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CDSL

CDSL NSE

Key Fundamentals

SmallcapDepositoryCapital Markets
Market Cap
₹27,655 Cr
Volatility
Moderate
P/E Ratio
60.31
EBITDA
₹680 Cr
Return on Equity
22.73%
Debt to Equity
0
Book Value
₹93.77
EPS
₹45.91
52W High
₹1,673.7
52W Low
₹1,116.3

Tapetide Score

Data-driven rating, 0–100. How it works →

Key Insights

Strengths

5
  • Company has reduced debt.
  • Company is almost debt free.
  • Company has a good return on equity (ROE) track record: 3 Years ROE 29.2%
  • Company has been maintaining a healthy dividend payout of 54.3%
  • Company's median sales growth is 23.7% of last 10 years

Weaknesses

2
  • Stock is trading at 14.5 times its book value
  • Promoter holding is low: 15.0%

Growth Rate

Revenue Growth
3.27% lower than 3Y
Net Income Growth
-13.53% lower than 3Y
Cash Flow Change
-14.14% lower than 3Y
ROE
-22.1% lower than 3Y
ROCE
-21.03% lower than 3Y
EBITDA Margin (Avg.)
-11.26% higher than 3Y

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 2d ago
AI opinion · based on fundamentals
Risk medium

CDSL, India's sole listed depository, commands a market cap of ₹27,655 Cr at a PE of 60.2x and PB of 14.45x. The company has delivered a 3-year compounded sales CAGR of 27% and maintained a 3-year average ROE of 29%, though TTM profit growth has turned negative at -5% and the stock has declined 12% over the past year.

Bull Case 7
  • Near-monopoly infrastructure play — CDSL is one of only two depositories in India and the only listed one, giving it a structural moat in capital markets infrastructure with 27% compounded sales growth over 10 years
  • Consistently high return on equity at 29% over both 3-year and 5-year periods, reflecting capital-light and highly profitable operations
  • Virtually debt-free balance sheet, eliminating interest burden and financial risk even during market downturns
  • Healthy dividend payout ratio of 54.3% with a current dividend yield of 0.94%, demonstrating shareholder-friendly capital allocation
  • Long-term compounded sales growth of 25% over 10 years and 27% over 5 years, driven by secular growth in demat account openings and market participation
  • Compounded profit growth of 21% over 10 years and 18% over 5 years, showing durable earnings power across market cycles
  • Asset-light, high-margin business model with minimal capex requirements, benefiting from operating leverage as transaction volumes scale
Bear Case 8
  • Premium valuation at 60.2x PE and 14.45x price-to-book, leaving limited margin of safety if growth decelerates further
  • TTM profit growth has turned negative at -5%, signalling near-term earnings pressure despite revenue still growing at 9% TTM
  • Stock has underperformed with a -12% return over the past 1 year, indicating market concerns about growth sustainability at current valuations
  • TTM revenue growth has slowed sharply to 9% from the 3-year CAGR of 27%, suggesting the high-growth phase may be normalising
  • Promoter holding is low at just 15.0%, which can lead to higher stock volatility and raises questions about alignment of interest
  • Earnings are highly correlated with market activity — any prolonged downturn in Indian equity markets would directly compress transaction revenue and new account openings
  • ROE has moderated from a 10-year average of 26% to 25% in the last year, indicating potential margin or efficiency pressure as the business matures
  • Regulatory risk from SEBI policy changes on depository charges or market structure could directly impact revenue streams, a factor outside management control

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

Anthropic anthropic claude-opus-4.6 2h ago
Headwinds 4
  • Jefferies sees 7% downside Sep 10

    Jefferies maintains 'hold' rating with ₹1,315 target, implying 7% downside from ₹1,414.90 close. Stock trades at 50x forward EPS vs target multiple of 41x FY27 earnings.

  • IPO tailwinds already priced in Sep 10

    Jefferies cautions the link between IPO activity and demat additions has weakened over 12 months, and IPO benefits are largely reflected in current valuations.

  • Scarcity premium eroding from NSDL Sep 10

    NSDL's listing has reduced CDSL's scarcity premium, while price deflation in transaction and KRA charges and rising competition are narrowing the margin gap between the two depositories.

  • Mixed analyst consensus, 4.2% downside Sep 10

    Of 15 analysts covering CDSL, only 6 rate 'buy' while 5 rate 'sell' and 4 say 'hold'. Consensus price targets imply 4.2% downside from current levels.

Positives 4
  • Strong demat account growth resumes Sep 10

    India added nearly 33 lakh new demat accounts in August, taking total to 23.77 crore — the highest monthly addition since January and third straight month of growth.

  • 19% EPS CAGR over two years Sep 10

    Jefferies estimates 19% EPS CAGR over the next two years, with EPS rising from ₹22 to ₹35 and operating revenue growing from ₹11B in FY26 to ₹18B in FY29.

  • IPO pipeline boosts earnings 3-4% Sep 10

    Large upcoming IPOs could add 3-4% to CDSL's earnings, generate ~14.6 million new folios, ₹190M in revenue, and ₹143M in net income (~3% of estimated FY27 PAT).

  • EBITDA margin expansion expected Sep 10

    Jefferies projects EBITDA growing from ₹5.9B to ₹9.5B by FY29, with ~215 basis points of margin expansion driven by moderating tech costs and operating leverage.

Neutral 1
  • Multilingual investor education film Aug 17

    CDSL IPF launched 'The Garden of Prosperity' in 12 languages via collaboration with Amar Chitra Katha, promoting goal-based investing and financial literacy across urban and rural markets.

TL;DR: CDSL benefits from a recovering IPO pipeline and robust demat account growth, with 33 lakh additions in August and a projected 19% EPS CAGR over two years. However, the stock's 50x forward multiple prices in much of the upside, and Jefferies' ₹1,315 target implies 7% downside. Key risks include NSDL competition eroding the scarcity premium and price deflation in core charges. The earnings trajectory is solid, but valuation leaves limited room for re-rating unless IPO activity materially exceeds expectations.

Quarterly Results

Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
150
207
214
241
257
322
278
224
259
319
304
263
293
Expenses
70
79
84
93
103
122
117
115
129
143
145
147
155
Operating Profit
80
128
130
148
154
200
161
109
130
176
160
116
138
OPM %
53%
62%
61%
61%
60%
62%
58%
49%
50%
55%
52%
44%
47%
Other Income
24
23
21
29
30
37
21
32
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
PBT
98
145
145
168
175
225
168
127
151
183
172
103
167
Tax %
25%
25%
26%
23%
23%
28%
23%
21%
32%
23%
23%
23%
29%
Net Profit
74
109
107
129
134
162
130
100
102
140
133
80
118
EPS in Rs
3.52
5.21
5.14
6.18
6.42
7.75
6.22
4.8
4.9
6.71
6.38
3.84
5.62
Figures in ₹ Crores

Profit & Loss

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
105
123
146
188
196
225
344
551
555
812
1,082
1,145
1,179
Expenses
60
59
67
77
87
136
132
186
236
324
457
563
589
Operating Profit
45
64
79
110
109
89
212
365
319
488
625
582
590
OPM %
43%
52%
54%
59%
56%
40%
62%
66%
57%
60%
58%
51%
50%
Other Income
23
72
41
38
49
59
57
55
66
95
119
93
105
Interest
0
0
0
0
0
0
0
0
0
0
0
0
0
Depreciation
6
4
4
7
10
12
9
11
19
27
49
66
70
PBT
63
131
117
141
148
136
260
409
365
556
695
609
624
Tax %
31%
31%
26%
27%
23%
22%
22%
24%
24%
25%
24%
25%
—
Net Profit
43
91
87
104
115
107
201
312
276
420
526
455
470
EPS in Rs
2.09
4.35
4.1
4.94
5.43
5.08
9.59
14.89
13.2
20.05
25.2
21.82
22.55
Div. Payout %
53%
29%
37%
35%
37%
44%
47%
50%
61%
55%
50%
58%
—
Figures in ₹ Crores

Balance Sheet

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
104
104
104
104
104
104
104
104
104
104
209
209
Reserves
265
375
429
494
564
619
773
988
1,109
1,359
1,551
1,751
Borrowings
0
0
0
0
0
0
0
0
2
1
3
2
Other Liabilities
122
74
73
92
116
138
206
232
241
317
399
457
Total Liabilities
491
553
606
690
784
862
1,084
1,326
1,457
1,781
2,162
2,419
Fixed Assets
7
4
5
76
75
74
73
106
125
342
446
500
CWIP
0
0
0
0
0
0
23
4
174
4
7
7
Investments
389
457
503
521
593
665
709
925
937
1,149
1,351
1,487
Other Assets
95
92
98
93
115
123
278
290
221
287
357
424
Total Assets
491
553
606
690
784
862
1,084
1,326
1,457
1,781
2,162
2,419
Figures in ₹ Crores

Cash Flow

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
43
28
43
79
86
82
193
283
249
386
543
467
Investing
-19
0
18
-67
-67
-33
-107
-146
-126
-249
-299
-185
Financing
-23
-28
-31
-38
-20
-51
-47
-94
-158
-169
-231
-262
Net Cash Flow
0
1
29
-26
-1
-1
38
44
-35
-32
14
19
Free Cash Flow
40
27
37
3
74
73
175
258
44
313
388
346
CFO/OP
140
102
94
107
110
119
118
105
107
102
110
107
Figures in ₹ Crores

Ratios

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
24
39
33
37
36
42
40
30
25
30
18
21
Cash Conversion Cycle
24
39
33
37
36
42
40
30
25
30
18
21
Working Capital Days
-253
-100
-79
-92
-79
-85
-110
-75
-45
-22
-57
-32
ROCE %
14%
22%
22%
24%
22%
18%
31%
40%
30%
40%
42%
32%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

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56 extracted metrics + investor summaries across FY15–FY27.

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Shareholding Pattern

Others7.53%Public54.05%FIIs8.24%Promot.15.00%DIIs15.19%As ofJun 2026

Documents

Frequently Asked Questions about CDSL

What does Central Depository Services (India) Ltd do?
Central Depository Services Limited is a Market Infrastructure Institution (MII), part of the capital market structure, providing services to all market participants - exchanges, clearing corporations, depository participants (DPs), issuers and investors. It is a facilitator for holding of securi...
Where is Central Depository Services (India) Ltd (CDSL) listed?
Central Depository Services (India) Ltd trades as CDSL on the NSE.
Which sector does Central Depository Services (India) Ltd belong to?
Central Depository Services (India) Ltd is classified under the Capital Markets sector, in the Depository industry.
What is the market capitalisation of Central Depository Services (India) Ltd?
Central Depository Services (India) Ltd has a market capitalisation of ₹27,655 Cr, which places it in the Large Cap band.
What is the PE ratio of Central Depository Services (India) Ltd?
Central Depository Services (India) Ltd trades at a PE ratio of 60.31, on earnings per share of ₹45.91, against a book value of ₹93.77 per share.
What is the 52-week high and low of Central Depository Services (India) Ltd?
Over the last 52 weeks Central Depository Services (India) Ltd has traded between ₹1,116.3 and ₹1,673.7.
Does Central Depository Services (India) Ltd pay dividends?
Central Depository Services (India) Ltd has a dividend yield of 0.94%.
What is the Return on Equity (ROE) of Central Depository Services (India) Ltd?
Central Depository Services (India) Ltd reported a return on equity of 22.73%. Its debt-to-equity ratio is 0.00.

Company Information

Central Depository Services Limited is a Market Infrastructure Institution (MII), part of the capital market structure, providing services to all market participants - exchanges, clearing corporations, depository participants (DPs), issuers and investors. It is a facilitator for holding of securities in the dematerialised form and an enabler for securities transactions. [1]

Website cdslindia.com
CEO Mr. Nehal Naleen Vora
Employees 403
Listed 2017-06-30
Face Value ₹ 10
Issued Size 20,90,00,000

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