CDSL has informed the Exchange about Transcript of Analysts/Institutional Investor Meet/Con. Call held on July 28, 2025.
CDSL · price
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CDSL reported Q1 FY26 consolidated total income of INR295 crores (vs INR287 crores YoY) but net profit fell to INR102 crores from INR134 crores YoY, weighed down by subsidiary performance. On a standalone basis, results were strong with total income at INR312 crores (vs INR221 crores) and net profit at INR152 crores (vs INR105 crores). Subsidiary CDSL Ventures saw income drop sharply to INR43 crores from INR64 crores. CDSL added 56 lakh Demat accounts in the quarter, reaching 15.86 crore total accounts with a 79% market share. The company acknowledged EBITDA margin compression from ~60% to ~50%, driven by higher technology and employee costs tied to new SEBI regulations, but declined to provide forward guidance. Key disclosures included unlisted revenue of INR6.39 crores, KYC revenue at ~13% of total, and 18 lakh insurance policies in the repository business.
Mixed quarter for shareholders — strong standalone growth offset by weak subsidiary performance dragged down consolidated profits. EBITDA margin compression is a clear concern but management sees current tech and HR investments as long-term infrastructure spending. Continued market share gains and account additions remain positive structural drivers.