Archive · 18 Dec 2025
India's Market Infrastructure Stocks Show Mixed Performance
India's market infrastructure companies like CDSL, NSDL, CAMS, and KFin Technologies help make sure that when you buy or sell stocks, everything works smoothly in the background.
They keep track of your investments, process transactions, and make sure everything is safe and secure.
Recently, these companies have shown mixed performance.
Some, like NSDL, are growing and adding more customers, while others, like CAMS and KFin Technologies, are investing in new technology and expanding their services.
Even though their stock prices have gone down a bit, they are still important for keeping India's stock market running smoothly.
Investors need to carefully look at each company to decide if they are a good investment.
CDSL maintains 80% market share with 16.5 crore demat accounts but sees decline in Q2 FY26 income and profit.
NSDL shows strong growth with 4.2 crore demat accounts and 17.6% market share, reporting 18.9% YoY income growth.
CAMS reports steady performance with Rs 52 lakh crore assets under service but net profit declines due to higher costs.
KFin Technologies sees 10.3% YoY revenue growth, expanding in mutual fund services and overseas operations.
Market infrastructure stocks are valued at rich earnings multiples, reflecting expectations of growth and stability.
- Who
- CDSL, NSDL, CAMS, KFin Technologies
- What
- Market infrastructure companies in India
- When
- Q2 FY26 (September quarter)
- Where
- India
- Why
- To provide essential services for capital market transactions and maintain market stability
- CDSL
- 16.5 crore demat accounts, 80% market share, Q2 FY26 income Rs 290 crore, net profit Rs 128 crore
- NSDL
- 4.2 crore demat accounts, 17.6% market share, Q2 FY26 income Rs 250.6 crore, net profit Rs 120.4 crore
- CAMS
- Rs 52 lakh crore assets under service, Q2 FY26 revenue Rs 377 crore, net profit Rs 115 crore
- KFin Technologies
- Rs 1.8 trillion assets under service in AIF, Q2 FY26 revenue Rs 309 crore, net profit Rs 93 crore
- Valuations
- CDSL P/E 67.5, NSDL P/E 64.9, CAMS P/E 42.1, KFin P/E 51.8