Central Depository Services (India) Ltd

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Central Depository Services (India) Ltd

₹ 1,318 -0.15%
25 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 ₹ 27,546 Cr.
  • Current Price ₹ 1,318
  • High / Low ₹ 1,674 / 1,116
  • Stock P/E 58.4
  • Book Value ₹ 93.8
  • Dividend Yield 0.97 %
  • ROCE 32.0 %
  • ROE 24.5 %
  • Face Value ₹ 10.0
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Pros

  • Company has reduced debt.
  • Company is almost debt free.
  • Company has a good return on equity (ROE) track record: 3 Years ROE 29.2%
  • Company has been maintaining a healthy dividend payout of 54.3%
  • Company's median sales growth is 23.7% of last 10 years

Cons

  • Stock is trading at 14.1 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 Nifty500 Quality 50 Nifty MidSmallcap400 50:50 Nifty Total Market Nifty High Beta 50 Nifty Midsmallcap400 Momentum Quality 100

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

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
150 207 214 241 257 322 278 224 259 319 304 263 293
70 79 84 93 103 122 117 115 129 143 145 147 155
Operating Profit 80 128 130 148 154 200 161 109 130 176 160 116 138
OPM % 53% 62% 61% 61% 60% 62% 58% 49% 50% 55% 52% 44% 47%
24 23 21 29 30 37 21 32 36 22 29 6 48
Interest 0 0 0 0 0 0 0 0 0 0 0 0 0
Depreciation 6 6 7 8 10 12 13 14 15 16 17 18 19
Profit before tax 98 145 145 168 175 225 168 127 151 183 172 103 167
Tax % 25% 25% 26% 23% 23% 28% 23% 21% 32% 23% 23% 23% 29%
74 109 107 129 134 162 130 100 102 140 133 80 118
EPS in Rs 3.52 5.21 5.14 6.18 6.42 7.75 6.22 4.80 4.90 6.71 6.38 3.84 5.62
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Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

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
105 123 146 188 196 225 344 551 555 812 1,082 1,145 1,179
60 59 67 77 87 136 132 186 236 324 457 563 589
Operating Profit 45 64 79 110 109 89 212 365 319 488 625 582 590
OPM % 43% 52% 54% 59% 56% 40% 62% 66% 57% 60% 58% 51% 50%
23 72 41 38 49 59 57 55 66 95 119 93 105
Interest 0 0 0 0 0 0 0 0 0 0 0 0 0
Depreciation 6 4 4 7 10 12 9 11 19 27 49 66 70
Profit before tax 63 131 117 141 148 136 260 409 365 556 695 609 624
Tax % 31% 31% 26% 27% 23% 22% 22% 24% 24% 25% 24% 25%
43 91 87 104 115 107 201 312 276 420 526 455 470
EPS in Rs 2.09 4.35 4.10 4.94 5.43 5.08 9.59 14.89 13.20 20.05 25.20 21.82 22.55
Dividend Payout % 53% 29% 37% 35% 37% 44% 47% 50% 61% 55% 50% 58%
Compounded Sales Growth
10 Years: 25%
5 Years: 27%
3 Years: 27%
TTM: 9%
Compounded Profit Growth
10 Years: 21%
5 Years: 18%
3 Years: 18%
TTM: -5%
Stock Price CAGR
10 Years: %
5 Years: 15%
3 Years: 25%
1 Year: -10%
Return on Equity
10 Years: 26%
5 Years: 29%
3 Years: 29%
Last Year: 25%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

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 265 375 429 494 564 619 773 988 1,109 1,359 1,551 1,751
0 0 0 0 0 0 0 0 2 1 3 2
122 74 73 92 116 138 206 232 241 317 399 457
Total Liabilities 491 553 606 690 784 862 1,084 1,326 1,457 1,781 2,162 2,419
7 4 5 76 75 74 73 106 125 342 446 500
CWIP 0 0 0 0 0 0 23 4 174 4 7 7
Investments 389 457 503 521 593 665 709 925 937 1,149 1,351 1,487
95 92 98 93 115 123 278 290 221 287 357 424
Total Assets 491 553 606 690 784 862 1,084 1,326 1,457 1,781 2,162 2,419

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
43 28 43 79 86 82 193 283 249 386 543 467
-19 0 18 -67 -67 -33 -107 -146 -126 -249 -299 -185
-23 -28 -31 -38 -20 -51 -47 -94 -158 -169 -231 -262
Net Cash Flow 0 1 29 -26 -1 -1 38 44 -35 -32 14 19
Free Cash Flow 40 27 37 3 74 73 175 258 44 313 388 346
CFO/OP 140% 102% 94% 107% 110% 119% 118% 105% 107% 102% 110% 107%

Ratios

Consolidated Figures in Rs. Crores / View Standalone

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 24 39 33 37 36 42 40 30 25 30 18 21
Inventory Days
Days Payable
Cash Conversion Cycle 24 39 33 37 36 42 40 30 25 30 18 21
Working Capital Days -253 -100 -79 -92 -79 -85 -110 -75 -45 -22 -57 -32
ROCE % 14% 22% 22% 24% 22% 18% 31% 40% 30% 40% 42% 32%

Insights

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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 ・Standalone data

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

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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.

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Documents

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