Central Depository Services (India) Limited (CDSL) Fair Value & Analysis
Financial Services · IN · Market cap ₹275B (≈ $2.9B) · ISIN INE736A01011
What is Central Depository Services (India) Limited really worth?
A solid business, but trading 392% above our fair value of ₹283.72.
Strengths
Risks
For context
Fair value as of: Aug 19, 2026
From 13 valuation models · updated 16 days ago
Share price +5.1% over the past month.
What runs behind every stock
69 individual criteria per stock, every one traceable See the method →
What matters now
- The price sits above even our optimistic bull case (₹522.74). The favourable scenario is already priced in.
- Solid but not exceptional quality (68/100) and above fair value, neither a clear bargain nor a standout compounder.
- A fairly wide model range (₹212.79 to ₹522.74) leaves room in how you read the outcome.
- For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 19, 2026.
How to read this chart
60‑month range ₹416.73 – ₹1,964 · fair‑value band ₹212.79 – ₹522.74 · the ₹1,395 price screens above the ₹283.72 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 19, 2026.
Analysis
Central Depository Services (India) Limited (CDSL) currently trades at ₹1,395, while our model-based Fair Value estimate is ₹283.72, implying the stock looks roughly 391.6% overvalued today. The Quality Score stands at 68/100 (solid quality), in the Financial Services sector. Bull case: the DCF Models group reads highest at a median of ₹543.61 per share, and 0 of the 13 models we run sit above the ₹1,395 price. Bear case: the Asset-Based group reads lowest at ₹62.83, and 13 of the 13 models stay below the price. Evidence for this calculation is high.
Over the trailing twelve months, Central Depository Services (India) Limited generated revenue of ₹12.4B at a net margin of 36.8%. Revenue grew 5.5% year over year. It earns a return on equity of 23.9%. The balance sheet holds a net cash position of ₹809M. Fundamentals as of Aug 19, 2026
Our scenario range runs from ₹212.79 (bear case) to ₹522.74 (bull case); at ₹1,395, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 23% below its 52-week high and 25% above its 52-week low, currently above its 200-day average. For context, the median of 10 Financial Services peers we cover trades at −37% fair-value upside, at −80%, CDSL screens richer than that median.
Fair Value models
This estimate rests on fiscal year 2026 figures, and about 5 months have passed since. In that time the company retained roughly ₹3.92 per share, which is 1.4 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.
All 13 models by family
Widest divergence: DCF Models (₹543.61) versus Asset-Based (₹62.83). Highest evidence: Growth DCF (71).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Aug 19, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 67 · Market factors (momentum, volatility) 54
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.
About the company
Central Depository Services (India) Limited, together with its subsidiaries, provides depository services in India. It operates through Depository; Data Entry and Storage; and Repository segments.
Full company description
Central Depository Services (India) Limited, together with its subsidiaries, provides depository services in India. It operates through Depository; Data Entry and Storage; and Repository segments. The Depository segment offers various services to investors, such as dematerialisation, rematerialisation, holding, transfer, and pledge of securities in electronic form; and e-voting services to companies. Its Data Entry and Stroage segment provides centralized record keeping of KYC document of capital market investors. The Repository segment offers policyholders/warehouse receipt holders a facility to keep insurance policies/warehouse receipts in electronic form and to undertake changes, modifications, and revisions in the policy/receipt. It also provides account opening, processing delivery and receipt instructions, pledging, nomination, transmission of securities, change in address, bank account details, and SMS services for depository participants (DPs). In addition, the company offers various services, such as electronic access to security information, electronic access to security information and execution of secured transaction, SMS alerts related to transactions, electronic consolidated account statements, and virtual annual general meetings; Myeasi mobile application; application programming interfaces for DPs, electronic delivery instruction slip, and electronic margin pledge; and electronic foreign investment monitoring, electronic system driven disclosure services, and electronic notices, as well as e-locker services. Further, it provides KYC registration agency, eKYC, electronic signature service, tax filing, stamp duty calendar, electronic negotiable warehouse receipts and electronic non-negotiable warehouse receipts, and electronic insurance account. The company serves market participants, exchanges, clearing corporations, DPs, issuers, and investors. Central Depository Services (India) Limited was incorporated in 1997 and is based in Mumbai, India.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2022 – FY2026 · reported fiscal years
Central Depository Services (India) Limited reported revenue of ₹12.4B in FY2026 versus ₹5.5B in FY2022, a compound +22.4%/yr. Reported net income was ₹4.6B in FY2026, compounding +10.0%/yr from FY2022.
of which total revenue +26.6 % · buybacks/dilution +0.0 %
Annual growth per factor. These are factors, not summands: multiplied they give the EPS growth rate, added they do not quite. Start and end points are 3-year averages (details on hover).
CDSL screens 392% overvalued. Compare with Morgan Stanley, a financial holding company, →
Peer Group
Capital Markets · 453 stocks
How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.
Valuation Multiples vs Capital Markets median · lower = cheaper
Strength profile in five axes (Snowflake)
Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.
VALUE 0: the price sits above our fair-value range.
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
Similar stocks
10 more Capital Markets stocks, each showing price versus our Fair Value estimate (as of Aug 19, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Morgan Stanley, a financial holding company, MS | $214.77 | $138.97 | −35% |
| The Goldman Sachs Group GS | $1,034 | $756.89 | −27% |
| The Charles Schwab Corporation SCHW | $110.16 | $66.17 | −40% |
| Robinhood Markets, Inc HOOD | $104.26 | $30.94 | −70% |
| Macquarie Group MQG | A$251.87 | A$75.58 | −70% |
| CITIC Securities Company 600030 | ¥27.93 | ¥17.68 | −37% |
| Guotai Haitong Securities Co 601211 | ¥17.87 | ¥18.62 | +4% |
| East Money Information Co 300059 | ¥19.42 | ¥4.77 | −75% |
| CSC Financial Co 601066 | ¥25.78 | ¥14.17 | −45% |
| Huatai Securities Co 601688 | ¥19.56 | ¥19.26 | −2% |
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