Synopsis: In Q3 FY26, CDSL added 76 lakh BO accounts with Rs 133 cr net profit; NSDL added 13 lakh BO accounts with Rs 89.7 cr profit.
This article outlines a detailed comparison of CDSL and NSDL in Q3 FY26, covering their account growth, demat custody, market share, financial performance, and operational metrics. It highlights how each depository performed across key parameters, providing insights into investor adoption, revenue, profitability, and their relative strengths in India’s capital market ecosystem.
CDSL (Central Depository Services Ltd): CDSL is one of India’s leading depositories, allowing investors to hold and trade shares, bonds, and other securities in electronic (demat) form. It provides a secure and efficient platform for transferring and managing financial instruments, supporting stock exchanges, brokers, and individual investors, and plays a vital role in ensuring transparency and stability in India’s capital markets.
With a market capitalization of Rs 27,598 crore, the share of this company closed at Rs 1,320.50 per share, up 0.02 percent from its previous day’s close price. The share of the company has given a return of 5.70 percent over the last 1 year
NSDL (National Securities Depository Ltd): NSDL is a major Indian depository that enables investors to hold and transact securities electronically, reducing the risks and delays associated with physical certificates. By offering reliable infrastructure for brokers, stock exchanges, and investors, NSDL enhances efficiency, safeguards investor interests, and underpins the smooth functioning of the country’s capital market ecosystem.
With a market capitalization of Rs 18,467 crore, the share of this company closed at Rs 923.35 per shareer share, up/down from its previous day’s close price. The share of the company has given a negative return of 29 percent over the last 1 year
Key Metrics Comparison: While CDSL remains the “retail giant” with nearly four times as many accounts, NSDL remains the “value giant,” securing over 86 percent of the total wealth held in demat form across the country.
In Q3 FY26, CDSL (Central Depository Services India Ltd) saw its total Beneficial Owner (BO) accounts rise from 14.65 crore in Q3 FY25 to 17.27 crore, with net additions rebounding to 76 lakh after a slower start of 57 lakh in Q1 FY26. This growth reflects steady investor participation and CDSL’s continued traction in the electronic securities space.
Meanwhile, NSDL (National Securities Depository Ltd) reached 4.32 crore BO accounts by December 31, 2025, up from 4.23 crore in October 2025, adding 13 lakh new accounts in Q3 FY26. Its net BO market share jumped to 14.7 percent from 6.9 percent in Q3 FY25, indicating a strong expansion in investor base and dominance in the depository segment relative to CDSL.
In Q3 FY26, CDSL saw its demat custody value rise to Rs 85 lakh crore from Rs 80 lakh crore in the previous quarter, reflecting increased investor participation. The number of issuers also grew significantly, from 31,557 to 46,271 year-on-year, showing that more companies are choosing CDSL for holding and managing their securities electronically.
On the other hand, NSDL continues to lead the market, holding 86.2 percent of India’s total demat custody value. Individuals and Hindu Undivided Families (HUFs) make up 66.5 percent of its custody, and NSDL dominates the unlisted equity segment with a 72.5 percent market share, covering 4,446 companies in Q3 FY26, highlighting its strong market presence and preference among issuers.
CDSL expanded its market with total ISINs growing 31 percent YoY, from 91,593 to 1,20,277, reflecting increased adoption of electronic financial instruments. NSDL, with 300 depository participants (DPs) and 56,858 DP service centres, leads India in both active ISINs and issuers, showcasing its strong network and infrastructure that supports seamless access and management of securities across the country.
Majority Shareholders: In the case of CDSL, the promoter is BSE, which holds a 15 percent stake in the company. Among institutional investors, LIC owns 4.4 percent, New World Fund Inc holds 2.27 percent, Nippon India Small Cap Fund has 2.21 percent, and Parag Parikh Flexi Cap Fund holds 1.08 percent.
For NSDL, the company does not have a designated promoter. However, its shareholding is led by institutional stakeholders, with NSE holding a 15 percent stake, followed by IDBI Bank with 15 percent and HDFC Bank with 7 percent. The remaining stake is distributed among various banks, domestic institutional investors (DIIs), and foreign institutional investors (FIIs).
CDSL vs NSDL: Q3 FY26 YoY Financial Comparison
Both CDSL and NSDL delivered steady growth in Q3 FY26. CDSL demonstrated strong net profit and EPS gains despite a slight dip in EBITDA, while NSDL reported higher revenue and EBITDA growth, reflecting robust operational performance and resilience across both depositories.
For CDSL, revenue from operations increased 9 percent YoY to Rs 304 crore from Rs 278 crore in Q3 FY25. EBITD dipped slightly by 1 percent to Rs 160 crore from Rs 161 crore, yet net profit grew 2 percent to Rs 133 crore from Rs 130 crore. EPS also improved 3 percent to Rs 6.38 per share, highlighting consistent shareholder returns.
In comparison, NSDL revenue decline by 1% to Rs 360 crore from Rs 363 crore, with EBITD rising 17 percent to Rs 106 crore from Rs 90.9 crore. Net profit increased 4.6 percent to Rs 89.7 crore from Rs 85.8 crore, and EPS grew 4 percent to Rs 4.48 per share, underlining its strong operational momentum and market leadership.
In conclusion, both CDSL and NSDL showcased solid performance in Q3 FY26, albeit with differing strengths. CDSL excelled in account additions, net profit growth, and EPS improvement, reflecting its strong appeal among retail investors and consistent shareholder returns. Its expanding demat custody and ISIN growth highlight continued adoption of electronic financial instruments across the market.
Meanwhile, NSDL maintained its leadership in overall market share, demat custody value, and infrastructure scale, dominating unlisted equity and serving a broad investor base. While CDSL strengthened its retail footprint, NSDL reinforced its position as the “value giant,” demonstrating operational robustness and long-term market dominance. Together, both depositories continue to underpin India’s capital market efficiency and investor confidence.
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