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Central Depository Services (India) Ltd

| Quarterly Financial Results Q3 FY 2025-26

NEUTRAL SENTIMENT

Report Source

⬤31st Jan 26

Summary : CDSL reported strong Q3 and 9M financial results with an unmodified audit opinion, despite pending legal and regulatory matters.

Quarterly Report Analysis & Insights

Financial Disclosures

  1. Employee benefits expenses
  2. Depreciation and amortisation expenses
  3. Finance Cost
  4. Computer technology related expenses
  5. Other expenses
  6. Standalone Q3 Revenue from operations: 25,439.89 Lakh
  7. Standalone 9M Revenue from operations: 74,806.58 Lakh
  8. Consolidated Q3 Revenue from operations: 30,435.50 Lakh
  9. Consolidated 9M Revenue from operations: 88,207.07 Lakh
  10. Segment Revenue: Depository Activity, Data Entry and Storage, Repository.
  11. Arbitral award against Anugrah Stock & Broking Private Limited, with management assessing no financial impact.
  12. Standalone Paid up equity share capital: 20,900.00 Lakh
  13. Standalone Other equity (Mar 2025): 1,18,228.46 Lakh
  14. Consolidated Paid up equity share capital: 20,900.00 Lakh
  15. Consolidated Other equity (Mar 2025): 1,55,134.47 Lakh
  16. Segment assets and liabilities are reported.
  17. Both standalone and consolidated financial results are presented and audited for the quarter and nine months ended December 31, 2025.

Corporate Overview

  1. India (Mumbai based)
  2. Pending arbitral award against a terminated DP.
  3. Implementation of new Labour Codes with pending detailed rules.
  4. Operates as a depository providing depository services.
  5. Formal and factual, reporting financial results and audit outcomes.
  6. Depository Activity
  7. Data Entry and Storage
  8. Repository

Risk Factors

  1. Pending arbitral award resolution.
  2. Uncertainty from new labor codes.
  3. Reliance on other auditors.

Key Drivers

  1. Strong revenue from operations.
  2. Growth in depository activity.
  3. Unmodified audit opinion received.
  4. Increased other income.

Auditor’s Report

  1. Unmodified opinion on standalone and consolidated financial results.

Board Commentary

  1. Arbitral award against a terminated DP.
  2. Implementation of new Labour Codes.
  3. Arbitral award in the matter of Anugrah Stock & Broking Private Limited, pending before Bombay High Court.

Corporate Governance

  1. Auditors complied with the Code of Ethics.
  2. Audit Committee reviewed the financial results.

Management Discussion & Analysis

Performance Drivers

  1. Growth in revenue from operations, particularly Depository Activity.
  2. Increase in other income, including dividend income from subsidiary.

Risk Control Measures

  1. Company believes it has a strong case to quash the arbitral award.
  2. Management assessed no significant financial impact from new Labour Codes based on legal opinion.

Critical Risks

  1. Potential impact from pending arbitral award.
  2. Uncertainty regarding final rules of new Labour Codes.