Investor presentationAug 2026
Aug 2026 · PPT
Source: Nse
Central Depository Services (India) Limited (CDSL)
Small CapFinancial Services stocks · Small cap · NSE
CDSL is India's largest depository by demat accounts, providing securities infrastructure services. It facilitates holding and transfer of securities in electronic form, e-voting, and offers various investor services through its subsidiaries in KYC, insurance, and commodity repositories.
Data qualityFresh enough for analysisQuote updated 21 Oct, 03:31 pm ISTDetails
Quote21 Oct, 03:31 pm IST
Base fundamentals16 Oct 2026 · screener
Latest result16 Aug, 01:01 am IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags04 Oct 2026
Coverage13/14 · 93%
Valuation2026-07-20 · Rf 6.8% · Financial Services P/E 17.0 (n=243)
Technical timing lens
Trend score and candlestick chart
39BearishSMA20 -7.1% / mo · MACD +
Stock trend: 35
Sector RS: 45
Sector 3M: -5.7% vs Nifty 500 -5.6%
Financial Services FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
CDSLD candles · FIT view-6.6%Latest close ₹1237.20 on 2026-10-21
Bar
-2.6%
RSI
36
MACD hist
1.12
52W pos
22%
2026-10-21O ₹1270.00H ₹1278.80L ₹1230.00C ₹1237.20Vol 6.5L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
CDSLNifty Financial ServicesNifty 500
- CDSL
- -9.4%
- Nifty 500
- -6.5%
- Nifty Financial Services
- -6.9%
- Vs Nifty 500
- -2.9 pp
Chart stats
21 Oct 2026- From 52W high
- -26.1%
- 52W range position
- 22%
- ATR (14)
- 2.5%
- Volume vs 20D
- 0.73x
- Avg traded value
- ₹113 Cr
- 20D price channel
- ₹1,223.9 - ₹1,374
₹1,673.7
₹1,116.3 - ₹1,673.7
₹31.2
Latest completed session
20-session average
20.8% annualized volatility
Research snapshot
What the evidence says now
Mixed fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is mixed.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · FAIR VALUE50
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Average42
Revenue +13.1% · PAT +15.7% YoY
Technical
Bearish39
Price trend and sector-relative-strength timing.
Valuation
Legacy model-115.1%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence75
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Average · 42/100margin compression · Rev +13% YoY · PAT +16% YoY · +11% QoQ
Filed 30 Jun 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹293 Cr | +13.1% | +11.4% |
| EBITDA | ₹138 Cr | +6.2% | +19.0% |
| Operating margin | 47.0% | -300 bps | +300 bps |
| PAT | ₹118 Cr | +15.7% | +47.5% |
| PAT margin | 40.3% | +89 bps | +985 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 57.10
- P/B
- 13.72
- EV/EBITDA
- 40.75
- Market Cap
- 26896.00Cr
Profitability
- ROE
- 24.50%
- ROCE
- 32.00%
- ROA
- 19.43%
- Dividend Y
- 1.00%
Growth (CAGR)
- Revenue 5Y
- 27.00%
- EPS 5Y
- 18.00%
- Revenue 3Y
- 27.00%
- EPS 3Y
- 18.00%
Balance Sheet
- Debt/Equity
- 0.00
- Interest Coverage
- —
- Altman Z
- 8.60
- Book Value
- 93.80
Cash Flow
- FCF Yield
- 1.05%
- FCF Positive Y
- 12/5
- OCF
- 467.00 Cr
- EPS TTM
- 22.55
Shareholding
- Promoter Hold
- 15.00%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 31%
Financial History
Updated 21/10/2026
Revenue
₹ CrLatest: 293+11.4% vs prev
Net Profit
₹ CrLatest: 118+47.5% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Bearish setupTrend is weak — long-term trend down. RSI 36.
- Price below SMA200 (long-term downtrend) — short-term bounces likely countertrend.
- SMA20 falling (~7.7% over last month) — short-term momentum negative.
- RSI(14) at 36 — falling, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 26% off 52W high · 11% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
35
RS percentile
Stage 1 Base / Transition
1M return
-9.1%
3M return
-9.4%
6M return
-6.5%
1Y return
-23.5%
RS 1D
+1
RS 20D
-12
Sector rank
#10
Industry rank
-
Stage evidence
- Price is within 4.9% of the 30-week proxy.
- The 30-week proxy changed +0.5% over 20 sessions.
- The moving-average structure does not confirm Stage 2 or Stage 4.
50-DMA
price below
200-DMA
price below
Sector
neutral
Industry
unranked
Relative-strength line vs Nifty 500 (base 100)
262 observations
21 Oct 2026Value 87.34-1.68%
RS vs Nifty 50087
Valuation & peers
U-Score 50 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Valuation & peers
U-Score 50 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Premium Compounder
Fundamental score breakdown
U band · FAIR VALUEValuation0/30
Growth15/25
Quality16/20
Balance Sheet7/15
Cash Flow7/10
Piotroski
8/9 (+5)
Penalties
0
Raw sum
50
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
50/100 · legacy band FAIR VALUE
Positive drivers
- Piotroski is strong at 8/9.
- Quality contributes 16/20 to the score.
- Cash flow contributes 7/10 to the score.
Main drags
- Fair-value margin of safety is negative at -115.1%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Balance sheet is weaker at 7/15; verify the latest quarterly trend.
Sector valuation model
Blended valuation: PE, EV/EBITDA, FCF yield, and balance-sheet checks
For this sector, IndiaPulse uses a blended lens rather than relying on a single valuation ratio.
Primary lens
PE, EV/EBITDA, margin of safety, and FCF yield together.
Secondary checks
ROE/ROCE, growth, cash conversion, leverage, promoter risk.
Main risk check
One cheap metric is not enough if quality or cash flow is weak.
PE
57.1
PB
13.7
EV/EBITDA
40.8
ROE
24.5%
ROCE
32.0%
FCF Yield
1.1%
Debt/Equity
0.0
MoS
-115.1%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
50
Previous: 50
Legacy U-Score band
FAIR VALUE
Previous: FAIR VALUE
Margin of safety
-115.1%
Previous: -120.9%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
50
50
50
50
50
50
50
50
50
50
50
50
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹218.16
-467.1% MoS
Growth-justified P/E
25.5
Growth-justified Value
₹575.03
-115.1% MoS
PEG
3.17
Comparable companies
Peers
Business-comparable peers in Financial Services — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
CHOLAHLDNG
Small
Cholamandalam Financial Holdings Limited
Holding Company
match 23
51
9.6
17.5%
+62%
FAIR VALUE
IIFL
Small
IIFL Finance Limited
NBFC
match 23
38
10.4
12.6%
+59%
WATCHLIST
ANGELONE
Small
Angel One Limited
Broking
match 23
35
23.8
15.6%
+6%
WATCHLIST
CGCL
Small
Capri Global Capital Limited
NBFC
match 22
35
21.1
16.5%
+18%
WATCHLIST
NUVAMA
Small
Nuvama Wealth Management Limited
Wealth Management
match 22
40
29.0
27.4%
-11%
WATCHLIST
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis under stressReviewed 2026-06-04T09:13:11.952Z
Management commentary snapshot
CDSL's Q4FY26 standalone operating income declined QoQ to ₹212 crore, with EBITDA falling to ₹102 crore and Net Profit to ₹69 crore, reflecting a sequential slowdown after a strong Q2FY26.
The sequential decline in operating income, EBITDA, and net profit in Q4FY26, coupled with a drop in Demat Custody value, suggests a slowdown in core depository activity. While BO account additions remain robust, the financial performance indicates potential pressure on transaction-based revenues.
Growth engines
Growing Demat Account Base
Crossed 100 million demat accounts in 2024; total BO accounts reached 1,801 lakh in Q4FY26.
Digital Infrastructure & Services
Introduction of e-DIS, DDPI, Direct Payout, e-voting, eKYC, and the new Investor App with unified features.
Subsidiary Diversification
CDSL Ventures (KYC, RTA), Centrico Insurance Repository, and Countrywide Commodity Repository expand service offerings.
Tailwinds
Digitalization of Securities Market
Continued adoption of e-DIS, e-voting, eKYC, and the new Investor App, supporting digital transactions.
Financialization of Savings
Consistent growth in total demat accounts and net accounts opened quarterly, indicating increasing retail participation.
Headwinds
Market Volatility Impact on Transaction Volumes
Standalone transaction charges income declined QoQ from ₹60 crore in Q3FY26 to ₹25 crore in Q4FY26.
Decline in IPO/Corporate Action Income
Standalone IPO/CA Income decreased QoQ from ₹59 crore in Q3FY26 to ₹44 crore in Q4FY26.
Risk radar
Dependence on Capital Market Activity
Fluctuations in transaction charges and IPO/CA income directly impact overall revenue and profitability, as seen in Q4FY26.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare BOTH
QoQ comparison is crucial to assess sequential momentum in transaction volumes, new account additions, and profitability. YoY comparison is also relevant to understand annual growth trends and seasonal impacts in the financial services sector.
Sector KPIs management disclosed
Demat Custody (AUM)
UNDER_STRESS₹77 lakh crores in Q4FY26, down from ₹85 lakh crores in Q3FY26 but up from ₹71 lakh crores in Q4FY25.
Number of BO Accounts (Total)
INTACT1,801 lakh accounts as of Q4FY26, up from 1,727 lakh in Q3FY26 and 1,529 lakh in Q4FY25.
Net Accounts Opened in Quarter
INTACT74 lakh accounts in Q4FY26, slightly down from 76 lakh in Q3FY26 but up from 64 lakh in Q4FY25.
Standalone Operating Income
UNDER_STRESS₹212 crore in Q4FY26, down from ₹254 crore in Q3FY26 but up from ₹182 crore in Q4FY25.
Management forward view
Focus on Investor Empowerment
The company's theme is "Empowering #AtmanirbharNiveshak", with launches like the Investor App and IPF investor education website.
Enhancing Digital Offerings
Continuous introduction of innovative services like Direct Pay-out, Proxy Advisor Recommendations, and Digilocker integration.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Net Demat Account Additions | 74 lakh in Q4FY26 | Sustained quarterly additions above 70 lakh to maintain growth momentum. |
| Demat Custody Value (AUM) | ₹77 lakh crores in Q4FY26 | Reversal of QoQ decline and consistent growth, indicating broader market value. |
| Transaction Charges Income | ₹25 crore (Standalone) in Q4FY26 | Recovery in transaction-based revenues, indicating improved market activity. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
75Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 78th percentile of the scored universe and 88th percentile within Financial Services. Main check: results consistency is weak at 57/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 21 Oct 2026
management-trust-v1
54 docs text-extracted · 26 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
78th percentile
overall median 67 · Financial Services: 88th pctile, median 62 · Small: 80th pctile, median 66
Evidence depth
Financial-only
54 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Can support position sizing if valuation and trend also agree.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
66
acceptable · holding, pledge, alignment
Cash flow
77
strong · profit to cash conversion
Balance sheet
88
strong · leverage and solvency
Discipline
80
strong · capital discipline
Results
57
watch · quarterly consistency
Trust positives
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 1.1%.
- ▸12 years of positive FCF.
- ▸Debt/equity is 0.00.
Trust risks
- ▸Promoter holding is only 15%.
- ▸ROCE trend is -6%.
- ▸OPM spread across recent quarters is 18%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Central Depository Services (India) Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Annual reportJul 2026
Jul 2026 · Copy of Newspaper Publication 9 July 2026 - CDSL published AGM notice; 28th AGM on July 30, 2026, with annual report dispatch and e-voting details.
Source: Nse
Investor presentationMay 2026
May 2026 · PPT
Source: Nse
Annual reportMar 2026
Mar 2026 · Annual Report 2026
Source: Nse
Investor presentationFeb 2026
Feb 2026 · PPT
Source: Nse
Annual reportMar 2025
Mar 2025 · Annual Report 2025
Source: Nse
Concall transcriptNov 2024
Nov 2024 · Transcript
Source: Nse
Investor presentationNov 2024
Nov 2024 · PPT
Source: Nse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.