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CDSL

Central Depository Services (India) Ltd

CDSL NSE
₹1,323.80 No trade today
P/E
58.71
View as Markdown
MCP
Close 4 Nov 2026 ₹1,323.80 −209.10 −13.6% 1Y
Start ₹1,532.90

Key Fundamentals

SmallcapCapital MarketsFinancial Services

Price-based figures as of · EPS basis: Consolidated · TTM

ROCE
32.00%
Debt to Equity
0.00
EPS (TTM)
₹22.55
Book Value
₹94.90
Market Cap
—
P/E (TTM)
58.71
P/B
13.95
ROE
24.50%
Dividend Yield
0.97%
EBITDA
₹680 Cr
52W High
₹1,673.70
52W Low
₹1,116.30
Volume
0

Tapetide Score

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

Overall score

61 Good

Data confidence 97/100

Category scores

Quality
94
Strong
Returns, margins, earnings quality 22% weight
Valuation
36
Poor
Cheap vs sector & own history 24% weight
Growth
35
Poor
Sales & profit trajectory 9% weight
Financial Health
73
Strong
Solvency, leverage, coverage 9% weight
Momentum
51
Average
Trend strength, vol-adjusted 12% weight
Ownership
73
Strong
FII/DII/promoter flows 24% weight

The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.

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 12.7 times its book value
  • Promoter holding is low: 15.0%

Technical Indicators

Technical signals: verdict and indicator counts
GroupSignalBearishNeutralBullish
OverallStrong Bullish5410
OscillatorsBearish342
Moving AveragesStrong Bullish208

Key readings

RSI (14)
58.72
Neutral
MACD (12,26,9)
−5.30
Bullish
SMA (50)
1,314.60
Bullish
SMA (200)
1,301.29
Bullish

As of

Analyst Rating

Based on 15 analysts
TIED33%

5 of 15 analysts rate Buy, 5 Hold, 5 Sell.

As of

BUY
5
33%
HOLD
5
33%
SELL
5
33%

Growth Rate

From the financial statements below. 10Y, 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Jun 2026 against Jun 2025.

Revenue

Revenue growth by window
10Y+24.99%
5Y+27.19%
3Y+27.30%
1Y+5.82%
TTM+8.86%

Net profit

Net profit growth by window
10Y+17.46%
5Y+17.75%
3Y+18.13%
1Y−13.50%
TTM−4.66%

Operating cash flow

Operating cash flow growth by window
10Y+32.50%
5Y+19.33%
3Y+23.32%
1Y−14.00%
TTM—

TTM: Reported once a year, so there is no trailing-twelve-month figure.

Operating margin· change in pp

Operating margin growth by window
10Y−1.20 pp
5Y−10.80 pp
3Y−6.65 pp
1Y−6.93 pp
TTM−5.36 pp

Revenue by year

Revenue by year, ₹ crore
Mar 2017₹146 Cr
Mar 2018₹188 Cr
Mar 2019₹196 Cr
Mar 2020₹225 Cr
Mar 2021₹344 Cr
Mar 2022₹551 Cr
Mar 2023₹555 Cr
Mar 2024₹812 Cr
Mar 2025₹1,082 Cr
Mar 2026₹1,145 Cr

Net profit by year

Net profit by year, ₹ crore
Mar 2017₹87.00 Cr
Mar 2018₹104 Cr
Mar 2019₹115 Cr
Mar 2020₹107 Cr
Mar 2021₹201 Cr
Mar 2022₹312 Cr
Mar 2023₹276 Cr
Mar 2024₹420 Cr
Mar 2025₹526 Cr
Mar 2026₹455 Cr

Analyst Forecasts

Forecast For
Dec 26 consensus · EBITDA
₹171 Cr −31.9% vs Sep 26
Reported High Mean Low

AI Analysis — Bull vs Bear

Figures as of 3 Nov 2026
AI opinion · based on fundamentals
Risk medium

Central Depository Services (India) Ltd trades at ₹1,320 as of 2026-11-03, commanding a market cap of ₹26,896 Cr with a P/E (TTM) of 58.54x and a P/B of 13.91x. The company is virtually debt-free with a debt-to-equity ratio of 0 and has delivered a 10-year compounded sales growth of 25%, though TTM profit growth has turned negative at -5%.

Bull Case 8
  • Debt-free balance sheet with a debt-to-equity ratio of 0, providing maximum financial flexibility and zero interest-rate risk
  • Strong return on equity track record with a 3-year average ROE of 29% and 5-year average ROE of 29%, reflecting efficient capital deployment in an asset-light model
  • Robust long-term revenue compounding at 25% CAGR over 10 years and 27% CAGR over both 3-year and 5-year periods, indicating sustained structural demand growth
  • Healthy ROCE of 29.74% as of 2026-11-03, well above cost of capital for most businesses, underscoring the capital-light depository model
  • Consistent shareholder returns with a median dividend payout of 54.3% and a current dividend yield of 1.02%, reflecting discipline in capital allocation
  • Compounded profit growth of 21% over 10 years and 18% over both 3-year and 5-year periods demonstrates long-term earnings durability
  • Median sales growth of 23.7% over the last 10 years highlights the company's ability to capture secular growth in Indian capital market participation
  • Stock trading at ₹1,320, roughly 18% below its 52-week high of ₹1,673.70, offering a more moderate entry valuation compared to recent peak levels
Bear Case 7
  • TTM profit growth has turned negative at -5%, a sharp reversal from the 18% compounded profit growth seen over 3 and 5 years, signalling potential earnings pressure
  • P/E (TTM) of 58.54x is elevated, demanding sustained high growth to justify the premium — any further earnings deceleration could compress the multiple
  • Promoter holding is low at 15.0%, which may raise governance concerns and increase vulnerability to market-driven shareholding shifts
  • 1-year stock CAGR of -25% indicates significant recent underperformance, reflecting market repricing of growth expectations
  • TTM revenue growth has decelerated sharply to 9% from the 27% compounded rate over 3 and 5 years, suggesting the high-growth phase may be moderating
  • Last-year ROE of 25% has dipped from the 3-year and 5-year average of 29%, consistent with the TTM profit decline and hinting at margin or efficiency softening
  • EPS (TTM) of ₹22.55 combined with a share price of ₹1,320 results in an earnings yield of roughly 1.7%, which is below prevailing risk-free rates in India

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

AI News Digest

9h ago

TL;DR: CDSL delivered a strong Q2 FY27 with 24% profit growth, 14% revenue beat, and expanding margins to 57.9%, supported by dominant ~80% market share in demat accounts and a record IPO cycle. The earnings trajectory is improving with 15% estimate upgrades, but sustained re-rating likely depends on secondary market volume recovery and clean regulatory execution going forward.

Headwinds 3
  • SEBI ₹1 cr compliance penalty Oct 30

    SEBI imposed a ₹1 crore penalty on CDSL for multiple compliance lapses in FY2023-24, including failure to communicate pledge rejection reasons in 92 instances, inadequate disaster recovery operations, and unpatched vulnerabilities. This is the second ₹1 crore penalty this year, following a July fine for cybersecurity lapses linked to the November 2022 malware attack.

  • Demat account growth moderating Oct 6

    Average monthly new demat account additions have declined to 27.1 lakh in CY26 from a peak of 38.4 lakh in CY24, and cash market ADTV is expected to decline 14.1% sequentially in Q2 FY27.

  • Stock 38% below Dec 2025 peak Oct 6

    CDSL trades at ₹1,264, down 38% from its December 2025 peak of ₹1,973.88, and recently broke below the key ₹1,300–1,290 support zone with bearish technical indicators.

Positives 6
  • Q2 profit surges 24% YoY Oct 31

    Consolidated net profit jumped 24% YoY to ₹173 crore in Q2 FY27 with total income rising 22% to ₹417 crore. Sequential growth was even stronger at 47% profit growth, and EBITDA margin expanded to 57.9% vs 53.5% estimated.

  • Revenue beats estimates by 14% Nov 3

    Operating revenue rose 24% YoY and 35% QoQ to ₹3.9 billion, delivering a 14% beat over estimates and a 23% EBITDA beat. FY27/FY28 earnings estimates were raised by 15% each.

  • 19.34 cr demat accounts milestone Oct 31

    CDSL surpassed 19.34 crore demat accounts in Q2 FY27, adding approximately 75 lakh new accounts during the quarter, with assets under custody crossing ₹89 lakh crore.

Neutral 2
  • Leadership appointments in Q2 Oct 31

    Geetha Gangadharan joined the Governing Board in August as Non-Independent Director, while Farokh Patel was elevated to Chief Regulatory Officer and Kinjal Shah was appointed CTO in September.

  • CDSL-NSDL performance divergence Oct 6

    CDSL gained 13% in FY27 while NSDL declined 7% and hit a lifetime low of ₹734.50, reflecting a broader valuation de-rating of the capital markets theme over the past two years.

Quarterly Results

₹ Cr
CDSL quarterly results, ₹ crore
Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Sales
150
207
214
241
257
322
278
224
259
319
304
263
293
394
Expenses
70
79
84
93
103
122
117
115
129
143
145
147
155
166
Operating Profit
80
128
130
148
154
200
161
109
130
176
160
116
138
228
OPM %
53%
62%
61%
61%
60%
62%
58%
49%
50%
55%
52%
44%
47%
58%
Other Income
24
23
21
26.59
30
36.25
20
31.33
36
22
29
6
48
—
Interest
0
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
20
PBT
99
146
145
166
174
224
168
126
151
183
173
104
167
230
Tax %
25%
25%
26%
23%
23%
28%
23%
21%
32%
23%
23%
23%
29%
25%
Net Profit
74
109
107
129
134
162
130
100
102
140
133
80
118
173
EPS (₹)
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
—

Sep 2026: from the results filed on 31 Oct 2026, ahead of the full statement, so some rows are blank.

Profit & Loss

₹ Cr
CDSL profit and loss, annual, ₹ crore
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
117
93.58
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
692
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 (₹)
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%
—

Balance Sheet

₹ Cr
CDSL balance sheet, annual, ₹ crore
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

Cash Flow

₹ Cr
CDSL cash flow, annual, ₹ crore
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/EBITDA
140
102
94
107
110
119
118
105
107
102
110
107

Ratios

CDSL financial ratios, annual
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

Log in to view CDSL insights

56 extracted metrics across FY15–FY27.

Shareholding Pattern

As of Sep 2026

  • Public 51.75%
  • DIIs 17.77%
  • Promoters 15.00%
  • FIIs 8.66%
  • Others 6.81%

No promoter shares pledged as of 14 Oct 2026

Change vs previous quarter

Not shown for some quarters: FIIs and Others. Not available separately for this quarter: the holding is recorded inside Others, so both are left blank rather than shown at a wrong split.

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.
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 PE ratio of Central Depository Services (India) Ltd?
Central Depository Services (India) Ltd trades at a PE ratio of 58.71 as of 4 Nov 2026, on earnings per share of ₹22.55, against a book value of ₹94.9 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 as of 4 Nov 2026.
Does Central Depository Services (India) Ltd pay dividends?
Central Depository Services (India) Ltd has a dividend yield of 0.97%.
What is the Return on Equity (ROE) of Central Depository Services (India) Ltd?
Central Depository Services (India) Ltd reported a return on equity of 24.50%. 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.

Website cdslindia.com
CEO Mr. Nehal Naleen Vora
Employees 403
Listed 30 Jun 2017
Face Value ₹10

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