Central Depository Services (India) Ltd.

•

cdslindia.comBSE: -NSE: CDSL

Market Cap₹ 28,320 Cr.

Current Price

High / Low₹ 1,674 / 1,116

Stock P/E60.1

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

S.No.	Name
1.	CDSL	1355.00	60.09	28319.50	0.94	117.67	14.91	292.76	13.12	32.75	47.19
2.	CAMS	713.00	35.79	17712.23	1.75	127.09	17.64	395.03	11.54	52.08	46.20
3.	KFINTECH	897.00	45.38	15506.63	1.34	75.21	-2.64	356.54	30.09	30.70	34.14

Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	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
	150	207	214	241	257	322	278	224	259	319	304	263	293
	69	78	83	93	103	122	117	115	128	141	143	146	174
Operating Profit	81	129	131	148	154	200	161	109	130	178	161	117	119
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%
	24	23	21	27	30	36	20	31	36	22	29	6	48
Interest	0	0	0	0	0	0	0	0	0	0	0	0	0
Depreciation	6	6	7	8	10	12	13	14	15	16	17	18	19
Profit before Tax	99	146	146	166	174	224	168	126	152	184	173	104	167
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 Profit	0	0	0	0	134	162	130	100	102	140	133	80	118
	7.04	5.21	5.14	6.18	6.42	7.75	6.23	4.80	4.90	6.71	6.38	3.84	5.62

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	146	188	196	225	344	551	555	812	1,082	1,145	1,179
	67	77	87	136	132	184	232	323	458	559	605
Operating Profit	79	110	109	89	212	367	323	489	624	586	574
OPM %	54.40%	58.81%	55.50%	39.57%	61.63%	66.54%	58.25%	60.25%	57.69%	51.17%	48.70%
	41	38	49	59	57	55	66	95	117	94	105
Interest	0	0	0	0	0	0	0	0	0	0	0
Depreciation	4	7	10	12	9	11	19	27	49	66	70
Profit before Tax	117	141	148	136	260	409	365	556	695	609	628
Tax %	25.72%	26.71%	22.52%	21.79%	22.45%	23.68%	24.43%	24.54%	24.26%	25.27%	24.53%
Net Profit	87	104	115	107	201	312	276	420	526	455	474
EPS	8.21	9.87	10.86	10.16	19.17	29.78	26.41	40.11	25.20	21.82	—
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

	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
Minority Interest	15	16	41	42	43	43	43	44	44	42
	429	494	564	619	773	988	1,109	1,359	1,551	1,751
	1	1	1	1	2	2	5	11	11	10
Trade Payables	9	4	3	12	13	11	20	28	37	52
	222	69	67	83	473	547	617	568	760	777
Total Liabilities	781	688	780	862	1,408	1,695	1,899	2,114	2,611	2,841
	5	76	75	74	73	106	125	342	446	500
Capital Work in Progress	0	0	0	0	10	0	173	0	7	6
	503	521	593	665	709	925	937	1,149	1,351	1,487
	0	0	0	0	0	0	0	67	53	65
Cash & Bank	48	42	55	54	208	206	71	53	174	83
	224	49	56	70	407	458	594	503	579	701
Total Assets	781	688	780	862	1,408	1,695	1,899	2,114	2,611	2,841

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	105	118	119	106	250	384	342	386	543	467
Cash from Investing	18	-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	-1	38	44	-35	-32	14	19

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	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.