Central Depository Services (India) Limited (CDSL) fair value: what the stock is really worth
As of Nov 11, 2026: fair value (intrinsic value) of Central Depository Services (India) Limited stock ₹409, price ₹1,407, that is 70.9% below the price, quality 68 out of 100. Rating: strongly overvalued. Calculated from audited financials with 13 of our 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 10, 2026.
How to read this chart
60‑month range ₹424.55 – ₹1,931 · fair‑value band ₹212.79 – ₹709.70 · the ₹1,407 price screens above the ₹409.08 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 10, 2026.
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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.
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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.
Stock analysis
Central Depository Services (India) Limited (CDSL) currently trades at ₹1,407, while our model-based Fair Value estimate is ₹409.08, 71% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Earnings-Based group reads highest at a median of ₹784.42 per share, and 0 of the 13 models we run sit above the ₹1,407 price.
Bear case: the Economic Profit group reads lowest at ₹152.92, and 13 of the 13 models stay below the price. Data coverage for this calculation is high.
Scenario range: ₹212.79 (bear) to ₹709.70 (bull), the price of ₹1,407 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 68/100 (solid quality), in the Financial Services sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
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.
Key figures
Market cap ₹294B (≈ $3.1B) Mid · P/E ratio 58.2 · P/S ratio 21.7 · EPS (TTM) ₹24.16 · Dividend yield 0.9% · Net margin 37.2% · Return on equity 26.4% · Return on assets (EBIT) 25.3% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 89 out of 100 (medium confidence).
What moves the price
The share trades about 14% below its 52-week high and 27% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Financial Services peers we cover trades at 5% fair-value upside, at −71%, CDSL screens richer than that median.
Fair Value models
The price assumes far more growth than our models allow for, so the models scatter widely (₹19.92 to ₹1,035). Read the Fair Value as a cautious anchor, not a price target; the Growth Forecast section shows what the price assumes.
Bear₹212.79Fair Value ₹409.08Bull₹709.70
Price ₹1,407 · Downside -70.9%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2026 figures (about 7 months old). Earnings retained since then (₹7.06 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.100/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+14.4%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+30.7%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+29.2%
Start year 2021 (pandemic). Over 10 years: +26.0% a year
Revenue growth 16 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+16.9%
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What shareholders gained per year (last 5 years), in INR ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Measured in INR: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
+18.8%
Earnings growth per share plus dividend.
Earnings per share, growth per year+17.9%
Dividend (yield on the price)0.9%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.17.9% vs 18.2%, steady
Profit margin 2021 to 2026 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.62% → 50%
Pace: the 5-year rate starts in 2021 (pandemic)
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far and more than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+38.1%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+10.7%
Yearly sales growth analysts expect, extended to five years.
After inflation (India: IMF forecast 4.1% a year to 2030, 4.7% from 2016 to 2025) that is about +32.6% a year for the price and +6.3% for the forecasts.
AI conclusion: The business draws strength from a wide moat rooted in its duopoly depository position and high margins, yet faces weak innovation signals and limited human capital data.
Main risk: The Supreme Court stay on the Bombay High Court ruling creates uncertainty over potential liability for broker fraud that could force material provisions and alter market structure.
CDSL's depository services expand alongside India's growing base of demat accounts and capital market volumes. A Supreme Court stay on a Bombay High Court ruling that could hold it liable for broker fraud under the Depositories Act creates uncertainty over potential costs and market structure impacts. Our models see the shares as overvalued. Will the final ruling shield the business model or require material provisions?
Compare Central Depository Services (India) Limited with another stock
Price, fair value, quality and upside side by side.
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Peer Groupⓘ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.Capital Markets · 454 stocks
Beats the industry median on 6/13 measures
A mixed picture versus its industry peers.
Valuation
Quality Score68 · Top 25%
Fair Value upside−70.9% · Bottom 25%
Profitability
Return on equity (12 months)26.4% · Top 25%
Return on assets18.9% · Top 25%
Net margin (12 months)37.2% · Above median
Operating margin (12 months)55.3% · Top 25%
Growth and dividend
Revenue growth (quarter YoY)22.2% · Above median
Dividend yield (12 months)0.9% · Below median
Valuation Multiplesvs Capital Markets median · lower = cheaper
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Is Central Depository Services (India) Limited (CDSL) overvalued or undervalued?
As of Nov 10, 2026, our model estimates a fair value of ₹409.08 versus a price of ₹1,407, about 71% lower (overvalued).
What is the fair value of CDSL?
Our model-based fair value for Central Depository Services (India) Limited is ₹409.08 (as of Nov 10, 2026), built from audited fundamentals. The current price: ₹1,407.
What is the quality score of CDSL?
Central Depository Services (India) Limited has a Quality Score of 68/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Central Depository Services (India) Limited (CDSL)?
Our model-based price target is the fair value of ₹409.08 (as of Nov 10, 2026) from 13 valuation models. Cautious scenario ₹212.79, optimistic scenario ₹709.70. It is a calculation from audited fundamentals, not an analyst target.
What is the Central Depository Services (India) Limited stock forecast for 2026?
Our models put fair value at ₹409.08, about 71% lower versus a price of ₹1,407 (overvalued). Cautious scenario ₹212.79, optimistic scenario ₹709.70. The calculation is refreshed regularly with new filings.
What is the revenue of Central Depository Services (India) Limited (CDSL)?
Central Depository Services (India) Limited reported trailing-twelve-month revenue of about ₹13.6B (latest available figure, as of Nov 10, 2026).
Does Central Depository Services (India) Limited pay a dividend?
Central Depository Services (India) Limited currently shows a dividend yield of 0.91% relative to its recent price (as of Nov 10, 2026).
How much is the dividend of Central Depository Services (India) Limited (CDSL) and when is the ex-dividend date?
Central Depository Services (India) Limited pays a dividend of ₹12.75 per share a year, a dividend yield of 0.9%. The last ex-dividend date was Jul 17, 2026. A dividend has been paid every year since at least 2018. The payout ratio is 52.8% of earnings. Free cash flow covers the dividend 1.47 times. Our assessment: Well covered. A low payout and the dividend is fully funded by free cash flow, a comfortable, sustainable dividend.
What growth is priced into Central Depository Services (India) Limited (CDSL)?
For today's price to be fair in a discounted-cash-flow model, Central Depository Services (India) Limited would have to grow free cash flow by +38.1 % per year for five years (discount rate 10.9 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +29.2 % per year. As of Nov 10, 2026.
What discount rate (WACC) does the fair value of CDSL use?
Our models discount Central Depository Services (India) Limited at 10.9 %: a base by market capitalisation (mid), damped by beta 0.44, country premium for India. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Central Depository Services (India) Limited that is +38.1 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (10.9 %) and the same formula as our fair value.
How much growth has Central Depository Services (India) Limited (CDSL) delivered so far?
Over the past 5 years revenue at Central Depository Services (India) Limited grew +29.2 % a year. The price currently implies free-cash-flow growth of +38.1 % per year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Central Depository Services (India) Limited (CDSL) growing?
The median revenue growth in the sector is +8.9 % a year. That is the yardstick for the growth priced into Central Depository Services (India) Limited (+38.1 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Central Depository Services (India) Limited (CDSL)?
The free-cash-flow yield on the price is 1.33 %: that much free cash flow Central Depository Services (India) Limited produces per unit of market value. When it exceeds the discount rate of our models (10.9 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Central Depository Services (India) Limited (CDSL)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Central Depository Services (India) Limited it is ₹409.08 per share (as of Nov 10, 2026), against a price of ₹1,407. It is the blended result of 13 valuation models in 7 families (DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit).
Is Central Depository Services (India) Limited stock overvalued or undervalued in 2026?
As of Nov 10, 2026, CDSL trades above its calculated fair value: price ₹1,407, fair value ₹409.08, a gap of about −71% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of CDSL?
No. The price is what the market pays today (₹1,407); the fair value is what the company's own numbers justify (₹409.08). For Central Depository Services (India) Limited the two are ₹997.92 per share apart. That gap is exactly why we show both numbers side by side.
How much is Central Depository Services (India) Limited worth?
The market values Central Depository Services (India) Limited at about ₹294B (market capitalisation, as of Nov 10, 2026). Per share that is ₹1,407; our models calculate a fair value of ₹409.08 per share.
What do the bullish and bearish scenarios say about CDSL?
Our models span a range for Central Depository Services (India) Limited: cautious scenario ₹212.79, base ₹409.08, optimistic ₹709.70 per share (as of Nov 10, 2026, price ₹1,407). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of CDSL?
Central Depository Services (India) Limited trades at a price-to-earnings ratio of 58.2 (as of Nov 10, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of ₹409.08 is built from several models across several years. Other multiples: P/B 15.0, P/S 21.7, EV/EBITDA 40.7.
How solid is the balance sheet of Central Depository Services (India) Limited (CDSL)?
Balance-sheet figures for Central Depository Services (India) Limited (as of Nov 10, 2026): return on equity 26.4%. They feed the Quality Score of 68/100, which measures business quality independently of the share price.
How far is CDSL from its 52-week high?
Central Depository Services (India) Limited trades at ₹1,407, about 14% below its 52-week high of ₹1,639 and 27% above the low of ₹1,111 (as of Nov 11, 2026). Distance from the high says nothing about value: that is what the fair value of ₹409.08 is for.
Which stocks are comparable to Central Depository Services (India) Limited?
From the same area (Financial Services) we also value Morgan Stanley, The Goldman Sachs Group, The Charles Schwab Corporation, Interactive Brokers Group, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Central Depository Services (India) Limited stock attractive at the current price?
The data as of Nov 10, 2026: price ₹1,407, calculated fair value ₹409.08 (−71%), Quality Score 68/100, from 13 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of CDSL calculated?
We run Central Depository Services (India) Limited through 13 models from 7 families: DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit. Every model gets the same audited fundamentals; the fair value of ₹409.08 builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.0% above its aggregate fair value. Central Depository Services (India) Limited itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Central Depository Services (India) Limited (CDSL)?
The closing price on Nov 11, 2026 was ₹1,407. Our model-based fair value is ₹409.08, about 71% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Central Depository Services (India) Limited right now?
The price sits above even our optimistic bull case (₹709.70). The favourable scenario is already priced in. The model range is unusually wide (₹212.79 to ₹709.70). The outcome hinges heavily on assumptions, so read the point estimate with caution. Solid but not exceptional quality (68/100) and above fair value, neither a clear bargain nor a standout compounder. For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
Where does the earnings growth of Central Depository Services (India) Limited (CDSL) come from?
Earnings per share at Central Depository Services (India) Limited grew +22.0 % a year from 2015 to 2026. Broken into its drivers: revenue per share +26.6 %, EBIT margin +0.8 %, tax rate +0.6 %, residual (interest, one-offs) −5.0 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Central Depository Services (India) Limited
How large is the market capitalisation of Central Depository Services (India) Limited (CDSL)?
The market capitalisation of Central Depository Services (India) Limited is ₹294B (≈ $3.1B). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Central Depository Services (India) Limited (CDSL)?
The price-to-sales ratio of Central Depository Services (India) Limited is 21.7 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Central Depository Services (India) Limited (CDSL)?
Earnings per share at Central Depository Services (India) Limited are ₹24.16 (price ÷ EPS = P/E 58.2). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Central Depository Services (India) Limited (CDSL)?
The dividend yield of Central Depository Services (India) Limited is 0.9% (payout 52.8%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Central Depository Services (India) Limited (CDSL)?
The net margin of Central Depository Services (India) Limited is 37.2% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Central Depository Services (India) Limited (CDSL)?
The return on equity (ROE) of Central Depository Services (India) Limited is 26.4% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Central Depository Services (India) Limited (CDSL)?
On an EBIT basis the return on assets of Central Depository Services (India) Limited is 25.3% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Central Depository Services (India) Limited (CDSL)?
The operating margin of Central Depository Services (India) Limited is 55.3% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Central Depository Services (India) Limited (CDSL)?
Revenue at Central Depository Services (India) Limited is growing +22.2% versus a year earlier (3y avg +30.7%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Central Depository Services (India) Limited (CDSL)?
Earnings per share at Central Depository Services (India) Limited are growing +24.0% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does Central Depository Services (India) Limited (CDSL) hold?
Central Depository Services (India) Limited holds more cash than debt, ₹809M net (fiscal year 2026). The company holds more cash than debt, a safety cushion.
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Broad data
Nov 10, 2026