Central Depository Services (India) Ltd.

•

₹ 1,388.93.19%

2026-08-21

cdslindia.comBSE: -NSE: CDSL

Market Cap₹ 27,776 Cr.

Current Price₹ 1,346

High / Low₹ 1,674 / 1,116

Stock P/E58.9

Book Value₹ 99

Price to Book11.94

Dividend Yield0.96 %

ROCE32.7 %

ROE24.5 %

Face Value₹ 10

Add ratio to table

ABOUT

KEY POINTS

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

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 3.2
Rich enterprise valuation - EV/EBITDA of 34.3x

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

Peer comparison

EDIT COLUMNS

Financial ServicesBusiness ServicesDepository Services

Part ofNIFTY 50 NIFTY 500 NIFTY LARGEMIDCAP 250 NIFTY 100 NIFTY 200

S.No.	Name	CMP Rs.	P/E	Mar Cap Rs.Cr.	Div Yld %	NP Qtr Rs.Cr.	Qtr Profit Var %	Sales Qtr Rs.Cr.	Qtr Sales Var %	ROCE %	OPM %
1.	CDSL	1329.00	58.94	27776.10	0.96	117.67	14.91	292.76	13.12	32.75	47.19
2.	CAMS	753.00	37.78	18696.81	1.66	127.09	17.64	395.03	11.54	52.08	46.20
3.	KFINTECH	947.00	47.91	16370.99	1.27	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	—	—	—	—	—	—	—	—	—	—	—	—	—
OPM %	—	—	—	—	—	—	—	—	—	—	—	—	—
Other Income	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
	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	5	5	6	6	8	6	5	5	7	6	4	1
Equity Capital	104	104	104	104	104	209	209	209	209	209	209	209	209
Reserves	0	0	0	0	0	0	0	0	0	0	0	0	0
Promoter Pledge %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Equity Capital	104	104	104	104	104	209	209	209	209	209	209	209	209
Reserves	0	0	0	0	0	0	0	0	0	0	0	0	0
Promoter Pledge %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Jun 2023

: 150
: 69
Operating Profit: —
OPM %: —
Other Income: 24
Interest: 0
Depreciation: 6
: 99
Tax %: 24.42%
Net Profit: 0
: 7
Equity Capital: 104
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 104
Reserves: 0
Promoter Pledge %: 0.00%

Sep 2023

: 207
: 78
Operating Profit: —
OPM %: —
Other Income: 23
Interest: 0
Depreciation: 6
: 146
Tax %: 24.57%
Net Profit: 0
: 5
Equity Capital: 104
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 104
Reserves: 0
Promoter Pledge %: 0.00%

Dec 2023

: 214
: 83
Operating Profit: —
OPM %: —
Other Income: 21
Interest: 0
Depreciation: 7
: 146
Tax %: 25.70%
Net Profit: 0
: 5
Equity Capital: 104
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 104
Reserves: 0
Promoter Pledge %: 0.00%

Mar 2024

: 241
: 93
Operating Profit: —
OPM %: —
Other Income: 27
Interest: 0
Depreciation: 8
: 166
Tax %: 23.43%
Net Profit: 0
: 6
Equity Capital: 104
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 104
Reserves: 0
Promoter Pledge %: 0.00%

Jun 2024

: 257
: 103
Operating Profit: —
OPM %: —
Other Income: 30
Interest: 0
Depreciation: 10
: 174
Tax %: 23.24%
Net Profit: 134
: 6
Equity Capital: 104
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 104
Reserves: 0
Promoter Pledge %: 0.00%

Sep 2024

: 322
: 122
Operating Profit: —
OPM %: —
Other Income: 36
Interest: 0
Depreciation: 12
: 224
Tax %: 27.99%
Net Profit: 162
: 8
Equity Capital: 209
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 209
Reserves: 0
Promoter Pledge %: 0.00%

Dec 2024

: 278
: 117
Operating Profit: —
OPM %: —
Other Income: 20
Interest: 0
Depreciation: 13
: 168
Tax %: 23.00%
Net Profit: 130
: 6
Equity Capital: 209
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 209
Reserves: 0
Promoter Pledge %: 0.00%

Mar 2025

: 224
: 115
Operating Profit: —
OPM %: —
Other Income: 31
Interest: 0
Depreciation: 14
: 126
Tax %: 21.22%
Net Profit: 100
: 5
Equity Capital: 209
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 209
Reserves: 0
Promoter Pledge %: 0.00%

Jun 2025

: 259
: 128
Operating Profit: —
OPM %: —
Other Income: 36
Interest: 0
Depreciation: 15
: 152
Tax %: 32.19%
Net Profit: 102
: 5
Equity Capital: 209
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 209
Reserves: 0
Promoter Pledge %: 0.00%

Sep 2025

: 319
: 141
Operating Profit: —
OPM %: —
Other Income: 22
Interest: 0
Depreciation: 16
: 184
Tax %: 23.22%
Net Profit: 140
: 7
Equity Capital: 209
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 209
Reserves: 0
Promoter Pledge %: 0.00%

Dec 2025

: 304
: 143
Operating Profit: —
OPM %: —
Other Income: 29
Interest: 0
Depreciation: 17
: 173
Tax %: 22.51%
Net Profit: 133
: 6
Equity Capital: 209
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 209
Reserves: 0
Promoter Pledge %: 0.00%

Mar 2026

: 263
: 146
Operating Profit: —
OPM %: —
Other Income: 6
Interest: 0
Depreciation: 18
: 104
Tax %: 22.44%
Net Profit: 80
: 4
Equity Capital: 209
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 209
Reserves: 0
Promoter Pledge %: 0.00%

Jun 2026

: 293
: 174
Operating Profit: —
OPM %: —
Other Income: 48
Interest: 0
Depreciation: 19
: 167
Tax %: 29.40%
Net Profit: 118
: 1
Equity Capital: 209
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 209
Reserves: 0
Promoter Pledge %: 0.00%

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	120	148	158	148	269	421	389	584	741	679	—
OPM %	82	79	81	66	78	76	70	72	68	59	—
Other Income	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
	117	141	148	136	260	409	365	556	695	609	628
Tax %	26	27	23	22	22	24	24	25	24	25	25
Net Profit	87	104	115	107	201	312	276	420	526	455	474
EPS	8	10	11	10	19	30	26	40	25	22	—
Dividend Payout %	37	35	37	44	47	50	61	55	50	58	—
Minority Interest	-1	-0	-1	-1	-1	-1	-0	-0	0	1	0
Share of Associates	0	0	0	0	0	0	0	0	0	0	-3
Adjusted EPS	4	5	5	5	10	15	13	20	25	22	—
Minority Interest	-1	-0	-1	-1	-1	-1	-0	-0	0	1	0
Share of Associates	0	0	0	0	0	0	0	0	0	0	-3
Adjusted EPS	4	5	5	5	10	15	13	20	25	22	—

Mar 2017

: 146
: 67
Operating Profit: 120
OPM %: 82
Other Income: 41
Interest: 0
Depreciation: 4
: 117
Tax %: 26
Net Profit: 87
EPS: 8
Dividend Payout %: 37
Minority Interest: -1
Share of Associates: 0
Adjusted EPS: 4
Minority Interest: -1
Share of Associates: 0
Adjusted EPS: 4

Mar 2018

: 188
: 77
Operating Profit: 148
OPM %: 79
Other Income: 38
Interest: 0
Depreciation: 7
: 141
Tax %: 27
Net Profit: 104
EPS: 10
Dividend Payout %: 35
Minority Interest: -0
Share of Associates: 0
Adjusted EPS: 5
Minority Interest: -0
Share of Associates: 0
Adjusted EPS: 5

Mar 2019

: 196
: 87
Operating Profit: 158
OPM %: 81
Other Income: 49
Interest: 0
Depreciation: 10
: 148
Tax %: 23
Net Profit: 115
EPS: 11
Dividend Payout %: 37
Minority Interest: -1
Share of Associates: 0
Adjusted EPS: 5
Minority Interest: -1
Share of Associates: 0
Adjusted EPS: 5

Mar 2020

: 225
: 136
Operating Profit: 148
OPM %: 66
Other Income: 59
Interest: 0
Depreciation: 12
: 136
Tax %: 22
Net Profit: 107
EPS: 10
Dividend Payout %: 44
Minority Interest: -1
Share of Associates: 0
Adjusted EPS: 5
Minority Interest: -1
Share of Associates: 0
Adjusted EPS: 5

Mar 2021

: 344
: 132
Operating Profit: 269
OPM %: 78
Other Income: 57
Interest: 0
Depreciation: 9
: 260
Tax %: 22
Net Profit: 201
EPS: 19
Dividend Payout %: 47
Minority Interest: -1
Share of Associates: 0
Adjusted EPS: 10
Minority Interest: -1
Share of Associates: 0
Adjusted EPS: 10

Mar 2022

: 551
: 184
Operating Profit: 421
OPM %: 76
Other Income: 55
Interest: 0
Depreciation: 11
: 409
Tax %: 24
Net Profit: 312
EPS: 30
Dividend Payout %: 50
Minority Interest: -1
Share of Associates: 0
Adjusted EPS: 15
Minority Interest: -1
Share of Associates: 0
Adjusted EPS: 15

Mar 2023

: 555
: 232
Operating Profit: 389
OPM %: 70
Other Income: 66
Interest: 0
Depreciation: 19
: 365
Tax %: 24
Net Profit: 276
EPS: 26
Dividend Payout %: 61
Minority Interest: -0
Share of Associates: 0
Adjusted EPS: 13
Minority Interest: -0
Share of Associates: 0
Adjusted EPS: 13

Mar 2024

: 812
: 323
Operating Profit: 584
OPM %: 72
Other Income: 95
Interest: 0
Depreciation: 27
: 556
Tax %: 25
Net Profit: 420
EPS: 40
Dividend Payout %: 55
Minority Interest: -0
Share of Associates: 0
Adjusted EPS: 20
Minority Interest: -0
Share of Associates: 0
Adjusted EPS: 20

Mar 2025

: 1,082
: 458
Operating Profit: 741
OPM %: 68
Other Income: 117
Interest: 0
Depreciation: 49
: 695
Tax %: 24
Net Profit: 526
EPS: 25
Dividend Payout %: 50
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 25
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 25

Mar 2026

: 1,145
: 559
Operating Profit: 679
OPM %: 59
Other Income: 94
Interest: 0
Depreciation: 66
: 609
Tax %: 25
Net Profit: 455
EPS: 22
Dividend Payout %: 58
Minority Interest: 1
Share of Associates: 0
Adjusted EPS: 22
Minority Interest: 1
Share of Associates: 0
Adjusted EPS: 22

TTM

: 1,179
: 605
Operating Profit: —
OPM %: —
Other Income: 105
Interest: 0
Depreciation: 70
: 628
Tax %: 25
Net Profit: 474
EPS: —
Dividend Payout %: —
Minority Interest: 0
Share of Associates: -3
Adjusted EPS: —
Minority Interest: 0
Share of Associates: -3
Adjusted EPS: —

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:: 17%
3 Years:: 33%
1 Year:: -15%

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
LIABILITIES	-	-	-	-	-	-	-	-	-	-
Equity Capital	104	104	104	104	104	104	104	104	209	209
	429	494	564	619	773	988	1,109	1,359	1,551	1,751
Trade Payables	9	4	3	12	13	11	20	28	37	52
	239	86	109	126	518	592	666	622	814	829
Total Liabilities	781	688	780	862	1,408	1,695	1,899	2,114	2,611	2,841
ASSETS	-	-	-	-	-	-	-	-	-	-
	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
Total Debt	0	0	0	0	0	0	0	0	0	0
Net Working Capital	247	153	135	392	536	732	472	559	786	711
Contingent Liabilities	40	40	47	6	8	31	24	11	16	19
Book Value per Share	51.04	57.30	63.94	69.28	83.94	104.59	116.15	140.03	84.23	93.77
Face Value	10.00	10.00	10.00	10.00	10.00	10.00	10.00	10.00	10.00	10.00
Total Debt	0	0	0	0	0	0	0	0	0	0
Net Working Capital	247	153	135	392	536	732	472	559	786	711
Contingent Liabilities	40	40	47	6	8	31	24	11	16	19
Book Value per Share	51.04	57.30	63.94	69.28	83.94	104.59	116.15	140.03	84.23	93.77
Face Value	10.00	10.00	10.00	10.00	10.00	10.00	10.00	10.00	10.00	10.00

Mar 2017

Equity Capital: 104
: 429
Trade Payables: 9
: 239
Total Liabilities: 781
: 5
Capital Work in Progress: 0
: 503
: 0
Cash & Bank: 48
: 224
Total Assets: 781
Total Debt: 0
Net Working Capital: 247
Contingent Liabilities: 40
Book Value per Share: 51.04
Face Value: 10.00
Total Debt: 0
Net Working Capital: 247
Contingent Liabilities: 40
Book Value per Share: 51.04
Face Value: 10.00

Mar 2018

Equity Capital: 104
: 494
Trade Payables: 4
: 86
Total Liabilities: 688
: 76
Capital Work in Progress: 0
: 521
: 0
Cash & Bank: 42
: 49
Total Assets: 688
Total Debt: 0
Net Working Capital: 153
Contingent Liabilities: 40
Book Value per Share: 57.30
Face Value: 10.00
Total Debt: 0
Net Working Capital: 153
Contingent Liabilities: 40
Book Value per Share: 57.30
Face Value: 10.00

Mar 2019

Equity Capital: 104
: 564
Trade Payables: 3
: 109
Total Liabilities: 780
: 75
Capital Work in Progress: 0
: 593
: 0
Cash & Bank: 55
: 56
Total Assets: 780
Total Debt: 0
Net Working Capital: 135
Contingent Liabilities: 47
Book Value per Share: 63.94
Face Value: 10.00
Total Debt: 0
Net Working Capital: 135
Contingent Liabilities: 47
Book Value per Share: 63.94
Face Value: 10.00

Mar 2020

Equity Capital: 104
: 619
Trade Payables: 12
: 126
Total Liabilities: 862
: 74
Capital Work in Progress: 0
: 665
: 0
Cash & Bank: 54
: 70
Total Assets: 862
Total Debt: 0
Net Working Capital: 392
Contingent Liabilities: 6
Book Value per Share: 69.28
Face Value: 10.00
Total Debt: 0
Net Working Capital: 392
Contingent Liabilities: 6
Book Value per Share: 69.28
Face Value: 10.00

Mar 2021

Equity Capital: 104
: 773
Trade Payables: 13
: 518
Total Liabilities: 1,408
: 73
Capital Work in Progress: 10
: 709
: 0
Cash & Bank: 208
: 407
Total Assets: 1,408
Total Debt: 0
Net Working Capital: 536
Contingent Liabilities: 8
Book Value per Share: 83.94
Face Value: 10.00
Total Debt: 0
Net Working Capital: 536
Contingent Liabilities: 8
Book Value per Share: 83.94
Face Value: 10.00

Mar 2022

Equity Capital: 104
: 988
Trade Payables: 11
: 592
Total Liabilities: 1,695
: 106
Capital Work in Progress: 0
: 925
: 0
Cash & Bank: 206
: 458
Total Assets: 1,695
Total Debt: 0
Net Working Capital: 732
Contingent Liabilities: 31
Book Value per Share: 104.59
Face Value: 10.00
Total Debt: 0
Net Working Capital: 732
Contingent Liabilities: 31
Book Value per Share: 104.59
Face Value: 10.00

Mar 2023

Equity Capital: 104
: 1,109
Trade Payables: 20
: 666
Total Liabilities: 1,899
: 125
Capital Work in Progress: 173
: 937
: 0
Cash & Bank: 71
: 594
Total Assets: 1,899
Total Debt: 0
Net Working Capital: 472
Contingent Liabilities: 24
Book Value per Share: 116.15
Face Value: 10.00
Total Debt: 0
Net Working Capital: 472
Contingent Liabilities: 24
Book Value per Share: 116.15
Face Value: 10.00

Mar 2024

Equity Capital: 104
: 1,359
Trade Payables: 28
: 622
Total Liabilities: 2,114
: 342
Capital Work in Progress: 0
: 1,149
: 67
Cash & Bank: 53
: 503
Total Assets: 2,114
Total Debt: 0
Net Working Capital: 559
Contingent Liabilities: 11
Book Value per Share: 140.03
Face Value: 10.00
Total Debt: 0
Net Working Capital: 559
Contingent Liabilities: 11
Book Value per Share: 140.03
Face Value: 10.00

Mar 2025

Equity Capital: 209
: 1,551
Trade Payables: 37
: 814
Total Liabilities: 2,611
: 446
Capital Work in Progress: 7
: 1,351
: 53
Cash & Bank: 174
: 579
Total Assets: 2,611
Total Debt: 0
Net Working Capital: 786
Contingent Liabilities: 16
Book Value per Share: 84.23
Face Value: 10.00
Total Debt: 0
Net Working Capital: 786
Contingent Liabilities: 16
Book Value per Share: 84.23
Face Value: 10.00

Mar 2026

Equity Capital: 209
: 1,751
Trade Payables: 52
: 829
Total Liabilities: 2,841
: 500
Capital Work in Progress: 6
: 1,487
: 65
Cash & Bank: 83
: 701
Total Assets: 2,841
Total Debt: 0
Net Working Capital: 711
Contingent Liabilities: 19
Book Value per Share: 93.77
Face Value: 10.00
Total Debt: 0
Net Working Capital: 711
Contingent Liabilities: 19
Book Value per Share: 93.77
Face Value: 10.00

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
	43	79	86	82	193	283	249	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
Free Cash Flow	38	2	77	73	174	251	43	319	390	360
OCF / Net Profit	0.49	0.77	0.75	0.77	0.96	0.91	0.90	0.92	1.03	1.03
Cumulative 5-Year FCF	0	0	0	0	363	576	617	859	1,177	1,362
OCF / Net Profit	0.49	0.77	0.75	0.77	0.96	0.91	0.90	0.92	1.03	1.03
Cumulative 5-Year FCF	0	0	0	0	363	576	617	859	1,177	1,362

Mar 2017

: 43
Cash from Investing: 18
Cash from Financing: -31
: 29
Free Cash Flow: 38
OCF / Net Profit: 0.49
Cumulative 5-Year FCF: 0
OCF / Net Profit: 0.49
Cumulative 5-Year FCF: 0

Mar 2018

: 79
Cash from Investing: -67
Cash from Financing: -38
: -26
Free Cash Flow: 2
OCF / Net Profit: 0.77
Cumulative 5-Year FCF: 0
OCF / Net Profit: 0.77
Cumulative 5-Year FCF: 0

Mar 2019

: 86
Cash from Investing: -67
Cash from Financing: -20
: -1
Free Cash Flow: 77
OCF / Net Profit: 0.75
Cumulative 5-Year FCF: 0
OCF / Net Profit: 0.75
Cumulative 5-Year FCF: 0

Mar 2020

: 82
Cash from Investing: -33
Cash from Financing: -51
: -1
Free Cash Flow: 73
OCF / Net Profit: 0.77
Cumulative 5-Year FCF: 0
OCF / Net Profit: 0.77
Cumulative 5-Year FCF: 0

Mar 2021

: 193
Cash from Investing: -107
Cash from Financing: -47
: 38
Free Cash Flow: 174
OCF / Net Profit: 0.96
Cumulative 5-Year FCF: 363
OCF / Net Profit: 0.96
Cumulative 5-Year FCF: 363

Mar 2022

: 283
Cash from Investing: -146
Cash from Financing: -94
: 44
Free Cash Flow: 251
OCF / Net Profit: 0.91
Cumulative 5-Year FCF: 576
OCF / Net Profit: 0.91
Cumulative 5-Year FCF: 576

Mar 2023

: 249
Cash from Investing: -126
Cash from Financing: -158
: -35
Free Cash Flow: 43
OCF / Net Profit: 0.90
Cumulative 5-Year FCF: 617
OCF / Net Profit: 0.90
Cumulative 5-Year FCF: 617

Mar 2024

: 386
Cash from Investing: -249
Cash from Financing: -169
: -32
Free Cash Flow: 319
OCF / Net Profit: 0.92
Cumulative 5-Year FCF: 859
OCF / Net Profit: 0.92
Cumulative 5-Year FCF: 859

Mar 2025

: 543
Cash from Investing: -299
Cash from Financing: -231
: 14
Free Cash Flow: 390
OCF / Net Profit: 1.03
Cumulative 5-Year FCF: 1,177
OCF / Net Profit: 1.03
Cumulative 5-Year FCF: 1,177

Mar 2026

: 467
Cash from Investing: -185
Cash from Financing: -262
: 19
Free Cash Flow: 360
OCF / Net Profit: 1.03
Cumulative 5-Year FCF: 1,362
OCF / Net Profit: 1.03
Cumulative 5-Year FCF: 1,362

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
PER SHARE	-	-	-	-	-	-	-	-	-	-
EPS (₹)	8.21	9.87	10.86	10.16	19.17	29.78	26.41	40.11	25.20	21.82
Book Value (₹)	51.04	57.30	63.94	69.28	83.94	104.59	116.15	140.03	84.23	93.77
Dividend per Share (₹)	3.00	3.50	4.00	4.50	9.00	15.00	16.00	22.00	12.50	12.75
Cash EPS (₹)	4.32	5.29	5.97	5.67	10.07	15.47	14.14	21.38	27.53	24.94
PROFITABILITY	-	-	-	-	-	-	-	-	-	-
Operating Margin %	82.38%	79.05%	80.57%	65.84%	78.19%	76.44%	70.11%	60.25%	57.69%	51.17%
Net Margin %	59.31%	55.22%	58.51%	47.41%	58.56%	56.56%	49.71%	51.65%	48.63%	39.75%
ROE %	17.10%	18.31%	18.13%	15.33%	25.14%	31.65%	23.93%	31.34%	32.65%	24.47%
ROCE %	23.02%	24.98%	23.40%	19.61%	32.42%	41.47%	31.67%	41.55%	43.12%	32.75%
	11.71%	14.11%	15.63%	12.99%	17.73%	20.10%	15.36%	20.91%	22.28%	16.69%
EFFICIENCY	-	-	-	-	-	-	-	-	-	-
Debtor Days	33	31	35	37	34	28	27	23	20	19
Inventory Days	0	0	0	0	0	0	0	0	0	0
Payable Days	0	0	0	0	0	0	0	0	0	0
	33	31	35	37	34	28	27	23	20	19
FINANCIAL HEALTH	-	-	-	-	-	-	-	-	-	-
Debt to Equity (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x
Interest Coverage (x)	0.00x	0.00x	0.00x	4642.08x	0.00x	0.00x	2736.24x	5051.06x	6929.24x	3511.00x
	2.65x	3.05x	2.84x	5.28x	2.89x	3.68x	2.62x	2.52x	2.26x	1.97x
GROWTH	-	-	-	-	-	-	-	-	-	-
Revenue Growth %	18.84%	28.55%	4.56%	14.70%	52.69%	60.40%	0.68%	46.33%	33.24%	5.79%
Operating Profit Growth %	17.45%	23.36%	6.58%	-6.27%	81.33%	56.81%	-7.65%	50.17%	26.85%	-8.35%
Net Profit Growth %	-4.98%	19.69%	10.80%	-7.06%	88.60%	54.92%	-11.50%	52.03%	25.45%	-13.54%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	51.88%	-37.17%	-13.39%
VALUATION	-	-	-	-	-	-	-	-	-	-
P/E (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	21.34x	48.42x	51.29x
P/B (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	12.23x	14.49x	11.94x
Dividend Yield %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	1.29%	1.02%	1.14%
	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	30.52x	34.16x	34.31x

Mar 2017

EPS (₹): 8.21
Book Value (₹): 51.04
Dividend per Share (₹): 3.00
Cash EPS (₹): 4.32
Operating Margin %: 82.38%
Net Margin %: 59.31%
ROE %: 17.10%
ROCE %: 23.02%
: 11.71%
Debtor Days: 33
Inventory Days: 0
Payable Days: 0
: 33
Debt to Equity (x): 0.00x
Interest Coverage (x): 0.00x
: 2.65x
Revenue Growth %: 18.84%
Operating Profit Growth %: 17.45%
Net Profit Growth %: -4.98%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2018

EPS (₹): 9.87
Book Value (₹): 57.30
Dividend per Share (₹): 3.50
Cash EPS (₹): 5.29
Operating Margin %: 79.05%
Net Margin %: 55.22%
ROE %: 18.31%
ROCE %: 24.98%
: 14.11%
Debtor Days: 31
Inventory Days: 0
Payable Days: 0
: 31
Debt to Equity (x): 0.00x
Interest Coverage (x): 0.00x
: 3.05x
Revenue Growth %: 28.55%
Operating Profit Growth %: 23.36%
Net Profit Growth %: 19.69%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2019

EPS (₹): 10.86
Book Value (₹): 63.94
Dividend per Share (₹): 4.00
Cash EPS (₹): 5.97
Operating Margin %: 80.57%
Net Margin %: 58.51%
ROE %: 18.13%
ROCE %: 23.40%
: 15.63%
Debtor Days: 35
Inventory Days: 0
Payable Days: 0
: 35
Debt to Equity (x): 0.00x
Interest Coverage (x): 0.00x
: 2.84x
Revenue Growth %: 4.56%
Operating Profit Growth %: 6.58%
Net Profit Growth %: 10.80%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2020

EPS (₹): 10.16
Book Value (₹): 69.28
Dividend per Share (₹): 4.50
Cash EPS (₹): 5.67
Operating Margin %: 65.84%
Net Margin %: 47.41%
ROE %: 15.33%
ROCE %: 19.61%
: 12.99%
Debtor Days: 37
Inventory Days: 0
Payable Days: 0
: 37
Debt to Equity (x): 0.00x
Interest Coverage (x): 4642.08x
: 5.28x
Revenue Growth %: 14.70%
Operating Profit Growth %: -6.27%
Net Profit Growth %: -7.06%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2021

EPS (₹): 19.17
Book Value (₹): 83.94
Dividend per Share (₹): 9.00
Cash EPS (₹): 10.07
Operating Margin %: 78.19%
Net Margin %: 58.56%
ROE %: 25.14%
ROCE %: 32.42%
: 17.73%
Debtor Days: 34
Inventory Days: 0
Payable Days: 0
: 34
Debt to Equity (x): 0.00x
Interest Coverage (x): 0.00x
: 2.89x
Revenue Growth %: 52.69%
Operating Profit Growth %: 81.33%
Net Profit Growth %: 88.60%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2022

EPS (₹): 29.78
Book Value (₹): 104.59
Dividend per Share (₹): 15.00
Cash EPS (₹): 15.47
Operating Margin %: 76.44%
Net Margin %: 56.56%
ROE %: 31.65%
ROCE %: 41.47%
: 20.10%
Debtor Days: 28
Inventory Days: 0
Payable Days: 0
: 28
Debt to Equity (x): 0.00x
Interest Coverage (x): 0.00x
: 3.68x
Revenue Growth %: 60.40%
Operating Profit Growth %: 56.81%
Net Profit Growth %: 54.92%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2023

EPS (₹): 26.41
Book Value (₹): 116.15
Dividend per Share (₹): 16.00
Cash EPS (₹): 14.14
Operating Margin %: 70.11%
Net Margin %: 49.71%
ROE %: 23.93%
ROCE %: 31.67%
: 15.36%
Debtor Days: 27
Inventory Days: 0
Payable Days: 0
: 27
Debt to Equity (x): 0.00x
Interest Coverage (x): 2736.24x
: 2.62x
Revenue Growth %: 0.68%
Operating Profit Growth %: -7.65%
Net Profit Growth %: -11.50%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2024

EPS (₹): 40.11
Book Value (₹): 140.03
Dividend per Share (₹): 22.00
Cash EPS (₹): 21.38
Operating Margin %: 60.25%
Net Margin %: 51.65%
ROE %: 31.34%
ROCE %: 41.55%
: 20.91%
Debtor Days: 23
Inventory Days: 0
Payable Days: 0
: 23
Debt to Equity (x): 0.00x
Interest Coverage (x): 5051.06x
: 2.52x
Revenue Growth %: 46.33%
Operating Profit Growth %: 50.17%
Net Profit Growth %: 52.03%
: 51.88%
P/E (x): 21.34x
P/B (x): 12.23x
Dividend Yield %: 1.29%
: 30.52x

Mar 2025

EPS (₹): 25.20
Book Value (₹): 84.23
Dividend per Share (₹): 12.50
Cash EPS (₹): 27.53
Operating Margin %: 57.69%
Net Margin %: 48.63%
ROE %: 32.65%
ROCE %: 43.12%
: 22.28%
Debtor Days: 20
Inventory Days: 0
Payable Days: 0
: 20
Debt to Equity (x): 0.00x
Interest Coverage (x): 6929.24x
: 2.26x
Revenue Growth %: 33.24%
Operating Profit Growth %: 26.85%
Net Profit Growth %: 25.45%
: -37.17%
P/E (x): 48.42x
P/B (x): 14.49x
Dividend Yield %: 1.02%
: 34.16x

Mar 2026

EPS (₹): 21.82
Book Value (₹): 93.77
Dividend per Share (₹): 12.75
Cash EPS (₹): 24.94
Operating Margin %: 51.17%
Net Margin %: 39.75%
ROE %: 24.47%
ROCE %: 32.75%
: 16.69%
Debtor Days: 19
Inventory Days: 0
Payable Days: 0
: 19
Debt to Equity (x): 0.00x
Interest Coverage (x): 3511.00x
: 1.97x
Revenue Growth %: 5.79%
Operating Profit Growth %: -8.35%
Net Profit Growth %: -13.54%
: -13.39%
P/E (x): 51.29x
P/B (x): 11.94x
Dividend Yield %: 1.14%
: 34.31x

Shareholding Pattern

Numbers in percentages

TRADES

	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

Jun 2024

: 15.00
: 14.00
: 24.92
Government: 0.00
: 46.09

Sep 2024

: 15.00
: 13.70
: 21.56
Government: 0.00
: 49.66

Dec 2024

: 15.00
: 17.01
: 19.11
Government: 0.00
: 48.74

Mar 2025

: 15.00
: 11.32
: 15.40
Government: 0.00
: 58.25

Jun 2025

: 15.00
: 12.90
: 14.23
Government: 0.00
: 57.87

Sep 2025

: 15.00
: 11.54
: 14.17
Government: 0.00
: 59.28

Dec 2025

: 15.00
: 12.39
: 15.10
Government: 0.00
: 57.51

Mar 2026

: 15.00
: 11.36
: 14.42
Government: 0.00
: 59.22

Jun 2026

: 15.00
: 8.24
: 15.19
Government: 0.00
: 61.57

Documents

Announcements

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

Annual Reports

Credit Ratings

Nothing filed yet.

Concalls

Aug 2026
TranscriptPPTREC
May 2026
Transcript PPTREC
Feb 2026
Transcript PPTREC