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Central Depository Services (India) Limited
(CDSL)
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Rating:71Outperform
Price Target:
₹1,467.00
▲(10.04% Upside)
Action:Upgraded
Date:08/09/26
The score is driven primarily by strong financial fundamentals, including robust growth, high margins, and a very low-debt balance sheet. This is tempered by premium valuation (high P/E) and a mixed-to-soft technical picture with the stock below key moving averages and largely neutral momentum.
Positive Factors
Balance Sheet Strength
CDSL's nearly zero leverage and steadily growing equity provide durable financial flexibility. Low solvency risk enables sustained dividend policy, opportunistic investment or M&A, and resilience through market stress, supporting long-term capital management and strategic optionality.
Negative Factors
Profitability Step-down
A sizable margin contraction and falling net income despite revenue growth signals structural cost pressures or adverse mix that may persist. If higher operating costs or revenue mix shifts are enduring, they could compress long-term earnings power and weaken return metrics.
Read all positive and negative factors
Positive Factors
Negative Factors
Balance Sheet Strength
CDSL's nearly zero leverage and steadily growing equity provide durable financial flexibility. Low solvency risk enables sustained dividend policy, opportunistic investment or M&A, and resilience through market stress, supporting long-term capital management and strategic optionality.
Read all positive factors
Central Depository Services (India) Limited (CDSL) vs. iShares MSCI India ETF (INDA)
Market Cap
₹282.15B
Dividend Yield1.88%
Average Volume (3M)1.79M
Price to Earnings (P/E)59.6
Beta (1Y)2.00
Revenue Growth3.27%
EPS Growth-13.39%
CountryIN
Employees494
SectorGeneral
Sector StrengthN/A
IndustryFinancial - Capital Markets
Share Statistics
EPS (TTM)21.83
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
₹1,237.50Price Target Upside-7.17% Downside
Rating ConsensusHold
Number of Analyst Covering2
EPS Forecast (FY)24.49
Revenue Forecast (FY)₹12.86B
Central Depository Services (India) Limited Business Overview & Revenue Model
Company Description
Central Depository Services (India) Limited, founded in Mumbai in 1997, offers a comprehensive range of depository solutions throughout India. The company facilitates various services for investors, including opening and managing dematerialized ac...
How the Company Makes Money
CDSL primarily earns revenue by providing depository and depository-related services to the capital markets ecosystem—investors (via DPs), depository participants, issuers/registrars, and other market intermediaries. Key revenue streams typically ...
Central Depository Services (India) Limited Financial Statement Overview
Summary
Income Statement
86
Very Positive
Balance Sheet
95
Very Positive
Cash Flow
78
Positive
| Breakdown | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 12.38B | 10.82B | 8.12B | 5.55B | 5.51B |
| Gross Profit | 9.44B | 8.22B | 6.27B | 4.22B | 4.50B |
| EBITDA | 6.75B | 7.44B | 5.83B | 3.85B | 4.20B |
| Net Income | 4.56B | 5.27B | 4.19B | 2.76B | 3.11B |
Balance Sheet | |||||
| Total Assets | 24.19B | 21.62B | 17.82B | 14.57B | 13.26B |
| Cash, Cash Equivalents and Short-Term Investments | 8.11B | 9.56B | 6.86B | 5.89B | 8.42B |
| Total Debt | 22.00M | 29.79M | 13.56M | 23.70M | 2.91M |
| Total Liabilities | 4.17B | 3.58B | 2.74B | 2.00B | 1.89B |
| Stockholders Equity | 19.60B | 17.60B | 14.63B | 12.14B | 10.93B |
Cash Flow | |||||
| Free Cash Flow | 3.91B | 3.87B | 3.12B | 402.64M | 2.57B |
| Operating Cash Flow | 4.91B | 5.43B | 3.86B | 2.49B | 2.83B |
| Investing Cash Flow | -2.09B | -2.98B | -2.49B | -1.29B | -1.45B |
| Financing Cash Flow | -2.62B | -2.31B | -1.69B | -1.55B | -941.79M |
Central Depository Services (India) Limited Technical Analysis
Positive
1333.10
Price Trends
1323.93
Positive
1279.15
Positive
1354.50
Negative
Market Momentum
1.69
Positive
51.68
Neutral
64.58
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:CDSL, the sentiment is Positive. The current price of 1333.1 is below the 20-day moving average (MA) of 1340.02, above the 50-day MA of 1323.93, and below the 200-day MA of 1354.50, indicating a neutral trend. The MACD of 1.69 indicates Positive momentum. The RSI at 51.68 is Neutral, neither overbought nor oversold. The STOCH value of 64.58 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for IN:CDSL.
Central Depository Services (India) Limited Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
71 Outperform | ₹282.15B | 59.62 | ― | 1.89% | 3.27% | -13.39% | |
70 Outperform | ₹265.43B | 25.31 | ― | 1.64% | 9.28% | 3.02% | |
61 Neutral | ₹105.38B | 18.31 | ― | ― | -4.46% | -19.71% | |
60 Neutral | ₹541.63B | 27.45 | ― | 0.57% | 14.81% | -29.13% | |
57 Neutral | ₹12.25B | 29.41 | ― | ― | -1.44% | -31.76% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
49 Neutral | ₹118.08B | 16.46 | ― | 1.28% | 16.27% | 55.21% |
* General Sector Average
IN:CDSL
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1,344.40
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Central Depository Services (India) Limited Corporate Events
CDSL Publishes Q1 FY2026 Audited Results and Strengthens Regulatory Disclosure
Aug 2, 2026
CDSL has published extracts of its consolidated and standalone audited financial results for the quarter ended June 30, 2026 in the Financial Express and Loksatta newspapers, in line with SEBI’s listing and disclosure regulations. The result...
CDSL Subsidiary Centrico Insurance Repository Chairperson Resigns
Jul 4, 2026
Central Depository Services (India) Limited has announced that Shri N. Rangachary has resigned as Chairperson of its subsidiary Centrico Insurance Repository Limited, effective July 3, 2026, citing personal reasons. The leadership change at the in...
CDSL Subsidiary Receives First Tranche of Equity in RIX Systems
May 10, 2026
Central Depository Services (India) Limited has announced that its subsidiary, Centrico Insurance Repository Limited, has received a first tranche allotment of equity shares in RIX Systems Solutions Private Limited, following earlier regulatory a...
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.