1. Opening Hook
Remember when your WhatsApp stopped working for an hour and you nearly declared a national emergency? CDSL had a similar moment this quarter — revenue hiccups, tech spends ballooning, but somehow, the nation’s demat backbone stayed chill. Despite no “dividend sugar rush,” profits came from plain, honest-to-God operations.As the Bhagavad Gita wisely says —“Action is thy duty, reward not thy concern.”CDSL took that literally — kept building, not boasting.Hang on, because the real story of market share, SEBI whispers, and tech spend tango comes later. 📈
2. At a Glance
- Revenue ₹341 Cr (↓5%)– CFO swears it’s real ops, not dividend déjà vu.
- Net Profit ₹140 Cr (↓13%)– No subsidy from subsidiaries this time.
- Standalone Income ₹290 Cr (↓10%)– Less cash, more class.
- Demat Accounts 16.5 Cr– 80% market share, still the Big Boss.
- CVL Income ₹92.8 Cr (↓36%)– KYC karma catching up.
- Stock steady– Traders waiting for SEBI to hike issuer charges (the holy grail).
3. Management’s Key Commentary
“We crossed 20 crore demat accounts as an industry.”(Translation: 20 crore Indians now panic-sell together. 😏)
“CDSL added 65 lakh new accounts this quarter, retaining 80% market share.”(Translation: We’re still king, NSDL who?)
“No dividend this time — pure operational profit.”(Translation: Sorry, no free toppings, just the base pizza.)
“Investor education remains a key focus under SEBI’s ‘vs SCAM’ campaign.”(Translation: We’re teaching people to spot scams — starting with meme stocks.)
“Tech and HR investments are continuous; innovation is expensive.”(Translation: Engineers want raises, and servers need upgrades.)
“Insurance repository tie-ups include LIC — go-live in November.”(Translation: Finally, some premium assurance in our insurance.)
“No comments on SEBI fee hike discussions.”(Translation: We’re hoping, but can’t say it out loud — regulator might be listening.)
4. Numbers Decoded
| Metric | Q2 FY26 | Q2 FY25 | Change | Sarcastic Take |
|---|---|---|---|---|
| Total Income (Consol) | ₹341 Cr | ₹359 Cr | ↓5% | No dividend fuel this time. |
| Net Profit (Consol) | ₹140 Cr | ₹162 Cr | ↓13% | Still sturdy for a lean quarter. |
| Standalone Income | ₹290 Cr | ₹324 Cr | ↓10% | Tight wallets, fat systems. |
| Standalone Net Profit | ₹128 Cr | ₹171 Cr | ↓25% | Reality check after last year’s dividend high. |
| Demat Accounts | 16.5 Cr | 15.9 Cr | ↑4% | Every Indian now owns a stock (or so it feels). |
| Market Share | 80% | 83% | ↓300 bps | Losing % but not power. |
| Pledge Income | ₹5.09 Cr | ₹5.05 Cr | Flat | Investors pledged faith, literally. |
| KYC Income (CVL) | ₹92.8 Cr | ₹144.4 Cr | ↓36% | KYC — Know Your Collapse. |
(Short story: lower topline, but cleaner core. No sugar, just sweat.)
5. Analyst Questions
Q:Why is issuer charge revenue flat despite new listings?A:It’s billed annually. Wait for FY27. (Translation: patience is profitable.)
Q:Will SEBI allow charge hikes soon?A:Discussions “ongoing.” (Translation: We’re manifesting.)
Q:Market share down from 93% to 82% — losing clients?A:Nope, absolute numbers rising. (Translation: math is on our side.)
Q:Tech costs rising every quarter — when’s the plateau?A:Tech never sleeps. (Translation: brace for more spends.)
Q:Insurance repository growth?A:Slow burn, LIC joining soon. (Translation: hope insured.)
6. Guidance & Outlook
Management offered no formal guidance (classic CDSL), but hinted at steady growth powered by digital onboarding, fintech collaborations, and
