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Central Depository Services (India) Ltd.

•
cdslindia.comBSE: -NSE: CDSL
Market Cap₹ 28,424 Cr.
Current Price
High / Low₹ 1,674 / 1,116
Stock P/E60.3
Book Value₹ 99
Price to Book11.94
Dividend Yield0.94 %
ROCE32.7 %
ROE24.5 %
Face Value₹ 10

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ABOUT

KEY POINTS

Revenue Breakup Mar 2026 • Depository Activity: 83.8% • Data Entry and Storage: 15.9% • Repository: 0.3%

AI Sector View

AI GENERATED

Financial Services

Buy

Financials remain one of the clearest macro beneficiaries. Loan growth was 18.3% (Aug/26) versus deposit growth 14.7% (Aug/26), SCB credit growth was 17.5% YoY (2026-07), UPI transactions rose 22.0% YoY (2026-07), and M3 money supply grew 15.0% YoY (2026-07). Sector flows have also turned meaningfully supportive, with INR 13171 crore net FPI inflow over 3 months to 2026-08-31 after INR -114652 crore in the prior 3 months.

Confidence
84%
View full sector analysis →

PROS

  • Company is almost debt free
  • Company has a healthy return on capital (ROCE) of 39.1%
  • Company has a good return on equity (ROE) track record: 3 Years ROE 29.5%
  • Company has consistently been profitable over the last 5 years
  • Company has delivered good sales growth of 27.2% CAGR over last 5 years
  • Strong cash generation - operating cash flow backs reported profits (CFO/PAT 1.00x)

CONS

  • Receivables are growing faster than sales - a possible quality concern
  • Operating margins have contracted to 51.2% from 70.1%
  • Stock is trading at 11.9x its book value
  • Expensive relative to growth - PEG of 3.3
  • Rich enterprise valuation - EV/EBITDA of 34.3x

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

Financial ServicesBusiness ServicesDepository Services
Part ofNIFTY TOTAL MKTNIFTY SML250 Q50NIFTY SMLCAP 50NIFTY 500NIFTY SMLCAP 250
S.No.Name
1.CDSL1360.0060.3128424.000.94117.6714.91292.7613.1232.7547.19
2.CAMS711.5035.7117674.971.76127.0917.64395.0311.5452.0846.20
3.KFINTECH899.0545.4915542.061.3375.21-2.64356.5430.0930.7034.14
Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
150207214241257322278224259319304263293
69788393103122117115128141143146174
Operating Profit81129131148154200161109130178161117119
OPM %53.90%62.40%61.29%61.42%60.00%62.00%57.76%48.75%50.40%55.70%52.91%44.42%40.54%
2423212730362031362229648
Interest0000000000000
Depreciation6678101213141516171819
Profit before Tax99146146166174224168126152184173104167
Tax %24.42%24.57%25.70%23.43%23.24%27.99%23.00%21.22%32.19%23.22%22.51%22.44%29.40%
Net Profit000013416213010010214013380118
7.045.215.146.186.427.756.234.804.906.716.383.845.62

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
1461881962253445515558121,0821,1451,179
677787136132184232323458559605
Operating Profit7911010989212367323489624586574
OPM %54.40%58.81%55.50%39.57%61.63%66.54%58.25%60.25%57.69%51.17%48.70%
413849595755669511794105
Interest00000000000
Depreciation4710129111927496670
Profit before Tax117141148136260409365556695609628
Tax %25.72%26.71%22.52%21.79%22.45%23.68%24.43%24.54%24.26%25.27%24.53%
Net Profit87104115107201312276420526455474
EPS8.219.8710.8610.1619.1729.7826.4140.1125.2021.82—
Dividend Payout %36.55%35.45%36.82%44.30%46.95%50.37%60.59%54.85%49.61%58.42%—

COMPOUNDED SALES GROWTH

10 Years:
25%
5 Years:
27%
3 Years:
27%

COMPOUNDED PROFIT GROWTH

10 Years:
17%
5 Years:
18%
3 Years:
18%

STOCK PRICE CAGR

10 Years:
—
5 Years:
16%
3 Years:
27%
1 Year:
-11%

RETURN ON EQUITY

10 Years:
24%
5 Years:
29%
3 Years:
29%
Last Year:
24%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Corporate actions

2024

Aug 23

1:1

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital104104104104104104104104209209
Minority Interest15164142434343444442
4294945646197739881,1091,3591,5511,751
1111225111110
Trade Payables94312131120283752
222696783473547617568760777
Total Liabilities7816887808621,4081,6951,8992,1142,6112,841
576757473106125342446500
Capital Work in Progress0000100173076
5035215936657099259371,1491,3511,487
0000000675365
Cash & Bank48425554208206715317483
224495670407458594503579701
Total Assets7816887808621,4081,6951,8992,1142,6112,841

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
105118119106250384342386543467
Cash from Investing18-67-67-33-107-146-126-249-299-185
Cash from Financing-31-38-20-51-47-94-158-169-231-262
29-26-1-13844-35-321419

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026

Shareholding Pattern

Numbers in percentages

Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
15.0015.0015.0015.0015.0015.0015.0015.0015.00
14.0013.7017.0111.3212.9011.5412.3911.368.24
24.9221.5619.1115.4014.2314.1715.1014.4215.19
Government0.000.000.000.000.000.000.000.000.00
46.0949.6648.7458.2557.8759.2857.5159.2261.57

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-09-10
Analysts/Institutional Investor Meet/Con. Call Updates

2026-09-10 - CDSL has informed the Exchange about Schedule of Analyst Call with Nippon India Mutual Fund and HDFC Mutual Fund to be held on Wednesday, September 16, 2026

2026-09-10
General Updates

2026-09-10 - CDSL has informed the Exchange regarding the Allotment of equity shares in India International Bullion Holding IFSC Limited (IIBHL)

2026-09-01
General Updates

2026-09-01 - CDSL has informed the Exchange regarding the Allotment of equity shares in Open Network for Digital Commerce (ONDC).

2026-09-01
Analysts/Institutional Investor Meet/Con. Call Updates

2026-09-01 - CDSL has informed the Exchange about Schedule of Analyst Call with Lyptus Capital to be held on Friday, September 04, 2026

2026-08-27
Appointment

2026-08-27 - CDSL has informed the Exchange regarding Appointment of Smt. Geetha Gangadharan as Non-Executive Non-Independent Director of the Company w.e.f. August 27, 2026.

2026-08-27
Change in Management

2026-08-27 - CDSL has informed the Exchange about change in Management.

2026-08-27
Outcome of Board Meeting

2026-08-27 - CDSL has informed the Exchange regarding Outcome of Board Meeting held on August 27, 2026 with respect to Change in Management.

2026-08-13
General Updates

2026-08-13 - CDSL has informed the Exchange about SEBI Approval for investment in Open Network for Digital Commerce (ONDC).

2026-08-07
Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-07 - CDSL has informed the Exchange about Transcript of Analysts/Institutional Investor Meet/Con. Call held on August 03, 2026.

News

Recent coverage and analyst commentary for CDSL

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