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Swing Capital

Central Depository Services (India) Ltd

NSE: CDSLFinance

Central Depository Services Limited is a Market Infrastructure Institution (MII), part of the capital market structure, providing services to all market participants - exchanges, clearing corporations, depository participants (DPs), issuers and investors. It is a facilitator for holding of securities in the dematerialised form and an enabler for securities transactions. [1]

₹1,175
52W: ₹1116 — ₹1829
PE 52.4 · Book ₹76.5 · +1436% vs book
Market Cap₹24,558 Cr
Stock P/E52.4Price to Earnings
ROCE40.3%Return on Capital
ROE31.3%Return on Equity
Div. Yield1.09%Face Value ₹10

Strengths

  • +Company has reduced debt.
  • +Company is almost debt free.
  • +Company has delivered good profit growth of 24.0% CAGR over last 5 years
  • +Company has a good return on equity (ROE) track record: 3 Years ROE 33.8%
  • +Company has been maintaining a healthy dividend payout of 58.9%
  • +Company's median sales growth is 21.8% of last 10 years

Weaknesses

  • −Stock is trading at 15.3 times its book value
  • −Promoter holding is low: 15.0%
  • −Promoter holding has decreased over last 3 years: -5.00%
  • −Working capital days have increased from 17.0 days to 206 days

Shareholding Pattern

Promoters15%
FIIs11.36%
DIIs14.42%
Public59.22%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters15%15%15%15%15%15%15%15%
FIIs14%13.77%▼0.217.15%▲3.411.34%▼5.812.9%▲1.611.54%▼1.412.4%▲0.911.36%▼1.0
DIIs24.92%21.57%▼3.419.11%▼2.515.41%▼3.714.24%▼1.214.18%▼0.115.12%▲0.914.42%▼0.7
Public46.09%49.66%▲3.648.74%▼0.958.25%▲9.557.87%▼0.459.28%▲1.457.49%▼1.859.22%▲1.7

Financial Statements

MetricDec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales170185198248221182222272254212
Expenses647176939091103111111113
Operating Profit1051141221551319011916114499
OPM %62%62%62%62%59%50%54%59%57%47%
Net Profit86971051711058115212812069
EPS ₹4.14.665.048.195.023.867.276.15.743.29

AI Insights

Revenue Trend

Mar 2026 revenue at ₹960Cr, up 13.2% YoY. OPM at 54%.

Debt Position

Borrowings at ₹2Cr. Debt-to-equity ratio: 0.00x. Healthy balance sheet.

Institutional Flow

DIIs: 14.42% (-7.61pp change). FIIs: 11.36% (-3.74pp change). Promoters hold 15%.

Margin & Efficiency

ROCE improving from 12% (Mar 2015) to 40% (Mar 2026). Working capital days: 206.

Valuation

PE 52.4x with 40.3% ROCE. Price is 1436% above book value of ₹76.5. Dividend yield: 1.09%.

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