Market cap, ratios, CAGR and revenue: company table snapshot as of 6 Nov 2026 (the same figures on every page). Price: snapshot as of 6 Nov 2026. Not investment advice.
Where it fits
Keeps the legal record of who owns which securities, through broker and bank 'depository participants'. Earns an annual fee per company listed (issuer charges), a fee each time shares leave an account (debits), account-opening and KYC fees, and e-voting and data services.
Why it matters
It is a two-player utility: every new investor opens a demat account and every sale debits one. CDSL, linked to discount brokers, holds about four in five accounts; NSDL holds fewer accounts but most of the value, because institutions and custodians use it.
Where the value pool sits
Revenue scales with accounts, transactions and listed companies, while costs are mostly fixed technology, so margins are high. Demat accounts reached ~23.4 crore in Jul 2026 (CDSL ~18.8 crore, NSDL ~4.6 crore). Fees are regulated by SEBI, and annual issuer fees give a floor when trading slows.