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CDSL too said in their report that they had around 16.52 crore dynamic demat accounts as of September 30, 2025. CDSL Quarterly Results Today: Announcement Time and Details Central Safe Administrations (India) Ltd (CDSL) released its Q2 FY2025-26 results on November 1, 2025 (Saturday), for the quarter ending September 30, 2025. On November 1, the board gathered to favor the September 2025 quarter. (There was a conference call planned for November 3.) The report appears to solidify Q2 financials, and there was a standalone recording. CDSL too said in their report that they had around 16.52 crore dynamic demat accounts as of September 30, 2025. What Were the Market Expectations from CDSL Q2 Earnings? Analysts had lowered their estimates for the quarter, given a softening of activity in the markets. Brokerage research indicated “sluggishness in the secondary market and slower formation of demat accounts” in the second quarter of FY24, both of which might affect fees for a firm. For example, Nuvama Research expected Y-o-Y profit (APAT) to drop nearly 22% to around ₹1,300 million and revenue of about ₹3,000 million in the second quarter of FY24—in other words, the street was prepared for low-to-midsingle-digitt revenue declines and a dramatically reduced profit compared to a year earlier, largely driven by lower trading volumes. (There was no dense sentiment number publicly provided, but the wider sentiment was caution in light of market conditions.) CDSL’s Q2 FY2025-26 Performance: Revenue, Profit, and EPS Breakdown CDSL’s actual Q2 results showed modest YoY declines in top‑line and bottom‑line, but a strong sequential recovery. Key consolidated figures (all ₹ crore) include: In Q2 FY26, working pay was : ₹318.9 cr, down 1.0% YoY from ₹322.3 cr in Q2 FY25, and an increment of ~23% QoQ from ₹258.8 cr in Q1 FY26. Add up to compensation (counting other compensation) was ₹341.4 cr in Q2 FY26, down from ₹358.5 cr in Q2 FY25 (agreeing to the ET report). Net advantage (PAT) was :₹140.2 cr in Q2 FY26, down 13.5% YoY from ₹162.0 cr from Q2 FY25. On an agent premise, PAT is up by ~36.8% QoQ from ₹102.37 cr in Q1 FY26. The EPS (after adjusting for the weaker EPS): ₹6.71 in Q2 FY2,6 compared to ₹7.75 in Q2 FY25, due to a lower benefit. The weakened balanced EPS was improved from ₹4.90 in Q1 FY26 (point-by-point P&L). EPS (diluted, after adjustment): ₹6.71 in Q2 FY26 vs ₹7.75 in Q2 FY25, reflecting the lower profit. EPS was up from ₹4.90 in Q1 FY26 (per the detailed P&L). Cost Metrics: Total operating costs are up over YoY (i.e., staff costs, depreciation, and other Admin expenses are elevated), with consolidated conditions (Q2 FY26) moving to ~₹157.4 cr vs ₹134.4 cr, one year prior (EG, employee cost was ₹41.4 cr vs ₹31.4 cr YoY). Overall, equal-to-lower revenue and income on a YoY basis, but costs were higher, allowing the profit to decline. Q2 - SUMMARY Table: Metric Q2 FY26 (Sep ’25) Q2 FY25 (Sep ’24) YoY Change Revenue from operations ₹318.89 cr ₹322.26 cr –1.05% Net Profit (PAT) ₹140.22 cr ₹162.03 cr –13.46% EPS (adjusted) ₹6.71 ₹7.75 –13.5% Total Expenses ₹157.41 cr ₹134.41 cr +17.1% The figures show that while revenue dipped only marginally, the higher cost base led to the YoY profit decline. On a QoQ basis, both revenue and profit rebounded sharply (profit +37% QoQ) from the June quarter trough. Why Did CDSL Report a Decline in Profit This Quarter? The year-on-year profit drop reflects two main factors: flatter income and higher costs. Revenue from operations was slightly lower than a year ago, partly due to subdued market volumes and fewer new demat accounts than last year’s boom. In fact, analysts had flagged slower trading activity through Q2. Meanwhile, operating expenses rose significantly – for example, employee expenses and depreciation were much higher than a year ago. This squeezed operating margins (the operating profit margin fell sharply YoY, per analyst commentary). A higher tax rate than last year also weighed on PAT (MarketsMojo noted an unusually high 32.3% tax rate in Q2, vs ~23% prior). Management did not publicly attribute the fall to any unusual charge, so the consensus view is simply that a plateauing of CDSL’s fee income (from slower market turnover) combined with ongoing investments (higher staff and tech costs) led to the 13-14% YoY profit decline. For context, Q1 FY26 profit was only ₹102.4 cr, so the QoQ trend is positive, but YoY comparisons suffer from a high base of last year. CDSL Share Price Target: Analyst Views Post Q2 Results After the results, CDSL’s stock saw a modest dip. For example, the share closed around ₹1,591 on the National Stock Exchange immediately after the release (down about 1.5% from the previous close). This reflects the market digesting the mixed numbers. Going forward, analysts are broadly cautious. Motilal Oswal – in a pre-quarter report (May 2025) – reiterated a Neutral rating with a 1-year target of ₹1,150 (about 25–30% below the stock’s level in late Oct 2025). Aggregated data also show an average analyst target of near ₹1,150. In other words, most brokerages see limited upside from current levels, given the slower growth outlook. (At these prices, the consensus target implies roughly a 27–30% downside, so many hold a cautious stance.) Investors should watch for guidance in the results commentary, but as of now, few analysts are recommending a buy. Key Takeaways for Investors: CDSL’s Q2 results (announced Nov 1) showed revenue roughly flat and profit down ~13% YoY. This was broadly in line with market expectations of a modest earnings dip. The profit fall is attributed to higher costs and lower fee income. Post-results, the share price reacted mildly negative, and analysts’ price targets (~₹1,150) remain below the current market price. Shareholders should note the sequential improvement (Q2 profit +37% QoQ) and monitor any management comments on cost control and market volumes in the upcoming calls.

Author name: MA

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