Central Depository Services (India) Ltd (NSE: CDSL) Q3 2026 Earnings Call dated Feb. 02, 2026
Corporate Participants:
Unidentified Speaker
Amit Chandra
Nehal Vora — Managing Director & Chief Executive Officer
Girish Amesara — Chief Financial Officer
Sunil Alvares — MD and CEO at CDSL Ventures Ltd.
Analysts:
Unidentified Participant
Supritim Dutta — Analyst
Amit Chandra — Analyst
Shreya Kejriwal — Analyst
Lalit Mohandev — Analyst
Sanket Goda — Analyst
Rohan Nagpal — Analyst
Amit Shenzha — Analyst
Muskaan Chopra — Analyst
Presentation:
operator
Ladies and gentlemen, Good day and welcome to CDSL Q3 and FY26 earning conference call hosted by HDFC Securities. As a reminder, all participant line will be in the listen only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star then zero on your touchdown phone. Ladies and gentlemen, please note that CDSL does not provide specific revenue or earnings guidance. Anything said on this call which reflects CDSL’s outlook for the future or which could be constitute as forward looking statement must be reviewed in conjunction with the risk that the company faces.
I would like to hand the conference over to Mr. Amit Chandra from SGFC Securities. Thank you. And over to you sir.
Amit Chandra
Yeah. Thank you operator. Good evening everyone. On behalf of SDFC securities we welcome you all to the CDSL Quarter 3 FY26 earnings call. Today we have with us the management team of CDCDSL represented by Mr. Nehal Vora, M.D. cEO, Mr. Giris Amesera, CFO and other senior leaders from the management team. We will now start with a brief overview of the quarter by Mr. Nel Vora and then we’ll open up the floor for the question answer session. Thank you. And over to you Nel Sir.
Nehal Vora — Managing Director & Chief Executive Officer
I’m joined here today by the CDSL groups team of senior leaders. Let us start with the industry highlights and then we can go through some of the key aspects of our performance. The combined average daily turnover at BSE and NSC for December 2025 was around 1 lakh crores. About 8.3% less than the average daily turnover during the previous for the same period of the previous year. I’m glad to report that as a depository industry we have crossed 21.6 crore demat accounts and CDSL saw more than 75 plus lakh accounts opened during this quarter bringing our total to 17.27 crore demat accounts maintaining our 80% share.
During the quarter, CDSL received certain key recognitions including two of the major global awards including the Central Securities Depository of the year 2025 by the asset Servicing Times and Market Infrastructure Award at the Regulatory Asia Awards for Excellence 2025. While our CSR efforts were also recognized with a Project of the Year Healthcare Award at the India CSR Awards 2025. For us, the investors remain at the heart of our ecosystem and we strive to stay closely connected with them through our various social media platforms. I am pleased to share that these efforts have paid off as we recently crossed a milestone of 100 million YouTube channel views on the CDSL account.
This achievement reinforces our commitment to reaching and educating as many persons as possible. In the last quarter, CDSL also launched its first ever Reimagine IdeaThom, an initiative under its annual Reimagine Symposium engaging young innovative minds to reimagine investor empowerment to ensure that the market can really trust it. At scale, the ideathon saw around 1,000 people wanting to basically register with us and witnessed participation of students from nearly 100 institutions across 21 states and two union territories. The final rewards will be announced on this coming weekend as we move on to a new quarter for the new year of 2026.
Our focus remains on building the infrastructure that is not only scalable and secure, but it’s also inclusive and investor first. We endeavor to continuously monitor and upgrade the capacity, security and sophistication. We continue to prioritize our atmanerbhar investor focused approach while striving for innovation into consistent and sustainable financial and business performance. We’ll continue to work efficiently while upholding our investor centric culture. I would like to reaffirm that CDSL’s focus remains on enhancing the securities market ecosystem by enhancing trust and by enhancing trust the market with its ebbs and flows continues to support the Indian economy and we owe all the progress to a strong ecosystem that has put constant faith in us.
My appreciation and gratitude to all our stakeholders starting from the SEBI as regulators, other regulators, depository participants, issuers, investors and all participants, shareholders and employees. Thank you and over to the CFO Girish.
Girish Amesara — Chief Financial Officer
Thank you Neha. Good morning and good afternoon to everyone. On a consolidated basis for the nine months performance, the total income is achieved at 970 crore as against 944 crores. For the corresponding nine months of the previous year. Consolidated net profit for the nine months is achieved at 375 crore as against 426 crore for the corresponding nine months. In terms of quarterly performance on consolidated basis, the total revenue for the quarter ended December Is achieved at 334 crore as against 298 crore for the corresponding. Quarter of the previous year. The standalone net profit Is achieved at 133 crore as against 130 crore for the corresponding quarter. Talking on standalone performance for 9 months, the total income is achieved at 881 crore is again 780 crore for the corresponding 9 months. The net profit for the 9 months is achieved at 399 crore is against 381 crore for the corresponding 9 months of the previous year on a quarterly basis the standalone total revenue at 79 crore as against 235 crore may not be a quarter of the previous year. The net profit for the quarter ended December Is achieved at 120 crore is against 105 crore for the corresponding quarter.
Of the previous year. With this I will request Sunil to take us through CVL numbers. Thank you and over to you.
Sunil Alvares — MD and CEO at CDSL Ventures Ltd.
Good evening and thank you for joining us today. For the nine month period ended from December 25 to 89 crore in nine months the total income, The total cost expenses income 83 crore and as a result the profit tax for the period was 55 crore against 120 after tax. Thank thank you for forward to addressing your question.
Nehal Vora — Managing Director & Chief Executive Officer
Thank you so much.
operator
I’m really sorry but there’s a background issue from the management L. If you can please fix that.
Unidentified Participant
In terms of queries that we received, are we all on the page in terms of answers given to the queries?
Sunil Alvares — MD and CEO at CDSL Ventures Ltd.
Sure. Thank you ladies and gentlemen. Is this transaction even allowed to. If yes, what is the reason code? So I think both we have tried to answer and just as a matter of approach it is a complicated thing. We have not tried to go into too much of. Because a lot of this like if you go into FEMA or other stuff, you know NR to NR account and Oscar proceeds processes a lot may require a deep deeper understanding of provisions. You know just say NR to NR transfer. Like Akshay was saying, there’s no express restriction under our bylaws or under female regulation.
But it for us are difficult for me to understand. Sorry to sort of digest that because there are restrictions in place, you know that press notes three voila thing it is all about restrictions. Who cannot transfer, who can transfer. And it is a bigger issue than what you know we may realize in our day to day life because the issue is a national issue so to say. Imagine if companies start transferring their shares to sae. You know American company starts to transfer shares of Indian companies to Chinese companies, to Pakistani companies, to whatever companies will be country run by China or Pakistan or God knows whatever.
These transfers require approval from necessary ministries or authorities or governments. So we shouldn’t go into those things. Your simple question. According to me we can. Rather than going into too much of depth we can simply. Amit, are you able to answer so that way qualification. These are sort of disclaimers. We have not reviewed any foreign laws. Under this particular category. You know transfer between two bos. What was that? Non market off market transfers. This reply we send it to Sebi. So in this format and in these.
Unidentified Participant
Lines can we inform this is exactly this is prepared. Either you say no, yes or no. Or if you want you can avail or six some new addition documents or additional information from Deloitte and no, no.
Unidentified Speaker
For what are we answering the question? There’s no yes. We are saying it can be done. See, we can only say what we are what we can conclude. Right. We are concluding. Okay, like this. Let’s assume this. Can he just transfer his shares to me? Answer is yes. But it will either be categorized as a. This is the example that we’re discussing. It will either be a gift or it will be a off market. So that’s why we are not taking it into sales Purchase may we have to show consideration. Exactly. But gift me. Yes, exactly.
There’s no consideration. So you’ll have to. If you.
operator
Management line.
Unidentified Speaker
They have a consideration. But it’s not coming to India. Yes, it’s between one foreign company to other foreign company. I think both are Singapore.
Unidentified Speaker
Can you repeat?
Unidentified Participant
So from one foreign company to the other foreign company they are giving shares of Indian company. Yeah, Indian company to each other in India. One company to other companies. So as far as we are concerned or our system requirement is concerned, there’s no consideration or we are like while knowing that there is a consideration in India there is nothing about it.
Unidentified Participant
Okay, so the guest given us like three options treated as loan or paid overseas. So no consideration is also something. Which line is. Hello operator.
Unidentified Speaker
Yes, Amish, we can hear you.
operator
Yes, we can hear you, sir. Which line is coming on the call? Which line has been linked? As far as our system is. Built.
Unidentified Participant
It’s off market transfer securities between two accounts maintained in India by non resident beneficial owners. That’s about it.
Unidentified Speaker
Yeah. So. Yeah, correct. So basically that if Sebi says that new reason code description can be of market not fulfilled. We can use that. We’ll have to. I don’t know who proposes who makes new. Actually this will be decided between the deposit.
Unidentified Participant
But are you in touch with NSD also? Like how they are responding to this? No. Whether they are doing this or not. In any other reason code?
Unidentified Speaker
No, no. They are also of the same opinion though we spoke with them. We will have to go in the channel of probably a new reason code or something. So they are also the same opinion.
Unidentified Participant
Yeah, but we were like we’ll seek some more document from Deloitte and asking. I think it’s similar to what we shared. She also gave us a sample only with you. So like that. That Kind of. Okay, sure. Sorry.
Unidentified Speaker
I don’t know how because this. Has nothing to do with that. Team.
operator
Can we begin with a question and answer session?
Sunil Alvares — MD and CEO at CDSL Ventures Ltd.
Yes, please.
operator
Thank you so much. Ladies and gentlemen. We’ll begin with the question and answer session. Anyone who wishes to ask a question may press star and one on their touchstone telephone. If you wish to remove yourself from the question queue, you may press star and two. Ladies and gentlemen, we’ll wait for a moment while the question queue assembles. Investors here. Our first question comes from the line of Supritim Dutta from Jefferies. Please go ahead. Mr. Dutta, you may please proceed with the question.
Supritim Dutta — Analyst
Yeah, okay, so my first question is on the cost side. So your technology costs have increased around 4x over, you know, since FY23, whereas during the same period volume increase has been somewhere around 1.82x. So just wanted to understand, you know, if you could give us some color or understanding with respect to, you know, how, how you’re seeing the technology spend, you know, which areas are you spending, you know, this money and you know, what needs further, you know, capacity requirement do you need to put in place? Because, you know, market where volumes have not been growing, you know, since the last one year still the computer technology cost appears to be growing sequentially.
So just wanted to understand, you know, get some clarity on, you know, what is happening here, which are areas that you are spending on and you know, how you’re thinking about technology as a cost within the entire business. So that’s one, you know, the second part is, you know, on the KRA business, you know, you have the market leaders there, you know, the pricing there is significantly higher than, you know, the kyc, you know, the CKYC business. And now that you know, the government is, you know, improving the quality of data on ckyc, do you see that as a risk for pricing or you know, the KYC registration business overall? And if you could give us some color there, that also would be very helpful.
Sunil Alvares — MD and CEO at CDSL Ventures Ltd.
Thank you. So on the first question on technology, see as we grow in business it’s like as I’ve said many times, it’s like similar to built in infrastructure company. So as we increase capacity, the costs have to grow to ensure that the latest technology is used. There are newer products also which have been coming into play which the regulator keeps on. Time to time. There seems to be some cross connection. Can you put yourself on mute? So as we have grown from 23 to 25, the newer forms of technology, both on application, on hardware, network and security all four areas we are trying to ensure that the latest products are put into play and that says the capacity building process so that as the surge in case if it happens like we had seen in 20, 20, 21, it becomes seamless for the market.
It does not face any issues from the standpoint of people wanting to open newer accounts. Also the latest survey of SEBI is also saying that a lot of people whilst have participated in the securities market a lot of people have known and are willing to participate. There’s a potential which is there. So in sync with that potential we have to be prepared to prepare the necessary technology infrastructure to be in place so that in case if those volumes come into the market it becomes seamless from that standpoint. And on your second question ask Sunil to answer.
Girish Amesara — Chief Financial Officer
Yeah, hi. On the KRA business you mentioned that CKYC is coming. I mean ckyc is introducing 2.0 and there could be a risk to CVR. But if you see in case of the security market KRAs are operating we have totally validated data as against KYC which is yet to validate their data and they have a larger number of records and moreover the KRAs hold a larger number of fields as compared to the ckyc. Recently there is also a consultation paper from SEBI where they have proposed other details like bank details, gender, I mean bank details, occupation etc which comes as a part of client due diligence to be held in the kra.
So keeping that in mind also there is a circular from the Ministry of Finance Department of Revenue where they’ve asked the KRH to get connected with the CKYC so that any intermediary, you know, wanting to upload data into the CKYC can do it to the kras or he can do it directly so those options are available. So keeping that circular in mind, I feel that the KRAs are here to stay.
Supritim Dutta — Analyst
That’s very helpful, you know, just you know, first, you know, answer. Thanks a lot, you know, for providing the clarity. Just wanted to understand from that capacity build. I do understand that you know with every year you need to build further capacity but is the ramp up or you know, the scale of ramp up, you know, mostly done or you know, should the scale of ramp up continue at this level again, you know, considering the fact that you know how markets have been in the last one year.
Sunil Alvares — MD and CEO at CDSL Ventures Ltd.
So the point is that as newer technology comes into play there is as we all know, really artificial intelligence also is coming into play. We would like to ensure that our infrastructure has the latest in Sync technology. Also in other products like applications, security, etc. There are newer products which keep on coming. So it depends on the kind of innovations which are happening which will entail in future whether this will continue. But the process of ensuring that a seamless experience is there for all the participants is our intent and all be able to see their holdings etc in a very seamless manner is what is basically the intent.
Supritim Dutta — Analyst
Thank you.
operator
Thank you. Our next question comes from the line of Amit Chandra from HDFC Securities. Please go ahead.
Amit Chandra — Analyst
My question is on the annual issuer charges. Obviously on a yoy basis we are seeing very strong growth here. And it has been a function of the higher additions and the rising folios. So if you can give the number of folios because you used to give. So what has been the exact number of folios? If you can give that number. And also it has also been helped by the unlisted companies addition. But seeing the change in regulation that has happened 1st of December where the definition of not so small companies have been changed. So in that context, how do you see the unlisted addition behaving? Because that basically shortens the definition or in terms of scope.
So like we were adding around 2,000 companies in a quarter, can you see a significant dip there in terms of the unlisted additions? This is my first question.
Sunil Alvares — MD and CEO at CDSL Ventures Ltd.
Yeah, so I think Amit, on the unlisted piece, again it’s not. So the definition has become wider. But again those conditions remain only when they want to raise capital or they want to transfer capital. So those are very circumstance driven as to when they are mandated to be registered with us. So I think overall we’ll have to wait and watch. We don’t give a futuristic outlook as to how we are going to see these numbers. But the intent is that we ensure that our systems are in place and experience of the issuers is seamless. So that more and more people as and when they would want to join the depository fold becomes easy for them to.
And for folio they’ll ask CFO, the.
Girish Amesara — Chief Financial Officer
Folio remains what we had disclosed in first quarter. It is 33.76 crore.
Amit Chandra — Analyst
Okay. So the follow number reset obviously will happen 31st of March, but with the number of IPOs coming in because this has been a heavy IPO. So it is expected that maybe this folio number reset can be a higher number versus what we have seen last year because.
Girish Amesara — Chief Financial Officer
That we have to wait and watch in the first quarter of the next year.
Amit Chandra — Analyst
Okay. Okay. And the second question, if you can give the breakup of E voting and ecash. And also the drop that we have seen because seasonally E voting is a weak quarter and we have seen a drop there sequentially, if you can give that number. And also in yoy terms also the fall has been pretty sharp. So is it that on a yoy basis also the adoption of e voting has declined or we are seeing loss of market share there? If you can give some color there. And obviously correspondingly to the decline in the e voting there used to be a decline in the other expenses.
Other expenses as well. But in this quarter we have not seen that decline. So can you explain what has led to the higher other expenses?
Girish Amesara — Chief Financial Officer
Sure. So the case income that we have generated in this quarter is 12.78 crore. And and e voting income is at 5.23 crore. See, even normally what happens that all E voting income normally gets, you know, accrued in second quarter of the financial year. So in, in last quarter September quarter we had accrued income of 19.77 crore.
Sunil Alvares — MD and CEO at CDSL Ventures Ltd.
That we had reported.
Girish Amesara — Chief Financial Officer
And when you compare current quarter’s income with yoy income of previous quarter, previous year, same quarter we had achieved income of 4.71 crore in that quarter. So current quarter is, you know, better off compared to same quarter of the previous year.
Supritim Dutta — Analyst
Okay. And in terms of expenses, of the expenses, the corresponding decline we are not seeing in terms of expenses, other expenses. Other expense for E voting.
Sunil Alvares — MD and CEO at CDSL Ventures Ltd.
No, no. So in terms of the other expenses we report which is 62, which was 62 crores last quarter which has come down to 60.6 crores in this quarter. So the decline of E voting generally, you know, used to happen and we, you know, used to see the decline also corresponding the cost also in in the other expenses. But this X of that the jump in or we can say that X of the voting drop, the jump in other expenses is also pretty high. So any one offs there or anything that you want to highlight, there are.
Girish Amesara — Chief Financial Officer
No one off cost in comparison. If you look at overall other cost, it is in line with what our.
Sunil Alvares — MD and CEO at CDSL Ventures Ltd.
Overall cost structure is. For example, if we speak about KRA.
Girish Amesara — Chief Financial Officer
Then inter KRA is also has reduced in terms of e sign expense. It is also reduced e voting is more or less E voting expenses in line with what income that we had generated in this quarter.
Amit Chandra — Analyst
Okay. Okay. And so lastly any because we have been the now the increase in terms of the overall spend is higher than the growth. And also the spend in technology seems to be pretty high and it’s not like normalizing so Is it fair to assume that we can, you know, ask for a issuer price hike which was pending, which is now pending for the last 10 years and how the regulator is saying to the proposal of having an issuer fees hike.
Sunil Alvares — MD and CEO at CDSL Ventures Ltd.
So I think as I’ve told earlier, we don’t generally disclose the correspondence we have with the regulator but I’m sure they are also seeing this. Probably at the appropriate time the increase will come.
Amit Chandra — Analyst
Okay. Okay. So thank you and all the best.
Sunil Alvares — MD and CEO at CDSL Ventures Ltd.
Thank you.
operator
Thank you so much. Next question comes from the line of Sidharth as from Vita Manji. Please go ahead.
Girish Amesara — Chief Financial Officer
Hi sir, thanks a lot for the opportunity. I would just like to, you know, quickly get clarity on my two set of questions. So just wanted to understand how the insurance repository side of the business and you know, what is the projections going for in terms of the, you know, upcoming projects and the potential revenue contribution from that side of the business. And second would be as we can see, you know, for the past year and half and as a general position that there is some softness that’s prevailing in the, you know, capital markets in general in terms of the, you know, general market activity and with the, you know, commodities taking over and attracting a lot of, you know, investors right now.
So just want to understand like how would you, your plans or you know, some clarity on how would you like to navigate or you know, what plans there to navigate and you know, basically, you know, get through this phase of, you know, softness in general and the general long term outlook should be good to go. Thank you.
Sunil Alvares — MD and CEO at CDSL Ventures Ltd.
First question, ask Lakesh to answer the CEO of Insurance Repository. Yeah, hi ladies. Yeah, from the insurance repository point of view, the operating revenue has been steady and as you typically see, JFM period is the crucial period. So we are trying to capitalize on this and largely we are in sync with the insurance industry growth. As you would have seen the IRDA numbers, the insurance industry policy number growth has been more or less stagnant. It’s not been increasing as expected. But yes, within the same scheme of things we are trying to increase our market share within the framework.
On your second question about commodities becoming more popular. So I think this is really our market phenomenon dynamics. It keeps on changing as per changing circumstances, geopolitics, economic conditions, etc. As a market infrastructure provider, we are continuing to build on our systems whether we have a great period or a lean period. Because when the growth comes, it comes all of a sudden like we’ve seen in the past three or four years. So we need to be well prepared because Infrastructure has to be well prepared for any kind of growth. How this will pan out in the overall scheme of things.
I think India as a country is doing well. It is fundamentally strong and that will get, that will get echoed in the necessary securities market and commodities market as per what the perception is of the entire securities market and commodities market.
Girish Amesara — Chief Financial Officer
So I think it will be difficult.
Sunil Alvares — MD and CEO at CDSL Ventures Ltd.
To predict what will happen when. But we’ve seen that like any infrastructure company, if your infrastructure is well prepared, is well done, when the growth comes, you are prepared to take on that growth and that’s the time you see a significant uptick in revenue. The intent is to ensure that is a seamless infrastructure which is provided and it is a continuous process of growth, continuous process of evolution which we need to continuously do as we move forward. So I hope I have answered your question.
Girish Amesara — Chief Financial Officer
Yes. So thanks for, you know, providing me the clarity. Yeah. And yeah. So thank you.
operator
Thank you. Our next question comes from the line of Shreya Kejriwal from Money Wasta Wealth Management. Please go ahead.
Shreya Kejriwal — Analyst
Yeah, thank you for taking my question. So my question is regarding the yesterday’s news regarding the hike in the security transaction charges. So could you share your views on how this might impact the CDSL revenue? So this is my first question and my second question is around the IPO and corporate action segment this its revenue is like around 2 to 3%. The growth has not been so promising. So could you talk about the potential tailwinds you foresee for this segment going forward?
Sunil Alvares — MD and CEO at CDSL Ventures Ltd.
On the first one, there is no direct impact on the depository business. It’s more on trading side and as futures and options is not, is not a security which is normally kept in these accounts, DMAT accounts. So I don’t see any perceived impact on CDSS line of business as of now. The second question is on the ipo. I think as I’ve said earlier that we are building our systems well so that whether there are a lot of large IPOs which are expected to come also. So CDSL has the right infrastructure to ensure that it can cater to these large demands.
How much a road is used? We are similar to a road. How much a road is used depends on basically that traffic and other conditions. But the road provider has to ensure that the value proposition of that road continues to remain seamless. And that is what is the way we are building our line of business.
Shreya Kejriwal — Analyst
Thank you sir. Thank you. For us.
operator
Thank you. Our next question come from the line of Lalit Mohandev from Aquarius Securities. Please go ahead.
Lalit Mohandev — Analyst
So firstly, like There have with respect. To the TER cuts in the. For the mutual fund business. So there has been also talks about reducing the fixed cost for the ANCs such as like KYC charges especially on the smaller investments. So do you. Do we foresee any changes in the. Or any divisions in the KYC charges for us in terms of the new creation cost like which was 20. Which is 20 rupees. And also on the fetching of it is 35 rupees.
Nehal Vora — Managing Director & Chief Executive Officer
Going ahead. We don’t generally give futuristic but I’ll ask Sunil to answer that.
Sunil Alvares — MD and CEO at CDSL Ventures Ltd.
Well in case I like Diane just said that in case there is any reduction in charges we will inform the market accordingly. So yes, we’ll all have to wait.
Lalit Mohandev — Analyst
Awesome. So just one data question. Can you give us the revenue from the unlisted companies and the pledge income for this quarter?
Girish Amesara — Chief Financial Officer
So the margin paid income in this quarter is 5.42 crore. And unlisted issuer income is 2.66 crore. And application processing income is 3.17 crore.
Lalit Mohandev — Analyst
Gotcha. Thank you.
Sunil Alvares — MD and CEO at CDSL Ventures Ltd.
Thank you.
operator
Thank you. Ladies and gentlemen. Anyone who wishes to ask a question may press star and one on their touchstone telephone. Our next question comes from the line of Sanket Goda from Evidence Park. Please go ahead.
Sanket Goda — Analyst
Thank you for the opportunity. Sir, you just mentioned in unlisted income 2.66 crores is the regular annual issuer income and 3.17 crores is the joining fees. What you earned in the quarter. That is. That’s. That’s the right understanding sir.
Sunil Alvares — MD and CEO at CDSL Ventures Ltd.
Yes.
Sanket Goda — Analyst
Yeah understood. And. And maybe one more data keeping then I have a couple of questions. So. So if you can even quantify your impairment cost in the quarter.
Girish Amesara — Chief Financial Officer
In the quarter it is 4 crore on a standalone basis.
Sanket Goda — Analyst
Understood. Understood. And. And sir, this just want to understand at. At. At the. Any DP level or have you seen mass migration happening from your company to another company or you have got any intimation that the guys who were invariably working exclusive with you have even started considering to open from a risk management point of view maybe to demat account or to work with two depositories. Just wanted to understand whether there is any such kind of a development happened at your company level.
Sunil Alvares — MD and CEO at CDSL Ventures Ltd.
So I think the number of demat accounts opened in each month on month is disclosed across both the depositories. We’ll show you. Also we put out how many DPs are registered in each quarter. So I would really urge you to look at those numbers also. That will show you the picture where they are. Finally it is each DPs choice where they would like to see and therefore the value proposition and to the earlier question that why we invest continue to invest in technology is to ensure that that value proposition remains intact and more and more people would want to use the product will sell for itself and there’s a value proposition which is put there also in terms of cost we are 50 paise cheaper than that of that of a competition.
So that is it is the overall scheme of things which people will take into consideration as to where they would like to open. Writing the numbers is something which really speak for itself. So we don’t generally reveal as you know, I think the question would be answered in that manner that the number of DMAT accounts opened at CDSL as well as NSL will show it for itself that the focus Understood sir.
Sanket Goda — Analyst
The reason why I asked this question was that on incremental basis somehow maybe on outstanding basis we still have a leadership but on incremental basis we lost a bit of market share. So so easy due to either guys going for two two depositories or there is a mass migration. That was the reason why I asked. I understand the numbers speak about how the growth is happening but given the incremental market share has dropped a bit. I was just asking from that perspective.
Sunil Alvares — MD and CEO at CDSL Ventures Ltd.
See the incremental market share has dropped based on certain seasonal circumstances. If some DP is facing slower growth in one or two months but overall if you see the numbers is ranging in that same range so there has been no significant drop as I would see as of now. And we continuously and our intent as I said is to ensure again and again value proposition from a technology standpoint, from a service standpoint to ensure that more and more people continue to remain with us.
Sanket Goda — Analyst
Understood sir. And one more question on maybe again on KYC because there is incrementally too much noise in the market that somewhere they kind of be a capping or on the KYC fetching income especially and probably number of fetch multiple times if it’s done for the same KYC record they could be capped or utilized in in multiple ways. This just wanted to understand means means do you expect any big regulatory change to come in in KYC business especially from a revenue capping or the charges capping or or the amount of fetches can be done for the same KYC record?
Sunil Alvares — MD and CEO at CDSL Ventures Ltd.
I’ll ask Samir to answer that.
Girish Amesara — Chief Financial Officer
Currently there is no capping for the safe KYC record primarily because there are different intermediaries fetching that record and they pay separately and so far as fetch is Concerned, an intermediary fetches the record only once and we charge him 35 rupees for the lifetime. He can fetch the record as many times as he would like.
Sanket Goda — Analyst
Yes sir, but. But if say intermediary already has done it can be considered a validation for the other intermediary or no, he needs to do it again.
Girish Amesara — Chief Financial Officer
Obviously. You know, why will one intermediary pay for another intermediate?
Sanket Goda — Analyst
Okay, Understood sir. And lastly, so that will be a larger challenge. So. But. But someone we were assuming that there will be some one more intermediate layer where it will fetch and pass it on to other intermediaries and that intermediate layer will be considered to be fetched once. So naturally that funnel of number of fetches hitting your KYC business might come down. Anything on those lines is what I was considering is happening or not.
Girish Amesara — Chief Financial Officer
The regulations are very clear that an intermediary has to fetch for itself and no intermediary can share the KYC for financial gain. So these two things are very clear in the carrier execution. So in case any changes have to be done, the regulations have to be changed.
Sanket Goda — Analyst
Understood sir. Perfect. And lastly, can you give your employee count both. Both for standalone and console.
Girish Amesara — Chief Financial Officer
As a CFO. Standalone basis, employee cost is. Number. Of people, number of people working. Sorry, normally we don’t disclose employees count on a quarterly basis. We are disclosing in the financial annual report that we are publishing on year. On year basis. The reason again sir, this. This question is asked because. Because the employee cost has grown and even tech cost is going up. Is it easy? We are hiring more people to overcome the tax cost and that’s leading to the tech and employee cost to go up relatively. So if you compare quarter to quarter, it has remained the same. Now if you compare same quarter of previous year obviously there will be incremental cost required to be incurred. So the count will be available at. The end of the financial year.
Sanket Goda — Analyst
Okay, I understand that point but. But my more question was that is it more due to hiring or more due to increments? That’s the only thing which I wanted to confirm.
Girish Amesara — Chief Financial Officer
No, no.
Sunil Alvares — MD and CEO at CDSL Ventures Ltd.
If you look I think again Sanket, you can just say oh in Hindi. The important thing is that CDSL has a performance role. Now how many employees, whether it is increasing whatever is required to ensure that it remains in business, the value proposition remains. That is what is most of most critical. And at the timeline when we are required to disclose at the end of the year, you will surely get the numbers.
Sanket Goda — Analyst
Understood sir. Thank you. Thank you very much. That’s it. From my side.
Sunil Alvares — MD and CEO at CDSL Ventures Ltd.
Thank you.
operator
Thank you ladies and gentlemen. Anyone who wishes to ask a question may press star and one on their touch on telephone. Our next question comes from the line of Rohan Nagpal from Alias Capital Management. Please go ahead.
Rohan Nagpal — Analyst
Hi. Thanks for taking my question. I had a question on the technology spend. So as another participant pointed out that technology spends grown a lot faster so gone from about 7% of revenue to 14%. So just looking backwards in terms of what this has enabled for us, could you give us some sort of some KPIs in terms of success rate on transactions or capacity of transactions that CDSL is able to handle as a result of this, as a result of the increasing investment intensity.
Sunil Alvares — MD and CEO at CDSL Ventures Ltd.
So I think Rohan, you got to see the number of demat accounts growing quarter on quarter, month on month, quarter on quarter, year on year. Now as the number of demat accounts grow, the number of transactions grow, the margin pledge transactions grow, the number of securities new IPOs come is that many more ISINs grow. So there are multiple facets, multiple touch points which are continuously increasing and the number of people who are entering the market is also growing. So it’s a function of all this which has to be put into play whilst how the technology has to keep in pace.
Second is there are newer ways on security side, on the application side which make it easier, more seamless with the AI coming in also. So the technology has to keep in step with all these newer reforms which are coming into play also. So it’s a combination of all these points which has to be put into play also there are newer requirements from AB security standpoint, they have issues, various circulars, the requirements are growing so those also have to be executed. So I hope I’ve answered it.
Rohan Nagpal — Analyst
Yeah. So is it fair to assume that this is the first on like we have to spend at least this much on an ongoing basis on technology to ensure business continuity.
Sunil Alvares — MD and CEO at CDSL Ventures Ltd.
It’s a very, you know, there is no simple answer to this because see the market is changing continuously. What are the new products which are going to come in the future. We also don’t know what those new products will entail in terms of newer processes. If there are new types of products, transactions which are coming into play which are required by SEBI etc. Or by the wider ecosystem. So it’s a function of all this, whether the technology cost will remain what it is or it will grow. It is not a simple line because the line in which we are in technology and human resource is the raw material, work in progress and finished goods.
So it’s to continuously evolve as the market conditions change. And those market conditions are something which continuously will evolve. So there is no simple answer to this, whether it will remain same, whether this is a floor, et cetera. It all depends on the circumstances.
Rohan Nagpal — Analyst
Okay, so put a different way is this, does this, is there a portion of this technology spend that is a variable cost and a portion of this technology spend that is sort of an investment in the future? Just trying to understand like how this moves with business.
Sunil Alvares — MD and CEO at CDSL Ventures Ltd.
Any technology system has costs which are on a routine basis and one which is building for the future also because that’s how good technology systems are built. But we don’t. There is no fixed percentage and we don’t reveal also that percentage because a continuously evolving process, because what was seen to be routine three years or five years ago has changed the way we actually perform now and that will again change in the next two or three years. So it’s a continuous process of evolution and therefore there is no simple firm answer to that.
Rohan Nagpal — Analyst
Fair enough. I understand that. Just as a piece of feedback from the perspective of people modeling the operations, I think it would help if you could get slightly more disclosure in terms of what your fixed costs are in terms of technology, since it has scaled significantly over the last few years. So if we could get some sense of what portion is fixed, variable, etc. And what is investment for the future, I think that’d be really helpful for us as analysts to understand the company. Go ahead.
Sunil Alvares — MD and CEO at CDSL Ventures Ltd.
Yeah, but the line of business which we are in is difficult to predict the fixed cost and the variable costs. It all depends on circumstances. And hence we are not putting. It’s not that we don’t want to put it out. It’s because of the kind of expenses which we are having, it is tough for us to put it out what is firm fixed and what is firm variable, because there are lines which go beyond fixed and variable also. So hence we are not putting out. So whatever best we can put out and we have been very transparent in whatever we have to put out is what we are putting out there.
Rohan Nagpal — Analyst
Thank you. Thank you. That’s it for my end.
Sunil Alvares — MD and CEO at CDSL Ventures Ltd.
Thank you.
operator
Thank you. Next question. Come line comes to the line from Amit Shenzha from SDC Security. Please go ahead. Mr. Chandra, you may please proceed ahead with the question.
Amit Shenzha — Analyst
Hello, can you hear me?
operator
Yes, we can hear you.
Amit Shenzha — Analyst
So in the technology cost, we. We don’t include any the employees who are related to technology in this or is it only related to software and hardware spend that we do?
Sunil Alvares — MD and CEO at CDSL Ventures Ltd.
So the employee Cost is in the employee cost which includes all employees, including technology employees. So the technology cost. Technology.
Amit Shenzha — Analyst
Okay. So technology cost is just the hardware and the software spend here. Right. And if you can and give some breakup in terms of what is hardware, what is software here. And also in terms of. And also in terms of. In terms of. Because the rise has been more on the subsidiary side in this quarter. If I do just the console minor standalone. So the rise in the subsidiary has been like significant. So is it that most of the investments are going in subsidiary or is it across standalone cvl?
Sunil Alvares — MD and CEO at CDSL Ventures Ltd.
So you’ve seen the numbers. What is standalone versus what is in consolidated. But as I said earlier, infrastructure is a line of business that as you reach a certain scale you need to invest in that. And the investment is in a larger proportion to the growth which you see. It’s not commensurate with the growth you’re seeing because it’s a kind of building a road. Now the road cost has to be built. If you have to build from point A to B, that road has to be built. Now how many cars are going. If it’s five cars also you have to build the same road but 50 cars also to build the same road.
But as that 50 becomes 500 the quality of the load etc of the road has to grow and that cost is significantly higher. So that is the same way we are investing in our subsidiary again to ensure that the value proposition remains intact. And the clients and the customers who come to us feel that. That it. It is feeling the value proposition on whatever they are doing with us.
Unidentified Participant
Okay now so that I understand. But Justin, any of the numbers you can break down this 42 crores that you have spent is it only on licenses opex. Because obviously this is opex. But if you can give some more color in terms of what is. Because we are not including hardware spends here. Right. Because it is mostly capitalized.
Sunil Alvares — MD and CEO at CDSL Ventures Ltd.
We are. We don’t give that breakup because again that will. That will not the type of business which we are. It is difficult to give that breakup. So we don’t give that.
Amit Shenzha — Analyst
Okay. Okay, sir. Thank you.
Sunil Alvares — MD and CEO at CDSL Ventures Ltd.
Thank you.
operator
Thank you. Ladies and gentlemen. Anyone who wishes to ask a question may press star and one on their touch on next question come from the line of Muskaan Chopra from Modila Loswell Financial Service. Please go ahead.
Muskaan Chopra — Analyst
Yeah, I’m. Am I audible? Yeah. So I just wanted to know can you give the financial data regarding cvl? Actually it wasn’t clear in the start.
Girish Amesara — Chief Financial Officer
Can you repeat the question?
Sunil Alvares — MD and CEO at CDSL Ventures Ltd.
Financial data regarding serial yeah. Financial data in the sense of total. Income path, whatever you give it wasn’t actually very clear in the beginning.
Girish Amesara — Chief Financial Officer
So for the nine month period December 25, revenue from operations was 132 crores compared to 189 crores in the nine months FY25. Total income was 145 crores compared to 206 crores in the previous year. Total expenses was 90 crores compared to 83 crores in the previous year. Profit before tax was 55 crores as again 122 crores in the previous year. And profit after tax was 42 crores as compared to 91 crores in 9 months FY25. So I hope that answers your question.
Muskaan Chopra — Analyst
Yeah. Thank you.
operator
Thank you. Ladies and gentlemen. Reminded to all if anyone would like to ask a question press star and one on their touchdown telephone. As there are no questions from the participant. I would like to hand the conference over to Mr. Nihal Vora for the closing comments. Thank you. And over to you sir.
Sunil Alvares — MD and CEO at CDSL Ventures Ltd.
Thank you all for your questions. We have all answered as per what is up to the best of our ability. I hope we have answered your questions. Thank you and stay safe.
operator
Thank you so much sir. Ladies and gentlemen, on behalf of SGFC securities, that concludes this conference, thank you for joining us and you may now disconnect your lines.