Interim report
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Regd. Office: Marathon Futurex, A Wing, 25th Floor, Mafatlal Mills Compound, N M Joshi Marg, Lower Parel (E), Mumbai - 400 013. Phone: 91-22-2302 3333 • Fax: 91-22-2300 2036 • CIN: L67120MH1997PLC112443 Website: www.cdslindia.com Central Depository Services (India) Limited Classification - Public CDSL/CS/NSE/AJ/2026/152 October 31, 2026 The Manager, Listing Compliance Department, National Stock Exchange of India Ltd., Exchange Plaza, Bandra Kurla Complex, Bandra (East), Mumbai – 400051. Symbol: CDSL ISIN: INE736A01011 Sub.: Outcome of the Board Meeting held on October 31, 2026. Dear Sir / Madam, This is with reference to our intimation dated October 12, 2026, and pursuant to Regulation 30 and 33 read with Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, and other applicable provisions , if any, the Board of Directors in its Meeting held on Saturday, October 31, 2026, have inter alia, considered and approved the Audited Standalone and Consolidated Financial Results of the Company for the quarter (Q2) and half year ended September 30 , 202 6, along with the Statutory Auditor's Report thereon. The Statutory Auditors have given an unmodified opinion on the Standalone and Consolidated Financial Results of CDSL for the quarter (Q2) and half year ended September 30, 2026. The copies of the Audited Standalone and Consolidated Financial Results of the Company for the quarter (Q2) half year ended September 30, 2026, along with the Statutory Auditor's Report thereon are enclosed herewith as “Annexure-A”. The Board Meeting commenced at 10:00 a.m. (IST) and concluded at 02:10 p.m. (IST). The above information is also available on the Company's website at www.cdslindia.com. This is for your information and records. Thanking You, Yours faithfully, For Central Depository Services (India) Limited Nilay Shah Company Secretary & Compliance Officer ACS No.: A20586 Encl.: As above
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12th Floor, The Ruby 29 Senapati Bapat Marg Dadar (West) Mumbai - 400 028, India Tel :+9122 6819 8000 S.R. BATLIBOI &Co. LLP Chartered Accountants Independent Auditor's Report on the Quarterly and Year to Date Standalone Financial Results of the Company Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Reguirements) Regulations, 2015, as amended To The Board of Directors of Central Depository Services (India) Limited Report on the audit of the Standalone Financial Results Opinion We have audited the accompanying statement of quarterly and year to date standalone financial results of Central Depository Services (India) Limited (the "Company"), for the quarter ended September 30, 2026 and year to date for the period from April 01, 2026 to September 30, 2026 (the "Statement"), attached herewith, being submitted by the Company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the "Listing Regulations”). In our opinion and to the best of our information and according to the explanations given to us, the Statement: is presented in accordance with the requirements of the Listing Regulations in this regard; and ii. gives a true and fair view in conformity with the recognition and measurement principles laid down in the applicable Indian Accounting Standards and other accounting principles generally accepted in India, of the net profit and other comprehensive loss and other financial information of the Company for the quarter ended September 30, 2026 and year to date for the period from April 01, 2026 to September 30, 2026. Basis for Opinion We conducted our audit in accordance with the Standards on Auditing (SAs specified under section 143(10) of the Companies Act, 2013, as amended (“the Act”). Our responsibilities under those Standards are further described in the "Auditor's Responsibilities for the Audit of the Standalone Financial Results" section of our report. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the financial results under the provisions of the Act and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Management's Responsibilities for the Standalone Financial Results The Statement has been prepared on the basis of the interim condensed standalone financial results. The Company's Board of Directors are responsible for the preparation of the Statement that gives a true and fair view of the net profit and other comprehensive loss of the Company and other financial information in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34 (Ind AS 34), 'Interim Financial Reporting’prescribed under Section 133 of the Act read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and the design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the Statement that give a true and fair view and are free from material misstatement, whether due to fraud or error. In preparing the Statement, the Board of Directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Board of Directors either intends to liquidate the Company or to cease .operations, or has no realistic alternative but to do so. ILUMBMI - Board of Directors are also responsible for overseeing the Company's financial reporting process. S.R. Batliboi & Co. LLP, a Limited Liability Partnership with LLP Identity No. AAB-4294 Regd. Office : 22,Camac Street, Block 'B\ 3rd Floor, Kolkata-700 016
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S.R. BATUBOI &Co. LLPChartered Accountants Auditor's Responsibilities for the Audit of the Standalone Financial Results Our objectives are to obtain reasonable assurance about whether the Statement as a whole is free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the Statement. As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also: Identify and assess the risks of material misstatement of the Statement, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances but not for the purpose of expressing an opinion on the operating effectiveness of the company's internal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Board of Directors. Conclude on the appropriateness of the Board of Directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial results or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Company to cease to continue as a going concern. Evaluate the overall presentation, structure and content of the Statement, including the disclosures, and whether the Statement represents the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings,including any significant deficiencies in internal control that we identify during our audit. We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards. For S.R. BATUBOI & Co. LLP Chartered Accountants ICAI Firm Registration Number: 301003E/E300005 <>per Pikashoo Mutha Partner Membership No.:131658 UDIN:2fel3l 658L-WEC»HI55U Mumbai October 31, 2026 CO * MUMBAI * &Sea ACCO ^
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CENTRAL DEPOSITORY SERVICES (INDIA) LIMITED Regd Office : A-2501, Marathon Futurex, N. M . Joshi Marg, Lower Parel, Mumbai- 400013 Statement of standalone financial results for the quarter and six months ended September 30, 2026 CIN: L67120MH1997PLC112443 (*in Crore Year EndedQuarter Ended Six Months Ended Particulars Sep 30, 2026 ) un 30, 2026 Sep 30, 2025 Sep 30, 2026 Sep 30, 2025 Mar 31, 2026 Audited Audited Audited Audited Audited Audited 1 Income a. Revenue from operations b. Other Income (Refer note 3) 338.74 19.96 246.70 79.81 271.81 18.09 585.44 99.77 493.67 108.59 960.45 135.46 Total Income 358.70 326.51 289.90 685.21 602.26 1,095.91 2 Expenses a. Employee benefits expenses b. Depreciation and amortisation expenses c. Finance Cost d. Computer technology related expenses e. Other expenses 38.46 16.59 40.70 15.53 34.89 13.24 79.16 32.12 68.25 25.81 132.16 54.17 0.02 0.03 0.04 0.05 0.08 0.14 39.13 48.18 37.36 43.58 29.26 47.07 76.49 91.76 55.59 90.33 126.01 179.88 Total expenses 142.38 137.20 124.50 279.58 240.06 492.36 3 Profit before tax f1-2} 216.32 189.31 165.40 405.63 362.20 603.55 4 Tax expenses a. Current tax b. Deferred tax Total tax expenses 57.24 (4.26) 36.46 39.76 (1.86) 93.70 76.34 132.43 8.40 4.14 6.35 2.91 52.98 44.86 37.90 97.84 82.69 135.34 Net profit after tax (3-4)5 163.34 144.45 127.50 307.79 279.51 468.21 6 Other comprehensive (loss) / income Items that will not be reclassified to profit or loss a. Remeasurements of the defined benefit plans b. Income tax on above Total Other comprehensive (loss) / income (net of tax) (0.93) (1.80) 0.54 (2.73) (0.96) (0.10) 0.24 0.45 (0.14) 0.69 0.24 0.03 (0.69) (1.35) 0.40 (2.04) (0.72) (0.07) 7 Total comprehensive income (after tax) (5+6) 162.65 143.10 127.90 305.75 278.79 468.14 Paid up equity share capital (Face value per share ^ 10 each) 8 209.00 209.00 209.00 209.00 209.00 209.00 Other equity excluding revaluation reserve as per Balance sheet 9 1,389.17 Earnings per equity share (face value per share * 10 each) Basic and diluted earnings per equity share (^) (Not annualised except yearly data) 10 7.82 6.91 6.10 14.73 13.37 22.40 Notes: 1 These standalone financial results have been reviewed by the Audit Committee on October 30, 2026 and approved by the Board of Directors on October 31 2026. The standalone financial results have been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standards (IND AS) prescribed under Section 133 of the Companies Act, 2013 read with the relevant rules issued thereunder and other accounting principles generally accepted in India. The statutory auditors, S. R. Batliboi & Co. LLP have expressed an unmodified audit opinion on these standalone financial results. 2 The Company operates only in one Business Segment i.e. "Depository Services", hence does not have any reportable Segments as per Indian Accounting Standard 108 "Operating Segments". 3 Other Income for the six months ended September 30, 2026 includes Dividend Income received from a subsidiary amounting to ^ 39.50 Crore ( For the six months ended September 30, 2025 : ^ 62.00 Crore). 4 The Company, which is a Depository, had received an Arbitral Award in the matter of Anugrah Stock & Broking Private Limited ("Anugrah"), a terminated DP. As per such order, the claimant had alleged misutilization of clients' securities by Anugrah and negligence by the Company. The said impugned award passed was challenged and is pending consideration before the Hon’ble Bombay High Court. However, based on the assessment, the Company reasonably believes that it has a good case on merits and the Award may be quashed and set aside by the Hon'ble Bombay High Court Accordingly, the management of the Company has assessed no impact in respect of this matter is required to be made in the books of accounts for the six months ended September 30, 2026. 5 During the six months ended September 30, 2026, the Company has made investment in following entities: a) R 1 Crore (Comprising of 10,00,000 equity shares of ^ 10 each) at par in Sahamati Foundation. b) ? 19.20 Crore (Comprising of 19,20,00,000 equity shares of ^ 1 each) at par in India International Bullion Holding IFSC Limited. c) ? 5 Crore (Comprising of 5,00,000 equity shares of ^ 100 each) at par in Open Network for Digital Commerce. 6 The Standalone Balance Sheet is disclosed in Appendix I and Standalone Cash flow statement is disclosed in Appendix II. 7 The figures for the quarter ended September 30, 2026 and September 30, 2025 are arrived at as difference between audited figures for the six months ended and the audited figures for the three months ended for the relevant financial years. 8 Figures for the previous quarters/periods/year have been regrouped wherever necessary to correspond with the current quarter/periods/year disclosure. For and on behalf of Board of Directors of CUTKAL DEPOSITORY SERVICES (INDIA) LIMITED <3 Place: Mumbai Date : October 31, 2026 MenaIWora**' L* — --^ Managmg Director & CEO
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Appendix - 1 Central Depository Services (India) Limited Standalone Balance Sheet as at September 30, 2026 CIN: L67120MH1997PLC112443 (^ in Crore As at Particulars September 30, 2026 March 31, 2026 ASSETS 1 Non-current assets a. Property, plant and equipment b. Intangible assets c. Intangible assets under development d. Right-of-use assets e. Financial Assets i. Investments Investments in subsidiaries Investments in associate Other investments 378.91 21.80 370.29 28.23 0.98 1.07 1.38 62.30 69.20 820.86 62.30 50.00 467.89 ii Loans iii. Other financial assets f. Non current tax assets (net) g. Other non current assets Total Non-Current Assets Current assets a. Financial Assets i. Investments ii. Trade receivables iii. Cash and cash equivalents iv. Bank balances other than (iii) above v. Loans vi. Other financial assets b. Other current assets Total Current Assets 0.03 0.02 18.18 40.32 9.79 4.10 3.92 3.79 1, 387.04 1,028.32 2 633.95 80.22 28.61 675.84 35.58 31.82 31.63 0.02 0.03 103.53 52.78 115.84 56.47 899.11 947.21 Total Assets (1+2) 2,286.15 1,975.53 EQUITY AND LIABILITIES Equity a. Equity Share capital b. Other Equity Total Equity 1 209.00 1,428.44 209.00 1,389.17 1,637.44 1,598.17 LIABILITIES Non-current liabilities a. Financial Liabilities i. Lease liabilities ii. Other financial liabilities b. Provisions c. Deferred tax liabilities (Net) Total Non-current Liabilities 2 0.46 0.80 4.19 7.20 5.47 4.44 25.50 22.05 35.62 34.49 Current liabilities a. Financial Liabilities i. Lease liabilities ii. Trade payables Total outstanding dues of micro enterprises and small enterprises Total outstanding dues of creditors other than micro enterprises and small enterprises iii. Other financial liabilities b. Provisions c. Current tax liabilities (net) d. Other current liabilities Total Current Liabilities 3 0.77 0.76 1.36 36.35 36.21 231.38 34.47 10.84 27.85 223.38 48.60 7.25 296.74 342.87613.09 377.36648.714 Total Liabilities (2+ 3) 1, 975.532,286.15Total Equity and Liabilities (1+4) Or VoV ^
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Appendix - II CIN: L67120MH 1997PLC112443 (^ in Crore) Central Depository Services (India) Limited Standalone Cash Flow Statement for the six months ended September 30, 2026 For the six months ended Sep 30, 2025 For the six months ended Sep 30, 2026 Particulars A. CASH FLOWS FROM OPERATING ACTIVITIES Profit before tax Adjustments to reconcile profit before tax to net cash flows Depreciation and amortisation expenses (Gain)/Loss on sale / disposal of Property, plant and equipment and Intangible assets (Net) Advances written back Amortisation of premium on Bonds Finance cost on lease liabilities Dividend received from Subsidiaries Dividend received from Others Interest income 405.63 362.20 32.12 (0.01) (0.06) 25.81 0.29 (0.02 ) (0.07)0.24 0.05 0.08 (39.50) (0.30) (29.48) (24.86) (62.00) (0.30) (16.37) (27.43)Fair value gain/(loss) on financial instruments at fair value through profit and loss (net) Impairment loss on financial assets 0.15 8.77 Operating cash flows before working capital changes 343.98 290.96 Movements in working capital (Increase) / Decrease in trade receivables (Increase) / Decrease in loans (asset) (Increase) / Decrease in other financial assets (Increase) / Decrease in other assets Increase / (Decrease) in trade payables Increase / (Decrease) in provisions Increase / (Decrease) in other financial liabilities Increase / (Decrease) in other liabilities (44.79) (81.61) 0.05 (3.83)(15.20) 3.56 9.85 (1.22) 12.43 (11.01 ) 268.95 3.14 9.67 (0 . 2 1) 226.01 212.72 157.07Total working capital changes 556.70 448.03Cash flows generated from operations (102.98) (79.00)Direct taxes paid (net of refunds) 453.72 369.03Net cash flows generated from operating activities (A) B. CASH FLOWS FROM INVESTING ACTIVITIES Purchase of property, plant and equipment and Capital work in progress Purchase of intangible assets (Including Intangible asset under development) Proceeds from sale of property, plant and equipment Purchase of investments Proceeds from sale of investments Investments in fixed deposits with banks Proceeds from maturity of fixed deposits with banks Dividend received from Subsidiary Dividend received from Others Investment in Associate Investment in equity shares Interest received (26.86) (4.39) (30.94) (3.98) 0.470.01 (956.98) 689.69 (8.19) 91.05 39.50 (476.83) 364.09 (153.49) 118.43 62.00 0.300.30 (19.20) (6.00) 14.73 10.35 (190.01) (105.93)Net cash flows used in investing activities (B) C. CASH FLOWS FROM FINANCING ACTIVITIES Dividend paid Payment of lease rental (261.25) (0.44) (266.48) (0.44) (261.69)(266.92)Net cash flows used in financing activities (C) (3- 21) 1.41Net ( Decrease) / Increase in cash and cash equivalents (A+B+C) 16.9731.82Cash and cash equivalents at the beginning of the period 18.3828.61Cash and cash equivalents at the end of the period Cash and cash equivalents at the end of the period comprises Balances with banks 1.081.37-In unpaid dividend account (Refer note 2 below) -In current account (Earmarked against liability) (Refer note 2 below) -In Current Accounts 9.1711.61 15.63 8.13 1.The Cash Flow Statement has been prepared under the "Indirect Method" as set out in Indian Accounting Standard - 7 "Statement of Cash Flows". 2.The balances are not available for use by the Company as those are towards earmarked liabilities. 3. Figures for the previous period have been regrouped wherever necessary to correspond with the current period's disclosure. c<*-: o/ /Co . £
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12th Floor, The Ruby 29 Senapati Bapat Marg Dadar (West) Mumbai - 400 028, India Tel : +91 22 6819 8000 S.R. BATUBOI &Co. LLPChartered Accountants Independent Auditor's Report on the Quarterly and year to date Consolidated Financial Results of the Company Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Reguirements) Regulations, 2015, as amended To, The Board of Directors of Central Depository Services (India) Limited Report on the audit of the Consolidated Financial Results Opinion We have audited the accompanying statement of quarterly and year to date consolidated financial results of Central Depository Services (India) Limited (the "Holding Company”) and its subsidiaries (the Holding Company and its subsidiaries together referred to as "the Group”) and its associate for the quarter ended September 30, 2026 and year to date for the period from April 01, 2026 to September 30, 2026 (the "Statement"), attached herewith, being submitted by the Holding Company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the "Listing Regulations”). In our opinion and to the best of our information and according to the explanations given to us, and based on the consideration of the reports of the other auditors on separate audited financial results of the subsidiaries, and unaudited financial results of the associate, the Statement: includes the results of the following entities(i) Subsidiaries a. CDSL Ventures Limited b. Centrico Insurance Repository Limited c. Countrywide Commodity Repository Limited Associate a. India International Bullion Holding IFSC Limited are presented in accordance with the requirements of the Listing Regulations, in this regard; and (ii) gives a true and fair view in conformity with the recognition and measurement principles laid down in the applicable Indian Accounting Standards and other accounting principles generally accepted in India of the consolidated net profit and other comprehensive loss and other financial information of the Group and its associate for the quarter ended September 30, 2026 and year to date for the period from April 01, 2026 to September 30, 2026. (iii) Basis for Opinion We conducted our audit in accordance with the Standards on Auditing (SAs), as specified under Section 143(10) of the Companies Act, 2013, as amended ("the Act"). Our responsibilities under those Standards are further described in the "Auditor’s Responsibilities for the Audit of the Consolidated Financial Results" section of our report. We are independent of the Group and its associate in accordance with the 'Code of Ethics' issued by the Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the financial results under the provisions of the Act and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence obtained by us and other auditors in terms of their reports referred to in "Other Matter" paragraph below, is sufficient and appropriate to provide a basis for our opinion. Management's Responsibilities for the Consolidated Financial Results X&i'fOACC'^ Statement has been prepared on the basis of the interim condensed consolidated financial results. Holding Company's Board of Directors are responsible for the preparation and presentation of the ement that give a true and fair view of the net profit and other comprehensive loss and other financial ££ S.R. Batliboi & Co. LLP, a Limited Liability Partnership with LLP Identity No. AAB-4294 Regd.Office :22.Camac Street, Block *B\ 3rd Floor.Kolkata-700 016
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S.R. BATLIBOI & CO. LLPChartered Accountants information of the Group including its associate in accordance with the recognition and measurement principles laid down in Indian Accounting Standard (Ind AS) 34, 'Interim Financial Reporting' prescribed under section 133 of the Act read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. The respective Board of Directors of the companies included in the Group and of its associate are responsible for maintenance of adeguate accounting records in accordance with the provisions of the Act for safeguarding of the assets of their respective company(ies) for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and the design, implementation and maintenance of adeguate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the Statement that give a true and fair view and are free from material misstatement, whether due to fraud or error, which have been used for the purpose of preparation of the Statement by the Directors of the Holding Company, as aforesaid. In preparing the Statement, the respective Board of Directors of the companies included in the Group and of its associate are responsible for assessing the ability of their respective company(ies) to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the respective Board of Directors either intends to liguidate the Group or to cease operations, or has no realistic alternative but to do so. The respective Board of Directors of the companies included in the Group and of its associate and are also responsible for overseeing the financial reporting process of their respective company(ies). Auditor's Responsibilities for the Audit of the Consolidated Financial Results Our objectives are to obtain reasonable assurance about whether the Statement as a whole is free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the Statement. As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also: Identify and assess the risks of material misstatement of the Statement, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations,or the override of internal control. Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the company's internal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Board of Directors. Conclude on the appropriateness of the Board of Directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the ability of the Group and its associate to continue as a going concern.If we conclude that a material uncertainty exists, we are reguired to draw attention in our auditor's report to the related disclosures in the Statement or, if such disclosures are inadeguate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report.However, future events or conditions may cause the Group and its associate to cease to continue as a going concern. Evaluate the overall presentation, structure and content of the Statement,including the disclosures, and whether the Statement represent the underlying transactions and events in a manner that achieves fair presentation. Obtain sufficient appropriate audit evidence regarding the financial results/financial information of the entities within the Group and its associate of which we are the independent auditors,to express an opinion on the Statement. We are responsible for the direction, supervision and performance of the audit of the financial information of such entities included in the Statement of which we are the independent auditors. For the other entities included in the Statement, which have been audited by other auditors, such other auditors remain responsible for the direction, supervision and performance of the audits carried out by them. We remain solely responsible for our audit opinion.
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S.R. BATLIBOI & COL LLPChartered Accountants We communicate with those charged with governance of the Holding Company and such other entities included in the Statement of which we are the independent auditors regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards. We also performed procedures in accordance with the Master Circular issued by the Securities Exchange Board of India under Regulation 33 (8) of the Listing Regulations, to the extent applicable. Other Matter The accompanying Statement includes the audited interim financial results and other financial information in respect of: Two subsidiaries whose interim financial results include total revenues of Rs 2.07 crore and Rs 5.36 crore, total net loss after tax of Rs (1.17) crore and Rs (0.82) crore, total comprehensive loss of Rs (1.17) crore and Rs (0.83) crore for the quarter ended September 30, 2026 and for the period from April 01, 2026 to September 30, 2026 respectively and net cash inflows of Rs 0.11 crore for the period from April 01, 2026 to September 30, 2026, as considered in the Statement which have been audited by their respective independent auditors. The independent auditor's report on the interim financial results of these entities have been furnished to us by the Management and our opinion on the Statement in so far as it relates to the amounts and disclosures included in respect of these subsidiaries is based solely on the reports of such auditors and the procedures performed by us as stated in "Auditor's Responsibilities for the Audit of the Consolidated Financial Results” paragraph. The accompanying Statement includes the unaudited interim financial results and other financial information in respect of: One associate whose interim financial results include Group's share of net loss of Rs. (0.39) crore and (0.14) and Group's share of total comprehensive income of Rs 0.52 crore and 0.63 for the quarter ended September 30, 2026 and for the period from April 01, 2026 to September 30, 2026 respectively, as considered in the Statement whose financial results have been reviewed by their respective independent auditor. The independent auditor's reviewed report on the interim financial results of the entity have been furnished to us by the Management and our opinion on the Statement in so far as it relates to the amounts and disclosures included in respect of the associate is based solely on the limited review report of such auditors and the procedures performed by us as stated in "Auditor's Responsibilities for the Audit of the Consolidated Financial Results" paragraph. Our opinion on the Statement is not modified in respect of the above matters with respect to our reliance on the work done and the reports of the other auditors. For S.R. BATLIBOI & Co. LLP Chartered Accountants ICAI Firm Registration Number: 301003E/E300005 per Pikashoo Mutha Partner Membership No.: 131658 UDIN:26131658 Mumbai October 31, 2026 '? [ MUMBAI ] * % &y;.T<'
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CIN: L67120MH1997PLC112443CENTRAL DEPOSITORY SERVICES (INDIA) LIMITED Regd Office : A-2501, Marathon Futurex, N. M.Joshi Marg, Lower Parel, Mumbai- 400013 Statement of consolidated financial results for the quarter and six months ended September 30, 2026 (^ in Crore ) Quarter ended Six Months ended Year ended Particulars Sep 30, 2025 Sep 30, 2026 Sep 30, 2025 Mar 31, 2026Sep 30, 2026 ) un 30, 2026 Audited Audited Audited AuditedAudited Audited 1 Income a. Revenue from operations b. Other Income 318.88 22.49 687.24 70.56 577.70 58.83 1,144.92 93.58 394.48 22.82 292.76 47.74 340.50 341.37 757.80 636.53 1,238.50Total Income 417.30 2 Expenses a. Employee benefits expenses b. Depreciation and amortisation expenses c. Finance Cost d.Computer technology related expenses e. Other expenses Total expenses 156.54 66.19 46.64 19.18 41.39 16.10 92.67 39.67 80.38 31.30 46.03 20.49 0.05 0.10 0.170.03 0.04 0.07 37.75 62.12 72.37 116.87 162.22 240.29 52.36 67.61 47.64 60.58 100.00 128.19 625.41186.52 157.41 360.60 301.02174.08 335.51 613.09230.78 166.42 183.96 397.20Profit before share of net profits of investments accounted for using equity method and tax (1-2) 3 Share of net profits of investments accounted for using equity method Share of profit/(loss) of associate Profit before tax (3+4) 4 (4.10)(1.31) (0.14) (1.68)(0.39) 0.25 182.65 397.06 333.83 608.99230.39 166.675 6 Tax expenses a. Current tax b. Deferred tax c. Adjustment of tax relating to earlier periods Total tax expenses 151.4944.12 (1.40) 100.49 85.1361.49 (4.40) 39.00 10.00 5.60 6.36 2.42 153.9142.72 106.09 91.4957.09 49.00 242.34 455.08139.93 290.97173.30 117.67Net profit after tax (5-6)7 Attributable to: a. Shareholders of the Company b. Non Controlling interest 456.13 (1.05) 291.36 (0.39) 242.58 (0.24) 117.51 140.21 (0.28) 173.85 (0.55) 0.16 Other comprehensive (loss) / income Items that will not be reclassified to profit or loss a. Remeasurements of the defined benefit plans b. Income tax on above 8 (2.97) (1.08) (0.10)(2.24) 0.57(0.73) 0.02(0.14) 0.74 0.270.18 0.56 Items that will be reclassified to profit or loss a. Exchange differences on translation of financial statements of foreign operations b. Share of other comprehensive income/(loss) of investments accounted for using equity method 0.310.31 4.630.77 1.68(0.14) 1.720.91 (1.15) 4.55(1.82) 2.15 0.87Total Other comprehensive (loss) / income (net of tax) 0.67 459.63243.21115.85 142.08 289.82173.97Total comprehensive income after tax (7+8)9 Attributable to: a. Shareholders of the Company b. Non Controlling interest 460.69 (1.06) 290.22 (0.40) 243.46 (0.25) 115.70 142.36 (0.28) 174.52 (0.55) 0.15 209.00 209.00209.00 209.00209.00 209.00Paid up equity share capital (face value per share ^ 10 each) 10 1,750.78Other equity excluding revaluation reserve as per Balance sheet 11 Earnings per equity share (face value per share ^ 10 each) Basic and diluted earnings per equity share (^) ( Not annualised except yearly data) 12 21.8211.616.71 13.945.628.32 oOr Co n MUM3AI* *M5 & 7*
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Notes: 1 These consolidated financial results comprise of Central Depository Services (India) Limited ("Holding Company") and its subsidiaries (the Holding Company and its subsidiaries together referred to as "the Group") namely, CDSL Ventures Limited, Centrico Insurance Repository Limited and Countrywide Commodity Repository Limited and its associate namely India International Bullion Holding IFSC Limited. These have been reviewed by the Audit Committee on October 30, 2026 and approved by the Board of Directors on October 31, 2026. The consolidated financial results have been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standards (IND AS) prescribed under Section 133 of the Companies Act, 2013 read with the relevant rules issued thereunder and other accounting principles generally accepted in India. The statutory auditors, S. R. Batliboi & Co. LLP have expressed an unmodified audit opinion on these consolidated financial results. 2 Segment Information: in Crore) Year endedSix Months endedQuarter ended Sep 30, 2025 Sep 30, 2025 Mar 31, 2026Sep 30, 2026Sep 30, 2026 Jun 30, 2026 Particulars Audited Audited Audited AuditedAudited Audited Segment Revenue Depository Activity Data Entry and Storage Repository Total Less : Inter Segment Revenue Total Income 960.45 182.81 271.81 46.57 585.44 99.91 493.67 83.53 338.74 54.90 246.70 45.01 1.63 3.411.15 1.27 0.78 2.41 578.83 1,146.67319.16 687.76394.79 292.98 (1-75)(0.22 ) (0.28) (0.52) d -13)(0.31) 577.70 1,144.92318.88 687.24394.48 292.76 Segment Results Depository Activity Data Entry and Storage Repository Total Add/(Less) : Other unallocable income ** Profit before Tax Less : Provision for taxation Profit after Tax 109.55 10.53 d-40) 305.78 24.55 (3.69) 252.83 27.63 (3.78) 467.28 60.22 (7.99) 147.24 16.24 (2-01) 196.22 14.02 (2.28) 519.51276.68118.68 161.47 326.64207.96 57.15 89.4821.18 70.4222.43 47.99 182.65 333.83 608.99166.67 397.06230.39 (153.91)(106.09) (91.49)(49.00) (42.72)(57.09) 242.34 455.08139.93 290.97173.30 117.67 **Other unallocable income mainly includes interest income, dividend income, income from investments, share of profit/(loss) of associate and other unallocable miscellaneous income. Six Months ended Year endedQuarter endedParticulars Sep 30, 2025 Mar 31, 2026Sep 30, 2025 Sep 30, 2026jun 30, 2026Sep 30, 2026 Property, plant and equipment and Intangible assets acquired Depository Activity Data Entry and Storage Repository 97.39 23.18 20.37 34.01 12.60 30.11 11.73 3.9430.07 5.13 9.727.47 0.27 0.02 0.040.020.09 0.18 46.88 41.86 120.619.25 30.11Total 37.63 Depreciation and amortisation expenses Depository Activity Data Entry and Storage Repository 25.81 54.17 11.67 32.1216.59 15.53 13.24 5.303.55 2.77 7.363.81 0.350.190.09 0.190.09 0.10 66,1939.67 31.3016.1020.49 19.18Total (^ in Crore) Mar 31, 2026Sep 30, 2026Particulars Segment assets Depository Activity Data Entry and Storage Repository Unallocated 512.73 178.54 572.82 183.02 5.37 4.81 1,722.951,961.48 2,419.032,722.69Total Segment liabilities Depository Activity Data Entry and Storage Repository Unallocated 276.95 28.11 547.04 34.84 3.15 3.18 108.55112.09 416.79697.12Total <?> c<*- oco £ 3»
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The Holding Company, which is a Depository, had received an Arbitral Award in the matter of Anugrah Stock & Broking Private Limited (''Anugrah’’), a terminated DP. As per such order, the claimant had alleged misutilization of clients' securities by Anugrah and negligence by the Company. The said impugned award passed was challenged and is pending consideration before the Hon'ble Bombay High Court. However, based on the assessment, the Company reasonably believes that it has a good case on merits and the Award may be quashed and set aside by the Hon'ble Bombay High Court. Accordingly, the management of the Company has assessed no impact in respect of this matter is required to be made in the books of accounts for the six months ended September 30, 2026. During the six months ended September 30, 2026, the subsidiary Company i.e. Centrico Insurance Repository Limited (CIRL) had invested * 5 Crore (Comprising of 4,42,987 equity shares of 10 each) at an issue price of * 112.87 per share in RIX Systems & Solutions Private Limited. 3 4 During the six months ended September 30, 2026, the Holding Company has made investment in following entities: a) ^ 1 Crore (Comprising of 10,00,000 equity shares of ^ 10 each) at par in Sahamati Foundation. b) ^ 19.20 Crore (Comprising of 19,20,00,000 equity shares of ^ 1each) at par in India International Bullion Holding IFSC Limited. c) K 5 Crore (Comprising of 5,00,000 equity shares of ^ 100 each) at par in Open Network for Digital Commerce. 5 The Consolidated Balance Sheet is disclosed in Appendix I and Consolidated Cash flow statement is disclosed in Appendix II.6 The figures for the quarter ended September 30, 2026 and September 30, 2025 are arrived at as difference between audited figures for the six months ended and the audited figures for the three months ended for the relevant financial years. 7 8 Figures for the previous quarters/periods/year have been regrouped wherever necessary to correspond with the current quarters/periods/year disclosure. Audited financial results of Central Depository Services (India) Limited (Standalone Information)9 (^ in Crore) Quarter ended Six Months ended Year ended Particulars Sep 30, 2026 )un 30, 2026 Sep 30, 2025 Sep 30, 2026 Sep 30, 2025 Mar 31, 2026 Audited Audited Audited Audited Audited Audited Total income 358.70 326.51 289.90 685.21 1,095.91602.26 Profit before tax 165.40216.32 189.31 405.63 603.55362.20 Profit after tax 163.34 144.45 127.50 307.79 279.51 468.21 The audited financial results of Central Depository Services (India) Limited for the above mentioned quarters/periods/year are available on the Company's website (URL-https://www.cdslindia.com/InvestorRels/Financial.html) and on the National Stock Exchange website (URL:www.nseindia.com). The above information has been extracted from the audited standalone financial results for the six months ended September 30, 2026. tfUBO/ *9> C. For ancKon behalf of Board of Directors of CENTRAL DEPOSITORY SERVICES (INDIA) LIMITED <*- o Co , £ Place: Mumbai Date : October 31, 2026 -Nwia\Vora yr Managijng Director & CEO
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Appendix - 1 CIN: L67120MH1997PLC112443 (^E in Crore) Central Depository Services (India) Limited Consolidated Balance Sheet as at September 30, 2026 As at September 30, 2026 As at March 31, 2026Particulars ASSETS 1 Non-current assets a. Property, plant and equipment b. Capital work in progress c. Intangible assets d. Intangible assets under development e. Right-of-use assets f. Financial Assets: i. Investments 476.69 12.24 29.05 461.71 5.53 36.35 2.89 1.96 1.50 1.96 68.16 997.04 48.44 710.90 Investments in associate Other investments 0.030.04ii. Loans iii. Other financial assets g. Deferred tax assets (net) h. Non current tax assets (net) i. Other non-current assets Total Non-Current Assets 2 Current assets a. Financial Assets i. Investments ii. Trade receivables iii. Cash and cash equivalents iv. Bank balances other than (iii) above v. Loans vi. Other financial assets b. Other current assets Total Current Assets 26.92 50.90 0.24 0.27 13.05 10.27 6.24 8.63 1,336.951,634.06 733.33 122.49 32.90 727.73 64.61 51.40 31.67 0.03 0.05 128.75 77.87 128.11 71.77 1,088.63 1,082.08 2,419.032,722.69Total Assets (1+2) EQUITY AND LIABILITIES 1 Equity a. Equity Share capital b. Other Equity Equity attributable to owners of the Company c. Non-controlling Interests Total Equity 209.00 1,750.78 209.00 1,774.51 1,983.51 42.06 1,959.78 42.46 2,002.242,025.57 LIABILITIES 2 Non-current liabilities a. Financial Liabilities i. Lease liabilities ii. Other financial liabilities b. Provisions c. Deferred tax liabilities ( Net) d. Other non current liabilities Total Non-Current Liabilities 1.040.57 5.23 7.90 6.537.64 29.5334.37 0.850.62 45.8548.43 3 Current liabilities a. Financial Liabilities i. Lease liabilities ii. Trade payables: Total outstanding dues of micro enterprises and small enterprises Total outstanding dues of creditors other than micro enterprises and small enterprises iii. Other financial liabilities b. Provisions c. Current tax liabilities (net) d. Other current liabilities Total Current Liabilities 1.11 1.16 0.03 1.47 59.42 226.37 49.74 50.72 236.69 35.43 10.84 34.63 7.82 304.20 648.69 370.94 416.79697.124 Total Liabilities (2+ 3) 2,419.032,722.69Total Equity and Liabilities (1+4)
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Appendix - II C1N: L67120MH1997PLC112443Central Depository Services (India) Limited Consolidated Cash Flow Statement for the six months ended September 30, 2026 (^ in Crore] For the six months ended September 30, 2026 For the six months ended September 30, 2025 Particulars A. CASH FLOWS FROM OPERATING ACTIVITIES Profit before tax Adjustments to reconcile profit before tax to net cash flows: Depreciation and Amortisation expenses (Gain)/Loss on sale / disposal of Property, plant and equipment and Intangible assets (Net) Advances written back/off Amortisation of premium on Bonds Finance cost on lease liabilities Dividend received from Others Interest income Fair value gain on financial instruments at fair value through profit and loss (Net) Net gain arising on financial assets measured at Amortized cost Impairment loss on financial assets Share of (profit) /loss in Associate 333.83397.06 39.67 (0.01) (0.09) 31.30 0.29 (0.04) (0.06)0.37 0.090.07 (0.30) (34.64) (30.10) (0.06) (0.30) (22.68) (33.75) 0.44 8.78 0.14 1.68 372.55 319.14Operating cash flows before working capital changes Movements in working capital (Increase) / Decrease in trade receivables (Increase) / Decrease in loans (asset) (Increase) / Decrease in other financial assets (Increase) / Decrease in other assets Increase / (Decrease) in trade payables Increase / (Decrease) in provisions Increase / (Decrease) in other financial liabilities Increase / (Decrease) in other liabilities (87.54)(58.32) 0.080.01 (15.21) (3.83) 5.198.49 5.197.26 11.83 (8.81) 226.13 13.22 (12.99) 269,43 211.89 148.24Total working capital changes 467.38584.44Cash flows generated from operations (106.28) (90.50)Direct taxes paid (net of refunds) 478.16 376.88Net Cash flows generated from operating Activities (A) B. CASH FLOWS FROM INVESTING ACTIVITIES (48.97) (5.47) (41.17) (5.14)Purchase of property, plant and equipment and Capital work in progress Purchase of intangible assets (Including Intangible asset under development) Proceeds from sale of property, plant and equipment Purchase of investments Proceeds from sale of investments Investment in fixed deposits with banks Proceeds from maturity of fixed deposits with banks Dividend received h orn others Investment in Associate Investment in equity shares Interest received 0.48 (996.78) 761.24 (18.09) 91.18 (498.30) 444.30 (159.37) 123.53 0.30 0.30 (19.20) (11.00 ) 17.28 14.31 (229.51) (121.06)Net cash flows used in investing activities (B) C. CASH FLOWS FROM FINANCING ACTIVITIES Dividend paid Payment of lease rental (261.25) (0.59) (266.48) (0.67) (267.15) (261.84)Net cash flows used in financing activities (C) (6.02 )(18.50)Net (Decrease) / Increase in cash and cash equivalents (A+ B+C) 51.40 32.26Cash and cash equivalents at the beginning of the period 26.2432.90Cash and cash equivalents at the end of the period Cash and cash equivalents at the end of the period comprises i) Cash on hand ii) Cheques in hand Balances with banks -In unpaid dividend account (Refer note 2 below) -In current account (Earmarked against liability) (Refer note 2 below) -In Current Accounts 1.081.37 11.61 19.92 9.17 15.99 1. The Cash Flow Statement has been prepared under the "Indirect Method" as set out in Indian Accounting Standard - 7 "Statement of Cash Flows ". 2. The balances are not available for use by the Group as those are towards earmarked liabilities. 3. Previous period Figures have been regrouped wherever necessary, to conform with current period classification. Ci\ & Co