Central Depository Services (India) Ltd.

•

cdslindia.comBSE: -NSE: CDSL

Market Cap₹ 28,604 Cr.

Current Price

High / Low₹ 1,674 / 1,116

Stock P/E62.1

Book Value₹ 83

Price to Book14.64

Dividend Yield0.93 %

ROCE40.4 %

ROE31.3 %

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%

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PROS

Company has delivered good profit growth of 23.9% CAGR over last 5 years
Company is almost debt free
Company has a healthy return on capital (ROCE) of 43.8%
Company has a good return on equity (ROE) track record: 3 Years ROE 33.9%
Company has delivered good sales growth of 28.8% CAGR over last 5 years
Strong cash generation - operating cash flow backs reported profits (CFO/PAT 0.93x)

CONS

Operating margins have contracted to 54.4% from 80.0%
Stock is trading at 14.6x its book value
Expensive relative to growth - PEG of 3.1
Rich enterprise valuation - EV/EBITDA of 35.5x

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

Peer comparison

Financial ServicesBusiness ServicesDepository Services

Part ofNIFTY TOTAL MKT NIFTY SML250 Q50 NIFTY SMLCAP 50 NIFTY 500 NIFTY SMLCAP 250

S.No.	Name
1.	CDSL	1368.60	60.69	28603.74	0.93	117.67	14.91	292.76	13.12	32.75	47.19
2.	CAMS	715.75	35.93	17780.55	1.75	127.09	17.64	395.03	11.54	52.08	46.20
3.	KFINTECH	909.85	46.04	15728.77	1.32	75.21	-2.64	356.54	30.09	30.70	34.14

Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	123	164	170	185	198	248	221	182	222	272	254	212	247
	53	61	64	71	76	93	90	91	103	111	111	113	137
Operating Profit	69	103	105	114	122	155	131	90	119	161	144	99	110
OPM %	56.40%	63.04%	62.15%	61.79%	61.50%	62.48%	59.35%	49.63%	53.60%	59.08%	56.54%	46.64%	44.39%
	48	18	16	20	23	76	14	23	91	18	24	3	80
Interest	0	0	0	0	0	0	0	0	0	0	0	0	0
Depreciation	4	5	5	6	8	10	11	12	13	13	14	14	16
Profit before Tax	112	116	116	128	136	221	134	102	197	165	154	87	189
Tax %	17.99%	24.45%	26.32%	23.63%	22.85%	22.56%	21.96%	20.54%	22.76%	22.91%	22.21%	21.12%	23.70%
Net Profit	92	88	86	97	105	171	105	81	152	128	120	69	144
	8.83	4.21	4.10	4.66	5.04	8.19	5.02	3.86	7.27	6.10	5.74	3.29	6.91

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	122	151	152	168	271	415	451	641	848	960	985
	60	66	71	106	99	133	184	249	350	438	472
Operating Profit	62	85	82	63	172	282	267	392	498	522	513
OPM %	50.75%	56.23%	53.69%	37.26%	63.53%	68.00%	59.23%	61.17%	58.69%	54.39%	52.06%
	34	28	36	43	42	65	93	102	136	135	125
Interest	0	0	0	0	0	0	0	0	0	0	0
Depreciation	3	6	8	9	7	10	16	21	41	54	57
Profit before Tax	92	106	110	97	206	337	344	473	594	604	596
Tax %	26.12%	26.97%	23.06%	20.43%	22.44%	21.81%	21.02%	23.15%	22.14%	22.42%	22.72%
Net Profit	68	78	84	77	160	264	272	363	462	468	461
EPS	6.49	7.43	7.40	7.40	15.32	25.24	26.04	34.77	22.11	22.40	—
Dividend Payout %	46.20%	47.08%	49.54%	60.82%	58.76%	59.43%	61.45%	63.28%	56.54%	56.91%	—

COMPOUNDED SALES GROWTH

10 Years:: 25%
5 Years:: 29%
3 Years:: 29%

COMPOUNDED PROFIT GROWTH

10 Years:: 20%
5 Years:: 24%
3 Years:: 20%

STOCK PRICE CAGR

10 Years:: —
5 Years:: 15%
3 Years:: 25%
1 Year:: -13%

RETURN ON EQUITY

10 Years:: 25%
5 Years:: 33%
3 Years:: 34%
Last Year:: 31%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	104	104	104	104	104	104	104	104	209	209
	358	398	438	465	578	746	861	1,055	1,182	1,389
	1	1	1	1	2	2	4	9	9	8
Trade Payables	8	2	2	6	7	6	13	17	27	38
	199	65	64	76	405	477	165	525	706	735
Total Liabilities	670	570	609	653	1,096	1,335	1,148	1,711	2,133	2,379
	5	75	72	72	71	103	109	324	357	400
Capital Work in Progress	0	0	0	0	10	0	173	0	6	0
	462	432	482	524	576	717	740	905	1,086	1,256
	0	0	0	0	0	0	0	31	31	36
Cash & Bank	12	32	18	24	114	126	48	45	159	63
	192	32	37	32	325	389	79	407	494	624
Total Assets	670	570	609	653	1,096	1,335	1,148	1,711	2,133	2,379

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	82	95	98	79	214	312	282	334	443	431
Cash from Investing	-2	-23	-55	-14	-82	-114	-67	-204	-206	-154
Cash from Financing	-31	-38	-20	-51	-47	-94	-157	-167	-230	-262
	-0	4	-2	-1	39	24	-18	-37	7	15

Ratios

Standalone Figures in Rs. Crores / View Consolidated

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

Shareholding Pattern

Numbers in percentages

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	15.00	15.00	15.00	15.00	15.00	15.00	15.00	15.00	15.00
	14.00	13.70	17.01	11.32	12.90	11.54	12.39	11.36	8.24
	24.92	21.56	19.11	15.40	14.23	14.17	15.10	14.42	15.19
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	46.09	49.66	48.74	58.25	57.87	59.28	57.51	59.22	61.57

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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Central Depository Services (India) Ltd.

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Name

CDSL

1368.60

60.69

28603.74

0.93

117.67

14.91

292.76

13.12

32.75

47.19

CAMS

715.75

35.93

17780.55

1.75

127.09

17.64

395.03

11.54

52.08

46.20

KFINTECH

909.85

46.04

15728.77

1.32

75.21

-2.64

356.54

30.09

30.70

34.14

Jun 2023

Sep 2023

Dec 2023

Mar 2024

Jun 2024

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

123

164

170

185

198

248

221

182

222

272

254

212

247

103

111

113

137

Operating Profit

103

105

114

122

155

131

119

161

144

110

OPM %

56.40%

63.04%

62.15%

61.79%

61.50%

62.48%

59.35%

49.63%

53.60%

59.08%

56.54%

46.64%

44.39%

Interest

Depreciation

Profit before Tax

112

116

128

136

221

134

102

197

165

154

189

Tax %

17.99%

24.45%

26.32%

23.63%

22.85%

22.56%

21.96%

20.54%

22.76%

22.91%

22.21%

21.12%

23.70%

Net Profit

105

171

105

152

128

120

144

8.83

4.21

4.10

4.66

5.04

8.19

5.02

3.86

7.27

6.10

5.74

3.29

6.91

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

TTM

122

151

152

168

271

415

451

641

848

960

985

106

133

184

249

350

438

472

Operating Profit

172

282

267

392

498

522

513

OPM %

50.75%

56.23%

53.69%

37.26%

63.53%

68.00%

59.23%

61.17%

58.69%

54.39%

52.06%

102

136

135

125

Interest

Depreciation

Profit before Tax

106

110

206

337

344

473

594

604

596

Tax %

26.12%

26.97%

23.06%

20.43%

22.44%

21.81%

21.02%

23.15%

22.14%

22.42%

22.72%

Net Profit

160

264

272

363

462

468

461

EPS

6.49

7.43

7.40

15.32

25.24

26.04

34.77

22.11

22.40

—

Dividend Payout %

46.20%

47.08%

49.54%

60.82%

58.76%

59.43%

61.45%

63.28%

56.54%

56.91%

—

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Equity Capital

104

209

358

398

438

465

578

746

861

1,055

1,182

1,389

Trade Payables

199

405

477

165

525

706

735

Total Liabilities

670

570

609

653

1,096

1,335

1,148

1,711

2,133

2,379

103

109

324

357

400

Capital Work in Progress

173

462

432

482

524

576

717

740

905

1,086

1,256

Cash & Bank

114

126

159

192

325

389

407

494

624

Total Assets

670

570

609

653

1,096

1,335

1,148

1,711

2,133

2,379

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

214

312

282

334

443

431

Cash from Investing

-2

-23

-55

-14

-82

-114

-67

-204

-206

-154

Cash from Financing

-31

-38

-20

-51

-47

-94

-157

-167

-230

-262

-0

-2

-1

-18

-37

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Jun 2024

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

15.00

14.00

13.70

17.01

11.32

12.90

11.54

12.39

11.36

8.24

24.92

21.56

19.11

15.40

14.23

14.17

15.10

14.42

15.19

Government

0.00

46.09

49.66

48.74

58.25

57.87

59.28

57.51

59.22

61.57

Central Depository Services (India) Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

Sign in to Chat with AI

Central Depository Services (India) Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

Sign in to Chat with AI