Central Depository Services (India) Ltd

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Central Depository Services (India) Ltd

₹ 1,361 -2.09%
21 Sep - close price
cdslindia.com NSE: CDSL F&O
About

Central Depository Services Limited is a Market Infrastructure Institution (MII), part of the capital market structure, providing services to all market participants - exchanges, clearing corporations, depository participants (DPs), issuers and investors. It is a facilitator for holding of securities in the dematerialised form and an enabler for securities transactions. [1]

Key Points

Business Overview:
CDSL facilitates holding and transacting securities in electronic form and facilitates the settlement of trades executed on stock exchanges. These securities include equities, debentures, bonds, units of mutual funds, Certificates of deposit (CDs), commercial papers (CPs), Treasury Bills (TBills), and others. Other services include e-Voting, M-Voting, Myeasi Mobile App and e-Locker. [1]

Website NSE F&O
  • Market Cap ₹ 28,445 Cr.
  • Current Price ₹ 1,361
  • High / Low ₹ 1,674 / 1,116
  • Stock P/E 61.8
  • Book Value ₹ 76.5
  • Dividend Yield 0.94 %
  • ROCE 40.4 %
  • ROE 31.3 %
  • Face Value ₹ 10.0
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Pros

  • Company has reduced debt.
  • Company is almost debt free.
  • Company has delivered good profit growth of 24.0% CAGR over last 5 years
  • Company has a good return on equity (ROE) track record: 3 Years ROE 33.8%
  • Company has been maintaining a healthy dividend payout of 58.9%
  • Company's median sales growth is 21.8% of last 10 years

Cons

  • Stock is trading at 17.8 times its book value
  • Promoter holding is low: 15.0%

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Financial Services Financial Services Capital Markets Depositories, Clearing Houses and Other Intermediaries

Part of Nifty MidSmallcap 400 Nifty Smallcap 50 Nifty Smallcap 250 Nifty 500 Multicap 50:25:25 Nifty Total Market

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Jun 2023 Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026 Jun 2026
123 164 170 185 198 248 221 182 222 272 254 212 247
53 61 64 71 76 93 90 91 103 111 111 113 122
Operating Profit 69 103 105 114 122 155 131 90 119 161 144 99 125
OPM % 56% 63% 62% 62% 62% 62% 59% 50% 54% 59% 57% 47% 51%
48 18 16 20 23 76 14 23 91 18 24 3 80
Interest 0 0 0 0 0 0 0 0 0 0 0 0 0
Depreciation 4 5 5 6 8 10 11 12 13 13 14 14 16
Profit before tax 112 116 116 128 136 221 134 102 197 165 154 87 189
Tax % 18% 24% 26% 24% 23% 23% 22% 21% 23% 23% 22% 21% 24%
92 88 86 97 105 171 105 81 152 128 120 69 144
EPS in Rs 4.41 4.21 4.10 4.66 5.04 8.19 5.02 3.86 7.27 6.10 5.74 3.29 6.91
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Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026 TTM
86 102 122 151 152 158 271 415 451 641 848 960 985
62 52 60 66 71 95 99 133 184 249 350 438 457
Operating Profit 23 50 62 85 82 63 172 282 267 392 498 523 529
OPM % 27% 49% 51% 56% 54% 40% 64% 68% 59% 61% 59% 54% 54%
31 64 34 28 36 43 42 65 93 102 136 135 125
Interest 0 0 0 0 0 0 0 0 0 0 0 0 0
Depreciation 5 3 3 6 8 9 7 10 16 21 41 54 57
Profit before tax 49 111 92 106 110 97 206 337 344 473 594 604 596
Tax % 30% 31% 26% 27% 23% 20% 22% 22% 21% 23% 22% 22%
35 77 68 78 84 77 160 264 272 363 462 468 461
EPS in Rs 1.66 3.68 3.25 3.72 4.04 3.70 7.66 12.62 13.02 17.38 22.11 22.40 22.04
Dividend Payout % 66% 34% 46% 47% 50% 61% 59% 59% 61% 63% 57% 57%
Compounded Sales Growth
10 Years: 25%
5 Years: 29%
3 Years: 29%
TTM: 13%
Compounded Profit Growth
10 Years: 24%
5 Years: 24%
3 Years: 20%
TTM: -9%
Stock Price CAGR
10 Years: %
5 Years: 16%
3 Years: 28%
1 Year: -14%
Return on Equity
10 Years: 28%
5 Years: 33%
3 Years: 34%
Last Year: 31%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Equity Capital 104 104 104 104 104 104 104 104 104 104 209 209
Reserves 230 322 358 398 438 465 578 746 861 1,055 1,182 1,389
0 0 0 0 0 0 0 0 0 0 2 2
106 54 55 71 70 84 151 176 182 243 324 376
Total Liabilities 440 481 517 573 613 654 833 1,027 1,148 1,403 1,718 1,976
6 4 5 75 72 72 71 103 109 324 357 400
CWIP 0 0 0 0 0 0 23 4 174 4 6 0
Investments 361 408 462 432 482 524 576 717 740 905 1,086 1,256
74 69 50 67 58 57 164 203 125 170 269 320
Total Assets 440 481 517 573 613 654 833 1,027 1,148 1,403 1,718 1,976

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
36 21 33 65 73 64 169 232 207 334 443 431
-11 8 -2 -23 -55 -14 -82 -114 -67 -204 -206 -154
-24 -28 -31 -38 -20 -51 -47 -94 -157 -167 -230 -262
Net Cash Flow -0 1 -0 4 -2 -1 39 24 -18 -37 7 15
Free Cash Flow 34 19 29 -10 66 56 153 209 14 269 368 340
CFO/OP 221% 104% 95% 112% 120% 126% 124% 110% 106% 108% 111% 108%

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Debtor Days 16 35 27 27 21 28 33 24 19 17 13 14
Inventory Days
Days Payable
Cash Conversion Cycle 16 35 27 27 21 28 33 24 19 17 13 14
Working Capital Days -321 -130 -103 -125 -125 -137 -149 -94 -95 -67 -88 -51
ROCE % 12% 21% 21% 22% 21% 17% 33% 44% 38% 44% 47% 40%

Insights

In beta
Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
CDSL BO (Demat) Accounts
lakhs

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Demat Custody Value
Rs in lakh crores
Number of Issuers (Live Companies)
count
Depository Participants (DPs)
count
CIRL e-Insurance Accounts (eIA)
lakhs
CVL KYC Records
crores
Number of ISINs (Securities Admitted)
count

Extracted by Screener AI

Shareholding Pattern

Numbers in percentages

Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
15.00% 15.00% 15.00% 15.00% 15.00% 15.00% 15.00% 15.00% 15.00% 15.00% 15.00% 15.00%
15.25% 18.16% 11.38% 14.00% 13.77% 17.15% 11.34% 12.90% 11.54% 12.40% 11.36% 8.24%
21.80% 21.33% 23.15% 24.92% 21.57% 19.11% 15.41% 14.24% 14.18% 15.12% 14.42% 15.19%
47.94% 45.51% 50.47% 46.09% 49.66% 48.74% 58.25% 57.87% 59.28% 57.49% 59.22% 61.57%
No. of Shareholders 8,09,3157,77,0308,43,1018,28,80511,03,61611,73,41915,29,58914,97,88915,12,18314,62,63015,14,80715,22,866

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

Click on the line-items to see the names of individual entities.

Documents

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