CDSL Q2 profit rises 24% as consolidated income grows 22%

Central Depository Services (India) Limited reported audited consolidated net profit of Rs 173 crore in the second quarter (Q2) of financial year 2026-27 (FY26-27), up 24% year-on-year, as consolidated total income rose 22% to Rs 417 crore. The results cover the quarter and six months ended September 30, 2026.

How did CDSL perform in Q2 FY26-27?

CDSL recorded consolidated total income of Rs 417 crore in Q2 FY26-27, compared with Rs 341 crore in both Q1 FY26-27 and Q2 FY25-26. The company therefore reported 22% growth both sequentially and year-on-year for the quarter ended September 30, 2026.

Consolidated net profit was Rs 173 crore, up from Rs 118 crore in Q1 FY26-27 and Rs 140 crore in Q2 FY25-26. This represented sequential growth of 47% and year-on-year growth of 24%, meaning the increase in quarterly profit exceeded the 22% rise in quarterly income from the preceding quarter.

The Q2 outcome followed consolidated income of Rs 341 crore in each of the two comparison quarters, but net profit differed between them at Rs 118 crore in Q1 FY26-27 and Rs 140 crore in Q2 FY25-26. CDSL’s October 31, 2026 release presents these as audited consolidated results and does not provide an expense or margin breakdown.

How did CDSL’s standalone results compare with consolidated results?

CDSL’s standalone total income was Rs 359 crore in Q2 FY26-27, up 10% from Rs 327 crore in Q1 FY26-27 and 24% from Rs 290 crore in Q2 FY25-26. Consolidated income of Rs 417 crore was Rs 58 crore higher than standalone income in the quarter.

Standalone net profit reached Rs 163 crore in Q2 FY26-27, compared with Rs 144 crore in Q1 FY26-27 and Rs 128 crore a year earlier. The resulting 13% quarter-on-quarter increase was below consolidated profit growth of 47%, while standalone year-on-year profit growth of 28% was above the consolidated 24% increase.

The contrast was more pronounced in the first half. Standalone net profit for 6M FY26-27 was Rs 308 crore, exceeding consolidated net profit of Rs 291 crore by Rs 17 crore, even as standalone income of Rs 685 crore was below consolidated income of Rs 758 crore. CDSL did not disclose subsidiary-level reasons for the differing standalone and consolidated profit movements.

What were CDSL’s first-half FY26-27 financial results?

CDSL reported consolidated total income of Rs 758 crore for 6M FY26-27, an increase of 19% from Rs 637 crore in 6M FY25-26. Consolidated net profit rose 20% to Rs 291 crore from Rs 242 crore during the same six-month comparison.

Standalone total income increased 14% to Rs 685 crore for 6M FY26-27 from Rs 602 crore a year earlier. Standalone net profit rose 10% to Rs 308 crore from Rs 280 crore, a slower percentage increase than the 20% growth in consolidated net profit.

The half-year figures show a different relationship from the Q2 results: consolidated profit of Rs 291 crore was Rs 17 crore below standalone profit of Rs 308 crore, whereas Q2 consolidated profit of Rs 173 crore was Rs 10 crore above standalone profit of Rs 163 crore. The release identifies the reported figures but does not quantify the contributors to that change.

What operating indicators did CDSL disclose for the quarter?

CDSL said its demat account base grew by around 17% year-on-year at the end of Q2 FY26-27, and it managed more than 19.34 crore demat accounts. The company also said it partnered with more than 590 depository participants, which provide investors access to depository services.

Around 75 lakh new demat accounts were opened with CDSL during the quarter ended September 30, 2026. Assets under custody, or AUC, crossed Rs 89 lakh crore during the quarter, referring to the value of securities held within the depository system.

Managing Director and Chief Executive Officer Nehal Vora said participation in India’s securities market had shown resilience despite global macroeconomic volatility. He said the around 17% year-on-year increase in the demat account base was driving CDSL to strengthen its operations and value proposition.

CDSL’s Investor Protection Fund conducted more than 700 Investor Awareness Programmes across India in Q2 FY26-27. It also began distributing investor education comics to nearly 21,000 students across 60 schools with Yuva Unstoppable, and launched an Amar Chitra Katha investor education film available in 12 languages.

What investments and management changes did CDSL report?

CDSL made further investments in India International Bullion Holding IFSC Limited to support information-technology infrastructure development, among other objectives. It also made a strategic investment in Open Network for Digital Commerce, an initiative of the Department for Promotion of Industry and Internal Trade under the Ministry of Commerce and Industry, although the release disclosed no investment amounts.

Centrico Insurance Repository Limited, a CDSL subsidiary, entered into a software development partnership agreement with Shoveltech Solutions Private Limited, which operates in health technology. The agreement was disclosed alongside the Q2 FY26-27 results, without a financial value, implementation date or revenue target.

CDSL appointed Geetha Gangadharan as a non-independent director effective August 27, 2026. Farokh Patel was elevated to Chief Regulatory Officer and Compliance Officer effective September 1, 2026, while Kinjal Shah became Chief Technology Officer effective September 22, 2026.

Conclusion

CDSL delivered 22% year-on-year growth in Q2 FY26-27 consolidated income to Rs 417 crore and 24% growth in consolidated net profit to Rs 173 crore. The results also showed a 47% sequential rise in consolidated profit, while the first-half comparison showed consolidated profit up 20% to Rs 291 crore and standalone profit up 10% to Rs 308 crore.

The next reported results will show whether the around 17% year-on-year expansion in CDSL’s demat account base, 75 lakh accounts opened in Q2 and AUC above Rs 89 lakh crore continue. Investors can also watch for further disclosures on the effects of investments in India International Bullion Holding IFSC Limited and Open Network for Digital Commerce, and the Centrico Insurance Repository Limited software partnership, for which no financial targets were provided.