CDSL · NSE · Depositories Clearing Houses and Other Intermediaries
Central Depository Services (India) Ltd
What the numbers mean, from its filings and the exchange. Data as of 12 Oct 2026.
Small Cap · AMFI list Jan-Jun 2026 · Vendor sector: Financial Services
dear
low confidence
No valuation within 120 days; P/E 55.9 vs peers 32.9 (15th of 16); P/B 14.6 vs peers 8.6 (13th of 15).
Statements through FY2026Prices adjusted for 1 corporate actionNot yet reviewed by the adversarial model
What is Central Depository Services (India)'s share price today?
Central Depository Services (India) last traded at ₹1,266.00 on the NSE, as of 12 Oct 2026, 11:00 pm IST, up 0.5% on the day, down 22.2% over a year. Its 52-week range is ₹1,116 to ₹1,674. The live price is in the app.
₹1,266.00
+0.5% today
−22.2% over 1 year · NSE, as of 12 Oct 2026, 11:00 pm IST
60 month-end closes, 31 Oct 2021 to 30 Sep 2026, adjusted for splits and bonuses
52-week range27% of the way up
Low ₹1,116High ₹1,674
What is Central Depository Services (India)'s market cap?
Central Depository Services (India)'s market capitalisation is about ₹26,334 crore: what it would cost to buy every share at today's price. That makes it the 58th largest small cap company we cover.
₹26,334 Cr
Small Cap58th largest small cap company
Share price₹1,266
×
Shares in issue21 crore
=
Market cap₹26,334 Cr
Small Cap means the companies ranked 251 and below by size, under SEBI's rules. Shares in issue are worked out from the market cap and the price. What market cap tells you →
Key facts
From the exchange
- Symbol
- NSE: CDSL
- ISIN
- INE736A01011
- Cap bucket
- Small Cap, 58th largest by market cap
- Industry (NSE)
- Financial Services › Capital Markets › Depositories Clearing Houses and Other Intermediaries
- Listed since
- 2017
- Futures and options
- Traded
Is Central Depository Services (India) overvalued?
Dear, with low confidence: no valuation within 120 days; P/E 55.9 vs peers 32.9 (15th of 16); P/B 14.6 vs peers 8.6 (13th of 15).
Valuation
Latest price and trailing 12 months
P/E
55.88
vs peers 32.9 · 15th of 16
Price divided by last year's earnings per share: how many years of today's profit you pay for. Learn more →
P/B
14.64
vs peers 8.6 · 13th of 15
Price divided by book value per share: what you pay for each rupee of net assets on the balance sheet. Learn more →
Market cap
₹26,334 Cr
Total market value of all shares, in ₹ crore. Learn more →
Dividend yield
1.1%
vs peers 1.7% · 11th of 15
Last year's dividends as a share of today's price. Learn more →
PEG (vendor)
Not available
P/E divided by the vendor's earnings growth figure, which it does not disclose; a P/E adjusted for how fast profits grow. Learn more →
PEG on our 3-year EPS growth
3.06
P/E divided by the 3-year EPS growth rate from the stored accounts. Learn more →
Is Central Depository Services (India) a quality business?
CLEAN on 12 of 22 lender flags judged.
Quality and risk
Data as of 12 Oct 2026
Business quality
Not available
The kind of business, which sets the yardstick it is judged by. Learn more →
Quality score
Not available
Returns, margins, leverage and consistency against its peers, out of 100. Learn more →
Risk level
CLEAN
12 of 22 lender flags judged
From flags on debt, earnings quality, dilution and price swings. Learn more →
Lender scorecard
Statements through FY2026 (Mar-26)
Basis: consolidated accounts, FY2026 (Mar-26) against FY2025; NSE/BSE XBRL, the Q4 results filing; cost to income is operating expenses over net interest income plus other income; ROA over average total assets; ROE over average equity; not a lender: no NIM, asset quality, credit cost or loan growth
Net interest margin
Not available
What a lender earns on its loans and investments less what it pays for deposits and borrowings, as a share of the assets that earn interest (or of all assets where the split is not filed). Learn more →
Gross NPA
Not available
Loans on which repayment has stopped, as a share of all loans, before any provision against them; from the latest results filing. Learn more →
Net NPA
Not available
Bad loans after the provisions already set aside against them, as a share of loans. Learn more →
Provision coverage
Not available
How much of the gross bad loans has already been provided for. Learn more →
Credit cost
Not available
The year's provisions for bad loans as a share of the average loan book. Learn more →
Cost to income
50.5%
vs peers 56.7% · 6th of 16
Operating expenses (staff, branches, technology) over net interest income plus other income. Learn more →
Return on assets
19.9%
vs peers 20.9% · 10th of 17
Profit as a share of average total assets. Learn more →
CET1 ratio
Not available
Common equity tier 1 capital, the hardest kind, against risk-weighted assets; from the latest results filing. Learn more →
Loan growth YoY
Not available
Growth in the loan book over the latest fiscal year. Learn more →
Deposit growth YoY
Not available
Growth in deposits over the latest fiscal year. Learn more →
CASA ratio
Not available
Current and savings account balances as a share of all deposits. Learn more →
Inside the app
Get a sneak peek of Valarth
Has Central Depository Services (India) made money for shareholders?
Mixed: −22.2% over one year and +13.3% a year over five years.
Shareholder returns
5-year return
+13.3% a year
Price only
Yearly average price return over five years, bonuses and splits adjusted. Learn more →
Wealth destroyer
No
Five-year total return — price CAGR on bonus- and split-adjusted closes plus the dividend yield — below the 7% a bank fixed deposit paid. Learn more →
Returns
3Y and 5Y are yearly averages
1W
+0.8%1M
−3.9%3M
−12.8%6M
−2.4%1Y
−22.2%3Y
+20.2%5Y
+13.3%Does Central Depository Services (India) pay a dividend?
Yes. Central Depository Services (India)'s dividend yield is 1.14% at the latest price; the last payout was ₹12.75 a share, ex-dividend 17 Jul 2026.
Dividends
Per share, by ex-dividend date
Dividend yield1.14%
The past 12 months' dividends as a share of today's price.
17 Jul 2026 · Final₹12.75
7 Aug 2025 · Final₹12.50
16 Jul 2024 · Final₹9.50
16 Jul 2024 · Special₹1.50
25 Aug 2023 · Final₹8.00
Payout ratio🔒 In the app
The share of profit paid out as dividends; a very high share leaves little to reinvest.
Dividend growth, 5 years🔒 In the app
How fast the dividend per share has grown a year.
Years without a miss🔒 In the app
How many years in a row a dividend has been paid.
Is Central Depository Services (India) growing?
Revenue 3 years 25.9% a year; eps 3 years 18.2% a year; revenue 5 years 16.2% a year.
Growth
Statements through FY2026 (Mar-26)
Loan growth
Not available
Growth in the loan book over the latest fiscal year. Learn more →
Deposit growth
Not available
Growth in deposits over the latest fiscal year. Learn more →
Revenue 3 years
25.9% a year
vs peers 24.2% · 8th of 17
Compound annual growth of revenue over three years. Learn more →
EPS 3 years
18.2% a year
Growth in earnings per share, so dilution counts against the company. Learn more →
Revenue 5 years
16.2% a year
Compound annual growth of revenue over five years. Learn more →
EPS 5 years
17.9% a year
Growth in earnings per share over five years, so dilution counts against the company. Learn more →
How did Central Depository Services (India) do last quarter?
Central Depository Services (India) reported income of ₹293 Cr, up 5.8% on a year earlier and a net profit of ₹118 Cr, down 13.5% in the Jun 2026 quarter.
Latest quarter
Jun 2026
Income, latest quarter₹293 Cr
+5.8% on a year earlier
What the company took in over the quarter.
Net profit, latest quarter₹118 Cr
−13.5% on a year earlier
What was left for shareholders after every cost and tax.
How does Central Depository Services (India) compare with its peers?
Compared with 16 Capital Markets (the industry, as the basic industry was too small); 15th of 16 on P/E.
Compared with 16 Capital Markets (the industry, as the basic industry was too small)
16 companies
- Central Depository Services (India) Ltd (this page)
- SBI Funds Management Ltd
- HDFC Asset Management Company Ltd
- Multi Commodity Exchange of India Ltd
- Nippon Life India Asset Management Ltd
- Motilal Oswal Financial Services Ltd
- 360 ONE WAM Ltd
- Anand Rathi Wealth Ltd
- Nuvama Wealth Management Ltd
- Aditya Birla Sun Life AMC Ltd
- Angel One Ltd
- Computer Age Management Services Ltd
- KFin Technologies Ltd
- Prudent Corporate Advisory Services Ltd
- UTI Asset Management Company Ltd
- IIFL Capital Services Ltd
- Indian Energy Exchange Ltd
Central Depository Services (India) against its peers
Largest 10 of 16 peers, by market cap
CompanyMarket capP/EP/BROE1YQuality 🔒Rank 🔒
Central Depository Services (India) Ltd₹26,334 Cr55.914.631.3%−22.2%
SBI Funds Management Ltd₹1.0 L Cr——43.0%−18.0%
Motilal Oswal Financial Services Ltd₹61,865 Cr31.24.812.2%+2.2%
360 ONE WAM Ltd₹42,749 Cr33.75.76.1%−4.8%
Peer median—32.98.632.9%+7.1%
Market cap in rupees crore; P/E and P/B on the latest price; 1Y is the price return over a year. A dash is a figure that does not apply or is not reported.
Who owns Central Depository Services (India)?
Central Depository Services (India) is held by promoters 15.0%, foreign institutions 8.2%, domestic institutions 15.2%.
Shareholding pattern
Latest filing, percent of shares
Promoters15.0%
The founders and controlling group.
Foreign institutions8.2%
Overseas funds investing through the FPI route.
Domestic institutions15.2%
Indian insurers, banks, pension and mutual funds together.
Mutual funds7.3%
Indian mutual fund schemes; part of domestic institutions.
Retail and others52.2%
Individual investors and everyone else.
Promoter shares pledged🔒 In the app
Promoter shares given as collateral for loans; a high share is a risk to watch.
Holding trend🔒 In the app
Whether promoters, foreign funds and mutual funds have been adding or selling over recent quarters.
What do analysts say about Central Depository Services (India)?
14 analysts cover Central Depository Services (India), and the consensus is hold. A consensus is a count of opinions, not a forecast; read it beside the numbers.
Analyst consensus
14 analysts
ConsensusHold
The rating most covering analysts give the share.
Average target price🔒 In the app
The mean of the analysts' 12-month price targets.
Upside to target🔒 In the app
How far the target sits above or below today's price.
Share rating it a buy🔒 In the app
The share of covering analysts with a buy rating.
What does Central Depository Services (India) do and what is it sensitive to?
The filing describes a depository whose principal business is Depository Services, providing investors with dematerialisation, holding, transfer and pledge of securities in electronic form. Sensitive to: capital market activity levels.
Business-model card
FY2025 · 43 verified
5Revenue
3Channels
2Regulators
4Reg. dependencies
6Sensitivities
4Costs
3Geographies
The filing describes a depository whose principal business is Depository Services, providing investors with dematerialisation, holding, transfer and pledge of securities in electronic form. It serves corporates and capital market intermediaries, and it earns mainly through transaction-based charges and annual fee contracts.
Revenue by segment
2026-03-31
Depository Activity83.8%
Data Entry and Storage15.9%
Repository0.3%
Revenue engine
5 verified
Depository Services (Depository segment) (83.8%)
Investor-facing and intermediary-facing services on securities held electronically. Per the segment data, this is the largest revenue line at 83.8% of revenue.
Transaction-based and per-event charges
Revenue is recognised at a point in time when services are rendered, so per-event fees such as transaction and e-voting charges are earned as the activity occurs.
Annual and periodic fee contracts
Revenue from annual fee contracts is recognised over the contract period, so these charges accrue on a time basis rather than per transaction.
2 more statements
Data entry and storage (Group segment)
Named as one of three operating segments of the Group. The excerpts do not describe its services or customers. Interpretation: the 15.9% share comes from the segment data hint, not from the excerpt.
Repository (Group segment)
Named as one of three operating segments of the Group. The excerpts do not describe its services or customers. Interpretation: the 0.3% share comes from the segment data hint, not from the excerpt.
Customers & channels
3 verified
Depository Participants, Issuers, RTAs, Clearing Members and Clearing Corporations
These intermediaries and issuers are the customer groups the depository business lines serve, as listed in the filing's business-line description.
Corporates and capital market intermediaries
The filing states that revenue is derived primarily from these two groups, so corporate and intermediary activity drives the revenue base.
Beneficial owners (investors) via the investor app and digital channels
Individual investors use digital services such as e-CAS, e-DIS and e-Margin Pledge. Interpretation: these are the value-added services the filing lists for beneficial owners.
Regulators
2 verified
SEBI (Securities and Exchange Board of India)
Prescribes the depository regulations under which the regulatory division is organised, with the depository's compliance departments built around them.
SEBI oversight of risk reporting
The risk committee approves a half-yearly risk report that is submitted to SEBI, so SEBI reporting requirements shape the internal risk process.
Regulatory dependencies
4 verified
Regulatory approvals and registrations required to operate
Approvals must be renewed from time to time and may change, so a change in rules or a failed renewal would affect the ability to operate the business.
Changing capital market regulation
Regulations may change from time to time in a fast-changing capital market environment. Interpretation: a rule change could alter service scope and compliance cost.
Annual SEBI fees as a cost line
Annual SEBI fees are an expense line. The amount rose from 539.04 to 661.12 lakh between FY2024 and FY2025, so changes in the fee would move costs directly.
1 more statement
Settlement cycle (T+0) under regulatory change
The filing says the company facilitated a T+0 settlement cycle. Interpretation: a change to settlement timing changes the timing and volume of settlement-linked processing; the excerpt does not quantify the revenue effect.
Sensitivities
6 verified
Capital market activity levels
Interpretation: the filing states that the business is highly dependent on market activity, so higher activity and delivery volumes raise volume-linked charges, and lower activity reduces them.
Number of new listings and issuances
Interpretation: more listings and subsequent issuances mean more issuer-linked activity; fewer mean less.
Indian rupee value
Interpretation: the filing says rupee appreciation would reduce rupee-measured expenses, since foreign-currency costs are insignificant.
3 more statements
Interest rates on fixed-income holdings
The filing says debentures and bonds are fixed-rate with no material interest rate risk, so rate moves have limited direct effect on these holdings.
Mutual fund price movements
The filing gives a 5% sensitivity on the instrument index. Interpretation: a 5% move affects profit after tax by the amount shown in the table.
System availability and operational failures
Interpretation: system breakdowns that disrupt settlement, transfer and withdrawal of securities would hit the service the company charges for.
Cost inputs
4 verified
Computer technology related expenses
Standalone cost line that rose from 5,290.61 to 8,617.64 lakh between FY2024 and FY2025. Interpretation: the supplier is not named in the excerpts.
Incentive scheme for Depository Participants
A cost line paid under an incentive scheme for DPs, rising from 1,361.23 to 1,704.72 lakh. Interpretation: the cost scales with the scheme's payouts.
Contribution to investor protection fund (IPF)
A cost line that rose from 1,854.31 to 2,594.11 lakh. The excerpts do not state the basis of the contribution.
1 more statement
Input material sourced from within India
Share of input material by value sourced directly from within India, per the table.
Geographies
3 verified
India (national operations)
Operations and revenue are domestic. The filing lists 36 national locations.
Revenue attributable to customers in India
The filing states all revenue is attributable to customers in India, and all non-current assets are located in India.
Exports
The filing states exports are nil, so there is no export revenue line.
Each statement is checked word for word against the FY2025 annual report; the passages are in the app.
What changed recently?
Q1 FY2027 results filed (1 Aug 2026).
Change log
8 entries · newest first
- Results filedQ1 FY2027 results filed.
- Corporate actionDividend - Rs 12.75 Per Share.
- Results filedQ4 FY2026 results filed.
- Results filedQ3 FY2026 results filed.
- Results filedQ2 FY2026 results filed.
- Corporate actionDividend - Rs 12.50 Per Share.
- Results filedQ1 FY2026 results filed.
- Results filedQ4 FY2025 results filed.
Get alerts →Sign in to be told when any of these change.
What this page does not tell you
What could not be judged, and why. Never empty.
- Models not runFair value, EPV, Graham number, Graham value, Lynch, Owner earnings: no valuation stored.
- FlagsCLEAN on 12 of 22 lender flags judged; no red flag; 10 could not be judged.
- Data gapsPEG (vendor), Business quality, Quality score, Net interest margin, Gross NPA, Net NPA and 8 more: not available yet.
Not applicable to a bank, lender or insurer · 12
- Altman ZAltman Z reads working capital and sales over assets, which a lender's balance sheet does not have.
- Piotroski F-scorePiotroski's leverage and liquidity checks read deposits and borrowings as weakness.
- Beneish M-scoreThe Beneish model reads receivables, margins and depreciation that a lender's accounts do not report.
- Operating marginInterest is a lender's cost of goods, so operating profit before interest is not defined.
- Interest coverageInterest is a lender's main cost, not a charge on operating profit.
- Debt to equityBorrowings and deposits are a lender's raw material; gearing is judged by capital adequacy instead.
- EV/EBITDAEnterprise value adds borrowings to market cap; for a lender borrowings are the business, not a claim on it.
- FCF yieldOperating cash flow less capex is not free cash flow for a lender: loan growth sits in operating cash flow.
- Cash conversion cycleA lender's receivables are its loan book, not invoices waiting to be paid.
- Asset turnoverA lender earns a spread on its assets, not a turnover of them.
- ROCEEBIT over capital employed reads a lender's interest income against its borrowings; return on assets and return on equity are the lender's measures.
- ROCE, 10-year averageEBIT over capital employed reads a lender's interest income against its borrowings; return on assets is the lender's measure (HDFC Bank's 1.7% ten-year ROCE means nothing).
What this page rests on
✓10 years of annual statements, through FY2026 (Mar-26)✓10 quarters of results✓109 months of month-end prices, adjusted for bonuses and splits (1 corporate action)○no valuation of ours yet✓business-model card FY2025 · 43 verified
Questions people ask
What is Central Depository Services (India)'s share price today?
Central Depository Services (India) last traded at ₹1,266.00 on the NSE, as of 12 Oct 2026, 11:00 pm IST, up 0.5% on the day, down 22.2% over a year. Its 52-week range is ₹1,116 to ₹1,674. The live price is in the app.
What is Central Depository Services (India)'s market cap?
Central Depository Services (India)'s market capitalisation is about ₹26,334 crore: what it would cost to buy every share at today's price. That makes it the 58th largest small cap company we cover.
Is Central Depository Services (India) Ltd a large cap, mid cap or small cap?
Central Depository Services (India) Ltd (CDSL) is a small cap company in AMFI's classification for Jan-Jun 2026. SEBI's buckets go by rank on six-month average market capitalisation: the top 100 are large caps, 101 to 250 mid caps, the rest small caps.
What is Central Depository Services (India) Ltd's P/E ratio?
55.88, vs peers 32.9 · 15th of 16. Price divided by last year's earnings per share: how many years of today's profit you pay for.
Is Central Depository Services (India) Ltd overvalued?
Dear, with low confidence: no valuation within 120 days; P/E 55.9 vs peers 32.9 (15th of 16); P/B 14.6 vs peers 8.6 (13th of 15).
How does Central Depository Services (India) Ltd make money?
The filing describes a depository whose principal business is Depository Services, providing investors with dematerialisation, holding, transfer and pledge of securities in electronic form. It serves corporates and capital market intermediaries, and it earns mainly through transaction-based charges and annual fee contracts.
Why is there no Altman Z or debt to equity for Central Depository Services (India)?
Borrowing is a bank's or lender's raw material, so those ratios mislead. Net interest margin, gross NPA, return on assets and the capital ratios are shown instead.
Who are Central Depository Services (India) Ltd's peers?
Compared with 16 Capital Markets (the industry, as the basic industry was too small): SBI Funds Management Ltd, HDFC Asset Management Company Ltd, Multi Commodity Exchange of India Ltd, Nippon Life India Asset Management Ltd, Motilal Oswal Financial Services Ltd and 11 more. The app shows how they compare on every figure.
Is this investment advice?
No. Valarth is a research and learning tool and is not a SEBI-registered investment adviser or research analyst. The figures come from the company's filings and the exchanges; what to do with them is your call.
How did Central Depository Services (India) do last quarter?
Central Depository Services (India) reported income of ₹293 Cr, up 5.8% on a year earlier and a net profit of ₹118 Cr, down 13.5% in the Jun 2026 quarter.
Who owns Central Depository Services (India)?
Central Depository Services (India) is held by promoters 15.0%, foreign institutions 8.2%, domestic institutions 15.2%.
Does Central Depository Services (India) pay a dividend?
Yes. Central Depository Services (India)'s dividend yield is 1.14% at the latest price; the last payout was ₹12.75 a share, ex-dividend 17 Jul 2026.
What do analysts say about Central Depository Services (India)?
14 analysts cover Central Depository Services (India), and the consensus is hold. A consensus is a count of opinions, not a forecast; read it beside the numbers.