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Central Depository Services (India) Limited
(CDSL)
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Rating:68Neutral
Price Target:
₹1,510.00
▲(2.82% Upside)
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
The near-zero debt position and exceptionally conservative balance sheet provide durable financial flexibility. Low solvency risk allows CDSL to absorb market shocks, fund strategic investments or tech upgrades internally, and support shareholder returns without refinancing pressure over the medium term.
Negative Factors
2026 profitability step-down
The significant margin compression in 2026 versus 2025 suggests normalization or rising structural costs and/or adverse mix effects. If persistent, lower margins reduce sustainable earnings power and limit internal funding for growth or distributions compared with prior peak levels.
Read all positive and negative factors
Positive Factors
Negative Factors
Conservative balance sheet
The near-zero debt position and exceptionally conservative balance sheet provide durable financial flexibility. Low solvency risk allows CDSL to absorb market shocks, fund strategic investments or tech upgrades internally, and support shareholder returns without refinancing pressure over the medium term.
Read all positive factors
Central Depository Services (India) Limited (CDSL) vs. iShares MSCI India ETF (INDA)
Market Cap
₹289.51B
Dividend Yield1.85%
Average Volume (3M)1.79M
Price to Earnings (P/E)63.5
Beta (1Y)2.02
Revenue Growth3.27%
EPS Growth-13.38%
CountryIN
Employees335
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
₹1,225.00Price Target Upside-16.59% Downside
Rating ConsensusHold
Number of Analyst Covering1
EPS Forecast (FY)25.32
Revenue Forecast (FY)₹12.90B
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 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 | 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
1468.60
Price Trends
1272.88
Positive
1260.65
Positive
1373.34
Positive
Market Momentum
38.36
Negative
57.42
Neutral
65.34
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 1468.6 is above the 20-day moving average (MA) of 1356.12, above the 50-day MA of 1272.88, and above the 200-day MA of 1373.34, indicating a bullish trend. The MACD of 38.36 indicates Negative momentum. The RSI at 57.42 is Neutral, neither overbought nor oversold. The STOCH value of 65.34 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 |
|---|---|---|---|---|---|---|---|
70 Outperform | ₹296.25B | 32.18 | ― | 1.88% | 9.28% | 3.02% | |
69 Neutral | ₹23.17B | 28.79 | ― | 1.88% | -9.79% | -53.61% | |
68 Neutral | ₹289.51B | 63.45 | ― | 0.82% | 3.27% | -13.38% | |
61 Neutral | ₹118.42B | 9.85 | ― | 2.93% | -4.32% | 46.28% | |
61 Neutral | ₹585.86B | 31.23 | ― | 0.57% | 12.44% | -25.55% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% |
* General Sector Average
IN:CDSL
Central Depository Services (India) Limited
1,364.90
-320.56
-19.02%
IN:ANGELONE
Angel One Limited
321.70
46.50
16.90%
IN:GEOJITFSL
Geojit Financial Services Ltd
81.72
8.05
10.93%
IN:JMFINANCIL
JM Financial Limited
124.05
-41.79
-25.20%
IN:MOTILALOFS
Motilal Oswal Financial Services Limited
964.90
37.73
4.07%
Central Depository Services (India) Limited Corporate Events
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...
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...
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.