Central Depository Services (India) Limited (IN:CDSL)
:CDSL
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Central Depository Services (India) Limited
(CDSL)
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Rating:65Neutral
Price Target:
₹1,296.00
▼(-11.75% Downside)
Action:ReiteratedDate:02/04/26
Score is driven primarily by strong financial performance (high profitability, strong growth, low leverage, and solid cash generation). Offsetting this are weak technicals (below key moving averages with negative MACD) and a relatively expensive valuation (high P/E with modest yield).
Positive Factors
High Profitability
CDSL's TTM net margin of 43.89% alongside 33.05% YoY revenue growth indicates durable pricing power and operating efficiency in its fee-based depository model. Strong margins imply sustained ability to convert transaction volume into profits, supporting long-term earnings resilience and reinvestment.
Negative Factors
Declining EPS
Reported EPS growth of -14.29% despite revenue expansion suggests per-share earnings deterioration. If the decline persists, it can erode shareholder returns and indicate pressure from non-operating items, tax, or capital structure changes, weakening per-share profitability over months ahead.
Read all positive and negative factors
Positive Factors
Negative Factors
High Profitability
CDSL's TTM net margin of 43.89% alongside 33.05% YoY revenue growth indicates durable pricing power and operating efficiency in its fee-based depository model. Strong margins imply sustained ability to convert transaction volume into profits, supporting long-term earnings resilience and reinvestment.
Read all positive factors
Central Depository Services (India) Limited (CDSL) vs. iShares MSCI India ETF (INDA)
Market Cap
₹269.74B
Dividend Yield0.82%
Average Volume (3M)1.79M
Price to Earnings (P/E)56.6
Beta (1Y)1.99
Revenue Growth3.63%
EPS Growth-11.24%
CountryIN
Employees335
SectorFinancial
Sector Strength70
IndustryFinancial - Capital Markets
Share Statistics
EPS (TTM)6.40
Shares Outstanding209,000,000
10 Day Avg. Volume2,430,715
30 Day Avg. Volume1,785,811
Financial Highlights & Ratios
PEG Ratio1.85
Price to Book (P/B)14.21
Price to Sales (P/S)23.12
P/FCF Ratio64.66
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
₹1,360.00Price Target Upside-7.39% Downside
Rating ConsensusHold
Number of Analyst Covering2
EPS Forecast (FY)29.03
Revenue Forecast (FY)₹13.90B
Central Depository Services (India) Limited Business Overview & Revenue Model
Company Description
Central Depository Services (India) Limited provides depository services in India. The company offers various services, such as account opening, dematerialization, processing delivery and receipt instructions, account statement, re-materialization...
How the Company Makes Money
CDSL generates revenue primarily by charging fees for depository and depository-related services across the securities lifecycle. Key revenue streams typically include: (1) Depository services to investors via depository participants (DPs): CDSL e...
Central Depository Services (India) Limited Financial Statement Overview
Summary
Income Statement
85
Very Positive
Balance Sheet
78
Positive
Cash Flow
82
Very Positive
| Breakdown | TTM | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 11.03B | 10.82B | 8.12B | 5.55B | 5.51B | 3.44B |
| Gross Profit | 8.23B | 8.22B | 6.27B | 4.22B | 4.50B | 2.70B |
| EBITDA | 6.89B | 7.44B | 5.83B | 3.85B | 4.20B | 2.69B |
| Net Income | 4.73B | 5.27B | 4.19B | 2.76B | 3.11B | 2.00B |
Balance Sheet | ||||||
| Total Assets | 23.84B | 21.62B | 17.82B | 14.57B | 13.26B | 10.84B |
| Cash, Cash Equivalents and Short-Term Investments | 9.63B | 9.56B | 6.86B | 5.89B | 8.42B | 7.44B |
| Total Debt | 38.98M | 29.79M | 13.56M | 23.70M | 2.91M | 2.77M |
| Total Liabilities | 5.98B | 3.58B | 2.74B | 2.00B | 1.89B | 1.64B |
| Stockholders Equity | 17.43B | 17.60B | 14.63B | 12.14B | 10.93B | 8.77B |
Cash Flow | ||||||
| Free Cash Flow | 3.36B | 3.87B | 3.12B | 402.64M | 2.57B | 1.74B |
| Operating Cash Flow | 3.77B | 5.43B | 3.86B | 2.49B | 2.83B | 1.93B |
| Investing Cash Flow | -1.21B | -2.98B | -2.49B | -1.29B | -1.45B | -1.07B |
| Financing Cash Flow | -2.62B | -2.31B | -1.69B | -1.55B | -941.79M | -471.64M |
Central Depository Services (India) Limited Technical Analysis
Neutral
1468.60
Price Trends
1269.89
Positive
1384.40
Negative
1490.20
Negative
Market Momentum
2.25
Negative
57.13
Neutral
92.52
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:CDSL, the sentiment is Neutral. The current price of 1468.6 is above the 20-day moving average (MA) of 1207.56, above the 50-day MA of 1269.89, and below the 200-day MA of 1490.20, indicating a neutral trend. The MACD of 2.25 indicates Negative momentum. The RSI at 57.13 is Neutral, neither overbought nor oversold. The STOCH value of 92.52 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for IN:CDSL.
Central Depository Services (India) Limited Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
66 Neutral | ₹126.77B | 11.48 | ― | 2.93% | -10.92% | 152.70% | |
65 Neutral | ₹269.74B | 56.57 | ― | 0.82% | 3.63% | -11.24% | |
65 Neutral | ₹455.67B | 22.71 | ― | 0.57% | -14.24% | -40.53% | |
65 Neutral | ₹255.68B | 19.80 | ― | 1.88% | -12.65% | -42.72% | |
64 Neutral | ₹17.47B | 40.70 | ― | 1.88% | -11.33% | -40.39% |
* Financial Sector Average
IN:CDSL
Central Depository Services (India) Limited
1,290.60
73.13
6.01%
IN:ANGELONE
Angel One Limited
280.70
54.43
24.06%
IN:GEOJITFSL
Geojit Financial Services Ltd
62.59
-8.18
-11.56%
IN:JMFINANCIL
JM Financial Limited
132.55
37.70
39.75%
IN:MOTILALOFS
Motilal Oswal Financial Services Limited
757.10
129.52
20.64%
Central Depository Services (India) Limited Corporate Events
CDSL Expands Team Overseeing Material Event Disclosures to Stock Exchanges
Feb 28, 2026
Central Depository Services (India) Limited (CDSL), a key Indian securities depository, offers dematerialisation, electronic custody, and settlement services that underpin trading and post-trade infrastructure for investors, brokers, and other mar...
CDSL Subsidiary Wins SEBI Nod for ₹10 Crore Investment in RIX Systems
Feb 25, 2026
Central Depository Services (India) Limited has disclosed that its subsidiary Centrico Insurance Repository Limited has received approval from the Securities and Exchange Board of India to invest ₹10 crore in RIX Systems Solutions Private L...
CDSL Publishes Q3 and Nine-Month FY26 Audited Results in Newspapers
Feb 1, 2026
CDSL has notified the stock exchange that it has published extracts of its consolidated and standalone audited financial results for the third quarter and nine months ended 31 December 2025 in the Financial Express and Loksatta newspapers. The aud...
CDSL Releases Q3 and Nine-Month FY 2025-26 Investor Presentation
Jan 31, 2026
CDSL has released its investor presentation for the third quarter and nine-month period ended 31 December 2025, in line with disclosure requirements under SEBI’s Listing Obligations and Disclosure Regulations. The presentation, which is also...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.