Central Depository Services (India) Ltd.

NSE: CDSL

Expensive Performer

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1424.40 -27.60 (-1.90%)

28.41% Fall from 52W High

2.0M NSE Volume

NSE 29 Aug, 2025 3:31 PM (IST)

29,770

Market Cap

Market Runner Up

1.5

Beta 1Year

Very High Volatility

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.

08 May 2019

1424.40

-1.90%

CDSL - 4QFY19 Result Update

Central Depository Service...

Reliance Securities

Central Depository S.. has an average target of 1150.00 from 1 broker.

Central Depository Services (India) Ltd.

30 Jan 2019, 12:00AM

1424.40

-1.90%

W eak Q3 given subdued market conditions

Buy: Central Depository Service...

Target

Motilal Oswal

Revenue growth impacted due to market headwinds leading to negative operating leverage: For 3QFY19, CDSL's revenue declined 10% YoY to INR462mn. This was majorly due to reduction in IPO/ Corporate Action charges (-52% YoY) followed by Transaction charges (-25%), Online Data charges (-8%) and other charges (-8%). IPO revenue got impacted due to reduction in number of IPOs given weak market sentiment. Revenue from Transaction charges reduced due to poor delivery based volume during Q3FY19. However, we expect revenues to revive in 2HFY20E following...

Central Depository S.. has an average target of 1150.00 from 1 broker.

Central Depository Services (India) Ltd.

29 Jan 2019, 08:13AM

1424.40

-1.90%

Central Depository Services (3QFY19): Near term challenges. Maintain BUY

Buy: Central Depository Service...

Target

HDFC Securities

We maintain our BUY rating, have assigned 30x multiple to core Dec-20 earnings and added back net cash to arrive at a TP of Rs 330 (~46% upside). CDSL posted disappointing 3QFY19, both revenue and margin performance were lower than expectations. Revenue was down 13.1% QoQ to Rs 462mn (vs est. of Rs 549mn). Drop was led by 7.4/30% QoQ drop in Transaction/Online-data-charges revenue (CVL KYC). Discontinuation of OTP based Aadhaar e-KYC has led to lower volumes from the on-line channel.

Central Depository Services (India) Ltd. has gained 23.46% in the last 6 Months

Central Depository Services (India) Ltd.

12 Dec 2018

1424.40

-1.90%

Central Depository Services (India) Ltd: Value play on the Indian capital market

Buy: Central Depository Service...

Motilal Oswal

Central Depository Services (CDSL) is one of two depositories in India and the only one to be listed. The BSE initially promoted CDSL,but subsequently diluted its stake to leading banks, which became CDSL's 'Sponsors'.

Central Depository S.. has an average target of 1150.00 from 1 broker.

Central Depository Services (India) Ltd.

30 Oct 2018, 08:43AM

1424.40

-1.90%

Central Depository Services (2QFY19): Back on growth path. Maintain BUY

Buy: Central Depository Service...

Target

HDFC Securities

We maintain our BUY rating, have assigned 33x multiple to core Sep-20 earnings and added back net cash to arrive at a TP of Rs 380 (~59% upside form CMP). CDSL posted robust 2QFY19, both revenue and margin performance was better than expectation. Revenue was up 17.4% QoQ to Rs 531mn (vs est. of Rs 433mn). Growth was led by 6.2/48.5% QoQ rise in Transaction/Online data charges revenue (MF KYC). Discontinuation of OTP based Aadhaar KYC for MFs led to surge in demand for CVL KYC.

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

Central Depository Services (India) Ltd.

06 Aug 2018

1424.40

-1.90%

CDSL

Buy: Central Depository Service...

Kotak Securities

Central Depository Services (CDSL) 1QFY19 operating performance was in line, but lower other income weigh on PAT. Owing to the volatile capital markets, key segments (except data processing) grew at subdued pace. Data...

Number of FII/FPI investors increased from 304 to 313 in Jun 2025 qtr.

Central Depository Services (India) Ltd.

31 Jul 2018

1424.40

-1.90%

Central Depository Services (1QFY19): Near term hiccups, growth drivers on track. Maintain BUY

Buy: Central Depository Service...

Target

HDFC Securities

We maintain our BUY rating, have assigned 33x multiple to core earnings and added back net cash to arrive at a TP of Rs 370 (39% upside from CMP). CDSL posted poor 1QFY19 with fall in revenue but margin was better than expectation. Revenue was down 12.5% QoQ to Rs 453mn (lower than our est of Rs 505mn). Drop was led by 21.3/27.3/18.2% QoQ drop in Transaction/IPO & corporate action/online data charges respectively offset by 6.7% QoQ rise in annual issuer charges. Margin fall was lower than expected, down 24bps QoQ to 56.8% vs our estimate of 55.4%. CDSL continued to gain BO market share (~47% in 1QFY19, +48bps QoQ).

Number of FII/FPI investors increased from 304 to 313 in Jun 2025 qtr.

Central Depository Services (India) Ltd.

31 Jul 2018

1424.40

-1.90%

CDSL-1QFY19 Result Update

Buy: Central Depository Service...

Target

Reliance Securities

Revenue In-line; Lower Other Income Reduces PAT Central Depository Services (CDSL) has reported an in-line revenue performance in 1QFY19, which rose 11.7% YoY (-12.5% QoQ) to Rs453mn (1.5% above our estimate). Key business segments grew at a subdued pace with a marked slowdown from growth recorded in the previous quarter. Transaction Charges revenue rose by 7% YoY (42% YoY in 4QFY18), IPO/ Corporate Action Charges revenue rose by 8.6% YoY (70.8% YoY in 4QFY18) and KYC/Online Data Charges rose by 11.2% YoY (59.9% YoY in 4QFY18). Segment-wise, Depository Services revenue rose by 18.5% YoY to Rs352mn. On the flip side, Data Processing revenue declined by...

Central Depository Services (India) Ltd. has gained 23.46% in the last 6 Months

Central Depository Services (India) Ltd.

20 Jul 2018

1424.40

-1.90%

CDSL

Buy: Central Depository Service...

Kotak Securities

Central Depository Services (India) (CDSL) stable revenue base and fixed cost model enables the company to register strong margins in line with revenue growth. Repeat business in multiple offerings across DP's, corporate, capital market intermediaries, insurance companies and others has enabled the company to clock ~21% CAGR top-line growth over FY14-FY18, while cost (employee) increased by only 14% during the same period. High FCF generation, stable dividend policy (~40%) and a strong balance sheet (net cash of Rs5.5bn, at end of FY18) provide further support. Stable growth in...