Central Depository Services (India) Limited (CDSL) fair value: what the stock is really worth
We calculate from audited financials what Central Depository Services (India) Limited is really worth. The fair value tells you whether the price is too high or too low, the quality score (0 to 100) how solid the business behind it is. 26 models, 37 quality factors, updated daily, free.
Compare price with fair valuebelow fair value = cheap, above = expensive
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Financial Services · IN · Market cap ₹286B (≈ $3.0B) · ISIN INE736A01011
A solid business, but trading 382% above our fair value of ₹283.72.
As of Aug 19, 2026, the fair value of Central Depository Services (India) Limited is ₹283.72 per share against a price of ₹1,369, so the fair value sits 79% below the price. A model estimate from reported figures, not an analyst target.
✓Healthy Growth (revenue 5y +29.2 %/yr)
✓Highly profitable · 36.8% net margin
✓generates free cash flow
·0.93% dividend yield
!Mixed vs. peers (6/13)
✓Wide moat 87/100
!Weak on future: 28 out of 100
!Weak on dividend: 19 out of 100
Evidence: HighRange ₹212.79 to ₹522.74
Fair value as of: Aug 19, 2026
From 13 valuation models · updated 21 days ago
Share price +2.7% over the past month.
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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 ₹425.04 – ₹1,964 · fair‑value band ₹212.79 – ₹522.74 · the ₹1,369 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.
Central Depository Services (India) Limited (CDSL) currently trades at ₹1,369, while our model-based Fair Value estimate is ₹283.72, implying the stock looks roughly 382.4% 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 ₹1,369 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
Scenario range: ₹212.79 (bear) to ₹522.74 (bull), the price of ₹1,369 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target. The share trades about 25% below its 52-week high and 23% above its 52-week low, currently below its 200-day average. For context, the median of 10 Financial Services peers we cover trades at −37% fair-value upside, at −79%, CDSL screens richer than that median.
Fair Value models
Based on fiscal year 2026 figures (about 5 months old). Earnings retained since then (₹4.07 per share) are deliberately not added.
Each model values the company its own way; the fair value above is the evidence-weighted blend. Evidence (0 to 100) shows how complete a model's inputs are. How we calculate →
Note: the current price implies far more future growth than the conservative anchors of our models allow (base growth is deliberately capped, we do not regard such extreme rates as sustainable). Our models are not designed for expectations this high; that is why the individual models scatter extremely (₹62.83 to ₹1,035). Read the values as a conservative anchor, not as a price target.
ModelBear ⓘ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.Evidence
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Key figures & financial health
P/E ratio62.6
P/S ratio23.1P/E × margin
EPS (TTM)₹21.86price ÷ EPS = P/E 62.6
Dividend yield0.9%payout 58.3%
Net margin36.8%FY2026
Return on equity23.9%TTM
More key figures
Profitability
Return on assets (EBIT)25.3%avg 5y
Operating margin38.9%TTM
Growth
Revenue (TTM)₹12.4BTTM
Revenue growth (YoY)+5.5%3y avg +30.7%
EPS growth (YoY)−19.9%
Balance sheet & cash flow
Free cash flow₹3.9BFY2026
Net cash₹809MFY2026
Figures from reported company fundamentals · as of Aug 19, 2026. TTM = trailing twelve months.
Quality Score breakdown
Overall quality68/100
Of which business quality 67
· Market factors (momentum, volatility) 52
Profitability77
Margins and returns on capital today
Quality Growth35
Are margins and returns improving?
Cashflow78
Earnings quality: real cash, not paper profit
Fin. Strength78
Balance sheet, leverage, solvency risk
Investment29
Disciplined investing over empire-building
Low Volatility83
Calm price path (market factor)
Momentum46
Price trend over the last 3–12 months (market factor)
52W Momentum28
Distance to the 52-week high (market factor)
Net Issuance81
Buybacks instead of dilution
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.
Growth Quality 100/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2026)
₹12.4B
Latest YoY
+14.4%
Avg. revenue growth/yr (3Y) ⓘ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.
+30.7%
Avg. revenue growth/yr (5Y) ⓘ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.
+29.2%
Avg. revenue growth/yr (16Y) ⓘ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.
+16.9%
Value creation/yr (5Y, in INR) ⓘEarnings growth per share (CAGR 5 years) plus dividend yield: value created per share and year. 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 yield: the value created per share and year.
Earnings growth per share+17.9%
Dividend yield0.9%
Trend ⓘ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.5Y 17.9% vs 10Y 18.2%, steady
Operating margin (EBIT) ⓘ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.61.9% (2021) → 49.5% (2026) · falling
Revenue+22.4%/yr
FY22₹5.5B
FY23₹5.6B
FY24₹8.1B
FY25₹10.8B
FY26₹12.4B
Net income+10.0%/yr
FY22₹3.1B
FY23₹2.8B
FY24₹4.2B
FY25₹5.3B
FY26₹4.6B
Character of growth · EPS growth decomposed (2015-2026)+22.0 % p.a.
Revenue per share+26.6 %
of which total revenue +26.6 % · buybacks/dilution +0.0 %
EBIT margin+0.8 %
Tax rate+0.6 %
Residual (interest, one-offs)−5.0 %
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).
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
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
Quality Score68 · Top 25%
Fair Value upside−80% · Bottom 25%
Profitability
Return on equity (TTM)24% · Top 25%
Return on assets17% · Top 25%
Net margin (TTM)37% · Top 25%
Operating margin (TTM)39% · Above median
Growth and dividend
Revenue growth6% · Below median
Dividend yield (TTM)0.9% · Below median
Valuation Multiples vs Capital Markets median · lower = cheaper
P/E (TTM)62.6× · Priciest 25%
P/B14.05× · Priciest 25%
P/S (TTM)22.23× · Priciest 25%
P/FCF0.7× · Cheaper than median
EV/EBITDA40.4× · Priciest 25%
What the price implies (reverse DCF)
The inverse question: what free-cash-flow growth must Central Depository Services (India) Limited deliver for ten years so that today's price is fair in our DCF model? Same formula, same discount rate as the fair value.
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.
This stockSector peers
VALUE0· sector 8
FUTURE28· sector 88
PAST96· sector 30
HEALTH0· sector 94
DIVIDEND19· sector 38
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.
None of the checked exposures detected
Similar stocks
10 more Capital Markets stocks, each showing price versus our Fair Value estimate (as of Aug 19, 2026).
Is Central Depository Services (India) Limited (CDSL) overvalued or undervalued?
As of Aug 19, 2026, our model estimates a fair value of ₹283.72 versus a price of ₹1,369, about −79% upside (overvalued).
What is the fair value of CDSL?
Our model-based fair value for Central Depository Services (India) Limited is ₹283.72 (as of Aug 19, 2026), built from audited fundamentals. The current price: ₹1,369.
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 ₹283.72 (as of Aug 19, 2026) from 13 valuation models. Cautious scenario ₹212.79, optimistic scenario ₹522.74. 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 ₹283.72, about −79% upside versus a price of ₹1,369 (overvalued). Cautious scenario ₹212.79, optimistic scenario ₹522.74. 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 ₹12.4B (latest available figure, as of Aug 19, 2026).
What is the net profit margin of CDSL?
The net profit margin of Central Depository Services (India) Limited is about 36.8%, meaning it keeps roughly 36.8% of revenue as net income. Based on the latest reported figures.
Does Central Depository Services (India) Limited pay a dividend?
Central Depository Services (India) Limited currently shows a dividend yield of about 0.93% relative to its recent price (as of Aug 19, 2026).
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 +27.7 % per year for ten years (discount rate 10.9 %, then 2 % perpetual growth). Over the last 5 years revenue grew +29.2 % per year. As of Aug 19, 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 0.22, country premium for India. The same rate applies in all 26 models.
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 ₹283.72 per share (as of Aug 19, 2026), against a price of ₹1,369. It is the blended result of 13 valuation models (cash flow, earnings, asset, dividend).
Is Central Depository Services (India) Limited stock overvalued or undervalued in 2026?
As of Aug 19, 2026, CDSL trades above its calculated fair value: price ₹1,369, fair value ₹283.72, a gap of about −79% (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 (₹1,369); the fair value is what the company's own numbers justify (₹283.72). For Central Depository Services (India) Limited the two are ₹1,085 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 ₹286B (market capitalisation, as of Aug 19, 2026). Per share that is ₹1,369; our models calculate a fair value of ₹283.72 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 ₹283.72, optimistic ₹522.74 per share (as of Aug 19, 2026, price ₹1,369). 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 62.6 (as of Aug 19, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of ₹283.72 is built from several models across several years. Other multiples: P/B 14.1, P/S 22.2, EV/EBITDA 40.4.
How solid is the balance sheet of Central Depository Services (India) Limited (CDSL)?
Balance-sheet figures for Central Depository Services (India) Limited (as of Aug 19, 2026): return on equity 23.9%. 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 ₹1,369, about 25% below its 52-week high of ₹1,814 and 23% above the low of ₹1,116 (as of Aug 19, 2026). Distance from the high says nothing about value: that is what the fair value of ₹283.72 is for.
Which stocks are comparable to Central Depository Services (India) Limited?
From the same area (Financial Services) we also value Morgan Stanley, a financial holding company,, The Goldman Sachs Group, The Charles Schwab Corporation, Robinhood Markets, Inc, 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 Aug 19, 2026: price ₹1,369, calculated fair value ₹283.72 (−79%), 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 four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of ₹283.72, with the spread shown as a cautious and an optimistic scenario.
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