Central Depository Services (India) Ltd. share price target and research reports

Latest analyst research reports with target prices and PDF download for CDSL, Central Depository Services (India) Ltd.

Central Depository Services (India) Ltd.

07 Aug 2024

1617.20

-0.46%

Strong industry position, lower regulatory risk is well accounted in rich valuations

Hold: Central Depository Service...

Target

ICICI Securities Limited

Depositories remain a structural play on India’s capital markets buoyed by higher retail participation. Central Depository Services (CDSL).

Central Depository S.. has an average target of 1510.00 from 2 brokers.

Central Depository Services (India) Ltd.

11 Aug 2023

1617.20

-0.46%

Beneficiary of capital market momentum; new cost structure reduces operating leverage

Hold: Central Depository Service...

Target

ICICI Securities Limited

Depositories remain a structural play on India’s capital markets buoyed by higher retail participation. Central Depository Services (CDSL) benefits from: 1) leadership (in a duopoly) in terms of the number of demat accounts (market share at 73% as of Jun’23); 2) growth optionalities for its digital platforms (insurance repository included); and 3) steady non-market-linked revenues (from annuity issuer charges).

Central Depository Services (India) Ltd. is trading above all available SMAs

Central Depository Services (India) Ltd.

06 Feb 2023

1617.20

-0.46%

Secure play on financialisation despite current cyclical trough

Accumulate: Central Depository Service...

Target

ICICI Securities Limited

Depositories remain a structural play on India’s capital markets benefitting from higher retail participation. We believe Central Depository Services (CDSL) warrants higher valuation multiples due to its: 1) leadership (in a duopoly) in terms of the number of demat accounts

Number of FII/FPI investors decreased from 313 to 300 in Sep 2025 qtr

Central Depository Services (India) Ltd.

31 Oct 2022

1617.20

-0.46%

H1 performance: Increasing demat count underlines steady earnings potential despite market volatility

Accumulate: Central Depository Service...

Target

ICICI Securities Limited

Depositories remain a structural play on capital markets benefitting from higher retail
participation.

Central Depository Services (India) Ltd. is trading above all available SMAs

Central Depository Services (India) Ltd.

11 Jul 2022

1617.20

-0.46%

Structural levers supersede prospects of cyclical earnings dip in near term

accumulate: Central Depository Service...

ICICI Securities Limited

We note the combination of increased retail participation in capital markets and increased digitisation are two structural levers for CDSL. These remain germane despite the likely dip in market-related revenues (61%/69% of total revenues in FY21/FY22) in FY23E. Optionalities, execution and duopolistic industry structure provide strong long-term earnings growth potential.

Central Depository Services (India) Ltd. is trading above all available SMAs

Central Depository Services (India) Ltd.

13 Apr 2022

1617.20

-0.46%

Pick of the Week CDSL Ltd 13-04-2022

Buy: Central Depository Service...

SBI Securities

Central Depository Services (India) Ltd. is trading above all available SMAs

Central Depository Services (India) Ltd.

06 May 2021

1617.20

-0.46%

CDSL - Company Update - In its own league

Hold: Central Depository Service...

Recommendation Target

Monarch Networth Capital Limited

Our positive stance on Central Depository Services Ltd (CDSL) is based on the premise of its business model, positioning, and market share gains, return ratios, and free-cashflow yield. The co. has been the biggest beneficiary of the revival in capital market activities evident in 170%+ YoY in its transaction charges (35% of its revenues) and continued growth in its annual issuer charges. With tailwinds in form of GoI initiatives and efforts by CDSL at enhancing its revenue opportunities, we see drivers for strong revenue/earnings growth. However, in the backdrop of recent outperformance and need for consistency, we lower our rating to HOLD, albeit revise our TP upwards to Rs750 (valued on a two-stage dividend discount model). We have argued for valuation...

Number of FII/FPI investors decreased from 313 to 300 in Sep 2025 qtr

Central Depository Services (India) Ltd.

04 Feb 2021

1617.20

-0.46%

CDSL - Company Update - Gaining further ground

Buy: Central Depository Service...

Target

Monarch Networth Capital Limited

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...

Central Depository S.. has an average target of 1510.00 from 2 brokers.

Central Depository Services (India) Ltd.

28 Oct 2020, 12:00AM

1617.20

-0.46%

CDSL - Company Update - Solidifying its position

Buy: Central Depository Service...

Target

Monarch Networth Capital Limited

We retain BUY on Central Depository Services Ltd (CDSL) with target price revised upwards to Rs560. In our IC note (https://bit.ly/3jAh1O7), we had highlighted CDSL as a play on the revival in capital market activities (as also evident from the test of significance study and stock ). On a systemic-basis, Beneficiary account (BO) addition coupled with delivery-based volumes has been on the rise. This in addition to surge in fund-raising activity by corporates and a steady rise in avenues for annual issuer charges bodes well for CDSL. This was also got reflected in its recent results that saw was a sturdy 69% YoY rise in revenues / 68% YoY rise in PAT. Empirical...

Central Depository S.. has an average target of 1510.00 from 2 brokers.

Central Depository Services (India) Ltd.

01 Sep 2020

1617.20

-0.46%

Central Depository Services Ltd (CDSL)

Buy: Central Depository Service...

Monarch Networth Capital Limited

We initiate coverage on Central Depository Services Ltd (CDSL) with BUY and Target price (TP) of Rs525. This thinly covered stock sports a well-diversified revenue mix, impressive margins, and correspondingly healthy returns. The asset-light model, duopoly play on the secular increase in stockholder accounts coupled with potential market share gains is an added positive. While this itself is a successful recipe for growth, the icing on the cake could be the massive unexploited revenue opportunities in CDSL's core activities, and leveraging its customer base and data for new businesses, a feat adroitly accomplished by similar sectors such as credit rating agencies (not to...

Central Depository S.. has an average target of 1510.00 from 2 brokers.

Is Central Depository Services (India) Ltd. worth buying?

1460 Votes:

Buy 80.07%

Sell 10.21%

Hold 9.73%

RESEARCH REPORTS

Hold SEE REPORTS >

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Neutral SEE REPORTS >

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