Q2 FY2026 Financial Services Overview

Financial Services Sector Analysis: Capital Market Infrastructure, Energy Exchanges, and Supporting Services

Summary

The Indian Financial Services sector, as evidenced by the provided data, is undergoing significant expansion, particularly in its capital market infrastructure and specialized exchange segments. Companies like Central Depository Services (India) Limited (CDSL), Computer Age Management Services Limited (CAMS), and KFin Technologies Limited (KFintech) are direct beneficiaries of the increasing financialization of savings, robust equity market participation, and continuous regulatory reforms aimed at deepening market penetration and efficiency. These entities exhibit strong market leadership, high profitability margins, and consistent growth driven by rising investor accounts, asset under management (AUM), and transaction volumes.

The Indian Energy Exchange (IEX) represents a critical infrastructure player in the energy sector, facilitating transparent and efficient power and gas trading. Its growth is intrinsically linked to India's burgeoning energy demand, the accelerating energy transition towards renewables, and evolving regulatory frameworks promoting market-based power procurement.

Complementing these core infrastructure providers are specialized service companies like Dev Accelerator Limited (DEVX) in flexible workspaces and EMA Partners India Limited (EMAPARTNER) in executive search and talent acquisition. While not directly financial services firms, their inclusion in this batch highlights the broader ecosystem of services that support the growth and operational needs of the financial sector and the wider economy. These firms demonstrate growth driven by increasing demand for flexible solutions and specialized talent, albeit with different financial profiles and market dynamics compared to the infrastructure players.

Overall, the sector is characterized by a favorable regulatory environment, strong domestic demand, and a continuous push towards technological innovation and diversification of service offerings. Key themes include digitalization, investor education, expansion into new asset classes (e.g., AIFs, NPS, commodities, carbon credits), and strategic inorganic growth. However, regulatory changes, intense competition in certain segments, and the need for continuous technology investments pose ongoing considerations.

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A. Industry Overview & Market Landscape

The financial services sector in India is dynamic and expanding, driven by a confluence of factors including a growing economy, increasing disposable incomes, rising financial literacy, and a supportive regulatory environment. The extracted data primarily focuses on key infrastructure providers within the capital markets, an energy exchange, and two business service providers.

Total Addressable Market Size and Growth Rates

**Capital Market Infrastructure (Depositories, RTAs, KRAs):** * **Demat Accounts:** The total industry demat accounts have crossed 20 crore (200 million). CDSL alone accounts for 16.5 crore (165 million) accounts as of Q2 FY26, indicating massive market penetration. This growth is a direct reflection of increasing retail participation in the Indian equity markets. * **Mutual Fund AUM:** The Mutual Fund industry AUM crossed Rs. 52 lakh crores (INR 52 trillion) in September FY26 and touched Rs. 55 lakh crores (INR 55 trillion) in October FY26. This represents significant growth, mirroring the overall economic expansion and shift towards financial savings. * **SIP Collections:** Monthly SIP inflows are robust, with CAMS reporting over 1 crore (10 million) new SIP registrations in Q2 FY26 and KFintech reporting monthly SIP inflows of INR 293.6 billion (Sep-25). This highlights the sustained retail investor confidence and systematic investment approach. * **NPS Subscribers:** The National Pension System (NPS) is also growing, with KFintech servicing 1.79 million subscribers in Q2 FY26, representing a 10.3% market share. The industry-wide subscriber base is 17.4 million (H1 FY26), growing 12.5% y-o-y. * **AIF Funds:** The Alternative Investment Fund (AIF) segment is expanding rapidly, with KFintech handling 644 funds (38.6% market share) and an AUM of INR 1.8 trillion in Q2 FY26, growing 37.4% y-o-y.

**Energy Market Infrastructure (Exchanges):** * **Electricity Volumes:** IEX reported electricity volumes of 67.6 BU (+15.5% HoH) in H1 FY26, with FY25 volumes at 121 BU (+18.7%). The power demand projection for FY 2030 is ~2,300 BU, with a peak demand of 366 GW by 2032. This indicates a strong correlation between IEX electricity volume growth and overall power demand growth, with a multiplier of 2.5 over a 10-year period. * **Gas Consumption:** India's gas consumption is expected to increase from ~200 mmscmd to 400 mmscmd by 2030. IGX (IEX's gas exchange) aims to increase its share from 2% to 4-5% by 2030, targeting ~250 Mn MMBTU with a CAGR of ~36%. * **Carbon Markets:** India is a significant seller of carbon credits (15-20% of global supply). The establishment of ICX and draft regulations for trading Carbon Credit Certificates indicate a nascent but high-potential market.

**Supporting Business Services:** * **Flexible Workspace:** DEVX operates in a high-growth sector, particularly in Tier 2 cities. While specific market size for flex space isn't provided, DEVX's expansion to 28 centers across 11 cities and 860,552 sqft under management reflects robust demand. * **Recruiting and Staffing:** The Indian recruiting and staffing market is projected to grow from INR 12,431 crore in FY24 to INR 15,770 crore in FY29 (CAGR 5.32%). The global executive search market is expected to grow from USD 58.13 billion in 2025 to USD 94.73 billion in 2030 (CAGR 10.26%). This indicates a healthy growth trajectory for EMAPARTNER.

Market Structure and Segmentation

**Capital Market Infrastructure:** * **Depositories:** A duopoly market structure with CDSL and NSDL. CDSL holds a dominant position in terms of demat accounts. * **Registrar and Transfer Agents (RTAs):** A concentrated market, primarily dominated by CAMS and KFintech. They service mutual funds, AIFs, and other investor solutions. * **KYC Registration Agencies (KRAs):** Also a concentrated market, with CDSL Ventures Limited (CVL) and CAMS-KRA being major players. KFintech also has KRA operations. * **Insurance Repositories:** A nascent market with players like CDSL's Centrico Insurance Repository Limited (CIRL) and CAMS' Bima Central. * **Commodity Repositories:** CDSL's Countrywide Commodity Repository Limited (CCRL) is active in this segment.

**Energy Market Infrastructure:** * **Power Exchanges:** IEX is the dominant player in India's power exchange market, facilitating trading across various segments (Day-Ahead Market, Real-Time Market, Green Market, Term-Ahead Market). * **Gas Exchanges:** IGX (part of IEX) is the first natural gas trading exchange in India. * **Carbon Exchanges:** ICX (part of IEX) is a new initiative for voluntary carbon trade.

**Supporting Business Services:** * **Flexible Workspaces:** A fragmented but rapidly consolidating market, with players like DEVX focusing on Tier 2 cities and offering comprehensive solutions (sourcing, design, technology, asset management). * **Executive Search & Talent Acquisition:** A segmented market comprising executive search (Board, C-Suite), professional search (mid-to-senior), and RPO solutions. EMAPARTNER operates across these segments, leveraging technology for efficiency.

Key End Markets and Applications

• **CDSL, CAMS, KFintech:** Directly serve retail investors, institutional investors, mutual fund houses, asset management companies (AMCs), corporations (for issuer services), and other financial intermediaries (brokers, DPs). Their services are fundamental for securities trading, investment, and compliance.
• **IEX:** Serves power generators, distribution companies (Discoms), industrial and commercial consumers (C&I), and renewable energy generators. Its platforms enable efficient power procurement, sale, and balancing.
• **DEVX:** Caters to corporates, startups, and SMEs across various industries including IT, ITES, BFSI, consulting, and media & entertainment, providing flexible office solutions.
• **EMAPARTNER:** Serves a diverse client base across BFSI, Technology, Lifesciences, and Manufacturing sectors, assisting with talent acquisition from entry to C-suite levels.

Geographic Distribution and Regional Dynamics

• **Domestic Focus:** CDSL, CAMS, KFintech, IEX, and DEVX primarily operate within India, benefiting from the country's robust economic growth and demographic dividend.
• **Tier 2 City Growth:** DEVX explicitly targets high-growth Tier 2 markets, with 16 out of its 28 centers located there, indicating a strategic focus on untapped regional demand.
• **International Expansion:** KFintech has a growing international presence, with 93 clients across Malaysia, Philippines, Hong Kong, Thailand, Singapore, Middle East, and Canada. It recently acquired a 51% stake in Ascent Fund Services (Singapore). EMAPARTNER also has a presence in Singapore and UAE, catering to global executive search needs. IEX is exploring strategic collaborations for its gas exchange in international markets (e.g., CEGH-IGX MoU).
• **GIFT City:** Both CAMS and KFintech have established operations in GIFT City, positioning themselves to service international financial services entities operating from India's international financial services center.

Market Maturity and Lifecycle Stage

• **Capital Market Infrastructure:** The core depository and RTA services are mature but continue to see high growth due to increasing penetration and financialization. New segments like insurance and commodity repositories are nascent.
• **Energy Exchanges:** The power exchange market is mature but evolving rapidly with the energy transition (renewables, storage) and new product introductions. Gas and carbon exchanges are in earlier stages of development.
• **Flexible Workspaces:** This market is in a growth phase, driven by changing work patterns, demand for agility, and expansion into non-metro cities.
• **Recruiting and Staffing:** A mature market with continuous evolution driven by technology (AI, automation) and specialized talent demands.

Industry Value Chain and Ecosystem

• **Capital Market Infrastructure:**
• **Energy Market Infrastructure:**
• **Supporting Business Services:**

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B. Financial & Economic Profile

The financial profiles of the companies vary significantly based on their business models, with infrastructure providers generally exhibiting higher margins and stable revenue streams compared to service-oriented businesses.

Industry Aggregate Revenue Scale and Growth Trajectory

• **CDSL (Consolidated):**
• **CAMS (Consolidated):**
• **KFintech (Consolidated):**
• **IEX (Consolidated):**
• **DEVX (Consolidated):**
• **EMAPARTNER (Consolidated):**

**Overall Trend:** Capital market infrastructure players (CDSL, CAMS, KFintech) show steady, mid-single to low-double digit revenue growth. IEX demonstrates strong double-digit growth. DEVX and EMAPARTNER, being in services, show higher volatility or higher growth rates depending on their expansion phase.

Profitability Levels Across Companies

**Gross Margin, EBITDA, Net Margin:**

• **CDSL (Consolidated):**
• **CAMS (Consolidated):**
• **KFintech (Consolidated):**
• **IEX (Consolidated):**
• **DEVX (Consolidated):**
• **EMAPARTNER (Consolidated):**

**Range of Margins with Median and Outliers:** * **EBITDA Margins:** * IEX: ~90-91% (Outlier, exceptionally high due to asset-light exchange model) * CDSL, CAMS, KFintech: ~42-45% (High and stable) * DEVX: ~47% (High, but PBT/PAT are very low, indicating high depreciation/finance costs) * EMAPARTNER: ~19% (Lower, typical for a service business) * **PAT Margins:** * IEX: ~66-67% (Outlier, exceptionally high) * CDSL, CAMS, KFintech: ~29-30% (High and stable) * EMAPARTNER: ~17-18% (Moderate) * DEVX: ~0.5% (Very low, indicating significant costs below EBITDA)

**Observations:** * **Infrastructure Players (CDSL, CAMS, KFintech, IEX):** Exhibit significantly higher EBITDA and PAT margins, reflecting their asset-light, technology-driven, and often monopolistic/duopolistic business models. IEX stands out with exceptionally high margins, characteristic of exchange businesses. * **Service Providers (DEVX, EMAPARTNER):** Have lower, but still respectable, EBITDA margins. DEVX's high EBITDA but very low PAT suggests high fixed costs (rent, depreciation) and finance costs associated with its real estate-heavy model. EMAPARTNER's margins are more typical for a professional services firm.

Return Profiles (ROCE, ROE, ROIC) by Company

• **CAMS:** Q2 FY26 Return on Net-Worth: 37.80%; H1 FY26 Return on Net-Worth: 38.37%. (Very strong)
• **EMAPARTNER:**
• **CDSL, KFintech, IEX, DEVX:** Specific ROCE/ROE figures not explicitly provided in the extracted data, but given their high profitability and asset-light nature (for CDSL, CAMS, KFintech, IEX), their returns are likely strong. DEVX's low PAT suggests lower returns on capital.

Working Capital Characteristics and Cash Conversion Cycles

• **CAMS:** Q2 FY26 Cash & Cash Equivalent: Rs 822.22 Cr. (Strong cash position)
• **KFintech:** Q2 FY26 Cash and cash equivalents: 6,908.2 million (Strong cash position)
• **EMAPARTNER:**
• **CDSL, IEX, DEVX:** Specific working capital metrics are not detailed, but generally, infrastructure businesses like depositories and exchanges tend to have strong cash generation and low working capital requirements due to upfront fees and minimal inventory. Service businesses like DEVX and EMAPARTNER might have higher receivables.

Capital Intensity Requirements

• **CDSL, CAMS, KFintech, IEX:** Generally asset-light businesses. Their primary capital expenditure is on technology infrastructure, software development, and human resources. They do not require heavy investments in physical assets or inventory. This contributes to their high margins and returns.
• **DEVX:** High capital intensity due to its flexible workspace model, which involves leasing and fitting out large office spaces. This is reflected in its high depreciation and finance costs, leading to lower PAT despite good EBITDA.
• **EMAPARTNER:** Relatively asset-light, with investments primarily in technology platforms (MatchCore, MyRCloud) and human capital.

Revenue Quality (Recurring vs One-Time, Contract Length)

• **CDSL:** Revenue mix includes annual issuer income (recurring), transaction charges (volume-based, recurring), IPO/CA income (event-driven), pledge income (recurring), eCAS, e-voting, and investment income. A significant portion is recurring or volume-driven.
• **CAMS:** Revenue is primarily asset-based (MF AUM, recurring) and non-asset-based (transaction volumes, KRA fetches, payments, AIF administration, NPS, all recurring or volume-based). Long-term relationships with AMCs (23+ years average with top 10 clients) indicate high recurring revenue.
• **KFintech:** Similar to CAMS, revenue from Domestic Mutual Fund Investor Solutions (asset-based, recurring), Issuer Solutions (recurring annual fees, event-driven IPOs), International & Other Investor Solutions (recurring), AIF & Wealth (recurring AUM-based), and NPS (subscriber-based, recurring).
• **IEX:** Transaction fees (volume-based, recurring), admission and annual fees (recurring). The nature of exchange business provides highly recurring revenue streams tied to market activity.
• **DEVX:** Revenue from providing flexible office spaces, likely a mix of recurring monthly rentals and one-time setup fees. Occupancy rates (88.62% in Q1 FY26) and client lock-in periods (e.g., 57-70% of lease duration) indicate a good degree of recurring revenue.
• **EMAPARTNER:** Revenue from executive search (one-time placement fees, percentage of salary), professional search, and RPO solutions (contract-based, recurring). The RPO model, especially with AI-powered platforms, aims for more stable, recurring revenue.

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C. Competitive Structure & Dynamics

The competitive landscape varies significantly across the different segments represented by these companies, ranging from duopolies to more fragmented service markets.

Number of Players and Market Concentration

• **Depositories (CDSL):** A highly concentrated duopoly with NSDL. CDSL has achieved a dominant position in terms of demat accounts.
• **Mutual Fund RTAs (CAMS, KFintech):** A highly concentrated market, effectively a duopoly. CAMS and KFintech together service the vast majority of mutual funds in India.
• **KYC Registration Agencies (KRAs) (CDSL, CAMS, KFintech):** A concentrated market. CDSL Ventures Limited (CVL) is the first and largest KRA. CAMS-KRA is also a major player, and KFintech has KRA operations. The recent acquisition of NSE-KRA by CAMS further consolidates this segment.
• **Power Exchanges (IEX):** A concentrated market, with IEX being the dominant player. PXIL is the other power exchange in India.
• **Gas Exchanges (IEX):** IGX is currently the first and only natural gas trading exchange in India.
• **Flexible Workspaces (DEVX):** A more fragmented market with several national and regional players, though consolidation is occurring. DEVX's focus on Tier 2 cities suggests a strategy to capture growth in less saturated markets.
• **Executive Search & Talent Acquisition (EMAPARTNER):** A fragmented market with numerous local and international players across different segments (executive, professional, RPO).

Market Share Distribution

• **CDSL:**
• **CAMS:**
• **KFintech:**
• **IEX:** No direct market share percentage for overall power exchange volume is given, but it is implied to be the dominant player. Its volume growth CAGR since 2008 is ~30%.
• **DEVX:** Tier 2 market share: **12.7%** of overall Tier 2 market.
• **EMAPARTNER:** No specific market share provided, but positions itself as a "leading executive search and leadership advisory firm."

**Comparison of CAMS and KFintech:** * CAMS holds a larger market share in MF AUM (~68% vs KFintech's ~32.5%). * CAMS also leads in SIP inflows and NFO collections. * KFintech has a strong position in Issuer Solutions (nearly 50% of NSE 500 by market cap) and AIFs (38.6% of funds). * Both have similar market shares in NPS (~10.3%). * Both are actively onboarding new AMCs, with KFintech winning 21 out of the last 34 new AMCs.

Competitive Intensity Assessment

• **Depositories:** Low competitive intensity due to duopoly structure, high entry barriers (regulatory, technology, trust), and network effects. CDSL's dominant market share further reduces direct competition.
• **MF RTAs/KRAs:** Moderate to high competitive intensity between CAMS and KFintech. While a duopoly, they actively compete for new AMC mandates, NFOs, and market share in various sub-segments (SIPs, equity flows). Pricing can be a factor, though CAMS notes "parity of price among similarly sized customers" after a past event. Regulatory changes (e.g., KRA fetch reduction, TERs) can impact revenue models.
• **Power Exchanges:** Moderate competitive intensity. IEX is dominant, but PXIL exists. The market is highly regulated, and new product introductions are subject to CERC approval.
• **Flexible Workspaces:** High competitive intensity. The market is fragmented, and players compete on location, price, amenities, and service quality. DEVX's focus on Tier 2 cities might offer slightly less intense competition than metros.
• **Executive Search & Talent Acquisition:** High competitive intensity. Many players, both local and international. Differentiation comes from specialization, network, technology, and service quality.

Entry Barriers and Competitive Moats

• **CDSL, CAMS, KFintech (Capital Market Infrastructure):**
• **IEX (Energy Market Infrastructure):**
• **DEVX (Flexible Workspaces):**
• **EMAPARTNER (Executive Search):**

Pricing Power Dynamics and Pricing Trends

• **CDSL:** Periodically increases charges (e.g., annual issuer charges). Depository charges DPs, not ultimate customers directly, with charges depending on agreement between customer and intermediary.
• **CAMS & KFintech (MF RTA):** Pricing can be influenced by AUM, transaction volumes, and competitive dynamics. CAMS noted that after SBI reset, prices among top three MFs are almost on parity levels. New AMCs are not deeply discounted, and some acquired clients are charged more. Yield compression (0.03-0.04 QoQ for CAMS) is a factor, but large price corrections are not expected.
• **IEX:** Transaction fees are a percentage of traded value or fixed per unit. Prices for electricity (DAM, RTM MCP) are determined by market forces on the exchange.
• **DEVX:** Pricing for flexible workspaces is market-driven, influenced by location, amenities, and demand.
• **EMAPARTNER:** Professional fees are typically a percentage of the hired candidate's first-year salary or a fixed fee. RPO solutions involve contract-based pricing.

Differentiation Strategies Employed

• **CDSL:** Focus on enhancing capital market ecosystem, efficiency, trust, transparency. #AatmanirbharInvestor approach. Innovative services like single sign-on, eNOMINATION, eCAS, integration with Digilocker, Proxy Advisory Recommendations. Diversification into insurance and commodity repositories.
• **CAMS:** Market leadership in MF RTA, strong non-MF growth (KRA, payments, AIF, NPS, insurance repository, AI/analytics). Focus on technology (RE-ARC project, CAMS AI, Think360), customer-centricity, and new product categories (SIF). Inorganic growth (NSE-KRA acquisition).
• **KFintech:** Diversified business model across domestic MF, issuer solutions, international, AIF, and NPS. Strategic acquisitions (Ascent Fund Services in Singapore) for global expansion. Investing in technology solutions and product innovation (order management platform, revenue assurance platform, mPower IFRS module). Strong focus on client acquisition (21 out of 34 new AMCs).
• **IEX:** Nation-wide, automated, transparent trading platform. Diversification into gas (IGX), carbon (ICX), and future coal exchange. Customer-centricity (EnergX platform, Bidding APIs). Technology implementations (Microservices, AI-based solutions). Focus on new products and regulatory developments (11-month contracts, Green RTM, Peak Power Contract).
• **DEVX:** Comprehensive office space solutions (sourcing, design, technology, asset management). Focus on high-growth Tier 2 markets. Diverse asset procurement strategy (lease, revenue share, Opco-Propco).
• **EMAPARTNER:** Diversified service offerings (Executive Search, Professional Search, RPO, recruitment marketplace). Leveraging AI and automation (MatchCore platform) for efficiency and predictive analytics. Global reach. Strong focus on rapidly scaling James Douglas businesses.

Consolidation Trends and M&A Activity

• **KRA Segment:** CAMS' acquisition of NSE-KRA is a clear example of consolidation in the KRA space, enhancing its market position.
• **International Expansion:** KFintech's acquisition of Ascent Fund Services in Singapore indicates a trend towards strategic inorganic growth for global reach.
• **Flexible Workspaces:** While not explicitly stated as M&A, DEVX's rapid expansion suggests organic consolidation of market share in Tier 2 cities.
• **Recruitment:** EMAPARTNER mentions "potential acquisitions" as part of its growth strategy, indicating a potential for consolidation in this fragmented market.

Competitive Advantages of Each Player

• **CDSL:** Dominant market share in demat accounts (82.5%), first-mover advantage, strong regulatory backing, extensive network of DPs, diversified revenue streams from various capital market activities.
• **CAMS:** Largest RTA for MFs (~68% AUM share), long-standing client relationships, strong market share in SIPs and NFOs, diversified non-MF businesses (KRA, payments, AIF, NPS), significant technology investments and AI capabilities.
• **KFintech:** Strong #2 RTA player with significant market share in AUM (~32.5%), leading in Issuer Solutions (49.6% of NSE 500 by market cap), strong growth in AIFs and NPS, aggressive client acquisition (new AMCs), growing international footprint.
• **IEX:** Dominant power exchange, first-mover in gas exchange (IGX), high operating leverage, strong regulatory support, diversification into new energy markets (carbon, coal), robust technology platform.
• **DEVX:** Focus on high-growth Tier 2 markets, comprehensive service offering, high occupancy rates, experienced management team.
• **EMAPARTNER:** Diversified talent acquisition services, proprietary AI-powered platform "MatchCore" for RPO, global presence, experienced leadership.

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D. Operational Characteristics

Operational efficiency, technology adoption, and robust service delivery are critical across all these businesses, albeit with different specific KPIs.

Capacity and Utilization Trends Across Companies

• **CDSL:**
• **CAMS:**
• **KFintech:**
• **IEX:**
• **DEVX:**
• **EMAPARTNER:**

Production Economics and Cost Structures

• **CDSL:**
• **CAMS:**
• **KFintech:**
• **IEX:**
• **DEVX:**
• **EMAPARTNER:**

**Observations:** * Technology and human resources are significant cost components for all companies, especially the infrastructure and tech-enabled service providers. * DEVX stands out with very high finance and depreciation costs, reflecting its capital-intensive business model.

Supply Chain Structure and Dependencies

• **CDSL, CAMS, KFintech:** Depend on a robust IT infrastructure, data centers, and connectivity providers. Their "supply chain" involves seamless data flow between investors, DPs, AMCs, and regulators.
• **IEX:** Depends on reliable power generation, transmission infrastructure, and regulatory frameworks. Its "supply chain" is the physical electricity grid and gas pipeline network.
• **DEVX:** Depends on landlords for property leases, construction/fit-out contractors, and technology providers for office infrastructure.
• **EMAPARTNER:** Depends on a strong talent pool, recruitment technology vendors, and client relationships.

Technology Landscape and Innovation Pace

• **High Pace of Innovation:** All companies emphasize continuous investment in technology and innovation.
• **CDSL:** Launch of investor app with unified features, proxy advisor recommendations in e-voting, investor education website in 12 languages. Innovative services like single sign-on, EASIEST, eNOMINATION, eMargin Pledge, DLT, eCAS, eKYC, eDIS, eAGM, Beneficiary Account Mapping, Integration with Digilocker, BO PAN Verification.
• **CAMS:** RE-ARC project (re-architecture of platform) going live in phases. Unveiled CAMS AI brand, preparing for AI-rich solutions and composite deployment of AI inside operations and for external solutions. Think360 (Algo360) for analytics. CAMSPay for payment gateways.
• **KFintech:** Investing in technology solutions and product innovation (order management platform, revenue assurance platform, mPower IFRS module). 1,250+ IT engineers. BitSight Security Score: 810.
• **IEX:** Robust Business Continuity (RTO 5 minutes, RPO near Zero), Perimeter Firewall and Panorama solutions, Microservices Architecture, Adoption of Artificial Intelligence (AI) based solutions. Web Platform "EnergX" for digital onboarding and analytics.
• **DEVX:** Provides technology solutions as part of its comprehensive office space offering.
• **EMAPARTNER:** Leveraging AI and automation to enhance sourcing efficiency, candidate matching, and hiring outcomes. Proprietary AI-powered platform "MatchCore" for James Douglas Global. MyRCloud as a technology-driven recruitment marketplace.

Operational Efficiency Benchmarks

• **CDSL:** High market share in incremental demat account additions (82%) indicates efficient onboarding processes.
• **CAMS:** Improved Live SIP market share (63.4%), high NFO collection share (80%), and 285 service centers demonstrate operational reach and efficiency. EBITDA margin >44% with incremental revenue flow to bottom line at almost 60% indicates strong operating leverage.
• **KFintech:** Won 21 out of 34 last new AMCs, indicating efficient client acquisition. Overall AAUM grew faster than industry (16.8% y-o-y vs. 16.5%).
• **IEX:** RTM (Real-Time Market) volume growth of 40% YoY in H1 FY26, with RTM share overtaking DAM, indicates efficient adaptation to market needs. 99.9% times no congestion in transmission.
• **DEVX:** 88.62% occupancy rate is a strong indicator of operational efficiency in managing its flexible workspace inventory. Revenue to Rent Ratio of 2.38 (Q1 FY26) suggests good revenue generation per leased space.
• **EMAPARTNER:** 19%+ Industry leading Operating Margins (as on H1-FY26) for its segment. Leveraging AI to enhance sourcing efficiency and hiring outcomes.

Key Performance Indicators (Company-specific and Industry Averages)

• **CDSL:** Demat accounts, custody value, number of issuers, number of ISINs, revenue mix from annual issuer income, transaction charges, IPO/CA income.
• **CAMS:** MF AUM serviced, equity net sales, SIP collections, live SIP market share, NFO sales, unique investor base, transaction volume, non-MF revenue contribution.
• **KFintech:** Overall AAUM, equity AAUM, SIP inflows, number of operating MF clients, number of corporate clients (issuer solutions), AIF funds, NPS subscribers, international clients.
• **IEX:** Electricity volumes (DAM, RTM, TAM, Green), REC volumes, IGX gas volumes, market clearing prices (DAM MCP, RTM MCP), number of registered participants.
• **DEVX:** Area under management (AUM in SBA), number of centers, number of seats, occupied seats, occupancy %, revenue to rent ratio, net churn rate.
• **EMAPARTNER:** Revenue from operations, EBITDA margin, PAT margin, number of clients, number of offices, market size for leadership/professional search.

Asset Efficiency Metrics

• **CAMS:** High Return on Net-Worth (37.80% in Q2 FY26) indicates excellent asset efficiency.
• **EMAPARTNER:** ROCE and ROE (H1-FY26: 4.6% and 5.0% respectively) show lower asset efficiency compared to the capital market infrastructure players, but this is also influenced by its capital structure and recent investments.
• For the asset-light businesses (CDSL, IEX, CAMS, KFintech), high margins and low capital intensity inherently point to strong asset efficiency, even if explicit metrics like asset turnover are not provided.

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E. Growth Dynamics & Drivers

The sector exhibits robust growth dynamics, propelled by several macro and micro factors, with each company leveraging specific drivers for expansion.

Historical Growth Trajectory

• **CDSL:** First depository to cross 3-crore demat accounts in 2017, then 14.50+ crore in 2020, and 16.5 crore in Q2 FY26. This shows an accelerating growth in demat account penetration.
• **CAMS:** Non-MF compounded revenue growth (last 5 years): 28%. Unique investor base grew 17% Y-o-Y (Q2 FY26), faster than industry at 14%.
• **KFintech:** Overall AAUM grew 16.8% y-o-y (Q2 FY26) vs. 16.5% for industry. NPS subscriber base grew 30.2% y-o-y (vs 12.5% y-o-y for industry).
• **IEX:** Volume Growth CAGR since 2008: ~30%. Electricity Volumes H1 FY26: 67.6 BU (+15.5%); FY25: 121 BU (+18.7%). IGX Yearly Volumes FY22: 12.2, FY23: 50.9, FY24: 40.8, FY25: 60.0, H1-FY26: 40.7.
• **DEVX:** Q1 FY26 Revenue: 55.63 Crores (123.30% vs 24.91 Cr in Q1 FY25). AUM in SBA grew 7% vs Q1 FY25. Occupancy % improved from 81.37% (Q1 FY25) to 88.62% (Q1 FY26).
• **EMAPARTNER:** FY25 Revenue from Operations: 739.31 Mn (vs 672.96 Mn in FY24, 9.8% growth). Crossed annual consolidated revenue of INR 50 crores in FY22.

Current Growth Rates and Acceleration/Deceleration

• **CDSL:** H1 FY26 Revenue from operations growth of 4.9% Y-o-Y. Consolidated Total Income saw a slight decrease in Q2 FY26 and H1 FY26, but standalone revenue from operations showed growth. This suggests some revenue mix changes or subsidiary performance variations.
• **CAMS:** Q2 FY26 Revenue from operations: 3.2% Y-o-Y, 6.4% Q-o-Q. MF revenue growth: 3.2% Y-o-Y, 6.4% Q-o-Q. Non-MF revenue growth: 15% Y-o-Y, 17.9% Q-o-Q. Non-MF is accelerating.
• **KFintech:** Q2 FY26 Revenue from operations: 10.3% y-o-y, 12.8% q-o-q. H1 FY26 Revenue from operations: 12.6% y-o-y. Strong and accelerating growth.
• **IEX:** H1 FY26 Total Revenue growth of 14.0% Y-o-Y. Electricity Volumes H1 FY26: +15.5%. RTM volumes grew 40% YoY. Strong acceleration.
• **DEVX:** Q1 FY26 Revenue growth of 123.30% Y-o-Y, indicating significant acceleration, likely from new center additions or increased occupancy.
• **EMAPARTNER:** H1-FY26 Revenue from Operations: 3.5% Y-o-Y (16.6% H-o-H). This indicates a recent half-on-half acceleration.

Volume vs Price Contribution to Growth

• **CDSL, CAMS, KFintech:** Growth is primarily volume-driven (new demat accounts, SIPs, AUM, transactions). Price adjustments (yield compression for CAMS) can be a factor, but the underlying market expansion is the main driver.
• **IEX:** Growth is largely volume-driven (electricity, gas, REC volumes). Market clearing prices (DAM MCP, RTM MCP) can fluctuate, but the increase in traded units is the core growth engine.
• **DEVX:** Growth is driven by increasing area under management (new centers) and higher occupancy rates (volume).
• **EMAPARTNER:** Growth is driven by increasing client mandates and successful placements (volume), potentially supported by higher fees for specialized roles.

Organic vs Inorganic Growth Components

• **CDSL:** Primarily organic growth driven by market expansion and new product launches.
• **CAMS:** Strong organic growth in MF and non-MF segments. Inorganic growth through NSE KRA acquisition.
• **KFintech:** Strong organic growth across all segments. Strategic inorganic growth through acquisition of Ascent Fund Services (Singapore).
• **IEX:** Primarily organic growth driven by market expansion and new product introductions on its platforms.
• **DEVX:** Organic expansion by opening new centers and increasing occupancy.
• **EMAPARTNER:** Organic growth by strengthening existing teams and scaling James Douglas businesses. Mentions "potential acquisitions" as part of growth strategy.

Geographic Expansion Opportunities and Progress

• **CDSL:** Domestic focus, expanding reach within India.
• **CAMS:** Domestic focus, with presence in GIFT City for international servicing. May go with existing customers to other regions.
• **KFintech:** Active international expansion, with 93 clients globally and recent acquisition in Singapore. Strong presence in GIFT City.
• **IEX:** Domestic focus, but IGX is exploring strategic collaborations internationally (e.g., CEGH-IGX MoU).
• **DEVX:** Strong focus on Tier 2 markets within India.
• **EMAPARTNER:** Presence in India, Singapore, UAE. Exploring expansion opportunities across markets.

Product/Service Innovation Pipeline

• **CDSL:** Launch of nomination Phase 2, ISIN system testing, Direct Pay-out of Securities, Investor App with Unified Features, Proxy Advisor Recommendations in e-voting, CDSL IPF investor education website.
• **CAMS:** SIF product category (launched with SBI, expecting 8-9 AMCs). CAMS Pay (live with payment gateways). Alternatives (highest ever quarterly revenue). CAMS Rep (Bima Central) for insurance repository. Think360 (Algo360) for analytics, CAMS AI for AI-rich solutions. RE-ARC project for platform re-architecture.
• **KFintech:** New RTA mandates, SIF mandates, data lake contracts. New IPO mandates. Fully managed fund administration services in Malaysia. Order management platform deals, revenue assurance platform, mPower IFRS module.
• **IEX:** 11-Month Contract (awaiting CERC approval), Green RTM (final order reserved), Peak Power Contract (petition filed), LPSC Rules (generators mandated to offer URS power on exchanges), Carbon Credit Certificates trading, CBG and Hydrogen Trading (IGX). Coal Exchange (part of Government's plan).
• **DEVX:** Comprehensive office space solutions including technology.
• **EMAPARTNER:** AI-powered platform "MatchCore" for RPO, MyRCloud (technology-driven recruitment marketplace). Enhancing proprietary AI-powered platform.

Adjacent Market Opportunities

• **CDSL:** Insurance repository (CIRL), commodity repository (CCRL).
• **CAMS:** Payments (CAMSPay), AIF administration, NPS, insurance repository (Bima Central), AI/analytics (Think360).
• **KFintech:** AIF & Wealth management, NPS, international investor solutions.
• **IEX:** Gas exchange (IGX), carbon exchange (ICX), future coal exchange. Battery Energy Storage Systems (BESS), Virtual PPA & Merchant RE, Firm Dispatchable RE (FDRE & RTC), Capacity Market, Electricity Derivatives.
• **DEVX:** Not explicitly mentioned, but could include facility management or other business support services.
• **EMAPARTNER:** Technology-led RPO solutions, recruitment marketplace (MyRCloud).

Customer Acquisition and Penetration Trends

• **CDSL:** 65 lakh new accounts opened in Q2 FY26. Focus on investor protection and ease of access (nomination Phase 2), investor education.
• **CAMS:** Onboarded 6 AMCs in calendar year 2025, expecting 3 more. Added 40+ alternatives mandates. Added 38 new KRA clients. Unique investor base crossed 4.3 Cr mark, grew 17% Y-o-Y.
• **KFintech:** Won new RTA mandate from Lakshya Asset Management. Added 597 corporate clients (Q2 FY26). Appointed as RTA for Bharat Petroleum. Won 52 new AIF funds. Added 1,18,682 NPS subscribers. Added 540 corporate clients (NPS).
• **IEX:** 8,500+ registered participants, 5,700+ commercial & industries, 2,500+ RE generators, 75+ Discoms.
• **DEVX:** Serving 307 clients (Q1 FY26), 81.43% sourced directly.
• **EMAPARTNER:** 160+ Clients.

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F. Risk Landscape

The sector faces various risks, including regulatory changes, technological disruption, and competitive pressures, which can impact growth and profitability.

Industry-Wide Systematic Risks

• **Economic Downturns:** A general economic slowdown can reduce disposable income, impacting investments in capital markets (affecting CDSL, CAMS, KFintech) and overall business activity (affecting DEVX, EMAPARTNER).
• **Market Volatility:** High volatility in equity markets can deter new investors and impact AUM-based revenues for CAMS and KFintech.
• **Energy Demand Fluctuations:** Economic slowdowns or changes in industrial activity can impact electricity and gas demand, affecting IEX volumes.
• **Geopolitical Risks:** Global events can impact investor sentiment, energy prices, and overall economic stability.

Cyclicality and Economic Sensitivity

• **Capital Market Infrastructure (CDSL, CAMS, KFintech):** Highly sensitive to capital market cycles. Bull markets drive new account openings, AUM growth, and transaction volumes, boosting revenues. Bear markets can lead to slower growth or declines.
• **Energy Exchanges (IEX):** Sensitive to industrial activity and economic growth, which drive electricity and gas consumption. Also sensitive to seasonal demand (e.g., summer peaks, winter heating).
• **Flexible Workspaces (DEVX):** Sensitive to corporate real estate cycles and general business confidence. During economic downturns, companies might reduce office space or opt for more flexible terms.
• **Recruitment (EMAPARTNER):** Highly cyclical, directly correlated with economic activity and corporate hiring sentiment. Downturns lead to hiring freezes and reduced demand for recruitment services.

Regulatory and Policy Risks by Geography

• **Capital Market Infrastructure (CDSL, CAMS, KFintech):**
• **Energy Exchanges (IEX):**
• **General:** Tax rate changes (CDSL notes 25.17% tax rate) can impact net profitability.

Technology Disruption Threats

• **Blockchain/DLT:** While CDSL is exploring DLT, widespread adoption of new technologies could alter existing infrastructure models.
• **AI/Automation:** While companies like CAMS and EMAPARTNER are adopting AI, rapid advancements could lead to new competitors or require significant re-investment.
• **Cybersecurity:** As digital platforms become central, cybersecurity threats are a constant risk, requiring continuous investment and vigilance (CDSL won awards for proactive threat detection).

ESG and Sustainability Challenges

• **IEX:** As an energy exchange, it plays a role in India's energy transition. Failure to adapt to green energy trends or facilitate carbon markets could be a long-term risk.
• **All Companies:** Increasing focus on ESG compliance from investors and regulators.

Supply Chain Vulnerabilities

• **IT Infrastructure:** Dependence on third-party data centers, cloud providers, and network connectivity.
• **Talent:** For EMAPARTNER, the availability of skilled talent is crucial. For all companies, attracting and retaining technology and domain experts is vital.

Competitive Threats (New Entrants, Substitutes)

• **KRA Competition:** KFintech started KRA operations, posing a competitive threat to CDSL and CAMS, though CDSL has seen no impact yet.
• **New Exchanges:** Potential for new power or gas exchanges, though regulatory barriers are high.
• **In-house Solutions:** Large AMCs or financial institutions might consider developing in-house RTA or KRA solutions, though the trend is towards outsourcing.
• **Flexible Workspaces:** New entrants or aggressive expansion by existing players can intensify competition for DEVX.

Customer Concentration Risks

• **CAMS:** Services 10 of the 15 largest MFs. While diversified, reliance on a few large clients could be a risk if one client switches. However, CAMS notes no major customers up for renewal in next 18 months.
• **DEVX:** Top 10 clients contributed 44.39% of revenue in Q1 FY26, indicating some client concentration.

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G. Capital Allocation & Investor Returns

The companies demonstrate varying capital allocation strategies, reflecting their business models and growth stages.

Capex Trends and Requirements

• **CDSL:** Depreciation and amortisation expense (H1 FY26 Standalone): 3,947.89 Lakh (vs 2,938.84 Lakh H1 FY25, +34.3%). This significant increase indicates ongoing capital expenditure, primarily in technology and infrastructure.
• **CAMS:** Emphasizes continuous investment in technology and human resources. Cost increases are expected in the range of 60-70 crores.
• **KFintech:** Investing in technology solutions and product innovation. Acquisition of Ascent Fund Services (Singapore) for US$ 34.68 million.
• **IEX:** Primarily invests in technology upgrades and new platform development for diversification (IGX, ICX, Coal Exchange).
• **DEVX:** High capital expenditure for leasing and fitting out new flexible workspace centers. This is reflected in its high depreciation and finance costs.
• **EMAPARTNER:** Investments planned over the next 18 months to support growth and enhance its AI-powered platform.

R&D Investment Levels as % of Revenue

• Specific R&D figures are not provided, but the emphasis on "technology investments," "AI-based solutions," "proprietary AI-powered platform," and "re-architecture of platform" across CDSL, CAMS, KFintech, IEX, and EMAPARTNER suggests significant R&D-like spending embedded within their operational and capital expenditures. These are crucial for maintaining competitive edge and driving innovation.

Dividend Policies and Payout Ratios

• **CDSL:** Dividend received from subsidiary: INR 47.5 crores (Q2 FY25), INR 62 crores (Q1 FY26). This indicates a healthy dividend policy from its subsidiaries.
• **CAMS:** Interim dividend: Rs.14 per share (Q2 FY26). This suggests a consistent dividend payout policy.
• **KFintech, IEX, DEVX, EMAPARTNER:** Specific dividend policies or payout ratios are not detailed in the provided data, but given their profitability, some form of shareholder returns (dividends or buybacks) would be expected for mature, profitable companies.

Share Buyback Programs

• No information on share buyback programs is provided for any of the companies.

M&A Activity and Strategy

• **CAMS:** Acquired KRA business of NSE, on track for operations transfer by December FY26, revenue accretion from Q4 FY26. Also scanning payment space for small opportunities (Rs.20, 30, 40 crores revenue), but not immediate.
• **KFintech:** Acquired 51% stake in Ascent Fund Services (Singapore) Pte. Ltd. for US$ 34.68 million, with balance 49% to be acquired in three equal tranches after FY28, FY29, FY30. This is a clear strategic move for international expansion.
• **EMAPARTNER:** Mentions "Inorganic (potential acquisitions)" as part of its growth strategy.

Cash Generation and Free Cash Flow Profiles

• **CAMS:** Q2 FY26 Cash & Cash Equivalent: Rs 822.22 Cr. Strong incremental revenue flow to bottom line (almost 60%) indicates robust cash generation.
• **KFintech:** Q2 FY26 Cash and cash equivalents: 6,908.2 million. Strong cash position.
• **EMAPARTNER:** Cash and cash Equivalents: H1-FY26: 317.63 Mn (significant increase from FY25).
• **CDSL, IEX:** Given their high profitability and asset-light nature, these companies are expected to have strong cash generation and free cash flow, enabling them to fund growth and return capital to shareholders.
• **DEVX:** While EBITDA is high, significant finance costs and depreciation suggest lower free cash flow due to the capital-intensive nature of its business.

Capital Efficiency Improvements

• **CAMS:** Expected to increment company level operating EBITDA by about a percent a year. Non-MF EBITDA margins expected to reach 25-30% in next couple of years, up from 10-13%, indicating significant efficiency improvements in new business lines.
• **EMAPARTNER:** Focus on leveraging AI and automation to enhance sourcing efficiency and hiring outcomes, which should lead to improved capital efficiency.
• For the infrastructure players, continuous technology upgrades and process automation contribute to long-term capital efficiency by handling higher volumes with relatively stable fixed costs.

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H. Future Outlook & Projections

The outlook for the sector is largely positive, driven by strong underlying economic and demographic trends, coupled with strategic initiatives by the companies.

Industry Growth Projections

• **Capital Markets:** Continued growth in demat accounts, MF AUM, and SIPs is expected due to increasing financialization of savings, rising financial literacy, and regulatory push for deeper market penetration. SEBI survey indicates potential upside of people wanting to enter securities market.
• **Energy Sector:** India's power demand is projected to reach ~2,300 BU by FY 2030, with peak demand of 366 GW by 2032. Gas consumption is expected to double by 2030. This provides a strong tailwind for IEX.
• **Recruiting and Staffing:** Indian market projected to grow at 5.32% CAGR to INR 15,770 crore by FY29. Global executive search market projected to grow at 10.26% CAGR to USD 94.73 billion by 2030.

Management Guidance Across Companies

• **CDSL:** Does not provide specific revenue or earnings guidance. Focus on continuous investment in technology and human resources. Expects clear level playing field for ISIN system once live.
• **CAMS:** Expects to reach highest ever mutual fund revenue by end of current quarter (3Q FY26). Non-mutual fund growth projection: 20% year-on-year. Confident margin profile will be maintained. Non-MF EBITDA margins to reach 25-30% in next couple of years. Increment company level operating EBITDA by about a percent a year. Non-MF revenue as proportion of total revenue expected to increase. Company growth target: Grow by at least Rs.500 crores in next three years (Rs.200 crore/year, 50 Cr non-MF, 150 Cr MF).
• **KFintech:** Committed to empower financial distribution fraternity with digital platforms, personalized support, and scalable solutions. Delivering long-term sustainable value to all stakeholders.
• **IEX:** Volumes expected to grow significantly on Business-as-Usual basis, with further growth from additional levers (new products, regulatory developments). Focus on continuous improvements in platform availability, security, resilience, scalability, and performance.
• **DEVX:** No explicit forward-looking guidance mentioned.
• **EMAPARTNER:** Additional investments planned over the next 18 months to support growth. Investing in enhancing proprietary AI-powered platform. Strong focus on rapidly scaling James Douglas businesses.

Emerging Opportunities and Whitespace

• **New Product Categories:** SIFs (CAMS, KFintech), 11-Month Contracts, Green RTM, Peak Power Contracts (IEX), Carbon Credit Certificates (IEX), CBG and Hydrogen Trading (IGX), Coal Exchange (IEX).
• **Digitalization & AI:** Continued adoption of AI and automation across all segments for efficiency, predictive analytics, and new service offerings (CAMS AI, Think360, EMAPARTNER's MatchCore).
• **Geographic Expansion:** International markets for RTAs/fund administration (KFintech, CAMS in GIFT City), Middle East and Singapore for executive search (EMAPARTNER), Tier 2 cities for flexible workspaces (DEVX).
• **Energy Transition:** Market models to support RE penetration (CfD, BESS, VPPAs, FDRE & RTC) for IEX.
• **Investor Education & Protection:** Initiatives like CDSL's #AatmanirbharInvestor and investor education website will drive broader market participation.

Transformation Themes and Inflection Points

• **Digital Transformation:** The shift towards fully digital processes for account opening, transactions, and investor services.
• **AI Integration:** AI moving from a buzzword to practical applications in operations, analytics, and new product development.
• **Energy Transition:** India's commitment to renewables and decarbonization is a major structural shift for the energy sector, creating new market opportunities for IEX.
• **Financialization of Savings:** A long-term trend where household savings shift from physical assets to financial assets, benefiting capital market participants.
• **Flexible Work Models:** The permanent shift towards hybrid and flexible work arrangements drives demand for flexible office spaces.

Long-Term Structural Trends (5-10 year view)

• **Demographic Dividend:** India's young population entering the workforce and investing.
• **Rising Disposable Incomes:** Fuels consumption and investment.
• **Government Support:** Pro-growth policies, infrastructure development, and regulatory reforms.
• **Technological Advancement:** Continuous innovation in fintech, AI, and data analytics.
• **Sustainability Focus:** Growing importance of ESG factors and green initiatives across all sectors.

Potential Disruptions on the Horizon

• **Regulatory Overhaul:** Major changes in regulatory frameworks (e.g., SEBI, CERC) could significantly alter business models.
• **New Technologies:** Emergence of disruptive technologies not currently anticipated.
• **Intensified Competition:** Aggressive new entrants or existing players expanding into new segments.
• **Cybersecurity Breaches:** Large-scale cyberattacks could erode trust and cause significant financial and reputational damage.

Expected Margin Evolution

• **CAMS:** Confident margin profile will be maintained, with non-MF EBITDA margins expected to reach 25-30% in the next couple of years, indicating overall margin expansion as non-MF businesses scale.
• **EMAPARTNER:** Investing in AI-powered platforms is expected to enhance efficiency and potentially improve margins in the long run.
• For other infrastructure players, high operating leverage suggests that as volumes grow, margins should remain robust or even expand, assuming cost control. DEVX's margins will depend on its ability to scale efficiently and manage its high fixed costs.

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I. Company-by-Company Profiles

Central Depository Services (India) Limited (CDSL)

• **Company Name and Brief Description:** CDSL is one of India's two central depositories, facilitating the holding and transfer of securities in electronic form. It plays a crucial role in the Indian capital market infrastructure, offering services related to demat accounts, custody, and various value-added services through its subsidiaries.
• **Scale Metrics:**
• **Financial Performance Summary (Consolidated):**
• **Strategic Priorities and Focus Areas:**
• **Competitive Advantages and Positioning:**
• **Key Metrics and KPIs:** Demat account growth, custody value, issuer count, ISIN count, revenue mix.
• **Management Outlook and Guidance:** Does not provide specific revenue or earnings guidance. Emphasizes technology and human resources as core inputs. Expects clear level playing field for ISIN system once live. Prudent to wait for SEBI circular on KRA fetch reduction.
• **Recent Developments and Initiatives:** Introduction of Direct Pay-out of Securities, Launch of Investor App with Unified Features, Launch of Proxy Advisor Recommendations in e-voting, Launch of CDSL IPF investor education website in 12 languages.

Computer Age Management Services Limited (CAMS)

• **Company Name and Brief Description:** CAMS is India's largest registrar and transfer agent (RTA) for mutual funds, providing a wide range of services to asset management companies and investors. It has diversified into other financial infrastructure services like KRA, payments, AIF administration, and NPS.
• **Scale Metrics:**
• **Financial Performance Summary (Consolidated):**
• **Strategic Priorities and Focus Areas:**
• **Competitive Advantages and Positioning:**
• **Key Metrics and KPIs:** MF AUM market share, SIP market share, NFO market share, non-MF revenue growth, EBITDA/PAT margins, unique investor base.
• **Management Outlook and Guidance:** Expects to reach highest ever mutual fund revenue by end of current quarter (3Q FY26). Non-mutual fund growth projection: 20% year-on-year. Confident margin profile will be maintained, with non-MF EBITDA margins reaching 25-30% in next couple of years. Company growth target: Grow by at least Rs.500 crores in next three years.
• **Recent Developments and Initiatives:** Launched SIF product category, onboarded 6 AMCs in CY25, successful migration of Taurus, CAMS Pay live with payment gateways, highest ever quarterly revenue for Alternatives, won two recognitions for CAMS Rep (Bima Central), added 38 new KRA clients, NSE KRA acquisition on track, unveiled CAMS AI brand.

KFin Technologies Limited (KFintech)

• **Company Name and Brief Description:** KFintech is a leading investor solutions provider to Indian mutual funds and a significant player in issuer solutions, AIF administration, NPS, and international investor services. It competes directly with CAMS in many segments.
• **Scale Metrics:**
• **Financial Performance Summary (Consolidated):**
• **Strategic Priorities and Focus Areas:**
• **Competitive Advantages and Positioning:**
• **Key Metrics and KPIs:** AAUM market share, SIP market share, Issuer Solutions market share, AIF funds/AAUM, NPS subscribers, international client count, revenue growth, EBITDA/PAT margins.
• **Management Outlook and Guidance:** Committed to empowering financial distribution fraternity with digital platforms, personalized support, and scalable solutions. Delivering long-term sustainable value to all stakeholders.
• **Recent Developments and Initiatives:** Acquired 51% stake in Ascent Fund Services (Singapore), won new RTA mandate (Lakshya AMC), won SIF mandates from three existing AMC clients, added 597 corporate clients, appointed RTA for BPCL, expanded international client base to 93, won 52 new AIF funds, won order management and revenue assurance platform deals, added 1,18,682 NPS subscribers.

Indian Energy Exchange (IEX)

• **Company Name and Brief Description:** IEX is India's premier energy exchange, providing a nationwide, automated, and transparent trading platform for the physical delivery of electricity, renewable energy certificates, and natural gas. It is a critical component of India's energy market infrastructure.
• **Scale Metrics:**
• **Financial Performance Summary (Consolidated):**
• **Strategic Priorities and Focus Areas:**
• **Competitive Advantages and Positioning:**
• **Key Metrics and KPIs:** Electricity volumes (by segment), REC volumes, IGX volumes, market clearing prices, number of registered participants, revenue growth, EBITDA/PAT margins.
• **Management Outlook and Guidance:** Robust business model and financial strength. Volumes expected to grow significantly on Business-as-Usual basis, with further growth from additional levers (new products, regulatory developments).
• **Recent Developments and Initiatives:** RTM continues substantial growth (40% YoY in H1 FY26), ICX formed for voluntary carbon trade, Coal Exchange part of government plan, IGX awaiting approval for BOM Contract (Pipeline Natural Gas segment), exploring CBG and Hydrogen trading, selected as Empanelment Agency for DGH E-Auctions.

Dev Accelerator Limited (DEVX)

• **Company Name and Brief Description:** DEVX is a flexible workspace operator, providing comprehensive office space solutions including co-working and managed offices. It targets high-growth Tier 2 markets in India.
• **Scale Metrics:**
• **Financial Performance Summary (Consolidated):**
• **Strategic Priorities and Focus Areas:**
• **Competitive Advantages and Positioning:**
• **Key Metrics and KPIs:** Area under management, number of centers/seats, occupancy %, revenue to rent ratio, net churn rate.
• **Management Outlook and Guidance:** No explicit forward-looking guidance mentioned.
• **Recent Developments and Initiatives:** Strong revenue and EBITDA growth in Q1 FY26, improved occupancy, positive PBT and PAT.

EMA Partners India Limited (EMAPARTNER)

• **Company Name and Brief Description:** EMAPARTNER is a leading executive search and leadership advisory firm headquartered in Mumbai, offering executive search, professional search, and technology-led Enterprise Recruitment Process Outsourcing (RPO) solutions.
• **Scale Metrics:**
• **Financial Performance Summary (Consolidated):**
• **Strategic Priorities and Focus Areas:**
• **Competitive Advantages and Positioning:**
• **Key Metrics and KPIs:** Revenue from operations, EBITDA/PAT margins, client count, geographic presence, growth in James Douglas businesses.
• **Management Outlook and Guidance:** Additional investments planned over the next 18 months to support growth. Investing in enhancing proprietary AI-powered platform to better address client needs and deliver superior, technology-driven solutions.
• **Recent Developments and Initiatives:** Appointed senior leadership teams for RPO (James Douglas Global) and mid-to senior level hiring (James Douglas Professional). Listed on NSE Emerge in 2025.

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J. Tables

CDSL Standalone P&L (Q2 FY26 vs Q2 FY25)

| Metric | Q2 FY26 (Lakh) | Q2 FY25 (Lakh) | Y-o-Y Change (Lakh) | | :---------------------------- | :------------- | :------------- | :------------------ | | Revenue from operations | 35,389.47 | 34,190.16 | 1,199.31 | | Other income | 1,008.61 | 989.70 | 18.91 | | **Total revenue** | **36,398.08** | **35,179.86** | **1,218.22** | | Employee benefits expense | 9,891.85 | 9,400.09 | (491.76) | | Finance costs | 155.72 | 182.64 | 26.92 | | Depreciation & amortisation | 2,151.76 | 1,518.62 | (633.14) | | Operating expenses | 6,486.91 | 6,277.09 | (209.82) | | Other expenses | 2,900.56 | 2,470.11 | (430.45) | | **Total expenses** | **21,586.80** | **19,848.55** | **(1,738.25)** | | **Profit before tax** | **14,811.28** | **15,331.31** | **(520.03)** | | Current tax | 3,801.04 | 3,864.66 | 63.62 | | Deferred tax | (83.49) | (55.44) | 28.05 | | **Net tax expense** | **3,717.55** | **3,809.22** | **91.67** | | **Profit for the period** | **11,093.73** | **11,522.09** | **(428.36)** | | Basic EPS | 22.42 | 23.40 | | | Diluted EPS | 22.29 | 23.29 | |

CDSL Standalone P&L (H1 FY26 vs H1 FY25)

| Metric | H1 FY26 (Lakh) | H1 FY25 (Lakh) | Y-o-Y Change (Lakh) | | :---------------------------- | :------------- | :------------- | :------------------ | | Revenue from operations | 68,827.74 | 64,991.23 | 3,836.51 | | Other income | 2,066.91 | 1,929.73 | 137.18 | | **Total revenue** | **70,894.65** | **66,920.96** | **3,973.69** | | Employee benefits expense | 19,597.50 | 18,332.12 | (1,265.38) | | Finance costs | 318.43 | 366.02 | 47.59 | | Depreciation & amortisation | 3,947.89 | 2,938.84 | (1,009.05) | | Operating expenses | 12,785.29 | 11,658.15 | (1,127.14) | | Other expenses | 5,417.87 | 4,761.50 | (656.37) | | **Total expenses** | **42,066.98** | **38,056.63** | **(4,010.35)** | | **Profit before tax** | **28,827.67** | **28,864.33** | **(36.66)** | | Current tax | 7,309.60 | 7,244.74 | (64.86) | | Deferred tax | (94.66) | (92.65) | 2.01 | | **Net tax expense** | **7,214.94** | **7,152.09** | **(62.85)** | | **Profit for the period** | **21,612.73** | **21,712.24** | **(99.51)** | | Basic EPS | 43.70 | 44.13 | | | Diluted EPS | 43.43 | 43.92 | |

CDSL Consolidated P&L (Q2 FY26 vs Q2 FY25)

| Metric | Q2 FY26 (Lakh) | Q2 FY25 (Lakh) | Y-o-Y Change (Lakh) | | :---------------------------- | :------------- | :------------- | :------------------ | | Revenue from operations | 37,673.79 | 36,517.21 | 1,156.58 | | Other income | 1,220.18 | 1,257.41 | (37.23) | | **Total revenue** | **38,893.97** | **37,774.62** | **1,119.35** | | Employee benefits expense | 12,479.15 | 11,857.00 | (622.15) | | Finance costs | 184.17 | 216.04 | 31.87 | | Depreciation & amortisation | 2,455.77 | 1,837.19 | (618.58) | | Operating expenses | 5,185.93 | 4,866.50 | (319.43) | | Other expenses | 3,247.76 | 2,773.25 | (474.51) | | **Total expenses** | **23,552.78** | **21,549.98** | **(2,002.80)** | | **Profit before tax** | **15,341.19** | **16,224.64** | **(883.45)** | | Current tax | 4,105.33 | 4,235.83 | 130.50 | | Deferred tax | (162.03) | (94.32) | 67.71 | | **Net tax expense** | **3,943.30** | **4,141.51** | **198.21** | | **Profit for the period** | **11,393.59** | **12,083.13** | **(689.54)** | | Basic EPS | 23.23 | 24.88 | | | Diluted EPS | 23.09 | 24.76 | |

CDSL Consolidated P&L (H1 FY26 vs H1 FY25)

| Metric | H1 FY26 (Lakh) | H1 FY25 (Lakh) | Y-o-Y Change (Lakh) | | :---------------------------- | :------------- | :------------- | :------------------ | | Revenue from operations | 73,088.98 | 69,657.46 | 3,431.52 | | Other income | 2,534.96 | 2,428.05 | 106.91 | | **Total revenue** | **75,623.94** | **72,085.51** | **3,538.43** | | Employee benefits expense | 24,722.86 | 23,156.90 | (1,565.96) | | Finance costs | 377.84 | 429.40 | 51.56 | | Depreciation & amortisation | 4,540.15 | 3,535.51 | (1,004.64) | | Operating expenses | 10,036.85 | 9,110.86 | (925.99) | | Other expenses | 6,140.30 | 5,388.85 | (751.45) | | **Total expenses** | **45,818.00** | **41,621.52** | **(4,196.48)** | | **Profit before tax** | **29,805.94** | **30,463.99** | **(658.05)** | | Current tax | 7,845.39 | 7,929.84 | 84.45 | | Deferred tax | (208.15) | (244.33) | (36.18) | | **Net tax expense** | **7,578.23** | **7,685.51** | **107.28** | | **Profit for the period** | **22,197.71** | **22,778.48** | **(580.77)** | | Basic EPS | 45.29 | 46.88 | | | Diluted EPS | 45.01 | 46.66 | |

CAMS Consolidated P&L (Q2 FY26 vs Q2 FY25)

| Metric | Q2 FY26 (Lakh) | Q2 FY25 (Lakh) | Y-o-Y Change (Lakh) | | :------------------------------------------------------------------- | :------------- | :------------- | :------------------ | | Revenue from operations | 37,673.79 | 36,517.21 | 1,156.58 | | Other income | 1,220.18 | 1,257.41 | (37.23) | | **Total revenue** | **38,893.97** | **37,774.62** | **1,119.35** | | Profit before tax from ordinary activities before Share of JV | 15,341.19 | 16,224.64 | (883.45) | | Profit before tax for the period / year | 15,336.89 | 16,224.64 | (887.75) | | **Net Profit after tax** | **11,494.31** | **12,246.58** | **(752.27)** | | Basic EPS | 23.23 | 24.88 | | | Diluted EPS | 23.09 | 24.76 | |

KFintech Consolidated Income Statement (Q2 FY26 vs Q1 FY26 vs Q2 FY25)

| Metric | Q2 FY26 (million) | Q1 FY26 (million) | Q2 FY25 (million) | Q-o-Q Change (%) | Y-o-Y Change (%) | | :---------------------------------------- | :---------------- | :---------------- | :---------------- | :--------------- | :--------------- | | Domestic Mutual Fund Investor Solutions | 2,164.2 | 2,013.9 | 1,963.3 | 7.5% | 10.2% | | Issuer Solutions | 416.9 | 305.1 | 367.4 | 36.6% | 13.5% | | International & Other Investor Solutions | 429.7 | 366.0 | 401.2 | 17.4% | 7.1% | | **Net Sale of Services** | **3,010.7** | **2,685.0** | **2,732.0** | **12.1%** | **10.2%** | | Other Operating Revenue | 81.6 | 55.6 | 72.7 | 46.7% | 12.2% | | **Revenue from operations** | **3,092.3** | **2,740.6** | **2,804.7** | **12.8%** | **10.3%** | | Employee benefits expense | 1,139.9 | 1,117.2 | 1,017.5 | 2.0% | 12.0% | | Other expenses | 595.4 | 484.8 | 521.9 | 22.8% | 14.1% | | **Operating expenses** | **1,735.3** | **1,602.0** | **1,539.4** | **8.3%** | **12.7%** | | **EBITDA** | **1,357.1** | **1,138.6** | **1,265.4** | **19.2%** | **7.2%** | | EBITDA Margin | 43.9% | 41.5% | 45.1% | | | | Profit before tax (post share of associate)| 1,269.4 | 1,049.1 | 1,194.7 | 21.0% | 6.3% | | Profit before tax Margin | 41.1% | 38.3% | 42.6% | | | | Tax expense | 336.3 | 276.5 | 301.5 | 21.6% | 11.6% | | **Net Profit after tax** | **933.1** | **772.6** | **893.2** | **20.8%** | **4.5%** | | Net Profit after tax Margin | 30.2% | 28.2% | 31.8% | | | | Diluted EPS (in INR) | 5.38 | 4.45 | 5.16 | 20.7% | 4.1% |

KFintech Consolidated Income Statement (H1 FY26 vs H1 FY25)

| Metric | H1 FY26 (million) | H1 FY25 (million) | Y-o-Y Change (%) | | :---------------------------------------- | :---------------- | :---------------- | :--------------- | | Domestic Mutual Fund Investor Solutions | 4,178.1 | 3,681.1 | 13.5% | | Issuer Solutions | 722.0 | 610.6 | 18.2% | | International & Other Investor Solutions | 795.7 | 765.6 | 3.9% | | **Net Sale of Services** | **5,695.7** | **5,057.3** | **12.6%** | | Other Operating Revenue | 137.2 | 123.0 | 11.5% | | **Revenue from operations** | **5,832.9** | **5,180.4** | **12.6%** | | Employee benefits expense | 2,257.1 | 1,975.9 | 14.2% | | Other expenses | 1,080.2 | 942.5 | 14.6% | | **Operating expenses** | **3,337.3** | **2,918.4** | **14.4%** | | **EBITDA** | **2,495.7** | **2,262.0** | **10.3%** | | EBITDA Margin | 42.8% | 43.7% | | | Profit before tax (post share of associate)| 2,318.5 | 2,112.7 | 9.7% | | Profit before tax Margin | 39.7% | 40.8% | | | Tax expense | 612.8 | 538.8 | 13.7% | | **Net Profit after tax** | **1,705.7** | **1,573.9** | **8.4%** | | Net Profit after tax Margin | 29.2% | 30.4% | | | Diluted EPS (in INR) | 9.83 | 9.11 | 7.9% |

IEX Consolidated Financials (H1 FY26 vs H1 FY25)

| Metric | H1 FY26 (Cr) | H1 FY25 (Cr) | | :------------ | :----------- | :----------- | | Total Revenue | 367.4 | 322.2 | | EBITDA | 331.7 | 285.0 | | PAT | 244.0 | 204.8 |

IEX Consolidated Financials (Q2 FY26 vs Q1 FY26 vs Q2 FY25)

| Metric | Q2 FY26 (Cr) | Q1 FY26 (Cr) | Q2 FY25 (Cr) | | :------------ | :----------- | :----------- | :----------- | | Total Revenue | 183.3 | 184.2 | 167.8 | | EBITDA | 167.3 | 164.4 | 151.2 | | PAT | 123.3 | 120.7 | 108.3 |

DEVX Consolidated Income Statement (Q1 FY26 vs Q4 FY25 vs Q1 FY25)

| Metric | Q1 FY26 (Crores) | Q4 FY25 (Crores) | Q1 FY25 (Crores) | | :------------------------------------------ | :--------------- | :--------------- | :--------------- | | Revenue from operations | 55.63 | 65.40 | 24.91 | | Other income | 1.31 | 2.94 | 0.15 | | **Total Income** | **56.94** | **68.35** | **25.06** | | Operational expenses | 24.60 | 29.41 | 8.45 | | Employee benefit expenses | 4.644 | 4.61 | 2.45 | | Finance costs | 12.26 | 15.18 | 8.75 | | Depreciation and amortisation | 14.51 | 16.54 | 11.13 | | **Total expenses** | **56.00** | **65.73** | **30.78** | | Profit/ (loss) before exceptional items & tax | 0.93 | 2.62 | (5.72) | | Share of Profit/(Loss) of Associates | 0.01 | (0.08) | 0.06 | | **Profit before tax** | **0.95** | **2.54** | **(5.66)** | | Current tax | 0.26 | 1.13 | - | | Deferred tax | 0.21 | (0.93) | 0.31 | | Adjustment of Tax for earlier Years | 0.34 | 0.22 | 0.31 | | **Total Tax Expenses** | **0.81** | **0.42** | **0.42** | | **Profit for the period** | **0.14** | **2.12** | **(5.97)** |

EMAPARTNER Half Yearly Consolidated Financial Performance (H1-FY26 vs H2-FY25 vs H1-FY25)

| Metric | H1-FY26 (Mn) | H2-FY25 (Mn) | H1-FY25 (Mn) | H-o-H Change (%) | Y-o-Y Change (%) | | :-------------------------------- | :----------- | :----------- | :----------- | :--------------- | :--------------- | | Revenue from Operations | 405.28 | 347.66 | 391.64 | 16.6% | 3.5% | | Total Expenses | 327.49 | 308.21 | 297.89 | 6.3% | 9.9% | | **EBITDA** | **77.79** | **39.45** | **93.75** | **97.2%** | **-17.0%** | | EBITDA Margins (%) | 19.19% | 11.35% | 23.94% | 784 Bps | -475 Bps | | Depreciation & amortisation | 11.04 | 10.57 | 9.89 | 4.4% | 11.6% | | Finance costs | 0.4 | 2.31 | 3.18 | -82.7% | -87.4% | | Other Income | 23.46 | 43.95 | 6.88 | -46.6% | NA | | **PBT** | **89.81** | **70.52** | **87.56** | **27.4%** | **2.6%** | | Tax | 18.73 | 12.57 | 21.13 | 49.0% | -11.4% | | PAT before Minority Interest | 71.08 | 57.96 | 66.43 | 22.6% | 7.0% | | Minority Interest | - | - | -1.75 | NA | NA | | **PAT** | **71.08** | **57.96** | **68.18** | **22.6%** | **4.3%** | | PAT Margins (%) | 17.54% | 16.67% | 17.41% | 87 Bps | 13 Bps | | Diluted EPS | 3.04 | 2.75 | 3.98 | 10.5% | -23.6% |

EMAPARTNER Historical Consolidated Profit And Loss Statement (FY23, FY24, FY25, H1-FY26)

| Metric | FY23 (Mn) | FY24 (Mn) | FY25 (Mn) | H1-FY26 (Mn) | | :-------------------------------- | :-------- | :-------- | :-------- | :----------- | | Revenue from Operations | 501.43 | 672.96 | 739.31 | 405.28 | | Total Expenses | 460.65 | 508.10 | 606.10 | 327.49 | | **EBIDTA** | **40.78** | **164.86**| **133.21**| **77.79** | | EBIDTA Margins (%) | 8.13% | 24.50% | 18.02% | 19.19% | | Depreciation & amortisation | 8.78 | 11.57 | 20.46 | 11.04 | | Finance costs | 1.89 | 1.86 | 5.49 | 0.40 | | Other Income | 9.19 | 15.38 | 50.82 | 23.46 | | **PBT** | **39.30** | **166.81**| **158.08**| **89.81** | | Tax | 9.94 | 20.64 | 33.69 | 18.73 | | PAT before Minority Interest | 29.36 | 146.17 | 124.39 | 71.08 | | Minority Interest | (1.35) | 3.44 | (1.75) | - | | **PAT** | **30.71** | **142.73**| **126.14**| **71.08** | | PAT Margins (%) | 6.12% | 21.21% | 17.06% | 17.54% | | Diluted EPS | 1.81 | 8.40 | 6.73 | 3.04 |

EMAPARTNER Historical Consolidated Balance Sheet (FY24, FY25, H1-FY26)

| Metric | FY24 (Mn) | FY25 (Mn) | H1-FY26 (Mn) | | :-------------------------------- | :-------- | :-------- | :----------- | | Equity Share Capital | 0.42 | 116.23 | 116.23 | | Reserves and surplus | 539.73 | 1,258.78 | 1,345.25 | | **Total Equity** | **540.15**| **1,375.01**| **1,461.48** | | Non-Controlling Interest | 9.32 | - | - | | Long term Borrowings | 67.67 | 5.91 | 4.00 | | Deferred tax Liabilities (net) | 3.85 | 5.51 | 2.00 | | **Total Non-Current Liabilities** | **71.52** | **11.42** | **6.00** | | Short term Borrowings | 8.14 | 7.47 | 4.02 | | Trade Payables | 6.70 | 7.95 | 8.69 | | Short-term Provisions | 74.78 | 110.06 | 44.85 | | Other current liabilities | 55.30 | 32.13 | 23.97 | | **Total Current Liabilities** | **144.92**| **157.61**| **81.53** | | **Total Equity And Liabilities** | **765.91**| **1,544.04**| **1,549.01** | | Property, Plant and Equipment | 118.29 | 191.92 | 188.76 | | Goodwill on Consolidation | - | 4.06 | 4.06 | | Intangible Assets | 7.31 | 4.64 | 9.71 | | Capital Work-in-Progress | 74.97 | - | 0.59 | | Long term loans and advances | 40.76 | 42.48 | 57.14 | | Other Non-current Assets | 8.29 | 7.61 | 10.21 | | **Total Non-Current Assets** | **249.62**| **250.71**| **270.47** | | Current Investments | 92.88 | 435.1 | 311.02 | | Trade Receivables | 187.75 | 131.57 | 226.02 | | Cash and cash Equivalents | 151.40 | 111.12 | 317.63 | | Other Bank Balances | 64.45 | 540.5 | 348 | | Short term loans and advances | 6.58 | 45.49 | 26.32 | | Other Current Assets | 13.23 | 29.55 | 49.55 | | **Total Current Assets** | **516.29**| **1,293.33**| **1,278.54** | | **Total Assets** | **765.91**| **1,544.04**| **1,549.01** |