NSE:CDSL · Risk Score Report

NSE:CDSLNSEFinancial Services

Central Depository Services (India) Limited

📊 Capital Markets

Day ₹1,326

₹1,346 Neutral

52W ₹1,116

₹1,829 Neutral

₹1,335.30

▲ ₹10.70 (+0.81%)

Vol: 776,740 · Avg: 2,120,818

As of April 29, 2026 · 06:21 IST

COMPOSITE RISK SCORE

VAL:1/25 · FIN:20/25 · GRO:14/25 · TECH:16/25

📈 P/E RATIO

58.6x

Trailing

📖 P/B RATIO

16.0x

Price to Book

💰 EPS

₹22.78

TTM

🏛 MARKET CAP

₹27,908Cr

Large Cap

📊 ROE

29.9%

Return on Equity

📈 REV GROWTH

11.9%

YoY

🏢 Company Analysis · Central Depository Services (India) Limited

💼 BUSINESS MODEL

Central Depository Services (India) Limited, together with its subsidiaries, provides depository services in India..
It operates through Depository; Data Entry and Storage; and Repository segments..
The Depository segment offers various services to investors, such as dematerialisation, rematerialisation, holding, transfer, and pledge of securities in electronic form; and e-voting services to companies..
Its Data Entry and Stroage segment provides centralized record keeping of KYC document of capital market investors..
Operates in Capital Markets within the Financial Services sector.
Workforce of 403 employees.

🏰 MOAT & COMPETITION

Large-cap (₹27,908 Cr) — established player with meaningful market presence.
Profit margin of 38.9% suggests pricing power / cost moat.
Key competitors: Cams Services, KFin Technolog., Beacon Trust., C D S L.

🚀 CATALYSTS

Company has delivered good profit growth of 37.8% CAGR over last 5 years
Company's median sales growth is 23.7% of last 10 years

⚖️ ASYMMETRY CHECK

Analyst target range: ₹1,180 — ₹1,660 (mean ₹1,393, 14 analysts).
Favorable asymmetry — upside potential of +24% vs downside floor of -12% (2.1x reward-to-risk).
P/E of 58.6x — premium valuation, growth must sustain to avoid de-rating risk.

🔭 FUTURE OUTLOOK

Analyst consensus: Hold (14 analysts).
Latest quarter earnings change: +2% YoY — relatively flat.
Debtor days have improved from 24.2 to 17.8 days.

✅ PROS

Company is almost debt free.
Company has delivered good profit growth of 37.8% CAGR over last 5 years
Company has a good return on equity (ROE) track record: 3 Years ROE 29.7%
Company has been maintaining a healthy dividend payout of 55.0%
Debtor days have improved from 24.2 to 17.8 days.
Company's median sales growth is 23.7% of last 10 years

❌ CONS

Stock is trading at 16.0 times its book value
Promoter holding is low: 15.0%
Promoter holding has decreased over last 3 years: -5.00%

VALUATION

1/25

25% WEIGHT

P/E at 59x
P/B at 16.0x
Analyst target: ₹1393 (+4.3%)
1Y return: -0.0%

FINANCIAL HEALTH

20/25

25% WEIGHT

ROE: 29.9%
Profit margin: 38.9%
Revenue growth: 11.9%
Debt/Equity: 0%

GROWTH

14/25

25% WEIGHT

Revenue growth: 11.9%
Earnings growth: 2.4%
Beta: 0.23
Sector: Financial Services

TECHNICAL

16/25

25% WEIGHT

RSI, MACD, MA crossovers
200 DMA & 50 EMA position
Volume trend analysis
Price momentum signals

📈 Price Movement

🕯 Candlestick Chart

🎯 Price Prediction · Analyst Target Cone Source: Yahoo Finance Analyst Targets ↗

📉 Valuation Trends (at current CMP)

P/E Ratio at current CMP

💎 Valuation & Financial Metrics

P/E RATIO

58.6x

Trailing twelve months

P/B RATIO

16.0x

Price to Book value

ROE

29.9%

Return on Equity

PROFIT MARGIN

38.9%

Net profit margin

OPM

51.9%

Operating profit margin

ANALYST TARGET

₹1,393

Range: ₹1,180 - ₹1,660

Yahoo Finance ↗

PEG RATIO

3.09

Price/Earnings to Growth

EV/EBITDA

39.9x

Enterprise value ratio

CURRENT RATIO

N/A

Liquidity measure

DIVIDEND YIELD

0.94%

Annual yield

ROA

20.0%

Return on Assets

GROSS MARGIN

100.0%

Gross profit margin

INDUSTRY AVERAGES — DEPOSITORIES, CLEARING HOUSES AND OTHER INTERMEDIARIES

P/E 47.3x (above avg)

P/B 3.0x (sector fair)

ROCE 32.8% (above avg)

ROE 18% (sector good)

OPM 30% (sector good)

Div Yield 0.85%

D/E <200 (sector comfort)

📋 Quarterly Performance Trend

Quarter	Revenue	QoQ %	Net Profit	QoQ %	Op. Cash Flow	EBITDA Margin
Q2 FY25	₹322 Cr	—	₹162 Cr	—	N/A	73.4%
Q3 FY25	₹278 Cr	-13.7%	₹130 Cr	-19.7%	N/A	65.2%
Q4 FY25	₹224 Cr	-19.3%	₹100 Cr	-22.9%	N/A	63.1%
Q1 FY26	₹259 Cr	+15.3%	₹102 Cr	+2.1%	N/A	64.3%
Q3 FY26	₹304 Cr	+17.6%	₹133 Cr	+30.2%	N/A	62.1%

📊 Year-on-Year Trend

FY	Revenue	YoY %	Net Profit	YoY %	Op. Cash Flow	YoY %
FY22	₹551 Cr	—	₹311 Cr	—	₹283 Cr	—
FY23	₹555 Cr	+0.7%	₹276 Cr	-11.3%	₹249 Cr	-12.2%
FY24	₹812 Cr	+46.3%	₹419 Cr	+51.9%	₹386 Cr	+55.1%
FY25	₹1,082 Cr	+33.2%	₹527 Cr	+25.7%	₹543 Cr	+40.6%

📈 Revenue vs Earnings

🎯 EPS: Estimate vs Actual

💰 How Central Depository Services (India) Limited Makes Its Money

🏦 Snapshot of Central Depository Services (India) Limited's Balance Sheet

💸 Looking into Central Depository Services (India) Limited's Cash Flow

📅 Quarterly Results Source: Screener ↗

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Sales +	150	207	214	241	257	322	278	224	259	319	304
YOY Sales Growth %	6.78%	39.18%	51.91%	92.98%	71.96%	55.45%	29.68%	-6.78%	0.55%	-1.05%	9.43%
Expenses +	70	79	84	93	103	122	117	115	129	143	145
Employee Cost %	15.16%	10.83%	11.04%	11.46%	10.39%	9.76%	11.61%	14.03%	15.07%	12.98%	13.24%
Operating Profit	80	128	130	148	154	200	161	109	130	176	160
OPM %	53%	62%	61%	61%	60%	62%	58%	49%	50%	55%	52%
Other Income +	24	23	21	29	30	37	21	32	36	22	29
Other income normal	24.18	22.80	21.48	28.55	30.01	36.84	20.70	32.16	36.35	22.48	29.25
Interest	0	0	0	0	0	0	0	0	0	0	0
Depreciation	6	6	7	8	10	12	13	14	15	16	17
Profit before tax	98	145	145	168	175	225	168	127	151	183	172
Tax %	25%	25%	26%	23%	23%	28%	23%	21%	32%	23%	23%
Net Profit +	74	109	107	129	134	162	130	100	102	140	133
Minority share	-0	-0	-0	-0	0	0	0	-0	-0	0	0
Profit excl Excep	74	109	107	129	134	162	130	100	102	140	133
Profit for PE	74	109	107	129	134	162	130	100	102	140	133
Profit for EPS	74	109	107	129	134	162	130	100	102	140	133
YOY Profit Growth %	27%	35%	44%	105%	82%	49%	21%	-22%	-24%	-13%	2%
EPS in Rs	3.52	5.21	5.14	6.18	6.42	7.75	6.22	4.80	4.90	6.71	6.38
Raw PDF

📊 Profit & Loss Statement Source: Screener ↗

	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales +	188	196	225	344	551	555	812	1,082	1,107
Sales Growth %	28.55%	4.56%	14.71%	52.69%	60.40%	0.68%	46.33%	33.23%
Expenses +	77	87	136	132	186	236	324	457	531
Manufacturing Cost %	5.53%	7.39%	7.02%	5.94%	4.89%	7.10%	7.94%	10.65%
Employee Cost %	16.59%	18.14%	21.70%	12.67%	9.64%	14.98%	12.22%	11.67%
Other Cost %	19.08%	18.97%	31.72%	19.77%	19.18%	20.47%	19.72%	19.95%
Operating Profit	110	109	89	212	365	319	488	625	576
OPM %	59%	56%	40%	62%	66%	57%	60%	58%	52%
Other Income +	38	49	59	57	55	66	95	119	120
Exceptional items	0	0	0	0	0	2	0	-0
Other income normal	38	49	59	57	54	64	95	120
Interest	0	0	0	0	0	0	0	0	0
Depreciation	7	10	12	9	11	19	27	49	63
Profit before tax	141	148	136	260	409	365	556	695	633
Tax %	27%	23%	22%	22%	24%	24%	25%	24%
Net Profit +	104	115	107	201	312	276	420	526	476
Minority share	-0	-1	-1	-1	-1	-0	-0	0
Exceptional items AT	0	0	0	0	0	1	0	-0
Profit excl Excep	104	115	107	201	312	274	420	527
Profit for PE	103	113	106	200	311	274	419	527
Profit for EPS	103	114	106	200	311	276	419	527
Profit Growth %	20%	10%	-7%	89%	55%	-12%	53%	26%
EPS in Rs	4.94	5.43	5.08	9.59	14.89	13.20	20.05	25.20	22.79
Dividend Payout %	35%	37%	44%	47%	50%	61%	55%	50%

🏦 Balance Sheet Source: Screener ↗

	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Sep 2025
Equity Capital	104	104	104	104	104	104	104	209	209
Reserves	494	564	619	773	988	1,109	1,359	1,551	1,534
Borrowings +	0	0	0	0	0	2	1	3	2
Lease Liabilities	0.00	0.00	0.00	0.28	0.29	2.37	1.35	2.97	2.48
Other Borrowings	0.00	0.00	0.00	0.00	0.00	0.00	0.01	0.01
Other Liabilities +	92	116	138	206	232	241	317	399	639
Non controlling int	16	41	42	43	43	43	44	44	43
Trade Payables	4	3	12	13	11	20	28	37	42
Advance from Customers	8	9	10	11	6	7	7	7
Other liability items	64	62	75	140	172	171	238	311	554
Total Liabilities	690	784	862	1,084	1,326	1,457	1,781	2,162	2,384
Fixed Assets +	76	75	74	73	106	125	342	446	456
Building	1.69	1.69	1.69	64.94	67.58	67.58	260.95	317.31
Plant Machinery	9.74	14.00	18.21	20.94	41.45	57.76	70.27	123.23
Equipments	2.77	2.88	3.01	3.02	4.00	5.01	14.52	13.23
Computers	0.96	1.18	1.81	2.75	3.56	3.68	4.25	7.45
Furniture n fittings	3.19	3.20	3.29	3.29	3.38	3.45	10.25	7.88
Vehicles	1.53	1.62	1.39	1.16	1.39	0.92	0.92	0.72
Intangible Assets	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	34.72
Other fixed assets	70.59	74.66	79.37	20.78	38.47	54.36	71.52	108.85
Gross Block	90.47	99.23	108.77	116.88	159.83	192.76	432.68	578.67
Accumulated Depreciation	14.37	23.99	34.42	43.45	53.66	68.16	91.15	132.29
CWIP	0	0	0	23	4	174	4	7	12
Investments	521	593	665	709	925	937	1,149	1,351	1,447
Other Assets +	93	115	123	278	290	221	287	357	470
Cash Equivalents	42	56	54	208	206	71	53	174	86
Loans n Advances	2	4	4	4	7	10	21	42	79
Other asset items	30	37	39	29	32	103	146	88	173
Total Assets	690	784	862	1,084	1,326	1,457	1,781	2,162	2,384

💰 Cash Flow Statement Source: Screener ↗

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity +	43	79	86	82	193	283	249	386	543
Profit from operations	84	117	117	105	223	379	337	502	640
Receivables	-4	-8	-3	-14	-7	-16	1	-37	4
Payables	2	4	-0	9	1	-0	9	8	9
Loans Advances	0	0	0	0	0	-0	-0	0	-0
Other WC items	-7	5	6	7	34	21	-5	26	36
Working capital changes	-10	1	3	1	27	5	5	-3	49
Direct taxes	-32	-39	-34	-24	-58	-100	-93	-114	-146
Cash from Investing Activity +	18	-67	-67	-33	-107	-146	-126	-249	-298
Fixed assets purchased	-5	-76	-11	-10	-18	-25	-206	-73	-156
Fixed assets sold	0	0	0	1	0	0	0	0	0
Investments purchased	-23	-411	-371	-151	-348	-444	-586	-403	-350
Investments sold	0	415	328	122	341	277	622	259	259
Interest received	13	12	10	13	12	19	13	16	19
Dividends received	6	4	1	0	0	0	0	0	0
Acquisition of companies	0	0	0	0	0	-20	-10	0	-20
Other investing items	28	-10	-24	-7	-95	48	39	-48	-51
Cash from Financing Activity +	-31	-38	-20	-51	-47	-94	-158	-169	-231
Proceeds from shares	0	0	24	0	0	0	0	0	0
Dividends paid	-31	-38	-44	-50	-47	-94	-157	-167	-230
Financial liabilities	0	0	0	-0	-0	-0	-1	-1	-1
Other financing items	0	0	0	0	0	0	0	0	0
Net Cash Flow	29	-26	-1	-1	38	44	-35	-32	14
Free Cash Flow	37	3	74	73	175	258	44	313	387
CFO/OP	94%	107%	110%	119%	118%	105%	107%	102%	110%

📈 Key Financial Ratios

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Debtor Days	33	37	36	42	40	30	25	30	18
Inventory Days
Days Payable
Cash Conversion Cycle	33	37	36	42	40	30	25	30	18
Working Capital Days	-79	-92	-79	-85	-110	-75	-45	-22	-57
ROCE %	22%	24%	22%	18%	31%	40%	30%	40%	42%

🏭 Industry Peers — Depositories, Clearing Houses and Other Intermediaries

#	Company	CMP	P/E	Mkt Cap	ROCE	Qtr Profit	Score
1	Cams Services ★	₹766	42.7	₹18,991	54.8%	+3.5%	64
2	KFin Technolog.	₹969	47.3	₹16,725	32.8%	+8.4%	53
3	Beacon Trust.	₹100	29.8	₹181	24.4%	+7.6%	48
4	C D S L	₹1,337	58.7	₹27,945	42.0%	+2.5%	38
5	N S D L	₹886	47.5	₹17,720	23.6%	+4.4%	31

★ Cams Services ranks higher on combined P/E, ROCE, and growth metrics in Depositories, Clearing Houses and Other Intermediaries

🏛 Shareholding Pattern

	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
Promoters	15.00%	15.00%	15.00%	15.00%	15.00%	15.00%
FIIs	17.15%	11.34%	12.90%	11.54%	12.40%	11.36%
DIIs	19.11%	15.41%	14.24%	14.18%	15.12%	14.42%
Public	48.74%	58.25%	57.87%	59.28%	57.49%	59.22%
No. of Shareholders	11,73,419	15,29,589	14,97,889	15,12,183	14,62,630	15,14,807

🟢 CATALYSTS

🏆Positive Revenue Growth: Revenue growing at 11.9% YoY.

💹High ROE (29.9%): Above sector norm of 18% — efficient capital use.

🔀Healthy Margins (38.9%): Above sector norm of 30%.

🇮Low Beta (0.23): Less volatile than market — defensive play.

🔴 RISKS

📜High P/E (58.6x): Well above sector expensive threshold of 35x — leaves little room for error.

💰High P/B (16.0x): Well above sector expensive threshold of 5x.

🔓Market Risk: Broader market correction or sentiment shift could impact stock.

🕸 Factor Analysis · Radar

Momentum 6/10
1M +19.3%, 6M -17.4%, RSI 57, MACD bullish, Below 200DMA

Sentiment 5/10
Analyst upside +4.3%, Rec: hold

Value 1/10
P/E 58.6, P/B 16.0, PEG 3.09, EV/EBITDA 39.9

Quality 7/10
Margin 38.9%, D/E 0

Low Volatility 9/10
Beta 0.23, Ann. vol 35%

🎯 Decision Matrix

Action	If Stock Rises	If Stock Falls
BUY	Capture 4.3% analyst upside; strong 42% ROCE compounds	OPM of 52% provides margin buffer; P/E 59x vs sector median 47x is a risk
HOLD	Retain existing position; wait for better entry; FII stake falling (-1.04%)	Miss further upside if momentum continues; 1M return of +19.3% shows momentum
SELL	Lock in -0.0% 1Y return; redeploy into Cams Services at lower P/E	Avoid further drawdown

REASONS TO BUY

Analyst upside of 4.3% with mean target of ₹1,393
ROCE at 42% indicates strong capital efficiency
ROE of 29.9% above sector norm of 18%
Revenue growing at 11.9% YoY (sector norm: 6%)

REASONS TO SELL / AVOID

P/E of 58.6x is 1.2x the sector median of 47x
FII stake falling (-1.04%) — institutional exit signal
Cams Services offers lower P/E (42.7) with ROCE of 54.8% in the same sector

📰 Latest News

Global Funds Flee Indian Stocks at Record Pace on Growth Fears

Bloomberg · 2026-04-11T03:13

Central Depository Services (India) Ltd (NSE:CDSL) Q3 2026 Earnings Call Highlights: Navigating ...

GuruFocus.com · 2026-02-02T19:00

Central Depository Services (India) Ltd (NSE:CDSL) Q2 2026 Earnings Call Highlights: Navigating ...

GuruFocus.com · 2025-11-03T17:01

Central Depository Services (India) Ltd (NSE:CDSL) Q1 2026 Earnings Call Highlights: Navigating ...

GuruFocus.com · 2025-07-31T09:00

Central Depository Services (India) Ltd (NSE:CDSL) Q4 2025 Earnings Call Highlights: Navigating ...

GuruFocus.com · 2025-05-06T07:00

RECOMMENDATION

HOLD

COMPOSITE SCORE

51/100

Central Depository Services (India) Limited trades at ₹1,335.30 with a composite risk score of 51/100. The stock scores 1/25 on valuation, 20/25 on financial health, 14/25 on growth, and 16/25 on technicals. The company is currently profitable with strong return on equity.

Analyst consensus suggests upside of 4.3% with a mean target of ₹1393. Revenue growth is at 11.9%.

Within Depositories, Clearing Houses and Other Intermediaries, Cams Services (P/E 42.7, ROCE 54.8%) ranks higher on techno-fundamental metrics and may be worth considering.

Bottom Line: Neutral for Financial Services — wait for better entry or catalyst. The current recommendation is HOLD.

PROFITABLE HIGH ROE EXPENSIVE