IPO activity remains supportive

1. Continued growth in demat accounts CDSL continues to add a large number of new demat accounts, driven by increasing retail participation in Indian equity markets. Growth in first-time investors remains a major long-term positive. 2. Strong beneficiary of India's financialization trend Rising investments in: Equities Mutual funds ETFs IPOs have continued to support transaction volumes and account growth. 3. Healthy earnings momentum The company has maintained strong growth in revenue and profitability, supported by: Transaction charges Annual issuer charges Online data services Corporate action-related income 4. IPO activity remains supportive A healthy IPO market continues to benefit CDSL as new investors open demat accounts and participate in primary market offerings. 5. Asset-light business model CDSL operates a highly scalable and asset-light business model, resulting in: Strong cash generation High return ratios Healthy operating margins 6. Technology and cybersecurity investments The company continues investing in technology infrastructure and cybersecurity to handle growing transaction volumes and ensure operational reliability. 7. Strong market position CDSL remains one of India's two central securities depositories and continues to maintain a strong share of new demat account additions. 8. Dividend attractiveness Due to strong cash flows and limited capital expenditure requirements, CDSL remains attractive for investors seeking dividend-paying growth companies.