVL reported 20% growth in revenue from operations to ₹99.91 crore for H1 FY27, from ₹83.52 crore in H1 FY26. Other income declined 16% to ₹7.82 crore from ₹9.31 crore, resulting in total income of ₹107.73 crore, up 16% from ₹92.84 crore.

However, CVL’s expenditure rose 33% to ₹75.81 crore from ₹57.01 crore. Profit before tax declined 11% to ₹21.91 crore from ₹35.83 crore, while profit after tax fell 12% to ₹23.74 crore from ₹27.09 crore. This contrasts with the rise in CDSL’s consolidated H1 income and profit.

For investors, the CVL numbers show that revenue growth did not translate into higher first-half profit at that business, as expenditure increased faster than income. The disclosed information does not specify the individual cost items behind the expenditure increase.

Conclusion

CDSL’s Q2 FY27 results showed a 24% increase in consolidated net profit to ₹173.30 crore and a 22% rise in total income to ₹417.30 crore. Higher IPO activity and demat-account growth formed the operating backdrop, while standalone and consolidated income and profit also increased for the first half.

The next reported checkpoint will be the company’s subsequent financial results and operating disclosures. Investors will watch whether capital-market activity, demat-account additions and the company’s technology investment continue to support income growth, while management has not set specific revenue or earnings guidance.