Central Depository Services (India) Revenue History — Quarter by Quarter

Central Depository Services (India)'s revenue moved from ₹174 Cr in Q1 FY24 to ₹268 Cr in Q4 FY26, a 54.0% change over 9 quarters. The table keeps each quarter linked back to the underlying earnings page.

Revenue by Quarter

Quarter	Revenue (₹ Cr)	YoY Change
Q4 FY26	₹268 Cr	+4.69%
Q3 FY26	₹334 Cr	+12.08%
Q2 FY26	₹290 Cr	-10.5%
Q3 FY25	₹298 Cr	+26%
Q2 FY25	₹359 Cr	+56%
Q1 FY25	₹287 Cr	+65%
Q3 FY24	₹236 Cr	+47%
Q2 FY24	₹230 Cr	+35%
Q1 FY24	₹174 Cr	+19%

What management said about revenue

Q3 FY26 · No specific revenue or earnings guidance provided

CDSL does not provide specific revenue or earnings guidance, as stated at the start of the call.

Q3 FY26 · Issuer fee hike pending with regulator

Management indicated that a proposal for an issuer fee hike (first in 10 years) is with the regulator and may be approved at an appropriate time.

Q2 FY26 · No specific revenue or earnings guidance

Management reiterated that CDSL does not provide specific revenue or earnings guidance, as per standard practice.

Q2 FY26 · Annual issuer charges may increase subject to SEBI approval

Management indicated that discussions with SEBI regarding a potential increase in annual issuer charges are ongoing, but no timeline was provided.

Q2 FY25 · Transaction charge reduced to INR 3.5 per debit from October 1, 2024

CDSL implemented a single transaction charge of INR 3.5 per debit instruction from October 1, 2024, as per SEBI circular, replacing the earlier slab-based structure.

Q2 FY25 · No further pricing cuts planned, but competitive positioning maintained

Management stated they do not provide future guidance on pricing but aim to remain compliant and competitive, implying no immediate further cuts.

Q2 FY25 · Insurance repository strategy shift to direct policyholder onboarding

CDSL Insurance Repository opened a portal for policyholders to directly create accounts, aiming to boost policy additions beyond the current ~1 lakh per quarter.

Q1 FY25 · True-to-label pricing revision under process

CDSL is working on revising transaction charges to comply with SEBI's true-to-label circular, pending board and SEBI approval.

Q1 FY25 · Continuous technology investment

Management plans to maintain elevated technology spending to build world-class platforms, with no specific cap on percentage of revenue.

Q1 FY25 · Insurance repository awaits IRDA mandate

CDSL's insurance repository expects IRDA to make repository services mandatory, which could significantly scale the business.

Q3 FY24 · Compulsory demat for private companies effective September 2024

Private companies with share capital >INR 4 crore or turnover >INR 40 crore must dematerialize shares before any transfer or capital raise.

Q2 FY24 · No specific revenue or earnings guidance

Management explicitly stated they do not provide specific revenue or earnings guidance, citing market-driven variability.