Central Depository Services (India) Ltd logo

Central Depository Services (India) Ltd

CDSL NSE

Key Fundamentals

SmallcapDepositoryCapital Markets
Market Cap
₹28,037 Cr
Volatility
Moderate
P/E Ratio
59.76
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

Insights

Beta

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

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40 extracted metrics + investor summaries across FY15–FY26.

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Tapetide Score

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

Technical Indicators

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% ↘
Net Income Growth
-13.53% ↘
Cash Flow Change
-14.14% ↘
ROE
-22.10% ↘
ROCE
-21.03% ↘
EBITDA Margin (Avg.)
-11.26% ↘

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 5d ago
AI opinion · based on fundamentals
Risk medium

CDSL is a near-monopoly depository with a market cap of ₹28,117 Cr trading at a PE of 59.5x and PB of 14.28x. The company has delivered a 3-year ROE of 29% and 10-year median sales growth of 23.7%, but TTM profit growth has turned negative at -5% while the stock has declined 14% over the past year.

Bull Case 7
  • Near debt-free balance sheet provides financial resilience and flexibility for future investments
  • Consistently high return on equity at 29% over both 3-year and 5-year periods, indicating efficient capital allocation
  • Strong long-term revenue compounding with 10-year sales CAGR of 25% and 5-year sales CAGR of 27%
  • Monopoly/duopoly position in India's depository infrastructure with structural tailwinds from capital market penetration growth
  • Healthy dividend payout ratio of 54.3% with a current yield of 0.95%, reflecting shareholder-friendly capital return policy
  • 10-year compounded profit growth of 21% demonstrates sustained earnings power over multiple market cycles
  • 3-year stock CAGR of 31% reflects strong long-term wealth creation despite recent correction
Bear Case 8
  • Stock trades at 14.28x book value, a steep premium that leaves limited margin of safety if growth slows
  • TTM profit growth has turned negative at -5%, signalling near-term earnings pressure despite revenue still growing at 9%
  • PE ratio of 59.5x demands sustained high growth to justify current valuation, creating downside risk if growth disappoints
  • Promoter holding is low at 15.0%, which may raise governance concerns and increase stock volatility from institutional flows
  • TTM revenue growth has decelerated sharply to 9% from the 3-year CAGR of 27%, suggesting a potential growth slowdown
  • Stock has declined 14% over the past 1 year, underperforming broader markets and reflecting investor re-rating concerns
  • ROE has moderated from 29% (3-year average) to 25% in the last year, indicating possible margin or efficiency compression
  • Revenue model is partly transaction-linked, making it vulnerable to periods of low market activity and reduced demat account openings

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

AI News Digest

Anthropic anthropic claude-opus-4.6 17h ago
Headwinds 1
  • SEBI ₹1Cr fine, cyber gaps Jul 21

    SEBI imposed a ₹1 crore penalty on CDSL for the November 2022 malware incident, citing gaps in cyber security and operational resilience. CDSL stated no material impact on operations.

Positives 2
  • Q1FY26 profit surges 50% QoQ Aug 1

    CDSL reported a 50% QoQ rise in standalone net profit to ₹144.45 crore for Q1FY26, driven by higher revenue and other income.

  • SEBI approves insurance tech JV Jul 28

    SEBI approved the JV between Centrico Insurance Repository and Shoveltech Solutions, allowing ₹25 lakh disbursement for MVP development of an insurance tech platform.

Neutral 4
  • Q1FY27 standalone profit dips 5% Aug 1

    Q1FY27 standalone net profit fell 5% to ₹144 crore on reduced dividend income, though consolidated profit grew 15% to ₹118 crore with 18.59 crore demat accounts and ₹88.2 lakh crore in assets under custody.

  • Board reconstitution and AGM approvals Jul 30

    Smt. Geetha Gangadharan appointed as Non-Independent Director by BSE; shareholders approved two new Whole Time Directors at the 28th AGM on July 30, 2026.

  • Q1FY27 earnings call held Aug 3 Aug 3

    CDSL hosted a conference call on August 3, 2026 at 12:00 PM IST with HDFC Securities to discuss Q1FY27 results; audio recording uploaded to NSE.

  • Designated officers list updated Aug 1

    CDSL updated its list of Designated Officers under SEBI Listing Regulations, with the revised panel including CEO, CFO, and two Executive Directors.

TL;DR: CDSL's operational moat remains strong with 18.59 crore demat accounts and ₹88.2 lakh crore in AUC, while consolidated profit grew 15% YoY in Q1FY27. The SEBI fine for the 2022 cyber incident is a reputational overhang but financially immaterial at ₹1 crore. The insurance tech JV approval opens a new revenue avenue. Overall trend is stable-to-positive, with structural growth in capital market participation offsetting minor standalone profit softness from lower dividend income.

Quarterly Results

  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

  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

  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

  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

  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%

Shareholding Pattern

As of Jun 2026
Public 54.05%
DIIs 15.19%
Promoters 15.00%
FIIs 8.24%
Others 7.53%
Total 100.01%
  Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Aug 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Promoters
20.00%
20.00%
20.00%
20.00%
20.00%
20.00%
20.00%
20.00%
20.00%
15.00%
15.00%
15.00%
15.00%
15.00%
15.00%
15.00%
15.00%
15.00%
15.00%
15.00%
15.00%
15.00%
15.00%
FIIs
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%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
12.40%
11.36%
8.24%
DIIs
26.29%
25.21%
22.32%
19.85%
18.92%
18.89%
18.94%
18.44%
18.47%
21.73%
21.55%
21.06%
22.79%
24.50%
23.75%
21.15%
18.84%
15.29%
13.82%
13.82%
15.12%
14.42%
15.19%
Government
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%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
Public
28.51%
29.98%
33.52%
35.61%
36.50%
38.33%
38.38%
38.80%
40.59%
41.32%
41.19%
39.08%
42.70%
39.47%
40.01%
43.24%
42.33%
51.42%
49.74%
51.82%
50.80%
52.33%
54.05%
Others
25.20%
24.82%
24.16%
24.54%
24.57%
22.77%
22.68%
22.76%
20.94%
21.95%
22.26%
24.86%
19.51%
21.02%
21.24%
20.61%
23.82%
18.30%
21.44%
19.36%
6.69%
6.89%
7.53%
No. of Shareholders
0
1,77,148
2,73,628
4,93,332
5,99,804
6,94,979
7,90,055
7,97,029
8,28,853
8,32,225
8,09,315
7,77,030
8,43,101
8,28,806
9,11,745
11,03,620
11,73,420
15,29,590
14,97,890
15,12,190
14,62,630
15,14,810
15,22,870

Documents

1
Concall - Feb 2024 Feb 2024
2
Concall - Feb 2023 Feb 2023
3
Concall - May 2020 May 2020
4
Concall - Jul 2020 Jul 2020
5
Concall - Oct 2020 Oct 2020

Frequently Asked Questions about Central Depository Services (India) Ltd

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 is listed on the Indian stock exchanges. It is listed on NSE: CDSL. You can view its live share price, financials, and ratios on Tapetide.
Which sector does Central Depository Services (India) Ltd belong to?
Central Depository Services (India) Ltd operates in the Capital Markets sector within the Depository industry. Sector classification helps investors compare companies affected by similar economic conditions and regulatory changes.
What is the market capitalisation of Central Depository Services (India) Ltd?
Central Depository Services (India) Ltd has a market capitalisation of approximately ₹28037.35 Cr. Based on this, it is classified as a Large Cap stock.
What is the PE ratio of Central Depository Services (India) Ltd?
The Price-to-Earnings (PE) ratio of Central Depository Services (India) Ltd is 59.76. The PE ratio compares a company's share price to its earnings per share and is commonly used to assess whether a stock is overvalued or undervalued relative to its peers.
What is the 52-week high and low of Central Depository Services (India) Ltd?
Over the past 52 weeks, Central Depository Services (India) Ltd has traded between a low of ₹1,116.3 and a high of ₹1,673.7. This range helps investors understand the stock's price volatility and recent trading levels.
Does Central Depository Services (India) Ltd pay dividends?
Yes, Central Depository Services (India) Ltd has a dividend yield of 0.94%. Dividend yield indicates the annual dividend income relative to the share price. A consistent dividend history can signal financial stability.
What is the Return on Equity (ROE) of Central Depository Services (India) Ltd?
Central Depository Services (India) Ltd has a Return on Equity (ROE) of 22.73%. ROE measures how effectively a company uses shareholders' equity to generate profits. A higher ROE generally indicates better capital efficiency.
How can I research Central Depository Services (India) Ltd on Tapetide?
On Tapetide, you can view Central Depository Services (India) Ltd's live share price, quarterly results, profit & loss statements, balance sheet, cash flow, key ratios, shareholding pattern, technical indicators, analyst ratings, and forecasts — all on a single page without needing to sign up.

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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