Central Depository Services (India) Ltd
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]
- Market Cap ₹ 30,276 Cr.
- Current Price ₹ 1,449
- High / Low ₹ 1,990 / 918
- Stock P/E 57.5
- Book Value ₹ 84.2
- Dividend Yield 0.66 %
- ROCE 41.9 %
- ROE 32.6 %
- Face Value ₹ 10.0
Pros
- Company is almost debt free.
- Company is expected to give good quarter
- Company has delivered good profit growth of 37.8% CAGR over last 5 years
- Company has a good return on equity (ROE) track record: 3 Years ROE 29.7%
- Company has been maintaining a healthy dividend payout of 55.0%
- Debtor days have improved from 24.2 to 17.8 days.
- Company's median sales growth is 18.8% of last 10 years
Cons
- Stock is trading at 17.2 times its book value
- Promoter holding is low: 15.0%
- Promoter holding has decreased over last 3 years: -5.00%
- Working capital days have increased from 46.8 days to 207 days
* 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
Sector: Financial Services Industry: Miscellaneous
Part of Nifty 500 Nifty Smallcap 100 Nifty Alpha 50 Nifty MidSmallcap 400 Nifty Smallcap 50
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
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89 | 105 | 123 | 146 | 188 | 196 | 225 | 344 | 551 | 555 | 812 | 1,082 | |
56 | 60 | 59 | 67 | 77 | 87 | 136 | 132 | 186 | 236 | 324 | 458 | |
Operating Profit | 33 | 45 | 64 | 79 | 110 | 109 | 89 | 212 | 365 | 319 | 488 | 624 |
OPM % | 37% | 43% | 52% | 54% | 59% | 56% | 40% | 62% | 66% | 57% | 60% | 58% |
35 | 23 | 72 | 41 | 38 | 49 | 59 | 57 | 55 | 66 | 95 | 120 | |
Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Depreciation | 5 | 6 | 4 | 4 | 7 | 10 | 12 | 9 | 11 | 19 | 27 | 49 |
Profit before tax | 62 | 63 | 131 | 117 | 141 | 148 | 136 | 260 | 409 | 365 | 556 | 695 |
Tax % | 21% | 31% | 31% | 26% | 27% | 23% | 22% | 22% | 24% | 24% | 25% | 24% |
50 | 43 | 91 | 87 | 104 | 115 | 107 | 201 | 312 | 276 | 420 | 526 | |
EPS in Rs | 2.36 | 2.09 | 4.35 | 4.10 | 4.94 | 5.43 | 5.08 | 9.59 | 14.89 | 13.20 | 20.05 | 25.20 |
Dividend Payout % | 42% | 53% | 29% | 37% | 35% | 37% | 44% | 47% | 50% | 61% | 55% | 50% |
Compounded Sales Growth | |
---|---|
10 Years: | 26% |
5 Years: | 37% |
3 Years: | 25% |
TTM: | 33% |
Compounded Profit Growth | |
---|---|
10 Years: | 31% |
5 Years: | 38% |
3 Years: | 19% |
TTM: | 26% |
Stock Price CAGR | |
---|---|
10 Years: | % |
5 Years: | 65% |
3 Years: | 37% |
1 Year: | 35% |
Return on Equity | |
---|---|
10 Years: | 25% |
5 Years: | 29% |
3 Years: | 30% |
Last Year: | 33% |
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
Equity Capital | 104 | 104 | 104 | 104 | 104 | 104 | 104 | 104 | 104 | 104 | 104 | 209 |
Reserves | 249 | 265 | 375 | 429 | 494 | 564 | 619 | 773 | 988 | 1,109 | 1,359 | 1,551 |
0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2 | 1 | 3 | |
101 | 122 | 74 | 73 | 92 | 116 | 138 | 207 | 232 | 241 | 317 | 399 | |
Total Liabilities | 455 | 491 | 553 | 606 | 690 | 784 | 862 | 1,084 | 1,326 | 1,457 | 1,781 | 2,162 |
10 | 7 | 4 | 5 | 76 | 75 | 74 | 73 | 106 | 125 | 342 | 446 | |
CWIP | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 23 | 4 | 174 | 4 | 7 |
Investments | 375 | 389 | 457 | 503 | 521 | 593 | 665 | 709 | 925 | 937 | 1,149 | 1,351 |
70 | 95 | 92 | 98 | 93 | 115 | 123 | 278 | 290 | 221 | 287 | 357 | |
Total Assets | 455 | 491 | 553 | 606 | 690 | 784 | 862 | 1,084 | 1,326 | 1,457 | 1,781 | 2,162 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
35 | 43 | 28 | 43 | 79 | 86 | 82 | 193 | 283 | 249 | 386 | 543 | |
-13 | -19 | 0 | 18 | -67 | -67 | -33 | -107 | -146 | -126 | -249 | -298 | |
-23 | -23 | -28 | -31 | -38 | -20 | -51 | -47 | -94 | -158 | -169 | -231 | |
Net Cash Flow | -1 | 0 | 1 | 29 | -26 | -1 | -1 | 38 | 44 | -35 | -32 | 14 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
Debtor Days | 25 | 24 | 39 | 33 | 37 | 36 | 42 | 25 | 30 | 25 | 30 | 18 |
Inventory Days | ||||||||||||
Days Payable | ||||||||||||
Cash Conversion Cycle | 25 | 24 | 39 | 33 | 37 | 36 | 42 | 25 | 30 | 25 | 30 | 18 |
Working Capital Days | -223 | -253 | -100 | -79 | -92 | -79 | -85 | -111 | -75 | -44 | -22 | 207 |
ROCE % | 12% | 14% | 22% | 22% | 24% | 22% | 18% | 31% | 40% | 30% | 40% | 42% |
Documents
Announcements
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Disclosure under SEBI Takeover Regulations
19 May 2025 - BSE Limited reports no encumbrance on 3.13 crore shares of Central Depository Services in FY 2024-25.
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Analysts/Institutional Investor Meet/Con. Call Updates
8 May 2025 - CDSL Q4 FY25 earnings call: record revenues INR1199 Cr, net profit INR526 Cr, 32% demat account growth.
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Analysts/Institutional Investor Meet/Con. Call Updates
5 May 2025 - Audio recording of May 5, 2025 conference call uploaded on CDSL website.
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Copy of Newspaper Publication
4 May 2025 - CDSL published audited Q4 and FY2025 financial results with dividend declaration on May 4, 2025.
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Change in Directors/ Key Managerial Personnel/ Auditor/ Compliance Officer/ Share Transfer Agent
3 May 2025 - CENTRAL DEPOSITORY SERVICES (INDIA) LIMITED has informed about Change in Directors/ Key Managerial Personnel/ Auditor/ Compliance Officer/ Share Transfer Agent
Annual reports
Concalls
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May 2025Transcript PPT REC
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Jan 2025Transcript PPT REC
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Nov 2024Transcript PPT
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Dec 2021TranscriptPPT
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Dec 2021TranscriptPPT
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Dec 2021TranscriptPPT
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Nov 2021Transcript PPT
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Oct 2020TranscriptNotesPPT
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Jul 2020TranscriptNotesPPT
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May 2020TranscriptNotesPPT
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]