MarketFriction

Central Depository Services (India) Ltd

NSE CDSL · Depositories, Clearing Houses and Other Intermediaries
₹1,242.50 -1.70%
NSE close2026-10-01
52 week range1,116.30 - 1,673.70
Market cap₹26,374 Cr.
P/E56.0
IPO 2017 · +1568% since Nifty 500Nifty Smallcap 50Nifty Smallcap 100Smallcap 250 No price band Delivery 38.6%

Price

Drag to pan, scroll or pinch to zoom. Ruler (or Shift + drag) measures a move.Dashed lines: 52 week high and low. Prices adjusted for splits and bonuses.

Financials

Consolidated, Rs crore
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales207214241257322278224259319304263293
Expenses798493103122117115129143145147155
Operating Profit128130148154200161109130176160116138
OPM %62%61%61%60%62%58%49%50%55%52%44%47%
Other Income23212930372132362229648
Interest000000000000
Depreciation678101213141516171819
Profit before tax145145168175225168127151183172103167
Tax %25%26%23%23%28%23%21%32%23%23%23%29%
Net Profit10910712913416213010010214013380118
EPS in Rs5.215.146.186.427.756.224.804.906.716.383.845.62
Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales1231461881962253445515558121,0821,1451,179
Expenses59677787136132186236324457563589
Operating Profit647911010989212365319488625582590
OPM %52%54%59%56%40%62%66%57%60%58%51%50%
Other Income72413849595755669511993105
Interest000000000000
Depreciation44710129111927496670
Profit before tax131117141148136260409365556695609624
Tax %31%26%27%23%22%22%24%24%25%24%25%
Net Profit9187104115107201312276420526455470
EPS in Rs4.354.104.945.435.089.5914.8913.2020.0525.2021.8222.55
Dividend Payout %29%37%35%37%44%47%50%61%55%50%58%
10 Years5 Years3 YearsTTM1 YearLast Year
Compounded Sales Growth25%27%27%9%
Compounded Profit Growth21%18%18%-5%
Stock Price CAGR%14%23%-13%
Return on Equity26%29%29%25%
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital104104104104104104104104104104209209
Reserves2653754294945646197739881,1091,3591,5511,751
Borrowings000000002132
Other Liabilities122747392116138206232241317399457
Total Liabilities4915536066907848621,0841,3261,4571,7812,1622,419
Fixed Assets74576757473106125342446500
CWIP000000234174477
Investments3894575035215936657099259371,1491,3511,487
Other Assets95929893115123278290221287357424
Total Assets4915536066907848621,0841,3261,4571,7812,1622,419
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity432843798682193283249386543467
Cash from Investing Activity-19018-67-67-33-107-146-126-249-299-185
Cash from Financing Activity-23-28-31-38-20-51-47-94-158-169-231-262
Net Cash Flow0129-26-1-13844-35-321419
Free Cash Flow4027373747317525844313388346
CFO/OP140%102%94%107%110%119%118%105%107%102%110%107%
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days243933373642403025301821
Inventory Days
Days Payable
Cash Conversion Cycle243933373642403025301821
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%
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Promoters15.00%15.00%15.00%15.00%15.00%15.00%15.00%15.00%15.00%15.00%15.00%15.00%
FIIs15.25%18.16%11.38%14.00%13.77%17.15%11.34%12.90%11.54%12.40%11.36%8.24%
DIIs21.80%21.33%23.15%24.92%21.57%19.11%15.41%14.24%14.18%15.12%14.42%15.19%
Public47.94%45.51%50.47%46.09%49.66%48.74%58.25%57.87%59.28%57.49%59.22%61.57%
No. of Shareholders8,09,3157,77,0308,43,1018,28,80511,03,61611,73,41915,29,58914,97,88915,12,18314,62,63015,14,80715,22,866

Fundamentals

Market Cap₹ 26,374 Cr.
Current Price₹ 1,262
Stock P/E56.0
Book Value₹ 93.8
ROCE32.0 %
ROE24.5 %
Dividend Yield1.01 %
Face Value₹ 10.0
Compounded Sales Growth (TTM)9%
Compounded Profit Growth (TTM)-5%
Consolidated figures.
Valuation
Market capRs 25,968 Cr
Enterprise valueRs 25,887 Cr
P/E (TTM)55.10x
Price to book13.25x
Price to sales22.03x
EV / EBITDA37.26x
EV / EBIT41.44x
EV / sales21.96x
Price to cash flow55.65x
Earnings yield1.81%
Dividend yield1.03%
P/E, 3-year average40.35x
P/B, 3-year average10.85x
P/E, 5-year average32.62x
P/B, 5-year average8.71x
Profitability
Operating margin (excl. other income)50.84%
Operating margin (incl. other income)58.99%
EBITDA margin58.94%
Pre-tax margin52.97%
Net profit margin39.98%
Net margin, latest quarter40.14%
ROE24.52%
ROCE32.70%
ROA19.91%
ROE, 3-year average29.50%
ROCE, 3-year average39.09%
ROA, 3-year average24.17%
ROE, 5-year average28.80%
ROCE, 5-year average38.07%
ROA, 5-year average23.63%
ROIC (approx.)24.84%
Tax rate25.27%
Other income / net worth4.76%
Growth
Sales growth (latest year)5.79%
Profit growth (latest year)-13.39%
Sales CAGR, 3 years27.29%
Sales CAGR, 5 years27.21%
Profit CAGR, 3 years18.24%
Profit CAGR, 5 years17.89%
Sales growth QoQ11.38%
Profit growth QoQ46.48%
Sales growth YoY (latest quarter)13.10%
Profit growth YoY (latest quarter)14.80%
Per share
EPS (TTM)Rs 22.55
EPS (latest year)Rs 21.82
EPS (latest quarter)Rs 5.62
EPS, 3-year averageRs 29.04
EPS, 5-year averageRs 28.66
Book value per shareRs 93.77
Sales per shareRs 56.40
Cash flow per shareRs 22.33
Free cash flow per shareRs 16.55
Dividend per share (latest year)Rs 12.75
Dividend per share, 3-year averageRs 15.75
Dividend per share, 5-year averageRs 15.65
Dividends
Dividend payout58.42%
Dividend payout, 3-year average54.29%
Dividend payout, 5-year average54.77%
Efficiency
Asset turnover0.47x
Fixed asset turnover2.29x
Debtor days21 days
Debtors turnover17.72x
Cash conversion cycle21 days
Working capital days-32 days
Leverage
Total debtRs 2 Cr
Cash and bankRs 83 Cr
Net debtRs -81 Cr
Debt to equity0.00x
Net debt / EBITDA-0.12x
Interest coverage3903.94x
Current ratio (filing 2026-03-31)2.92x
Quick ratio (filing 2026-03-31)2.92x
Trade payables (filing 2026-03-31)Rs 52 Cr
Owners' fund to total sources81.02%
Debt to assets0.09%
Cash flow
Cash from Operating Activity (latest year)Rs 467 Cr
Cash from Investing Activity (latest year)Rs -185 Cr
Cash from Financing Activity (latest year)Rs -262 Cr
Net Cash Flow (latest year)Rs 19 Cr
Free cash flow (latest year)Rs 346 Cr
FCFE (approx.: FCF + change in debt)Rs 345 Cr
Cash from ops / profit, 5 years0.97x
Sales to cash flow2.45x
Statement figures
Net sales (TTM)Rs 1,179 Cr
Net sales (latest year)Rs 1,145 Cr
Sales (latest quarter)Rs 293 Cr
Operating profit excl. other income (latest year)Rs 582 Cr
Operating profit (latest quarter)Rs 138 Cr
Other income (TTM)Rs 105 Cr
EBITDA (TTM)Rs 695 Cr
PBDT (TTM)Rs 695 Cr
Profit before tax (TTM)Rs 624 Cr
Tax (latest year)Rs 154 Cr
Net profit (TTM)Rs 471 Cr
Net profit (latest year)Rs 456 Cr
Net profit (latest quarter)Rs 118 Cr
Depreciation (TTM)Rs 70 Cr
Depreciation (latest quarter)Rs 19 Cr
Interest (TTM)Rs 0 Cr
Cost of goods sold (latest year)Rs 191 Cr
Total expenditure (latest year)Rs 563 Cr
Total income (latest year)Rs 1,238 Cr
Share capitalRs 209 Cr
ReservesRs 1,751 Cr
Shareholders' fundsRs 1,960 Cr
Total assetsRs 2,419 Cr
Net blockRs 500 Cr
Capital work in progressRs 7 Cr
InvestmentsRs 1,487 Cr
ReceivablesRs 65 Cr
Other liabilitiesRs 457 Cr
Shares outstanding (crore)20.90
Ownership
Promoter holding15.00% (+0.00 in a year)
Computed by MarketFriction from the consolidated statements. Returns use average balances.
P/E 55.1 is at the 58th percentile of its own 9.4-year range (median 47.5, low 17.6, high 97.4).
P/B 13.25 is at the 58th percentile (median 10.78).
Monthly. Market cap from split-adjusted price; profit and book value as reported by that month. A low percentile means cheap versus its own history, not cheap versus peers.
PeriodCDSLNifty 50Difference
1 week-5.9%-2.8% -3.1 pts
1 month-10.7%-6.8% -3.9 pts
3 months-8.0%-7.6% -0.4 pts
6 months+11.0%+0.4% +10.6 pts
1 year-16.9%-9.9% -7.0 pts
2 years-18.3%-13.6% -4.8 pts
3 years+82.7%+14.2% +68.6 pts
5 years+92.7%+27.9% +64.8 pts
108 mutual fund schemes hold about ₹2,598 Cr. Over three months 88 bought more and 7 sold (share counts, price move removed).
FundWeightEst. Cr3m shares
Nippon India Small Cap Fund0.43%356 +11%
Parag Parikh Flexi Cap Fund0.21%318 +13%
Axis Small Cap Fund0.47%147 +9%
Motilal Oswal Small Cap Fund1.49%122 +51%
SBI ESG Exclusionary Strategy Fund2.02%108 +125%
Kotak Arbitrage Fund(M0.14%104 +609%
Canara Rob Large and Mid Cap Fund0.37%98 -1%
Invesco India Smallcap Fund0.55%86 -1%
Mirae Asset Small Cap Fund1.50%86 -1%
SBI Retirement Benefit Fund-Aggressive Plan1.97%64 +100%
Mirae Asset Aggressive Hybrid Fund0.63%60 +100%
Tata Nifty Capital Markets Index Fund5.68%56 +17%
Edelweiss Small Cap Fund0.75%54 +6%
HDFC Arbitrage Fund(M0.21%54 +444%
UTI Small Cap Fund0.96%51 +100%
Abakkus Small Cap Fund1.66%46 +15%
Mirae Asset Flexi Cap Fund0.96%43 +10%
Mirae Asset Banking and Financial Services Fund1.78%42 +14%
Nippon India Nifty Smallcap 250 Index Fund1.13%40 +13%
Motilal Oswal Nifty Capital Market Index Fund5.67%39 +16%
Aditya Birla SL Arbitrage Fund0.13%36 +100%
SBI Arbitrage Fund0.06%29 +100%
Invesco India Financial Services Fund1.54%29 +12%
ICICI Pru Arbitrage Fund0.08%28 +335%
SBI Retirement Benefit Fund-Aggressive Hybrid Plan1.58%26 +100%

Red flags

F-score 5 of 8
lookAuditor change Auditor change 2026-03-27: Central Depository Services (India) Limited has informed the Exchange regarding Change in Auditors of the company.
Checks on the latest reported years: cash vs profit, accruals, receivables and inventory vs sales, dilution, debt, interest cover, equity, other income, losses, and auditor, top-management, insolvency and regulator filings in the last 12 months. A flag asks for an explanation; it is not a verdict.

Insider trades

NSE insider and takeover-code disclosures
DateWhoRoleSideSharesValueHow
2020-01-20UNION BANK OF INDIA-sell25,000Rs 0.70 CrMarket Sale
2020-01-17UNION BANK OF INDIA-sell26,343Rs 0.72 CrMarket Sale
2019-11-29BSE LTDPromotersother4,180,000Rs 101.50 CrOthers
2018-12-31BANK OF INDIASponsor as per erstwhile SEBsell491,646Rs 11.02 CrMarket Sale
2018-12-28BANK OF INDIASponsor as per erstwhile SEBsell175,000Rs 3.86 CrMarket Sale
2018-12-27BANK OF INDIASponsor as per erstwhile SEBsell181,315Rs 4.02 CrMarket Sale
2018-12-24BANK OF INDIASponsor as per erstwhile SEBsell75,000Rs 1.70 CrMarket Sale
2018-12-20BANK OF INDIASponsor as per erstwhile SEBsell100,000Rs 2.34 CrMarket Sale
2018-12-19BANK OF INDIASponsor as per erstwhile SEBsell917,180Rs 20.04 CrMarket Sale
2018-12-18BANK OF INDIASponsor as per erstwhile SEBsell462,000Rs 10.05 CrMarket Sale
2018-12-17BANK OF INDIASponsor as per erstwhile SEBsell135,603Rs 3.00 CrMarket Sale
2018-12-14BANK OF INDIASponsor as per erstwhile SEBsell69,636Rs 1.55 CrMarket Sale
Latest disclosed trades by insiders, promoters and large holders. Grants, option exercises and pledges show as "other". A filing is a fact, not a signal on its own.

Latest quarter

Jun 2026
Sales ₹293 Cr +13.1% vs Jun 2025. Net profit ₹118 Cr +15.7%.
Against our estimate for Jun 2026: sales -0.2%, profit -3.3% in line. Our estimate for Sep 2026: sales Rs 368 Cr, profit Rs 154 Cr (how).

Activity

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No bulk or block deals on record.
Ex-dateActionFactor
2026-07-17Dividend - Rs 12.75 Per Share
2025-08-07Dividend - Rs 12.50 Per Share
2024-08-23Bonus 1:10.5000
2024-07-16Dividend - Rs 19/ Special Dividend - Rs 3 Per Share
2023-08-25Dividend - Rs 16 Per Share
2022-09-07Dividend - Rs 15 Per Share
2021-09-13 Annual General Meeting/Dividend - Rs 9 Per Share
2020-09-07 Dividend - Rs 4.50 Per Share
2019-09-06 Annual General Meeting/Dividend - Rs 4 Per Share
2018-08-09 Annual General Meeting/Dividend Rs - 3.50 Per Share
DateTypeWhat it says
2026-09-22UpdatesResignation of Dr. Rakeshkumar Kakkar, Nominee Director of CDSL in CDSL Ventures Limited, material subsidiary of CDSL.
2026-09-22Concall / analyst meetThe modification in the Analyst call with Dymon Asia Capital in reference to our earlier intimation.
2026-09-22Change in ManagementChange in Management
2026-09-21Concall / analyst meetSchedule of Analyst Call with Nippon Life Global Investors Singapore and Dymon Asia Capital to be held on Thursday, September 24, 2026
2026-09-10Concall / analyst meetSchedule of Analyst Call with Nippon India Mutual Fund and HDFC Mutual Fund to be held on Wednesday, September 16, 2026
2026-09-10General UpdatesThe Allotment of equity shares in India International Bullion Holding IFSC Limited (IIBHL)
2026-09-01General UpdatesThe Allotment of equity shares in Open Network for Digital Commerce (ONDC).
2026-09-01Concall / analyst meetSchedule of Analyst Call with Lyptus Capital to be held on Friday, September 04, 2026
2026-08-27AppointmentAppointment of Smt. Geetha Gangadharan as Non-Executive Non-Independent Director of the Company w.e.f. August 27, 2026.
2026-08-27Change in ManagementChange in Management.
2026-08-27Board meeting outcomeOutcome of Board Meeting held on August 27, 2026 with respect to Change in Management.
2026-08-13General UpdatesSEBI Approval for investment in Open Network for Digital Commerce (ONDC).
2026-08-07Concall / analyst meetTranscript of Analysts/Institutional Investor Meet/Con. Call held on August 03, 2026.
2026-08-05Concall / analyst meetSchedule of analyst call with Emkay Confluence 2026
2026-08-05Concall / analyst meetSchedule of analyst call with Nirmal Bang Institutional Equities
2026-08-03Concall / analyst meetThe link of audio recording of the conference call held on August 03, 2026.
2026-08-01Concall / analyst meetPresentation for the financial results for the quarter ended June 30, 2026.
2026-08-01Press ReleaseMedia Release relating to financial results for the quarter ended June 30, 2026.
2026-08-01General UpdatesUpdate in list of Designated Officers for determining the materiality of an event/information and making disclosures to Stock Exchange.
2026-08-01Board meeting outcomeCDSL has submitted to the Exchange, the financial results for the period ended Jun 30, 2026.
2026-08-01General UpdatesThe Allotment of equity shares in India International Bullion Holding IFSC Limited (IIBHL)
2026-07-30Shareholder meetingCDSL has submitted the Exchange a copy Srutinizers report of Annual General Meeting held on July 30, 2026
2026-07-30Change in ManagementChanges in the Governing Board of the Company.
2026-07-30Shareholder meetingProceedings of Annual General Meeting held on July 30, 2026
2026-07-28UpdatesSEBI Approval for Joint Venture Agreement between CIRL, subsidiary of CDSL and Shoveltech Solutions Private Limited and Disbursement of Rs. 25,00,000 ...
Company filings to NSE, newest first. Routine notices (trading window, newspaper copies) are left out. Click a row for the filing.
Put / call open interest0.96
Max pain (expiry 2026-10-27)1,320
Largest call open interest at1,400
Largest put open interest at1,300
Implied volatility, at the money31.3%
Underlying at snapshot1,242.50
Open interest by strike around the price, nearest expiry. End-of-day NSE snapshot, 01-Oct-2026 15:40:00. Max pain is the strike where option buyers together would lose the most at expiry.
Trade dateShares sold short
2026-09-291,425
Short sales disclosed by brokers to NSE, by trade date. Collected since late September 2026.
Scrip PE is greater than 50 (4 trailing quarters)

Quick answers

What is the market cap of Central Depository Services (India) Ltd?

Central Depository Services (India) Ltd (CDSL) has a market capitalisation of Rs 26,374 Cr. at the 2026-10-01 close.

What is the P/E ratio of Central Depository Services (India) Ltd?

Central Depository Services (India) Ltd trades at a P/E of 56.0 on trailing twelve-month profit, at the 2026-10-01 close.

What were Central Depository Services (India) Ltd's latest quarterly results?

In the Jun 2026 quarter, Central Depository Services (India) Ltd sales was Rs 293 Cr (+13.1% vs Jun 2025) and net profit was Rs 118 Cr.

What is the 52-week high and low of Central Depository Services (India) Ltd?

The 52-week high is Rs 1,673.70 and the 52-week low is Rs 1,116.30.

Data: NSE and BSE daily reports, company filings. Numbers only, not investment advice, not a SEBI-registered research service.AboutMethodologyFAQResearchContactTermsPrivacyDisclaimerUpdated 2026-10-03