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Central Depository Services (India) Ltd.
NSE: CDSLFinancial ServicesCapital Markets
- Last close
- ₹1,188.50
- Day change
- −₹36.50 (−2.98%)vs
- Market cap
- ₹27,024 crIndian rupees
- Research updated
- 1 report
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About Central Depository Services (India)
Central Depository Services (India) Ltd. is a key player in India's financial infrastructure, operating as one of the primary securities depositories in the country. Its central role involves maintaining and safeguarding the ownership records of various securities like stocks, bonds, and mutual funds in electronic form, thereby eliminating the risks and hassles associated with physical certificates. Notably, CDSL enables the efficient settlement of securities transactions by ensuring the digital transfer of ownership promptly, thus enhancing transparency and security in the market. It predominantly impacts sectors like finance and banking, along with the broader investment community, including brokers, asset management companies, and retail investors. Established as a pivotal part of the Indian capital market, CDSL provides a crucial link between the regulatory framework and market participants, ensuring compliance, risk management, and facilitating seamless market operations. As a central repository, CDSL supports various capital market services such as KYC record-keeping, e-voting services for listed companies, and providing online access to beneficial ownership information, making it an indispensable component of India's evolving financial market landscape.
- Sector
- Financial Services
- Industry
- Capital Markets
- Listing
- NSE: CDSL
- Next results
- Chief executive
- Mr. Nehal Naleen Vora
- Employees
- 494
- Headquarters
- Mumbai, India
- ISIN
- INE736A01011
- Website
- cdslindia.com
Public research · Report of
Business model & financial foundation
CDSL (NSE: CDSL), Depository and capital-market infrastructure: revenue of ₹1,145 crore in FY26 (+5.8% on FY25), an EBITDA margin of 51.2%, net profit of ₹456.1 crore and net cash of ₹1,571 crore.
- Revenue, FY26 (₹ crore)
- 1,145
- consolidated
- Revenue growth, FY26
- +5.8%
- on FY25
- EBITDA margin, FY26
- 51.2%
- EBITDA (Operating EBITDA excluding other income and associates) / revenue
- Net profit, FY26 (₹ crore)
- 456.1
- to owners
- Return on equity, FY26
- 24.0%
- on average equity
- Net debt, FY26 (₹ crore)
- -1,571
- Net debt including treasury investments (negative net cash)
- Market capitalisation (₹ crore)
- 27,149
- at the close of 16 Oct 2026
Company profile
CDSL holds and settles securities electronically through depository participants. Annual issuer charges are linked to issuer folios, while transaction and corporate-action income depend on delivery activity and issuance. CVL provides KYC registration services. Scale does not guarantee pricing power: tariffs and compliance expenditure are subject to regulation.
| Item | Value |
|---|---|
| Legal name | Central Depository Services (India) Limited |
| Exchange and ticker | NSE: CDSL |
| ISIN | INE736A01011 |
| CIN | L67120MH1997PLC112443 |
| Sector | Financial services |
| Industry | Depository and capital-market infrastructure |
| Headquarters | Mumbai, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | S. R. Batliboi & Co. LLP |
| Market capitalisation | ₹27,149 crore (16 Oct 2026) |
| Shares outstanding | 20.90 crore shares (FY26) |
| Price | ₹1,284 (close, 16 Oct 2026) |
| 52-week range | ₹1,116 - ₹1,674 (to 16 Oct 2026) |
| Website | https://www.cdslindia.com |
Corporate structure and shareholding
Parent: BSE Limited (15% promoter stake).
| Entity | Holding | Business |
|---|---|---|
| CDSL Ventures Limited | 100% | KRA, RTA and digital verification services |
| Centrico Insurance Repository Limited | 54.25% | Electronic insurance repository |
| Countrywide Commodity Repository Limited | 52% | Electronic warehouse receipts |
India International Bullion Holding IFSC is an associate; group share of profit/loss is separately modelled.
| Shareholding (% of shares) | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|
| Promoter | 15.00% | 15.00% | 15.00% | |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | |
| Foreign institutions | 12.40% | 11.36% | 8.24% | |
| Domestic institutions | 15.10% | 14.42% | 15.19% | |
| of which mutual funds | 7.38% | 6.63% | 7.30% | |
| Other | 57.50% | 59.22% | 61.57% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
CDSL is one of India's two SEBI-regulated depositories. It holds securities electronically for investors through about 588 depository participants. On the consolidated basis it earns from five streams:
- Annual issuer charges, linked to folios: Rs456.4 cr in FY26.
- Debit transaction charges, collected from depository participants per delivery: Rs239.5 cr.
- IPO and corporate-action charges: Rs159.8 cr.
- Online data charges, mainly the KYC registration business of its wholly owned subsidiary CVL: Rs180 cr on the restated basis.
- Other operating income (eCAS, e-voting, margin pledge, account maintenance and similar): Rs109.2 cr.
Treasury other income was a further Rs93.6 cr in FY26, earned on about Rs1,573 cr of liquid funds.
SEBI sets the tariffs, so CDSL controls volume, technology and service, not price. Growth therefore comes from four things: more accounts and folios, more issuance, more delivery activity, and the data services built on its KYC base. BSE Ltd is the promoter, with 15%.
| Segment | revenue, FY26 (₹ crore) | Share | result, FY26 (₹ crore) | Share | assets, FY26 (₹ crore) | Share |
|---|---|---|---|---|---|---|
| Depository Activity | 960.5 | 83.8% | 467.3 | 89.9% | 512.7 | 73.7% |
| Data Entry and Storage | 182.8 | 15.9% | 60.2 | 11.6% | 178.5 | 25.6% |
| Repository | 3.40 | 0.3% | -8.00 | -1.5% | 4.81 | 0.7% |
Segments as the company reports them (consolidated); each share is of the segments' sum.
| Peer | Why the dossier compares them |
|---|---|
| National Securities Depository Limited | Direct competitor; institutional custody mix differs. |
| BSE Limited (BSE) | Regulated market infrastructure and parent; exchange turnover sensitivity differs. |
| Multi Commodity Exchange of India (MCX) | Market infrastructure with transaction sensitivity. |
| Computer Age Management Services (CAMS) | Asset-light investor-service infrastructure; mutual-fund base. |
| KFin Technologies (KFINTECH) | Investor recordkeeping and issuer services. |
| Angel One (ANGELONE) | Retail market participation comparator; broker not depository. |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations | 551.3 | 555.1 | 812.3 | 1,082 | 1,145 |
| Cost of revenue (vendor classification) * | 101.8 | 133.4 | 185.4 | 235.1 | 332.7 |
| Other operating costs (vendor classification) * | 63.4 | 81.1 | 115.2 | 261.5 | 189.2 |
| EBITDA (vendor classification) * | 393.9 | 353.8 | 534.5 | 744.0 | 634.0 |
| Operating EBIT excluding other income and associates | 408.6 | 365.3 | 462.2 | 575.4 | 519.7 |
| Finance cost | 0.01 | 0.13 | 0.11 | 0.10 | 0.17 |
| Profit before tax | 408.6 | 365.2 | 556.0 | 694.9 | 609.0 |
| Income tax expense | 96.7 | 89.2 | 136.5 | 168.6 | 153.9 |
| Group PAT including non-controlling interests | 311.8 | 276.0 | 419.6 | 526.3 | 455.1 |
| Diluted EPS bonus-adjusted (₹) | 14.89 | 13.21 | 20.06 | 25.20 | 21.82 |
| Employee benefits expense | 96.4 | 121.9 | 156.5 | ||
| Computer technology expense | 63.3 | 113.2 | 162.2 | ||
| Other operating expenses excluding IT including impairment | 163.1 | 222.8 | 240.3 | ||
| Materials COGS - not applicable service business | 0.00 | 0.00 | 0.00 | ||
| Operating EBITDA excluding other income and associates | 489.4 | 624.4 | 585.9 | ||
| Other income | 95.0 | 117.0 | 93.6 | ||
| Depreciation and amortisation including ROU | 27.2 | 49.0 | 66.2 | ||
| Share of profit/(loss) of associate | -1.08 | 2.64 | -4.10 | ||
| Exceptional items separately disclosed | n.d. | n.d. | n.d. | ||
| PAT attributable to owners | 419.1 | 526.6 | 456.1 | ||
| PAT attributable to NCI | 0.45 | -0.31 | -1.06 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total equity including NCI | 1,136 | 1,257 | 1,507 | 1,804 | 2,002 |
| Interest-bearing debt including lease liabilities | 0.29 | 2.37 | 1.36 | 2.98 | 2.20 |
| Reported cash and cash equivalents including earmarked | 42.5 | 5.27 | 18.5 | 32.3 | 51.4 |
| Consolidated net trade receivables | 15.3 | 17.4 | 66.8 | 52.8 | 64.6 |
| Trade payables including MSME | 10.6 | 19.6 | 28.0 | 36.9 | 52.2 |
| Net PPE plus intangible assets excluding ROU and CWIP | 0.38 | 3.35 | 340.3 | 443.6 | 498.1 |
| Capital work in progress PPE only | 0.00 | 173.2 | 0.00 | 7.13 | 5.53 |
| Total assets | 1,326 | 1,457 | 1,782 | 2,162 | 2,419 |
| Equity attributable to owners | 1,463 | 1,760 | 1,960 | ||
| Unrestricted owned current-account cash | 12.0 | 22.6 | 34.3 | ||
| Treasury investments excluding strategic unquoted equities | 1,098 | 1,275 | 1,409 | ||
| Owned deposit principal excluding earmarked deposits | 76.7 | 116.4 | 129.7 | ||
| Available treasury liquidity excluding earmarked assets | 1,187 | 1,414 | 1,573 | ||
| Net debt including treasury investments (negative net cash) | -1,185 | -1,411 | -1,571 | ||
| Inventory - not applicable service business | 0.00 | 0.00 | 0.00 | ||
| Intangible assets under development | 3.82 | 0.00 | 1.96 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net cash from operating activities after tax | 390.3 | 335.4 | 385.9 | 543.5 | 466.6 |
| Free cash flow (vendor definition) * | 258.2 | 43.2 | 312.5 | 387.7 | 345.9 |
| Dividends paid positive cash outflow | 94.1 | 156.8 | 167.2 | 229.9 | 261.3 |
| Gross cash capex PPE and intangible purchases positive outflow | 13.6 | 193.9 | 73.5 | 155.8 | 120.7 |
| Free cash flow CFO less gross cash capex | 312.5 | 387.7 | 345.9 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Shares outstanding bonus-adjusted | 20.90 | 20.90 | 20.90 | 20.90 | 20.90 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 322.3 | 278.1 | 224.5 | 258.8 | 318.9 | 304.4 | 262.8 | 292.8 |
| Cost of revenue (vendor classification) * | 55.6 | 61.9 | 65.1 | 73.6 | 82.7 | 83.3 | 94.3 | |
| Other operating costs (vendor classification) * | 66.9 | 55.6 | 50.0 | 54.7 | 60.6 | 62.8 | 60.6 | |
| EBITDA (vendor classification) * | 236.6 | 181.4 | 141.5 | 166.4 | 189.1 | 121.1 | 185.9 | |
| Operating EBIT (excludes other income and associates) | 187.9 | 147.7 | 95.1 | 115.2 | 161.5 | 143.9 | 98.9 | 118.7 |
| Finance cost | 0.02 | 0.01 | 0.05 | 0.05 | 0.04 | 0.04 | 0.04 | 0.04 |
| Profit before tax (including associate share) | 224.7 | 168.4 | 127.2 | 151.2 | 182.7 | 171.9 | 103.2 | 166.7 |
| Total tax expense (current and deferred) | 62.7 | 38.6 | 26.8 | 48.8 | 42.7 | 39.0 | 23.4 | 49.0 |
| Net profit after tax (including non-controlling interests) | 162.0 | 129.8 | 100.4 | 102.4 | 139.9 | 132.9 | 79.8 | 117.7 |
| Diluted EPS (bonus-adjusted; quarters not annualised) (₹) | 7.75 | 6.23 | 4.80 | 4.90 | 6.71 | 6.38 | 3.84 | 5.62 |
| Other income (outside revenue from operations) | 36.2 | 20.0 | 31.3 | 36.4 | 22.5 | 29.2 | 5.53 | 47.7 |
| Employee benefits expenses | 31.4 | 32.3 | 31.5 | 39.0 | 41.4 | 40.3 | 35.9 | 46.6 |
| Depreciation and amortisation expenses | 11.9 | 13.0 | 14.3 | 15.2 | 16.1 | 17.1 | 17.8 | 19.2 |
| Computer technology related expenses | 24.1 | 29.6 | 33.6 | 34.6 | 37.8 | 42.4 | 47.5 | 47.6 |
| Other expenses | 66.9 | 55.6 | 50.0 | 54.7 | 62.1 | 60.6 | 62.8 | 60.6 |
| Share of profit/(loss) of associate | 0.59 | 0.72 | 0.83 | -0.37 | -1.31 | -1.22 | -1.20 | 0.25 |
| Net profit attributable to owners of the company | 162.0 | 130.1 | 100.3 | 102.4 | 140.2 | 133.3 | 80.2 | 117.5 |
| Net profit attributable to non-controlling interests | -0.07 | -0.30 | 0.09 | 0.04 | -0.28 | -0.38 | -0.43 | 0.16 |
| Operating EBITDA (excludes other income and associates) | 199.8 | 160.7 | 109.4 | 130.5 | 177.6 | 161.0 | 116.8 | 137.9 |
| Materials COGS (not applicable; service-business cost stack) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Separately disclosed exceptional items (none in statement) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Shares outstanding (bonus-adjusted) | 20.90 | 20.90 | 20.90 | 20.90 | 20.90 | 20.90 | 20.90 | 20.90 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 60.4% | 0.7% | 46.3% | 33.2% | 5.8% |
| EBITDA margin | 60.3% | 57.7% | 51.2% | ||
| Net margin | 51.6% | 48.7% | 39.8% | ||
| Return on equity | 30.3% | 31.8% | 24.0% | ||
| Return on capital employed | 39.7% | 30.5% | 33.4% | 34.7% | 27.3% |
| Return on assets | 25.9% | 26.7% | 19.9% | ||
| Net debt (₹ crore) | -1,185 | -1,411 | -1,571 | ||
| Net debt / EBITDA | -2.42x | -2.26x | -2.68x | ||
| Interest cover | 40,856.0x | 2,809.9x | 4,197.6x | 5,736.6x | 2,995.3x |
| Asset turnover | 0.46x | 0.40x | 0.50x | 0.55x | 0.50x |
| Receivable days | 10 | 11 | 30 | 18 | 21 |
| Inventory days (on revenue) | 0 | 0 | 0 | ||
| Payable days (on revenue) | 7 | 13 | 13 | 12 | 17 |
| Cash conversion | 0.92x | 1.03x | 1.02x | ||
| Capex intensity | 2.5% | 34.9% | 9.0% | 14.4% | 10.5% |
| Free cash flow (₹ crore) | 376.6 | 141.6 | 312.5 | 387.7 | 345.9 |
| Dividend payout | 39.9% | 43.7% | 57.3% | ||
| EPS, diluted (₹) | 14.89 | 13.21 | 20.06 | 25.20 | 21.82 |
| Book value per share (₹) | 54.37 | 60.15 | 72.11 | 86.31 | 95.80 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (Operating EBITDA excluding other income and associates) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Net debt including treasury investments (negative net cash).
- Net debt / EBITDA: net debt / EBITDA (Operating EBITDA excluding other income and associates).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS bonus-adjusted).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 1, information to 16 Oct 2026); market data at the close of 16 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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What the full research on Central Depository Services (India) includes
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- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
- Fundamental valuation & 12-month thesisWhat the business is worth on several methods, what the market already prices in and the 12-month thesis that follows.
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The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
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Report history
Reports on Central Depository Services (India)
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Prices are the last close on the NSE, 23 Oct 2026. Research from Mool’s report of 16 Oct 2026; page updated 25 Oct 2026.
Mool’s research is written by AI agents and published by Mool Capital Private Limited, a SEBI-registered Research Analyst, registration INH000012449, which is responsible for it. This page shows factual company information and an excerpt of that research; it carries no rating and is not investment advice for any individual. Investment in securities market are subject to market risks. Read all the related documents carefully before investing. Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors. Read the disclosures.