Central Depository Services (India) Limited

Central Depository Services (India) Limited

NNSE:CDSL
1,225.00
INR
-12.20
(-0.99%)
20.71EPS
62.94P/E
272.97BMarket Cap
Oct 26Next Earn
2014 Y
2015 Y
2016 Y
2017 Y
2018 Y
2019 Y
2020 Y
2021 Y
2022 Y
2023 Y
2024 Y
2025 Y
2026 Y
TTM
Revenue per Share
4.26
5.04
5.88
6.99
8.98
9.39
10.77
16.45
26.38
26.56
38.86
51.78
54.78
53.54
Basic EPS, GAAP
2.36
2.76
4.35
4.1
4.94
5.43
5.08
9.59
14.89
13.2
20.05
25.2
21.82
20.74
Free Cash Flow per Basic Share
1.44
1.93
1.27
1.79
0.14
3.56
3.45
8.35
12.35
2.07
14.95
18.55
16.55
- -
Dividend per Share
1.17
1.17
1.32
1.5
1.81
2.11
2.41
2.25
4.5
7.5
8
11
12.5
- -
Book Value per Share
16.91
19.91
22.93
25.52
28.65
31.97
34.64
41.97
52.29
58.07
70.02
84.23
93.77
- -
Tangible Book Value per Share
16.77
19.83
22.9
25.48
28.58
31.84
34.51
41.12
51.15
56.85
68.49
82.22
91.94
- -
Basic Weighted Avg Shares
209
209
209
209
209
209
209
209
209
209
209
209
209
209
Sales/Revenue/Turnover
889
1,053
1,229
1,460
1,877
1,963
2,251
3,437
5,513
5,551
8,123
10,823
11,449
11,188
Operating Margin (%)
34.75
39.8
50.74
54.78
57.55
51.95
35.97
61.9
66.18
55.66
56.9
53.21
45.58
42.63
Depreciation Expense
50
62
42
37
69
99
117
92
115
195
272
490
662
693
Net Income, GAAP
494
577
910
858
1,032
1,135
1,062
2,003
3,112
2,759
4,191
5,266
4,561
4,334
Effective Tax Rate (%)
20.53
28.85
30.6
25.72
26.71
22.52
21.79
22.45
23.68
24.43
24.54
24.26
25.27
27.01
Profit Margin (%)
55.49
54.78
74.07
58.75
54.97
57.84
47.16
58.29
56.44
49.71
51.6
48.66
39.84
38.74
Working Capital
3,166
1,666
2,536
2,467
1,531
1,353
3,922
5,359
7,325
4,716
5,585
7,856
7,111
- -
LT Debt
- -
- -
- -
- -
- -
- -
1
1
1
12
8
20
10
- -
Total Equity
3,670
4,306
4,940
5,488
6,147
7,094
7,658
9,200
11,363
12,571
15,072
18,039
20,022
- -
Return on Invested Capital (%)
6.25
7.25
13.88
10.77
13.44
11.9
8.29
18.87
26.9
19.57
25.49
26.46
20.65
- -
Return on Capital (%)
13.89
14.51
19.66
16.3
17.66
16.95
14.31
23.65
30.2
23.04
30.26
31.79
24
- -
Return on Common Equity (%)
14.47
14.99
20.33
16.94
18.23
17.92
15.25
25.02
31.59
23.93
31.31
32.67
24.52
- -

Capital Structure

INR

•

in mil. unless spec.
Dec'26
Mar'26
Jun'27
ST Debt
- -
12
- -
LT Borrowings
- -
- -
- -
LT Finance Leases
- -
10
- -
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
209
209
209
Market Capitalization
301,712
233,955
272,970

Working Capital

INR

•

in mil. unless spec.
Dec'26
Mar'26
Jun'27
Total Current Assets
- -
10,821
- -
Cash, Cash Equivalents & STI
- -
8,636
- -
Accounts Receivable, Net
- -
307
- -
Inventories
- -
- -
- -
Total Current Liabilities
- -
3,709
- -
Payables & Accruals
- -
- -
- -
ST Debt
- -
12
- -
Deferred Revenue
- -
- -
- -

Growth Rates

INR

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
15.13%
16.94%
11%
Free Cash Flow
319.82%
120.15%
-10.78%
Net Income, GAAP
21.5%
21.63%
-13.39%
Sales/Revenue/Turnover
26.58%
29.29%
5.79%
Total Cash Common Dividend
28.26%
44.9%
13.64%

Quarterly Revenue

INR

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2025
2,574
3,223
2,781
2,245
10,823
2026
2,588
- -
3,044
2,628
11,449
2027
2,928
- -
- -
- -
- -

Quarterly Earnings Per Share

INR

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2025
6.42
7.75
6.23
4.8
25.2
2026
4.9
- -
6.38
3.84
21.82
2027
5.62
- -
- -
- -
- -

Quarterly Dividends Per Share

INR

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2025
- -
- -
- -
- -
11
2026
- -
- -
- -
- -
12.5
2027
- -
- -
- -
- -
- -

Company Description

CEO
Nehal Naleen Vora
Full Time Employees
625
Sector
Finance
Industry
Investment banks/Brokers
Address
Marathon Futurex Mumbai MA India 400013
IPO Date
Jun 30, 2017
Business
Central Depository Services (India) Limited (CDSL) is a leading central securities depository in India, established in 1999 and headquartered in Mumbai, Maharashtra. The company provides depository services facilitating the holding, transfer, and settlement of securities in electronic form through intermediaries known as Depository Participants (DPs). CDSL's core products and services include electronic securities depository services for equities, debentures, bonds, mutual fund units, certificates of deposit, commercial papers, and treasury bills; demat account services via DPs; e-Voting and M-Voting platforms for shareholder voting; the Myeasi mobile application for investor services; and an e-Locker service for secure document storage. It operates primarily in the Indian financial market servicing retail and institutional investors, brokers, and issuers through its extensive DP network. In recent years, CDSL has significantly expanded its strategic footprint through alliances and innovation. Notably, in 2025, CDSL entered a strategic partnership with the Indian Institute of Management Mumbai to leverage advanced data analytics and research capabilities related to financial markets, enhancing market intelligence and risk management. Furthermore, its subsidiary, Central Depository Services Insurance Repository Ltd. (CIRL), signed agreements with LIC to provide insurance-related services, marking diversification into insurance repositories. Although CDSL reported a 13.6% year-on-year decline in net profit for the September 2025 quarter due to higher expenses and lower income, the company continues to maintain a strong market presence with over 16.5 crore investor accounts and leads new demat account openings in India. Regulatory and operational improvements, such as SEBI’s extended deadlines for margin obligation implementation and CDSL’s updated penalty mechanisms effective April 2025, reflect ongoing compliance and operational diligence. CDSL was initially promoted by BSE Ltd., which later divested its stake to major Indian banks and financial institutions, including Standard Chartered Bank, PPFAS Mutual Fund, HDFC Bank, and LIC. The company operates exclusively within India and holds a dominant position as the second-largest depository by assets and the largest by demat accounts, servicing over 580 depository participants nationwide. Its product suite supports broad investor segments, including retail investors, mutual funds, clearing corporations, and corporate issuers. CDSL’s ongoing strategic endeavors and technology-driven product expansions underscore its pivotal role in the Indian securities market infrastructure ecosystem.