CDSL Q2 FY27 results, and what SEBI's 30 October order said
Central Depository Services (India) Limited (NSE: CDSL) filed its audited standalone and consolidated results for the quarter ended 30 September 2026 (July to September 2026, called Q2 FY27) with NSE on Saturday, 31 October 2026, the day its board approved them, along with a press release and an investor presentation. A day earlier it had disclosed a SEBI penalty order, covered separately below.
Published 4 November 2026 · Potoos Research Services
In short. For July to September 2026, CDSL reported consolidated revenue from operations of Rs 394.48 crore, up 23.7% from Rs 318.88 crore a year earlier, and a profit for shareholders of Rs 173.85 crore, up 24.0% from Rs 140.21 crore.
The numbers
The first two tables are consolidated, in Rs crore, as printed in the company's statement of consolidated results. The change column is worked out by us. Unlike most companies, CDSL's quarterly results are audited, not just reviewed.
| Item | Jul to Sep 2026 | Jul to Sep 2025 | Change |
|---|---|---|---|
| Revenue from operations | 394.48 | 318.88 | +23.7% |
| Total income (revenue plus other income) | 417.30 | 341.37 | +22.2% |
| Net profit after tax | 173.30 | 139.93 | +23.8% |
| Profit attributable to shareholders of the company | 173.85 | 140.21 | +24.0% |
| Basic and diluted EPS (Rs) | 8.32 | 6.71 | +24.0% |
| Item | Apr to Sep 2026 | Apr to Sep 2025 | Change |
|---|---|---|---|
| Revenue from operations | 687.24 | 577.70 | +19.0% |
| Total income | 757.80 | 636.53 | +19.1% |
| Net profit after tax | 290.97 | 242.34 | +20.1% |
| Profit attributable to shareholders of the company | 291.36 | 242.58 | +20.1% |
| Basic and diluted EPS (Rs) | 13.94 | 11.61 | +20.1% |
CDSL also filed standalone results, for the depository on its own without its subsidiaries:
| Item | Jul to Sep 2026 | Jul to Sep 2025 | Change |
|---|---|---|---|
| Revenue from operations | 338.74 | 271.81 | +24.6% |
| Net profit after tax | 163.34 | 127.50 | +28.1% |
| Basic and diluted EPS (Rs) | 7.82 | 6.10 | +28.2% |
There is no exceptional item line in the statements. The profit for shareholders is slightly higher than the net profit because a small loss belongs to minority holders of subsidiaries. The company's notes say the quarter figures are worked out as the difference between the audited six-month and audited three-month figures. One note covers an arbitral award in the matter of Anugrah Stock & Broking Private Limited, a terminated depository participant: CDSL has challenged it before the Bombay High Court, and management has assessed that no impact needs to be booked for the six months.
A separate matter: SEBI's penalty order
On 30 October 2026, SEBI's adjudicating officer passed an order against CDSL (Adjudication Order No. Order/JS/RJ/2026-27/32798). CDSL disclosed it to NSE the same evening. What the two documents say:
- Penalty: Rs 1,00,00,000 (Rs 1 crore) under Section 15HB of the SEBI Act, 1992.
- The matter: an inspection of CDSL for FY 2023-24, with observations on operational and IT related matters.
- Payment: the order says the penalty is to be paid within 45 days of receiving the order.
- CDSL's disclosure says: “There is no material impact on financials, operation or other activities of the Company, except the payment of the proposed penalty amount.”
The order is dated 30 October 2026, after the quarter ended on 30 September 2026. The notes to the results do not mention it.
What the company said
These are the company's own words, from the press release it filed with the results on 31 October 2026.
“CDSL’s demat account base grew by around 17% year-on-year as of the end of Q2.”
Nehal Vora, Managing Director & CEO, in the CDSL press release, 31 October 2026
“During the quarter, around 75 lakhs new demat accounts were opened with CDSL, while Assets Under Custody (AUC) crossed ₹89 lakh crore.”
CDSL press release, 31 October 2026
The press release headline says consolidated total income and net profit grew 22% and 24%. Those match the worked-out changes above: total income +22.2% and net profit after tax +23.8%.
Dates
- SEBI penalty order and CDSL's disclosure to NSE: 30 October 2026.
- Audit Committee review: 30 October 2026.
- Board meeting: Saturday, 31 October 2026 (started 10:00 a.m. IST, ended 02:10 p.m. IST). The board approved the results that day.
- Filed with NSE: 31 October 2026, with the press release and investor presentation the same day.
- Dividend: none declared in this filing.
Depository: the body that holds your shares in electronic form in your demat account. India has two, CDSL and NSDL.
Audited and reviewed: an audit is a full check of the numbers by the auditor. Most companies only get a lighter limited review for a quarter. CDSL's auditor, S. R. Batliboi & Co. LLP, audited these results and gave an unmodified opinion.
Consolidated and standalone: consolidated figures add up CDSL and its subsidiaries as one group. Standalone figures cover CDSL alone.
Rs crore: one crore is 100 lakh, or 10 million rupees. The filing reports in crore, so this page does too.
Source
- CDSL, outcome of board meeting with audited standalone and consolidated results and auditor's reports, 31 October 2026. nsearchives.nseindia.com
- CDSL, press release on the results, 31 October 2026. nsearchives.nseindia.com
- CDSL, investor presentation, 31 October 2026. nsearchives.nseindia.com
- CDSL, disclosure of the SEBI penalty under Regulation 30, 30 October 2026. nsearchives.nseindia.com
- SEBI, adjudication order in the matter of inspection of CDSL conducted during FY 2023-24, 30 October 2026. sebi.gov.in
This page was written by Potoos Research Services, a SEBI-registered Research Analyst (INH000027380) in Chennai. Every figure above is copied from the company's filing, and every percentage change is worked out from the filing's own numbers.
This page reports what the company filed. It is not a recommendation to buy, sell or hold.
Common questions
What was CDSL's revenue in Q2 FY27?
Consolidated revenue from operations for July to September 2026 was Rs 394.48 crore, against Rs 318.88 crore in July to September 2025, a change of +23.7%.
How much profit did CDSL make in Q2 FY27?
The consolidated profit attributable to shareholders was Rs 173.85 crore, against Rs 140.21 crore in the same quarter of 2025, a change of +24.0%. The standalone net profit was Rs 163.34 crore.
Is the Rs 1 crore SEBI penalty in CDSL's Q2 FY27 numbers?
No. The SEBI order is dated 30 October 2026, after the quarter ended on 30 September 2026, and the notes to the results do not mention it. CDSL's disclosure says there is no material impact except the payment of the penalty.
Did CDSL declare a dividend with these results?
No dividend was declared in the 31 October 2026 results filing.
Is this page a recommendation?
No. It reports what the company filed. It is not a recommendation to buy, sell or hold.