Central Depository Services (India) Limited (CDSL.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+5.2%

₹1,392.61

vs ₹1,324.00 price

Levered DCF

₹1,010.27

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

—

Rating

C+

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	51.3×	47.53×	45.83×	34.4×	49.71×	34.2×	21.1×	22.16×
P/B	11.94×	14.21×	13.12×	7.82×	14.15×	7.82×	3.09×	3.76×
P/S	18.89×	23.12×	23.64×	17.11×	28.06×	19.95×	9.95×	12.82×
EV / EBITDA	34.54×	33.4×	32.89×	24.56×	36.63×	25.35×	15.1×	22.45×
Gross margin	76.2%	75.9%	77.2%	76.0%	81.5%	78.5%	67.7%	73.3%
Operating margin	49.5%	53.2%	56.9%	55.7%	66.2%	61.9%	36.0%	51.9%
Net margin	36.8%	48.7%	51.6%	49.7%	56.4%	58.3%	47.2%	57.8%
Current ratio	752.71×	3.48×	3.33×	3.56×	5.16×	4.39×	5.17×	2.86×
Debt / equity	0×	0×	0×	0×	0×	0×	0×	0×
Interest coverage	3,533.65×	5,740.97×	4,197.75×	2,314.29×	36,855.96×	9,250.41×	2,753.92×	0×
Dividend yield	1.1%	0.9%	0.9%	1.7%	0.6%	0.7%	2.2%	1.8%
Payout ratio	57.3%	43.7%	39.9%	56.8%	30.2%	23.5%	47.5%	38.8%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	23.3%	29.9%	28.6%	22.7%	28.5%	22.8%	14.7%	17.0%
Return on invested capital	18.9%	23.6%	22.6%	18.3%	24.2%	17.8%	8.2%	11.1%
Return on assets	18.9%	24.4%	23.5%	18.9%	23.5%	18.5%	12.3%	14.5%
Free cash flow yield	1.7%	1.5%	1.6%	0.4%	1.7%	2.5%	3.2%	2.9%
Earnings yield	1.9%	2.1%	2.2%	2.9%	2.0%	2.9%	4.7%	4.5%
Enterprise value	₹233.2B	₹248.5B	₹191.9B	₹94.5B	₹153.8B	₹68.1B	₹22.4B	₹25.1B
Net debt / EBITDA	-0.12×	-0.23×	-0.03×	-0.12×	-0.2×	-0.15×	-0.02×	-0.03×
Cash conversion cycle (days)	-46	-34	-15	-1,156	-2,197	-11	-1,970	-827