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Central Depository Services Q2 FY27 results: net profit up 23.8% to ₹173.30 crore, revenue up 23.7%
Central Depository Services (India) Limited reported consolidated revenue of ₹394.48 crore for Q2 FY27, up 23.7% from a year ago, with net profit of ₹173.30 crore and basic EPS of ₹8.32. EBITDA rose to ₹228.48 crore and the margin widened to 57.9% from 55.7% in Q2 FY26, while the stock closed 0.9% lower on the reaction day before rising 4.4% by the next day's close.
Key points
- Consolidated revenue was ₹394.48 crore in Q2 FY27, up 23.7% from ₹318.89 crore in Q2 FY26 and 34.7% from ₹292.76 crore in Q1 FY27.
- Net profit was ₹173.30 crore, up 23.8% from a year ago and 47.3% from the previous quarter, with basic EPS of ₹8.32 against ₹6.71 in Q2 FY26.
- EBITDA rose to ₹228.48 crore and the EBITDA margin widened to 57.9% from 55.7% a year ago, an increase of 2.2 percentage points.
- H1 FY27 revenue was ₹687.24 crore, up 19.0% from ₹577.70 crore in H1 FY26, while net profit was ₹290.97 crore against ₹242.34 crore.
- The board approved audited standalone and consolidated results for the quarter and half year ended 30 September 2026, with the statutory auditors giving an unmodified opinion.
How did Central Depository Services perform in Q2 FY27?
Central Depository Services reported consolidated revenue of ₹394.48 crore for Q2 FY27, up 23.7% from ₹318.89 crore in Q2 FY26 and 34.7% from ₹292.76 crore in Q1 FY27. Total income was ₹417.30 crore against ₹341.37 crore a year ago, an increase of 22.2%. On the standalone basis, revenue was ₹338.74 crore and net profit was ₹163.34 crore, against ₹127.50 crore in the year-ago quarter.
EBITDA rose to ₹228.48 crore from ₹177.62 crore in Q2 FY26 and ₹137.90 crore in Q1 FY27, and the EBITDA margin widened to 57.9% from 55.7% and 47.1% respectively. Profit before tax was ₹230.78 crore, up 25.5% from ₹183.96 crore a year ago and 38.7% from ₹166.42 crore in the previous quarter.
Net profit was ₹173.30 crore, up 23.8% from ₹139.93 crore in Q2 FY26 and 47.3% from ₹117.67 crore in Q1 FY27. Basic EPS was ₹8.32 against ₹6.71 a year ago and ₹5.62 in the previous quarter. The profit margin was 43.9%, unchanged from the year-ago quarter and 3.7 percentage points higher than Q1 FY27.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 394.48 | 292.76 | 318.89 | +23.7% | +34.7% |
| Other income | 22.82 | 47.74 | 22.48 | +1.5% | −52.2% |
| Total expenses | 186.52 | 174.08 | 157.41 | +18.5% | +7.1% |
| EBITDA | 228.48 | 137.90 | 177.62 | +28.6% | +65.7% |
| EBITDA margin | 57.9% | 47.1% | 55.7% | +2.2 pp | +10.8 pp |
| Profit before tax | 230.78 | 166.42 | 183.96 | +25.5% | +38.7% |
| Tax | 57.09 | 49 | 42.72 | +33.6% | +16.5% |
| Net profit | 173.30 | 117.67 | 139.93 | +23.8% | +47.3% |
| EPS (₹) | 8.32 | 5.62 | 6.71 | +24.0% | +48.0% |
EBITDA here is revenue from operations less operating costs (total expenses excluding finance costs and depreciation): before other income and exceptional items. Growth is shown only when both figures are positive. Source: Company's results filing (XBRL).
What changed in Central Depository Services' costs and profit?
Total expenses rose to ₹186.52 crore from ₹157.41 crore in Q2 FY26, an increase of ₹29.11 crore, or 18.5%. Other expenses were the largest component at ₹119.97 crore, up ₹20.08 crore from ₹99.89 crore, while employee cost rose ₹4.64 crore to ₹46.03 crore from ₹41.39 crore.
Depreciation rose to ₹20.49 crore from ₹16.10 crore, an increase of ₹4.39 crore, and finance costs fell to ₹0.03 crore from ₹0.04 crore. There was no exceptional item in either quarter. Other income was ₹22.82 crore against ₹22.48 crore in the year-ago quarter, a rise of ₹0.34 crore.
Tax expense rose to ₹57.09 crore from ₹42.72 crore, an increase of ₹14.37 crore or 33.6%. Profit before tax rose ₹46.82 crore to ₹230.78 crore, and net profit rose ₹33.37 crore to ₹173.30 crore. Against the previous quarter, total expenses were up ₹12.44 crore, other income was down ₹24.92 crore, and tax was up ₹8.09 crore.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 0 | 0 | 0 | |
| Employee cost | 46.03 | 41.39 | +4.64 | +11.2% |
| Finance costs | 0.03 | 0.04 | −0.01 | −25.0% |
| Depreciation | 20.49 | 16.10 | +4.39 | +27.3% |
| Other expenses | 119.97 | 99.89 | +20.08 | +20.1% |
| Total expenses | 186.52 | 157.41 | +29.11 | +18.5% |
| Other income | 22.82 | 22.48 | +0.34 | +1.5% |
| Tax | 57.09 | 42.72 | +14.37 | +33.6% |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
In the first half of FY27, consolidated revenue was ₹687.24 crore against ₹577.70 crore in H1 FY26, a rise of ₹109.54 crore or 19.0%. Total income was ₹757.80 crore against ₹636.53 crore, up ₹121.27 crore or 19.1%.
Profit before tax rose to ₹397.20 crore from ₹335.51 crore, an increase of ₹61.69 crore or 18.4%, and net profit rose to ₹290.97 crore from ₹242.34 crore, up ₹48.63 crore or 20.1%. Basic EPS for the half year was ₹13.94 against ₹11.61 in H1 FY26.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 687.24 | 577.70 | +19.0% |
| Profit before tax | 397.20 | 335.51 | +18.4% |
| Net profit | 290.97 | 242.34 | +20.1% |
| EPS (₹) | 13.94 | 11.61 | +20.1% |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
Total assets stood at ₹2,722.69 crore as on 30 September 2026 against ₹2,419.03 crore as on 31 March 2026. Total equity was ₹2,025.57 crore compared with ₹2,002.24 crore at the previous balance sheet date, and the company reported no borrowings.
Cash and cash equivalents were ₹32.90 crore against ₹51.40 crore as on 31 March 2026. Trade receivables were ₹122.49 crore against ₹64.61 crore, and trade payables were ₹59.45 crore against ₹52.20 crore. There were no inventories.
Operating cash flow for H1 FY27 was ₹478.16 crore against ₹376.89 crore in H1 FY26. Investing cash flow was an outflow of ₹229.51 crore against ₹121.07 crore, financing cash flow was an outflow of ₹267.15 crore against ₹261.84 crore, and capital expenditure was ₹48.97 crore against ₹41.17 crore.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 2,723 | 2,419 |
| Total equity | 2,026 | 2,002 |
| Borrowings | 0 | 0 |
| Cash and equivalents | 32.90 | 51.40 |
| Inventories | 0 | 0 |
| Trade receivables | 122.49 | 64.61 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | 478.16 | 376.89 |
| Cash from investing | −229.51 | −121.07 |
| Cash from financing | −267.15 | −261.84 |
| Capital expenditure | 48.97 | 41.17 |
Source: Company's results filing (XBRL).
How has Central Depository Services done over the last 8 quarters?
Revenue reached ₹394.48 crore in Q2 FY27, the highest of the last eight quarters, and net profit of ₹173.30 crore was also the highest. The EBITDA margin of 57.9% was above the 57.8% recorded in Q3 FY25 and the previous high in the series.
The low point in the series was Q4 FY26, when revenue was ₹262.85 crore, net profit was ₹79.79 crore and the EBITDA margin was 44.4%. Revenue has risen year on year in each of the last four quarters, while profit rose year on year in each of the last two quarters. The direction in Q2 FY27 was upward on all three measures.
Which businesses drove the quarter?
Depository Activity reported revenue of ₹338.74 crore, up 24.6% from ₹271.81 crore in Q2 FY26, with EBIT of ₹196.22 crore against ₹147.24 crore. The segment's EBIT margin was 57.9%.
Data Entry and Storage recorded revenue of ₹54.90 crore, up 17.9% from ₹46.56 crore, and EBIT of ₹14.02 crore against ₹16.24 crore a year ago. The EBIT margin for the segment was 25.5%.
Repository reported revenue of ₹1.15 crore, up 47.4% from ₹0.78 crore, with EBIT of negative ₹2.28 crore against negative ₹2.00 crore. The segment's EBIT margin was negative 198.3%.
| Segment | Revenue | Revenue YoY | EBIT | EBIT margin |
|---|---|---|---|---|
| Depository Activity | 338.74 | +24.6% | 196.22 | 57.9% |
| Data Entry and Storage | 54.90 | +17.9% | 14.02 | 25.5% |
| Repository | 1.15 | +47.4% | −2.28 | -198.3% |
Source: Company's results filing (XBRL segment data).
What else did the company announce?
The board met on 31 October 2026 and approved the audited standalone and consolidated financial results for the quarter and half year ended 30 September 2026, along with the statutory auditor's report. The statutory auditors gave an unmodified opinion on both sets of results.
The company filed an investor presentation for Q2 FY27 and the half year ended 30 September 2026 on the same day. In a separate filing, it disclosed that SEBI had imposed a penalty of ₹1,00,00,000 on the company under Section 15HB of the SEBI Act, 1992, relating to observations from the FY 2023-24 inspection covering operational and IT-related matters. The company stated there was no material impact on its financials, operations or other activities except the payment of the penalty amount.
What did Central Depository Services' management say?
The CFO, Gireesh Amisera, said the rates indicated for online data are rack rates, and that blended rates are not discussed in the public domain. He also said IPO corporate action income is consolidated for the company and is not monitored separately internally as corporate action revenue and IPO-related revenue.
The MD and CEO, Nehal Vora, said major technology upgrades are not complete and that the company continues to invest in technology. Management gave no guidance and declined to assume that current IPO momentum is durable, leaving revenue exposed to issue and subscription volatility. The regulatory process for identifiers for unlisted companies remains ongoing.
How did Central Depository Services shares react?
The results were announced after market hours, with the filing appearing at a base price of ₹1,268.00 against a previous close of ₹1,263.00. The stock was up 1.2% after five minutes, 1.6% after fifteen minutes and 1.0% after thirty minutes, then closed the reaction day 0.9% below its previous close.
On earlier results days, the reaction-day move was negative 0.7% on 1 August 2026, negative 2.5% on 2 May 2026, negative 6.0% on 31 January 2026 and positive 0.1% on 1 November 2025. It was negative 5.7% on 26 July 2025, negative 1.0% on 3 May 2025, negative 10.7% on 25 January 2025 and positive 3.6% on 26 October 2024.
| After the filing | Stock | Capital Markets median |
|---|---|---|
| 5 minutes | +1.2% | |
| 15 minutes | +1.6% | |
| 30 minutes | +1.0% | |
| Reaction day | −0.9% | +1.6% |
| Next day | +4.4% | +1.4% |
Minutes are measured from the price when the filing appeared; days from the previous close. Source: MarketPing price-reaction measurement.
| Results filed on | Stock on the reaction day |
|---|---|
| 1 August 2026 | −0.7% |
| 2 May 2026 | −2.5% |
| 31 January 2026 | −6.0% |
| 1 November 2025 | +0.1% |
| 26 July 2025 | −5.7% |
| 3 May 2025 | −1.0% |
| 25 January 2025 | −10.7% |
| 26 October 2024 | +3.6% |
Source: MarketPing price-reaction measurement.
Quick answers
What was Central Depository Services' revenue in Q2 FY27?
Revenue from operations was ₹394.48 crore, up 23.7% from ₹318.89 crore in Q2 FY26 (consolidated).
Did Central Depository Services make a profit in Q2 FY27?
Yes. Net profit was ₹173.30 crore, against a net profit of ₹139.93 crore in Q2 FY26.
What was Central Depository Services' EPS in Q2 FY27?
Basic earnings per share were ₹8.32, against ₹6.71 in Q2 FY26.
How did Central Depository Services shares react to the Q2 FY27 results?
On the reaction day the stock moved −0.9% from the previous close; the median Capital Markets stock moved +1.6%.
When did Central Depository Services announce its Q2 FY27 results?
On 31 October 2026, in a filing to the NSE.
Sources
- Outcome of Board Meeting (NSE, 31 October 2026) · PDF
- The earnings call (2 November 2026)
How this was written: every figure in the tables and charts is calculated from the company’s filed results (XBRL) and MarketPing’s price measurements. The text is drafted with AI from those figures and the filings, and a checker removes any sentence carrying a number it cannot trace to them. How we write these.
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