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A source-linked quarter view: reported numbers, management language, guidance, and the risks that should carry forward.
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Revenue
₹263 Cr
verified against source
Revenue YoY
4.69%
reported change
EBITDA
Pending
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
CDSL reported consolidated Q4 FY26 total income of INR 268 crore (+4.7% YoY) and net profit of INR 80 crore (-20% YoY), impacted by lower IPO/corporate action revenue and mark-to-market losses. Demat accounts crossed 18.01 crore (80%+ market share), with 2.7 crore new accounts added in FY26. Technology costs rose to INR 162 crore, surpassing employee costs, as management emphasized continuous investment to maintain scalability and value proposition. KYC fee cuts (fetch -20%, creation -75%) effective April 2026 will pressure CVL revenue. Guidance remains absent; management highlighted long-term growth potential from low penetration (9-10% of population) and new products like Gift City KRA. Risk: competitive pressure from the other depository and potential regulatory changes under the Securities Markets Code.
Colored figures show movement against the previous available record.
Guidance to track
No guidance to track were recorded for this quarter.
Risks flagged
- SEBI-mandated reduction in KYC fetch (-20%) and creation (-75%) charges from April 2026 will pressure CVL's revenue and profitability.
- Analyst noted a slight decline in incremental market share; management acknowledged competition but did not provide specific countermeasures.
- The new code could alter the regulatory framework for depositories; management said they are studying it but gave no specifics.
- Technology spend has grown 4x in three years and now exceeds employee costs; management declined to provide future cost trajectory.
Key quotes
- Technology is the DNA of our business. It's kind of the raw material work in progress and finished goods.
- Our focus is not numbers. Our focus is value proposition.
- The intent is that as markets will deepen, more investors will come into play. This is an incentivization which the regulator believes with the lower cost, more people will want to join the ecosystem.
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