CDSLFinancial Services

Central Depository Services (India) Limited

Financial Services · ISIN INE736A01011 · NSE EQ · FV ₹10
Last price
₹1,320
+5.43%today
What this company does

Central Depository Services (India) Limited operates in the Financial Services sector. It booked ₹394 cr of revenue in its latest quarter (Q2 FY27) and kept 44.1% of sales as profit.

67out of 100
Equitytale Health Score
Solid

Healthier than 67% of companies in Financial Services, on the 5 of 6 measures we could read for it. Each measure is ranked against the 55–253 companies that reported it.

Measures financial condition, not whether to buy. Learn what this score means · How this is calculated

Price momentum
neutral
RSI (14)
58

At close. Not part of the score.

Profitability & returns91

How much profit it earns on the money it employs

Cash quality86

Whether reported profit actually arrives as cash

Growth & consistency71

Whether sales and profit have grown, and how steadily

Valuation9

What today's price implies, against our models or its peers

Governance & risk72

How much of the promoters' stake is pledged, and how much they hold

Not measurable for this company: balance sheet. Those pillars are left out of the score rather than counted as zero.

Is this company doing well?
not investment advice
Strengths
✓ Makes a profit
✓ Strong 44% net margin
✓ Sales up 24% vs last year
✓ Profit up 24% vs last year
✓ No promoter shares pledged
✓ Strong 35% return on equity
✓ Virtually debt-free
✓ Turns profit into real cash
Watch-outs
None flagged from our data

What if I invest in CDSL?

Set a growth rate and see what a monthly SIP would add up to. Your assumption, our arithmetic.

You would put in
₹12.00 lakh
120 instalments
At 10% a year, it would become
₹20.15 lakh

The starting rate is a round number, not a view on this company — this is your assumption, and the figure above is arithmetic on it. Returns are not steady year to year, and a real holding would not grow in a straight line. We do not publish price targets or predict returns.

Key ratios · latest quarter + price
₹1,320▲ +5.43%
latest close · 2026-11-03
1-year return
+90.5%
52-wk low ₹50852-wk high ₹1,445
Is it cheap or expensive?
What you pay for the profits, book value and cash flow. Higher isn't automatically worse — it can signal faster growth.
P/E ratio39.7High
LowAverageHigh
P/B ratio13.91High
Below bookModerateHigh
How good is the business?
How much profit it earns from its money and its sales.
Return on equity35.1%Strong
WeakFairStrong ▸15%
Return on capital44.5%Strong
WeakFairStrong
Net margin44.1%Strong
ThinDecentStrong
Is it financially safe?
How much it owes, and whether it can comfortably cover it.
Debt to equity0.00Comfortable
LowModerateHigh ▸1
Current ratio1.68Healthy
Tight ◂1HealthyAmple
More figures
Market cap
₹27,588 cr
Book value
₹95
EPS
₹8.32
latest quarter
Net debt
—
Enterprise value
—
EBITDA
—
EBIT
—
Operating margin
—
Return on assets
25.5%
Earnings yield
2.52%
P/S
17.48
Sales / share
₹75.5
Tax rate
24.7%
Face value
₹10
Shares
20.9 cr
Working capital
₹440 cr
Current assets
₹1,089 cr
Current liabilities
₹649 cr
Delivery %
32.1%
Strong / safeFairWeak / riskyValuation — a level, not good/badBands are general rules of thumb, not advice.

P/E, ROE, ROCE and margins are annualised from the latest quarter; per-share and balance-sheet ratios use the most recent balance sheet on file · prices as of 2026-11-03.

Worth vs price · from the exchange filings
not investment advice
Hard to value confidentlyLow confidence
The market price is far above what these earnings- and book-based models support — a fast-growing or asset-light business can trade well above them for years, so we won't put a confident number on how overpriced it is.
Models span ₹117–₹276, midpoint ₹173

An educational model from the company's own filings, every assumption shown — not investment advice or a price target. Prices can stay above or below any model for years.

P&L · Q2 FY27 (consolidated)
Revenue from Operations₹394 cr
Other Income₹23 cr
Total Income₹417 cr
Cost of Materials₹0 cr
Purchases of Stock-in-Trade₹0 cr
Employee Benefit Expense₹46 cr
Finance Costs₹3 L
Depreciation & Amortisation₹20 cr
Other Expenses₹120 cr
Total Expenses₹187 cr
Profit before Tax₹231 cr
Tax Expense₹57 cr
Share of JV / Associates₹-39 L
Net Profit₹173 cr
Net margin on total income41.5%
Where the money goes · Q2 FY27
% of total income
Employee benefit expense₹46 cr11.0%
Finance costs₹3 L0.0%
Depreciation & amortisation₹20 cr4.9%
Other expenses₹120 cr28.8%
Tax expense₹57 cr13.7%
Profit for the period₹173 cr41.6%
Total income ₹417 cradds up to ₹100 ✓
Quarterly results · consolidated (₹ cr)
MetricQ4 FY26Q1 FY27Q2 FY27
Revenue263 cr293 cr394 cr
Total income268 cr341 cr417 cr
Expenses164 cr174 cr187 cr
Profit before tax104 cr166 cr231 cr
Tax23 cr49 cr57 cr
Net profit (owners' share)80 cr118 cr174 cr
Net margin (owners' share, on revenue)30.5%40.1%44.1%
EPS (₹)3.845.628.32
YoY (latest quarter): total income +22.2% · net profit +24.0%
Balance sheet & cash flow · as of Sep 2026
Debt-free
Total assets
₹2,723 cr
Shareholder equity
₹1,984 cr
parent shareholders
Total debt
₹0 cr
Cash
₹33 cr
Cash flow · H1 FY27
Operating
₹478 cr
Investing
₹-230 cr
Financing
₹-267 cr
Peer comparison
Financial Services · by market value (sector-level match)
CompanyPriceMarket capP/E
HDFC Bank Limited₹726₹11.19 L cr13.5
ICICI Bank Limited₹1,425₹10.23 L cr15.6
State Bank of India₹970₹8.96 L cr8.8
Bajaj Finance Limited₹970₹6.04 L cr24.1
Bajaj Finserv Limited₹1,718₹5.52 L cr21.9
Kotak Mahindra Bank Limited₹465₹4.62 L cr20.5
Axis Bank Limited₹1,233₹3.84 L cr12.4
Shriram Finance Limited₹885₹2.08 L cr14.1
BSE Limited₹3,666₹1.50 L cr43.2
Same sector · latest reported numbers · not a recommendation.
Corporate actions
Dividend yield
0.97%
trailing 12 months
Dividend / share (TTM)
₹12.75
Last dividend
₹12.75
ex 17 Jul 2026
ActionDetailEx-date
Dividend₹12.75 / share17 Jul 2026
Dividend₹12.5 / share7 Aug 2025
Bonus issue1:123 Aug 2024
Dividend₹19 / share16 Jul 2024
Dividend₹16 / share25 Aug 2023
Dividend₹15 / share7 Sep 2022
Who owns it · 2026-09-30
No pledge
Promoter
15.0%
FII / Foreign
8.7%
DII / Domestic
17.8%
Retail / others
58.6%
Smart-money activity
Insider trades
SoldUNION BANK OF INDIA · -25,000 · ₹69.6 L20 Jan 20
SoldUNION BANK OF INDIA · -26,343 · ₹72.1 L17 Jan 20
SoldBSE LTD · Promoters41.80 L · ₹101.5 cr28 Nov 19
Bulk / block deals
short— · NSE97827 Oct 26
short— · NSE5026 Oct 26
short— · NSE3,14023 Oct 26
Stake changes
SoldStandard Chartered Bank→ 0.00% · 75.00 L27 Mar 24
SoldBSE Limited · promoter→ 15.00% · 52.25 L14 Jun 23
SoldBSE Limited · promoter→ 15.00% · 52.25 L14 Jun 23
What shareholders were asked to approve

A company cannot decide everything on its own. Things like a top executive’s pay, issuing new shares, or re-appointing a director have to be put to the people who own the company, and they vote — one vote per share. So whoever owns the most shares has the most say.

Yearly shareholder meeting · 14 Aug 2025
See the official result
1
To consider and adopt: a. the Audited Standalone Financial Statements of CDSL for the Financial Year ended March 31, 2025 and the Reports of the Board of Directors and the Statutory Auditors thereon; and b. the Audited Consolidated Financial Statements of CDSL for the Financial Year ended March 31, 2025 and the Report of the Statutory Auditors thereon
Backed by 100% of shareholders other than promotersneeded 50%
4.60 cr votes for, 743 against · 0% of mutual funds and other big investors said no
2
To declare Final Dividend on Equity Shares of the Company for the Financial Year ended March 31, 2025
Backed by 100% of shareholders other than promotersneeded 50%
4.60 cr votes for, 594 against · 0% of mutual funds and other big investors said no
3
To consider and approve the appointment of Shri Rajesh Kumar (DIN:11191844), in place of Shri Masil Jeya Mohan P (DIN: 08502007), Non-Independent Director, who retires from office by rotation and being eligible, does not offer himself for re-appointment.
Backed by 100% of shareholders other than promotersneeded 50%
4.60 cr votes for, 4,578 against · 0% of mutual funds and other big investors said no
4
To appoint M/s. Vatsal Doshi & Associates with Registration No. S2020MH725700 as Secretarial Auditor of the Company for a period of 5(Five) years
Backed by 100% of shareholders other than promotersneeded 50%
4.60 cr votes for, 3,947 against · 0% of mutual funds and other big investors said no

Every vote count above is taken from the result the company filed with the stock exchange, certified by an independent counter. To work out what would have happened without the promoters, we simply remove their votes and re-apply the same legal bar the proposal had to clear. Nothing here is an estimate or an opinion.

Who controls this company, and what it pays them

Most Indian companies are controlled by a family or group — the promoters. The exchange requires them to be listed by name, including members who own no shares at all, and requires the company to disclose any business it does with them.

The promoter group — 1 named members
owning 15.0% between them · as of 2026-09-30
Bse Limited15.00%
Business done with them
FY2026 · 1 of the group
The company paid ₹36 cr to companies in the promoter group last year — about 3.1% of its ₹1,145 cr revenue and received ₹3 cr back from them.
BSE LIMITED
Other payments to them · Rendering and recieving of services, License agreements- rent and maintenance, Dividend paid , Trade recievable , Loans and advances , Trade payables
also owns 15.00% of the company
₹36 cr
company paid
BSE LIMITED
Provided services to them · Rendering and recieving of services, License agreements- rent and maintenance, Dividend paid , Trade recievable , Loans and advances , Trade payables
also owns 15.00% of the company
₹3 cr
company received

The company also transacted with 30 other related parties — subsidiaries, joint ventures, directors and others — that we could not match by name to the promoter list above. Some may still be connected to the family; we only count the ones the filings let us match with certainty.

Names and holdings from the company’s shareholding pattern filed with the exchange; transactions from the related-party note in its annual report. Every figure is as filed — these are legal, disclosed dealings, and what to make of them is your call.

How the stock has moved · adjusted for splits & bonuses
Data from primary exchange filings · analysis tool, not investment advice.