Central Depository Services (India) Limited (IN:CDSL)
:CDSL
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Central Depository Services (India) Limited
(CDSL)
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Rating:68Neutral
Price Target:
₹1,373.00
▼(-6.51% Downside)
Action:Reiterated
Date:05/09/26
The score is primarily supported by strong financial quality (high margins, strong growth profile, and an extremely low-debt balance sheet). This is tempered by a weak-to-mixed technical backdrop (below key moving averages) and a rich valuation (high P/E with a modest dividend yield).
Positive Factors
Conservative balance sheet / negligible debt
Extremely low leverage provides durable financial flexibility for a market-infrastructure business. It limits solvency risk, supports capital allocation (investments, technology, dividends) through cycles, and allows CDSL to withstand prolonged market downturns without financing stress.
Negative Factors
Profitability step-down in 2026
A material margin decline between consecutive years signals persistent cost or mix pressures that can erode the firm’s high-return profile. If structural (regulatory fees, product mix shifts or higher operating costs), this undermines long-term earnings power and weakens predictable capital-generation assumptions.
Read all positive and negative factors
Positive Factors
Negative Factors
Conservative balance sheet / negligible debt
Extremely low leverage provides durable financial flexibility for a market-infrastructure business. It limits solvency risk, supports capital allocation (investments, technology, dividends) through cycles, and allows CDSL to withstand prolonged market downturns without financing stress.
Read all positive factors
Central Depository Services (India) Limited (CDSL) vs. iShares MSCI India ETF (INDA)
Market Cap
₹254.33B
Dividend Yield0.82%
Average Volume (3M)1.79M
Price to Earnings (P/E)55.8
Beta (1Y)2.00
Revenue Growth3.27%
EPS Growth-13.38%
CountryIN
Employees335
SectorFinancial
Sector Strength70
IndustryFinancial - Capital Markets
Share Statistics
EPS (TTM)22.64
Shares Outstanding209,000,000
10 Day Avg. Volume2,430,715
30 Day Avg. Volume1,785,811
Financial Highlights & Ratios
PEG Ratio-3.82
Price to Book (P/B)11.94
Price to Sales (P/S)18.89
P/FCF Ratio59.79
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
₹1,150.00Price Target Upside-21.69% Downside
Rating ConsensusHold
Number of Analyst Covering1
EPS Forecast (FY)24.47
Revenue Forecast (FY)₹12.96B
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 makes money primarily by charging fees for depository and depository-related services delivered to market participants (via Depository Participants) and other ecosystem users. Key revenue streams include: (1) Transaction and settlement-relate...
Central Depository Services (India) Limited Financial Statement Overview
Summary
Income Statement
86
Very Positive
Balance Sheet
95
Very Positive
Cash Flow
78
Positive
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 11.03B | 12.38B | 10.82B | 8.12B | 5.55B | 5.51B |
| Gross Profit | 8.23B | 9.44B | 8.22B | 6.27B | 4.22B | 4.50B |
| EBITDA | 6.89B | 6.75B | 7.44B | 5.83B | 3.85B | 4.20B |
| Net Income | 4.73B | 4.56B | 5.27B | 4.19B | 2.76B | 3.11B |
Balance Sheet | ||||||
| Total Assets | 23.84B | 24.19B | 21.62B | 17.82B | 14.57B | 13.26B |
| Cash, Cash Equivalents and Short-Term Investments | 9.63B | 8.11B | 9.56B | 6.86B | 5.89B | 8.42B |
| Total Debt | 38.98M | 22.00M | 29.79M | 13.56M | 23.70M | 2.91M |
| Total Liabilities | 5.98B | 4.17B | 3.58B | 2.74B | 2.00B | 1.89B |
| Stockholders Equity | 17.43B | 19.60B | 17.60B | 14.63B | 12.14B | 10.93B |
Cash Flow | ||||||
| Free Cash Flow | 3.36B | 3.91B | 3.87B | 3.12B | 402.64M | 2.57B |
| Operating Cash Flow | 3.77B | 4.91B | 5.43B | 3.86B | 2.49B | 2.83B |
| Investing Cash Flow | -1.21B | -2.09B | -2.98B | -2.49B | -1.29B | -1.45B |
| Financing Cash Flow | -2.62B | -2.62B | -2.31B | -1.69B | -1.55B | -941.79M |
Central Depository Services (India) Limited Technical Analysis
Negative
1468.60
Price Trends
1245.64
Negative
1286.61
Negative
1419.14
Negative
Market Momentum
-10.00
Negative
45.95
Neutral
34.28
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:CDSL, the sentiment is Negative. The current price of 1468.6 is above the 20-day moving average (MA) of 1217.06, above the 50-day MA of 1245.64, and above the 200-day MA of 1419.14, indicating a bearish trend. The MACD of -10.00 indicates Negative momentum. The RSI at 45.95 is Neutral, neither overbought nor oversold. The STOCH value of 34.28 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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 |
|---|---|---|---|---|---|---|---|
70 Outperform | ₹307.62B | 33.07 | ― | 1.88% | -1.82% | -22.53% | |
68 Neutral | ₹254.33B | 55.76 | ― | 0.82% | 3.27% | -13.38% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
64 Neutral | ₹20.90B | 22.83 | ― | 1.88% | -14.93% | -51.92% | |
61 Neutral | ₹115.92B | 9.65 | ― | 2.93% | -4.32% | 46.29% | |
61 Neutral | ₹518.39B | 27.44 | ― | 0.57% | 12.44% | -25.58% |
* Financial Sector Average
IN:CDSL
Central Depository Services (India) Limited
1,217.50
-561.50
-31.56%
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332.90
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IN:GEOJITFSL
Geojit Financial Services Ltd
76.83
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IN:JMFINANCIL
JM Financial Limited
121.55
-29.31
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IN:MOTILALOFS
Motilal Oswal Financial Services Limited
854.95
-31.54
-3.56%
Central Depository Services (India) Limited Corporate Events
CDSL Posts Audio Recording of May 4 Investor Conference Call
May 4, 2026
CDSL has notified the stock exchange that the audio recording of its previously scheduled conference call held on May 4, 2026, has been uploaded to the company’s website for public access. The disclosure, made under SEBI’s Listing Obli...
CDSL Publishes Audited FY26 Results Extracts in Leading Newspapers
May 3, 2026
Central Depository Services (India) Limited has reported that it published extracts of its consolidated and standalone audited financial results for the fourth quarter and full year ended March 31, 2026, in the Financial Express and Loksatta newsp...
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...
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.