India now has about 24 crore demat accounts. Five listed stocks sit closest to this boom: CDSL, NSDL, Groww, Angel One,and BSE.
Stock
How it earns from the boom
Brokerage view
Biggest risk
CDSL
Fee on every account and trade
Mostly Hold / Neutral
Profit fell 13.5% in FY26
NSDL
Yearly custody fee on every account
Neutral
Lower margin than CDSL
Angel One
Brokerage and loans to new clients
Mostly Buy
Profit fell 22% in FY26
Groww
Biggest broker by active clients
Buy
Depends on options trading
BSE
Trading volume grows with investors
Mixed: Buy to Underperform
New rules hit expiry-day volume
The Demat Boom in Numbers
Data point
Figure
Source
Total demat accounts, Sept 2026
240.6 million
NSDL + CDSL data via Business Standard, 7 Oct 2026
CDSL share
193.4 million (about 80%)
NSDL + CDSL data via Business Standard, 7 Oct 2026
New accounts, Sept 2026
2.89 million
NSDL + CDSL data via Business Standard, 7 Oct 2026
New accounts, Aug 2026
3.27 million
NSDL + CDSL data via Business Standard, 7 Oct 2026
New accounts, Jan 2026
3.72 million
NSDL + CDSL data via Business Standard, 7 Oct 2026
Total accounts, Dec 2025
21.59 crore
Aditya Birla Capital
Active accounts vs total, June 2026
19.4%
360 ONE report via ANI
Two Things to Know Before You Buy
Accounts are not investors. One person can hold many accounts. The unique investor count is lower.
Only about 1 in 5 accounts is active. A new account helps depositories more than it helps brokers. Brokers earn when clients trade.
Growth is also slowing. NSDL’s FY26 presentation shows industry net account additions fell 21.9% in FY26.
1. CDSL (Central Depository Services)
CDSL is India’s largest depository. It holds about 80% of all demat accounts. It earns fees from transactions, new accounts, issuer charges and KYC services.
Last 3 Years
Year
Revenue in ₹
Net profit in ₹
FY24
~812 (estimate) Cr
~420 (estimate) Cr
FY25
1,082 Cr
526 Cr
FY26
1,145 Cr
455 Cr
FY24 revenue is worked out from the reported 33.3% growth in FY25. FY24 profit comes from a public data page. Check both against CDSL’s FY24 annual report.
What Happened in FY26
Revenue grew 5.8%.
Profit fell 13.5%.
Costs rose and other income dropped.
Q4 FY26 profit fell 20% to about ₹80 crore.
Q1 FY27 looked better: sales about ₹293 crore, profit about ₹118 crore.
Brokerage Ratings
Brokerage
Rating
Target
Date
ICICI Securities
Hold/Sell
₹1,080-1,140
Oct 2026
Motilal Oswal
Neutral
₹1,210
Oct 2026
JM Financial
Buy
₹1,500
Oct 2026
Nuvama
Hold/Sell
₹1,250
Oct 2026
Average target (Trendlyne)
Hold
₹1,418
Oct 2026
Growth Outlook to 2030
Driver
Why it matters
More accounts
Every new account brings fees
More IPOs
Issuer fees rise
KYC and other services
Extra income outside trading
Cost control
Profit fell in FY26 even as revenue grew
Bull and Bear Case
Bull case
Bear case
New accounts speed up again
Cash-market volume stays weak
Costs stabilise, margin recovers
Profit keeps falling
Q1 FY27 recovery continues
Brokers already see the stock as fully priced
About 80% share stays safe
NSDL keeps winning new accounts (15.4% net share in FY26)
2. NSDL (National Securities Depository)
NSDL is India’s older depository. It lists on the stock market since August 2025. It holds about 87% of the total value of securities in demat form. CDSL leads on number of accounts. NSDL leads on asset value.
Last 3 Years
Year
Revenue
Net profit
FY24
₹1,367 Cr
₹275 Cr
FY25
₹1,535 Cr
₹343 Cr
FY26
₹1,660 Cr
₹380 Cr
What Happened in FY26
Revenue grew 8.1%. Profit grew 10.8%.
NSDL’s share of net new accounts rose from 9.0% to 15.4%.
Yearly custody fees made up 50.4% of standalone operating revenue. This income is steady and repeats every year.
Reports put its FY26 EBITDA margin near 28%, against about 52% for CDSL.
Brokerage Ratings
Brokerage
Rating
Target
Date
Motilal Oswal
Neutral
₹930
1 Aug 2026
Growth Outlook to 2030
Driver
Why it matters
Custody fee income
Grows with every account, in good markets and bad
Rising account share
Women’s demat plan and other offers aim to win more
Subsidiaries
Their share of profit grew in FY26
Margin gap
If NSDL narrows it with CDSL, profit jumps
Bull and Bear Case
Bull case
Bear case
Account share keeps rising
Margin stays far below CDSL
Custody fees give steady growth
Revenue grows slower than CDSL’s
Margin improves
Brokers see limited upside at current price
Subsidiaries add profit
Free or cheap account offers cut fee income
3. Angel One
Angel One is a large retail broker. It had 37.79 million clients in April 2026, up 20% in a year. It earns from brokerage, interest on margin loans and fund distribution.
Last 3 Years
Year
Revenue
Net profit
FY24
₹4,280 Cr
₹1,126 Cr
FY25
₹5,248 Cr
₹1,172 Cr
FY26
₹5,152 Cr
₹915 Cr
What Happened in FY26
Revenue fell 1.8%. Profit fell 22%.
Rules on equity derivatives hurt trading income.
Q4 FY26 profit jumped 83% to ₹320 crore.
Debt to assets rose to 0.33x from 0.20x.
Motilal Oswal says new market rules hit broking income. Margin trading loans and distribution grew fast.
Brokerage Ratings
Brokerage
Rating
Target
Date
Motilal Oswal
Buy
₹380
20 Oct 2026
JPMorgan
Buy
₹410
Jul 2026
Kotak
Buy
₹380
Jul 2026
Citi
Buy
₹380
Apr 2026
JM Financial
Add
₹350
Apr 2026
UBS
Hold
₹340
Apr 2026
Growth Outlook to 2030
Driver
Why it matters
Client growth
Young investors from small towns keep joining
Margin loans
Interest income grows with client money
Fund distribution
Steady fee income less tied to trading
Rule changes
Derivatives rules decide trading income
Bull and Bear Case
Bull case
Bear case
Trading income recovers
Profit stays below FY25 level
Loan and distribution income grows
Debt keeps rising
Profit margin stays above 40% (EBDAT margin hit 41.7% in Q4 FY26)
Groww keeps taking market share
Brokers see about 20% upside
More rule changes on options trading
4. Groww (Billionbrains Garage Ventures)
Groww listed in November 2025. It is India’s largest broker by active clients. It had over 12.6 million active clients and about 26% share in June 2025.
Last 3 Years
Year
Revenue
Net profit
FY24
₹2,609Cr
About (₹805) loss Cr
FY25
₹3,902Cr
₹1,824 Cr
FY26
₹4,645Cr
₹2,083Cr
Sources quote the FY24 loss as ₹799 crore to ₹805 crore. Use the figure in Groww’s IPO papers.
What Happened in FY26
Revenue grew 19%. Profit grew 14%.
Q4 FY26 profit jumped 122% to ₹686 crore.
Q1 FY27 revenue was ₹1,501 crore.
State Street got approval to invest in Groww’s fund house.
Loan book risk to watch: the lending arm’s bad loans rose from 0.29% in FY24 to 1.68% in FY25.
Brokerage Ratings
Brokerage
Rating
Target
Date
Citi
Buy
₹255
After Q1 FY27
Motilal Oswal
Buy
₹250
Aug 2026
JPMorgan
Overweight
₹250
After Q1 FY27
Jefferies
Buy
₹240 (cut from ₹250)
Sep 2026
Kotak
Buy
₹220
May 2026
Every broker I found says Buy. Check this again before publishing.
Growth Outlook to 2030
Driver
Why it matters
Market share
It gains share while the account base is flat
Margin trading loans
Jefferies sees room to grow
Fund house, wealth and commodity trading
Spread income beyond options
Low customer cost
Motilal Oswal expects orders to grow over 20% a year through FY28
Bull and Bear Case
Bull case
Bear case
Market share keeps rising
Options trading slows under new rules
New products add profit
Jefferies already cut estimates for this
Profit margin stays above 50%
Stock has already run up since the IPO
Brokers see about 18% to 20% upside
Bad loans in the lending arm grow
5. BSE Ltd
BSE is a stock exchange. It does not earn from accounts. It earns from trading volume, listing fees, data and services. More investors can mean more trades, but not always.
Last 3 Years
Year
Revenue
Net profit
FY24
₹1,596 Cr
404 Cr
FY25
₹3,236Cr
1,322Cr
FY26
₹5,148Cr
2,487 Cr
What Happened in FY26
Revenue grew 59%. Profit grew 88%.
Q1 FY27 profit rose 62% to ₹873 crore.
Board proposed a ₹10 dividend.
Growth comes from the options (derivatives) segment. Exchange rules can change this fast.
Brokerage Ratings
Brokerage
Rating
Target
Date
Motilal Oswal
Buy (upgraded)
₹4,000
26 Oct 2026
JPMorgan
Neutral
₹4,090
Aug 2026
ICICI Securities
Hold
₹3,530
Aug 2026
Nuvama
Hold (downgraded)
₹3,240
Aug 2026
Jefferies
Underperform (downgraded)
₹2,940
Aug 2026
Growth Outlook to 2030
Driver
Why it matters
Options volume
Biggest profit driver
Market share
Gains slowed outside expiry days
Mutual fund platform
Steady income from new investors
Data and colocation
Adds income outside trading
Bull and Bear Case
Bull case
Bear case
Options volume recovers
Closing auction session cuts expiry-day trades
Cash and fund platform grow
RBI bank guarantee norms add cost
Motilal Oswal sees about 23% upside
Jefferies sees about 15% downside
Profit margin stays high
Market share gains look close to full
Comparison
CDSL
NSDL
Angel One
Groww
BSE
Type
Depository
Depository
Broker
Broker
Exchange
FY26 revenue (₹ cr)
1,145
1,660
5,152
4,645
5,148
FY26 profit (₹ cr)
455
380
915
2,083
2,487
Profit change vs FY25
-13.5%
+10.8%
-22%
+14%
+88%
Link to demat boom
Direct
Direct
Medium
Medium
Indirect
Brokerage view
Hold
Neutral
Buy
Buy
Mixed
What Could the Account Base Look Like in 2030?
No brokerage I found publishes a 2030 target. I will not invent one. Here is simple math instead. This is not a forecast.
Start: 240.6 million accounts (Sept 2026). Add new accounts for 51 months, to Dec 2030.
Monthly additions
Total by Dec 2030
1.5 million (slow)
About 317 million
2.5 million (recent low end)
About 368 million
3 million (recent average)
About 394 million
Conclusion
Want the cleanest demat-boom bet? Look at CDSL and NSDL. They earn on accounts. But brokers see both as fairly priced today.
Want growth with a market-share story? Groww has the strongest brokerage support and fast profit growth. Options-trading rules are the main risk.
Want a recovery bet? Angel One’s profit fell in FY26 but Q4 bounced. Most brokers say Buy.
Want a high-profit, high-risk bet? BSE grew fastest. But brokers disagree, and rule changes can hit volume quickly.
The boom is real. But growth in new accounts is slowing, and only about 1 in 5 accounts is active. Pick stocks by how they earn money, not by the account count.
Disclaimer:
This article is for education. It does not tell you to buy or sell any stock. Markets carry risk. Talk to a SEBI-registered advisor before you invest.
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