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Last Updated: April 2, 2026, 2:45 am
Author: Getaka|Social: XLinkedIn

Central Depository Services (India) Ltd: Intrinsic Value & Share Price Analysis

Fair Value

₹1,144.33Fairly Valued by 3.27%vs CMP ₹1,183.00

P/E (51.9) × ROE (32.7%) × BV (₹83.40) × DY (1.06%)

₹455.87Overvalued by 61.46%vs CMP ₹1,183.00
MoS: -159.5% (Negative)Confidence: 63/100 (Moderate)Models: 1 Fair, 8 Over
ModelCategoryValueWeightSignal
PE-ROEEarnings₹1,246.0122%Fair (+5.3%)
Graham NumberEarnings₹206.8016%Over (-82.5%)
Earnings PowerEarnings₹164.8711%Over (-86.1%)
DCFCash Flow₹361.8213%Over (-69.4%)
Net Asset ValueAssets₹83.417%Over (-92.9%)
EV/EBITDAEnterprise₹386.959%Over (-67.3%)
Earnings YieldEarnings₹227.907%Over (-80.7%)
ROCE CapitalReturns₹195.269%Over (-83.5%)
Revenue MultipleRevenue₹77.675%Over (-93.4%)
Consensus (9 models)₹455.87100%Overvalued
Key Drivers: Wide model spread (₹78–₹1,246) — high uncertainty.

PE-ROE · Graham · EPV · DCF · NAV · EV/EBITDA · DDM · Earnings Yield · ROCE Capital · Revenue Multiple | CoE: 12% · Terminal: 4% · EPS CAGR: 8.9%

*Investments are subject to market risks

Investment Snapshot

66
Central Depository Services (India) Ltd scores 66/100 (Average)
Based on 5 dimensions: health, institutional flow, earnings quality, momentum, and peer comparison
Stock Health88/100 · Strong
ROCE 42.0% ExcellentROE 32.7% ExcellentD/E 0.00 Low debtInterest Coverage 0.0x RiskyProfitable 5/5 years Consistent
Smart Money70/100 · Strong
FII holding up 1.06% (6mo) AccumulatingPromoter holding at 15.0% Stable
Earnings Quality60/100 · Moderate
OPM stable around 59% SteadyWorking capital: -57 days (improving) Efficient
Quarterly Momentum30/100 · Weak
Revenue (4Q): 1% YoY FlatProfit (4Q): -14% YoY DecliningOPM: 52.0% (down 6.0% YoY) Margin pressure
Industry Rank75/100 · Strong
P/E 51.9 vs industry 29.6 Premium to peersROCE 42.0% vs industry 21.4% Above peersROE 32.7% vs industry 19.8% Above peers3Y sales CAGR: 25% High growth

Weights: Health 30% · Earnings Quality 25% · Momentum 20% · Industry Rank 15% · Smart Money 10%. Scores are computed from reported financials and recalculated daily. Not investment advice.

Share Price and Basic Stock Data

Last Updated: April 2, 2026, 2:45 am

Market Cap 24,721 Cr.
Current Price 1,183
Intrinsic Value₹455.87
High / Low 1,829/1,080
Stock P/E51.9
Book Value 83.4
Dividend Yield1.06 %
ROCE42.0 %
ROE32.7 %
Face Value 10.0
PEG Ratio5.84

Stock P/E, Current Price, and Intrinsic Value Over Time

View Share Price Target for Central Depository Services (India) Ltd

Competitors

Stock Name ⇩Market Cap ⇩Current Price ⇩High / Low ⇩Stock P/E ⇩Book Value ⇩Dividend Yield ⇩ROCE ⇩ROE ⇩Face Value ⇩
Central Depository Services (India) Ltd 24,721 Cr. 1,183 1,829/1,08051.9 83.41.06 %42.0 %32.7 % 10.0
CRISIL Ltd 27,898 Cr. 3,815 6,330/3,73540.7 4150.94 %32.6 %24.5 % 1.00
CMS Info Systems Ltd 4,640 Cr. 282 541/26215.3 1352.31 %21.8 %15.7 % 10.0
SIS Ltd 4,060 Cr. 287 402/25711.8 1782.44 %5.47 %0.45 % 5.00
Quess Corp Ltd 2,633 Cr. 176 379/16611.6 74.75.67 %9.82 %9.16 % 10.0
Industry Average9,395.86 Cr456.1029.58147.900.87%21.42%19.77%8.65

All Competitor Stocks of Central Depository Services (India) Ltd

Quarterly Result

MetricDec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales 141125150207214241257322278224259319304
Expenses 575670798493103122117115129143145
Operating Profit 856880128130148154200161109130176160
OPM % 60%55%53%62%61%61%60%62%58%49%50%55%52%
Other Income 20192423212930372132362229
Interest 0000000000000
Depreciation 55667810121314151617
Profit before tax 998298145145168175225168127151183172
Tax % 25%23%25%25%26%23%23%28%23%21%32%23%23%
Net Profit 756374109107129134162130100102140133
EPS in Rs 3.573.023.525.215.146.186.427.756.224.804.906.716.38

Last Updated: February 6, 2026, 9:16 am

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: February 23, 2026, 5:46 pm

MetricMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
Sales 891051231461881962253445515558121,0821,107
Expenses 566059677787136132186236324457531
Operating Profit 3345647911010989212365319488625576
OPM % 37%43%52%54%59%56%40%62%66%57%60%58%52%
Other Income 3523724138495957556695119120
Interest 0000000000000
Depreciation 56447101291119274963
Profit before tax 6263131117141148136260409365556695633
Tax % 21%31%31%26%27%23%22%22%24%24%25%24%
Net Profit 50439187104115107201312276420526476
EPS in Rs 2.362.094.354.104.945.435.089.5914.8913.2020.0525.2022.79
Dividend Payout % 42%53%29%37%35%37%44%47%50%61%55%50%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year2014-20152015-20162016-20172017-20182018-20192019-20202020-20212021-20222022-20232023-20242024-2025
YoY Net Profit Growth (%)-14.00%111.63%-4.40%19.54%10.58%-6.96%87.85%55.22%-11.54%52.17%25.24%
Change in YoY Net Profit Growth (%)0.00%125.63%-116.02%23.94%-8.96%-17.53%94.81%-32.63%-66.76%63.71%-26.94%

Central Depository Services (India) Ltd has shown an inconsistent trend in YoY Net Profit Growth (%) in the last 11 years from 2014-2015 to 2024-2025.

Growth

Compounded Sales Growth
10 Years:26%
5 Years:37%
3 Years:25%
TTM:18%
Compounded Profit Growth
10 Years:31%
5 Years:38%
3 Years:19%
TTM:3%
Stock Price CAGR
10 Years:%
5 Years:45%
3 Years:33%
1 Year:6%
Return on Equity
10 Years:25%
5 Years:29%
3 Years:30%
Last Year:33%

Last Updated: September 5, 2025, 1:40 am

Balance Sheet

Last Updated: December 4, 2025, 1:05 am

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Sep 2025
Equity Capital 104104104104104104104104104104104209209
Reserves 2492653754294945646197739881,1091,3591,5511,534
Borrowings 0000000002132
Other Liabilities 101122747392116138207232241317399639
Total Liabilities 4554915536066907848621,0841,3261,4571,7812,1622,384
Fixed Assets 1074576757473106125342446456
CWIP 00000002341744712
Investments 3753894575035215936657099259371,1491,3511,447
Other Assets 7095929893115123278290221287357470
Total Assets 4554915536066907848621,0841,3261,4571,7812,1622,384

Reserves and Borrowings Chart

Cash Flow

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Cash from Operating Activity + 35432843798682193283249386543
Cash from Investing Activity + -13-19018-67-67-33-107-146-126-249-298
Cash from Financing Activity + -23-23-28-31-38-20-51-47-94-158-169-231
Net Cash Flow -10129-26-1-13844-35-3214
Free Cash Flow 294027373747317525844313387
CFO/OP 153%140%102%94%107%110%119%118%105%107%102%110%

Free Cash Flow

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Free Cash Flow33.0045.0064.0079.00110.00109.0089.00212.00365.00317.00487.00622.00

Free Cash Flow = Income Generated from Operational Activities - Borrowings - Capital Work in Progress (CWIP)

Consistent positive free cash flow is crucial for businesses as it indicates their ability to generate cash from their core operations. It provides financial flexibility, allowing companies to invest in growth opportunities, pay dividends to shareholders, reduce debt, and weather economic downturns more effectively.

Free Cash Flow Chart

Financial Efficiency Indicators

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Debtor Days 252439333736422530253018
Inventory Days
Days Payable
Cash Conversion Cycle 252439333736422530253018
Working Capital Days -223-253-100-79-92-79-85-111-75-45-22-57
ROCE %12%14%22%22%24%22%18%31%40%30%40%42%

Financial Efficiency Indicators Chart

Share Holding Pattern

MonthMar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Promoters 20.00%15.00%15.00%15.00%15.00%15.00%15.00%15.00%15.00%15.00%15.00%15.00%
FIIs 14.67%15.10%15.25%18.16%11.38%14.00%13.77%17.15%11.34%12.90%11.54%12.40%
DIIs 18.48%22.03%21.80%21.33%23.15%24.92%21.57%19.11%15.41%14.24%14.18%15.12%
Public 46.85%47.87%47.94%45.51%50.47%46.09%49.66%48.74%58.25%57.87%59.28%57.49%
No. of Shareholders 8,28,8538,32,1258,09,3157,77,0308,43,1018,28,80511,03,61611,73,41915,29,58914,97,88915,12,18314,62,630

Shareholding Pattern Chart

No. of Shareholders

Central Depository Services (India) Ltd: Intrinsic Value & Share Price Analysis - Shareholder trend analysis

Mutual Fund Holdings

Fund NameNo of SharesAUM (%)Amount Invested (Cr)Previous Number of SharesPrevious DatePercentage Change
Nippon India Small Cap Fund 2,539,226 0.51 335.232,014,8592025-12-08 01:09:2226.02%
Parag Parikh Flexi Cap Fund 2,264,603 0.22 298.974,799,7272025-12-08 01:09:22-52.82%
Axis Small Cap Fund 1,309,794 0.68 172.92N/AN/AN/A
Canara Robeco Large and Mid Cap Fund 790,562 0.42 104.37806,1492026-01-26 05:15:35-1.93%
Invesco India Smallcap Fund 613,999 0.9 81.06400,4922025-12-08 01:09:2253.31%
Motilal Oswal Small Cap Fund 567,768 1.36 74.96N/AN/AN/A
Mahindra Manulife Small Cap Fund 523,000 1.73 69.05N/AN/AN/A
Edelweiss Small Cap Fund 386,315 0.95 51302,8902025-12-14 05:03:5827.54%
Invesco India Financial Services Fund 381,194 3.09 50.33N/AN/AN/A
UTI Multi Asset Allocation Fund 221,724 0.43 29.27199,1442026-01-26 05:15:3511.34%

ROCE Trend

EPS Trend

Key Financial Ratios

MonthMar 25Mar 24Mar 23Mar 22Mar 21
FaceValue 10.0010.0010.0010.0010.00
Basic EPS (Rs.) 25.2040.1126.4129.7819.17
Diluted EPS (Rs.) 25.2040.1126.4129.7819.17
Cash EPS (Rs.) 27.4042.8628.7031.0720.14
Book Value[Excl.RevalReserv]/Share (Rs.) 84.23144.23120.30108.7488.04
Book Value[Incl.RevalReserv]/Share (Rs.) 84.23144.23120.30108.7488.04
Revenue From Operations / Share (Rs.) 51.7877.7353.1252.7632.89
PBDIT / Share (Rs.) 35.4755.9337.2440.3325.72
PBIT / Share (Rs.) 33.1353.3235.3839.2324.84
PBT / Share (Rs.) 33.1253.3135.3739.2324.83
Net Profit / Share (Rs.) 25.0640.2526.8329.9719.26
NP After MI And SOA / Share (Rs.) 25.2040.1026.4129.7819.17
PBDIT Margin (%) 68.5071.9570.1176.4378.18
PBIT Margin (%) 63.9768.5966.6074.3575.51
PBT Margin (%) 63.9668.5866.5874.3575.50
Net Profit Margin (%) 48.3951.7850.5156.8158.55
NP After MI And SOA Margin (%) 48.6651.5949.7156.4458.28
Return on Networth / Equity (%) 29.9128.6422.7328.4722.83
Return on Capital Employeed (%) 37.5136.1429.0435.6528.06
Return On Assets (%) 24.3523.5218.9323.4718.48
Asset Turnover Ratio (%) 0.540.500.390.390.31
Current Ratio (X) 3.483.333.565.165.06
Quick Ratio (X) 3.483.333.565.165.06
Dividend Payout Ratio (NP) (%) 43.6539.8956.8030.2223.47
Dividend Payout Ratio (CP) (%) 39.9337.4653.0629.1422.44
Earning Retention Ratio (%) 56.3560.1143.2069.7876.53
Cash Earning Retention Ratio (%) 60.0762.5446.9470.8677.56
Interest Coverage Ratio (X) 7391.305308.252915.2942568.8811684.65
Interest Coverage Ratio (Post Tax) (X) 5222.203821.502101.2531639.398751.75
Enterprise Value (Cr.) 25368.3917880.869416.3415307.196690.82
EV / Net Operating Revenue (X) 23.4422.0116.9627.7619.47
EV / EBITDA (X) 34.2230.5924.1936.3224.90
MarketCap / Net Operating Revenue (X) 23.5622.0217.1128.0619.95
Retention Ratios (%) 56.3460.1043.1969.7776.52
Price / BV (X) 14.4912.237.8214.157.82
Price / Net Operating Revenue (X) 23.5622.0317.1128.0619.95
EarningsYield 0.020.020.020.020.02

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

About the Company - Qualitative Analysis

Central Depository Services (India) Ltd. is a Public Limited Listed company incorporated on 12/12/1997 and has its registered office in the State of Maharashtra, India. Company's Corporate Identification Number(CIN) is L67120MH1997PLC112443 and registration number is 112443. Currently Company is involved in the business activities of Administration of financial markets. Company's Total Operating Revenue is Rs. 848.21 Cr. and Equity Capital is Rs. 209.00 Cr. for the Year ended 31/03/2025.
INDUSTRYADDRESSCONTACT
Services - OthersUnit No. A-2501, A-Wing, Marathon Futurex, Mumbai Maharashtra 400013Contact not found
Management
NamePosition Held
Mr. Balkrishna V ChaubalChairperson & Public Interest Director
Mr. Nehal VoraManaging Director & CEO
Mr. P Masil Jeya MohanNon Independent Director
Ms. Kamala KantharajNon Independent Director
Prof. Umesh BellurPublic Interest Director
Mr. Sidhartha PradhanPublic Interest Director
Mrs. Rajeshree SabnavisPublic Interest Director
Mr. Gurumoorthy MahalingamPublic Interest Director
Prof. Varsha AptePublic Interest Director
Mr. Bharat VasaniPublic Interest Director

FAQ

What is the intrinsic value of Central Depository Services (India) Ltd and is it undervalued?

As of 13 April 2026, Central Depository Services (India) Ltd's intrinsic value is ₹455.87, which is 61.46% lower than the current market price of ₹1,183.00, suggesting the stock is overvalued. This is calculated using the PE ratio method factoring in ROE (32.7 %), book value (₹83.4), dividend yield (1.06 %), and 5-year EPS CAGR.

What is the current share price and 52-week range of Central Depository Services (India) Ltd?

Central Depository Services (India) Ltd is trading at ₹1,183.00 as of 13 April 2026, with a FY2026-2027 high of ₹1,829 and low of ₹1,080. The stock is currently near its 52-week low. Market cap stands at ₹24,721 Cr..

How does Central Depository Services (India) Ltd's P/E ratio compare to its industry?

Central Depository Services (India) Ltd has a P/E ratio of 51.9, which is above the industry average of 29.58. The premium over industry average may reflect growth expectations or speculative interest.

Is Central Depository Services (India) Ltd financially healthy?

Key indicators for Central Depository Services (India) Ltd: ROCE of 42.0 % indicates efficient capital utilization; ROE of 32.7 % shows strong shareholder returns. Dividend yield is 1.06 %.

Is Central Depository Services (India) Ltd profitable and how is the profit trend?

Central Depository Services (India) Ltd reported a net profit of ₹526 Cr in Mar 2025 on revenue of ₹1,082 Cr. Compared to ₹312 Cr in Mar 2022, the net profit shows an improving trend.

Does Central Depository Services (India) Ltd pay dividends?

Central Depository Services (India) Ltd has a dividend yield of 1.06 % at the current price of ₹1,183.00. The company pays dividends, though the yield is modest.

Disclaimer: This article is for informational purposes only and should not be construed as financial advice. The author is not a SEBI registered financial advisor and does not have any vested interest in Central Depository Services (India) Ltd. Investors are advised to conduct their own due diligence and consult with a financial professional before making any investment decisions. The information provided in this article is based on publicly available data and the author's analysis, but it may not be comprehensive or up-to-date. The author and getaka.co.in are not responsible for any errors or omissions in the content. This article is not intended to promote any particular investment strategy or recommendation, and readers should consult with their own financial advisors before making any investment decisions. Data Source: NSE
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