We retain BUY on Central Depository Services Ltd (CDSL) with a target price revised upwards to Rs650. CDSL stands to gain from the strong revival in capital market activities evident in a) increase in Beneficiary accounts (BO), b) surge in deliverybased volumes, c) continued traction in KYC business, and d) steady-rise in annual issuer charges. GoI initiatives (as laid out in the recent Budget), including efforts by CDSL at enhancing its digital footprint, Aadhar-based authentication, online licensing etc. will aid in strong revenue growth / newer revenue opportunities. We are factoring in 20.2%25.1% CAGR in revenue/net profit over FY20-23E. Businesses with a healthy margin profile, asset-light model, and duopoly nature of existence...