CDSL remains a strong structural growth story,

CDSL remains a strong structural growth story, but the stock is now more dependent on continued growth in capital-market participation and valuation support. 🟢 Key positives Q1 FY27 revenue: ₹292.8 crore, +13.1% YoY PAT: ₹117.7 crore, +14.9% YoY Operating profit increased around 6% YoY. CDSL had 19.10 crore investor accounts as of August 31, 2026, showing the enormous long-term expansion of India's demat ecosystem. The company is also participating in "Demat 2.0", the SEBI-RBI pilot for tokenisation of corporate bonds using blockchain/CBDC technology. This could create additional opportunities for India's securities infrastructure over the longer ***** benefits from the structural growth of retail investors, demat accounts, IPOs, mutual funds, equities and financialisation of savings. Unlike a broker, CDSL operates critical market infrastructure, so increasing participation can expand its addressable business without requiring it to compete for every investor directly. Its investor-account base is particularly important: CDSL crossed 19 crore accounts, while custody value stood at roughly ₹914 lakh crore as of August 2026.