CENTRAL DEPO SER (I) LTD

Operates India's largest securities depository, holding electronic records of shares, bonds and other financial instruments for investors. The Depository Activity segment — 83.8% of FY26 segment revenue at Rs 960.45 crore — earns from annual account maintenance fees, transaction charges on settlements, and issuer-related charges for companies whose securities it services. As of March 31, 2026, the platform carried 18.01 crore demat accounts across 33.26 crore folios, with assets under custody of Rs 88.2 lakh crore by Q1 FY27. The Data Entry and Storage segment — 15.9% of revenue at Rs 182.81 crore — is run through subsidiary CDSL Ventures and consists of KYC registration and identity-verification services for the securities market; its FY26 revenue fell to Rs 182 crore from Rs 231 crore as SEBI cut the KYC fetch charge by 20% (to INR28) and the creation charge by 75% (to INR5) effective April 1, 2026. The Repository segment — 0.3% of revenue at Rs 3.40 crore — operates through Centrico Insurance Repository, holding insurance policies in electronic form, and remained loss-making at the EBIT level (Rs -8.00 crore in FY26). The business is asset-light with no material inputs; the dominant cost line is other operating expenses (35.2% of FY26 revenue), within which technology spend has now overtaken employee cost at the consolidated level (Rs 162 crore in FY26 versus employee cost at 13.7% of revenue). EBITDA margin stood at 59.3% in FY26 on revenue of Rs 1,144.92 crore.