CDSL / Q4-FY26 / claim-ledger

Audit the questions that mattered.

Central Depository Services (India) · Analyst questions, management answers, and the quality of the response where the ledger is available.

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WatchQ4-FY26 · 2026-04-??Back to quarter ↗

Questions audited

Answered directly

33%

Numeric claims

Consistency

contradicted

Question ledger

What was answered, and how?

Supratim Datta · Jefferies

partial

Technology cost growth, capacity created, future investment pace, folio count, e-CAS and e-voting revenue.

Technology is the DNA of our business... we have created scalability... It's difficult to give a firm answer on whether this is good or not because goalposts are moving.

Amit Chandra · HDFC Securities

evasive

Breakdown of technology cost (regulatory vs growth), OpEx vs CapEx, and folio additions.

Technology costs overtaking HR cost demonstrates our vision... I would not like to comment on the competition bit... The tangibles are the number of APIs... The intangibles are the loyalty.

Amit Chandra · HDFC Securities

declined

Breakup of IPO vs corporate action revenue and reason for sharp fall.

We don't give the numbers between IPO and corporate action because they're correlated. That's the reason we don't give it.

Amit Chandra · HDFC Securities

direct

Reason for sharp fall in other income, e-CAS revenue, pledge revenue, unlisted revenue.

The investment income is subject to mark-to-market... Consolidated Account Statement revenue is INR 12.08 crore for March quarter. e-Voting is INR 5.58 crore... application processing fees INR 3 crore... unlisted INR 3.5 crore.

Madhukar Ladha · JPMorgan

direct

Breakup of online data charges between fetch and new record creation, and pledge revenue.

Typically, the breakup between creation and fetch is about 80%, 20%. The pledge income for March quarter is INR 6.30 crore.

Vetrivel · Research desk

evasive

Future trajectory of technology and employee expenses, investor app strategy, data business opportunity.

We don't give any futuristic statements... On the investor engagement... we are improving on the UI/UX... In terms of whether data can be leveraged as a business will be driven by SEBI's rules.

Sanketh Godha · Avendus Spark

partial

Impairment cost, DP migration to competition, incremental market share pressure.

The impairment cost is INR 7.62 crore for the March quarter. There is no DP which has completely moved... Competition is a way of life.

Sanketh Godha · Avendus Spark

evasive

Unlisted revenue run rate sustainability and market share gain strategy.

The unlisted revenue... as the economy grows... more larger companies will come into the fold... The ISIN issuance... will be done by both in the near future.

Harshit Toshniwal · Premji Invest

partial

KYC rate impact from regulatory changes and technology spend growth relative to Demat account growth.

The fetch charges have been reduced by 20% from INR 35 to INR 28. The creation charges have been reduced by 75% from INR 20 to INR 5. 80% is fetch and 20% is create.

Neeraj Toshniwal · UBS Securities

evasive

Counter levers to recoup lower KYC revenues.

The intent is that as markets will deepen, more investors will come into play... with the lower cost, more people will want to join the ecosystem.

Prayesh Jain · Motilal Oswal

evasive

Impact of One Nation One KYC on business model and competitive dynamics with new discount brokers.

KRAs are well-positioned... We'll have to wait for the formal announcements... If we are providing value proposition, speed, and investment in technology, that is what will drive people coming to us.

Mehul Pathak · Research desk

partial

Principles behind pricing decisions and possibility of price increases given inflation.

The intent is inclusion... CDSL has always been very fair in ensuring we are cheaper than our competition... SEBI approves charges where depositories are concerned.