Equirus Bullish on CDSL Amid Strong Share Gains
Equirus has highlighted a very positive near-term outlook for Central Depository Services (India) Limited (CDSL), citing strong market-share gains, elevated IPO activity and robust client additions.
Industry-wide demat account additions are at their highest level since January 2026. CDSL’s share of incremental demat accounts rose to 83.85% from 81.01% month-on-month. More than 40 IPOs have been completed in Q2FY27, with income from mainboard IPOs increasing 36% year-on-year.
Equirus notes that IPO activity is at an all-time high, with potential further tailwinds from large listings such as NSE and Jio. Client additions remain very strong, supporting expectations of strong Q2FY27 earnings. The combination of dominant share gains, high demat account growth and sustained IPO momentum underpins a constructive earnings trajectory for CDSL.
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