India’s two major depositories – National Securities Depository (NSDL) and Central Depository Services (India) (CDSL) are back in focus after both companies released their September quarter (Q2) numbers.
With many investors tracking the demat account trends, financial health of the company and brokerage views, the question now is simple – how are these two depository giants shaping up after Q2? It is particularly interesting as this is NSDL released its first quarterly results after listing
Let’s take a look at the four key factors shaping the outlook for NSDL and CDSL –
NSDL Vs CDSL: Q2FY26 performance of the company
NSDL, which listed in August this year, posted a stable growth in its second quarterly update. Its consolidated net profit rose 14.6% year-on-year to Rs 110 crore. This is supported by a 12% jump in revenue. The company also reported steady operating margins and a strong rise in income from investments, which increased 21% during the quarter.
For CDSL, the quarter turned out differently. The company reported a 13.6% decline in net profit, which fell to Rs 140.21 crore from Rs 162 crore a year ago. In addition to this, the revenue of the company also slipped slightly, while expenses moved higher, impacting overall profitability.
NSDL Vs CDSL: Dividend
For the second quarter of FY26, NSDL announced a dividend of Rs 2 per share. This also marks the NSDL’s first dividend since becoming a listed company. Additionally, the company received Rs 18.3 crore in dividends from its subsidiary, NSDL Database Management Limited (NDML), during the same quarter.
CDSL, on the other hand, announced a dividend of Rs 12.50 per share for the quarter ended September 2025.
NSDL Vs CDSL: Brokerage outlook
The brokerage firm Motilal Oswal has maintained a neutral stance on both NSDL and CDSL after their Q2 numbers.
The brokerage house Motilal Oswal retained a Neutral rating on NSDL, assigning a target price of Rs 1,270. This translates to an upside of 11% from the current price. The brokerage expects the company’s revenue, Earnings Before Interest, Taxes, Depreciation and Amortisation (EBITDA), and profit after tax to grow steadily over the next three years. It highlighted growth in custody fees, rising participation from banks, and the increasing adoption of digital record-keeping technologies as key drivers for the company.
The same brokerage also kept a Neutral rating on CDSL, setting a target of Rs 1,520. This translates to a downside of 5% from the current market price. As per the brokerage report, the company continues to benefit from steady new demat account openings and more unlisted companies joining the platform. Meanwhile, higher spending on technology and employee expansion may limit operational gains in the near term. Earnings estimates for FY26 were raised, but projections for FY27 and FY28 remained unchanged due to cost pressures.
NSDL Vs CDSL: Share price performance – How the stocks are moving
NSDL share price are currently trading about 1% lower. The stock has slipped nearly 3% in the past one month but remains positive for the year 2025 with gains of around 21%. Its 52-week range stands between Rs 880 on the lower end and Rs 1,425 on the higher end.
CDSL, meanwhile, is trading flat with a slight uptick of 0.4%. The stock has fallen 2% in the last five days but is up around 1% over the past month. For 2025 so far, the stock has delivered a negative return of around 11%. Its 52-week range shows a high of Rs 1,989.80 and a low of Rs 1,047.45.