CENTRAL DEPOSITORY SERVICES (INDIA) LIMITED Financials Central Depository Services (India) Limited
Equities
CDSL
INE736A01011
Financial & Commodity Market Operators
|
Market Closed -
Other stock markets
|
5-day change | 1st Jan Change | ||
| 2,120 INR | -1.46% |
|
+9.24% | +16.18% |
Valuation
| Fiscal Period: März | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Capitalization 1 | 25,346 | 22,405 | 68,557 | 154,697 | 94,964 | 221,488 | - | - |
| Enterprise Value (EV) 1 | 25,346 | 22,405 | 68,557 | 154,697 | 94,964 | 221,488 | 221,488 | 221,488 |
| P/E ratio | 22.3 x | 21.1 x | 34.2 x | 49.7 x | 34.4 x | 56.2 x | 47.9 x | 41.2 x |
| Yield | 1.65% | 2.1% | 1.37% | 1.01% | 1.76% | 0.99% | 1.06% | 1.34% |
| Capitalization / Revenue | 13 x | 9.96 x | 19.9 x | 28.1 x | 17.1 x | 28.5 x | 24 x | 20.9 x |
| EV / Revenue | 13 x | 9.96 x | 19.9 x | 28.1 x | 17.1 x | 28.5 x | 24 x | 20.9 x |
| EV / EBITDA | 23.3 x | 25.2 x | 32.4 x | 42.2 x | 29.4 x | 47.1 x | 38.7 x | 33.1 x |
| EV / FCF | 34.2 x | 31.1 x | 39.3 x | 60.1 x | - | 58.9 x | 46.1 x | 40.4 x |
| FCF Yield | 2.92% | 3.22% | 2.55% | 1.66% | - | 1.7% | 2.17% | 2.48% |
| Price to Book | 3.79 x | 3.09 x | 7.82 x | 14.2 x | 7.82 x | 15.6 x | 13.3 x | 11.8 x |
| Nbr of stocks (in thousands) | 104,500 | 104,500 | 104,500 | 104,500 | 104,500 | 104,500 | - | - |
| Reference price 2 | 242.6 | 214.4 | 656.0 | 1,480 | 908.8 | 2,120 | 2,120 | 2,120 |
| Announcement Date | 5/3/19 | 5/16/20 | 5/1/21 | 4/29/22 | 4/29/23 | - | - | - |
1INR in Million2INR
Estimates
Income Statement Evolution (Annual data)
| Fiscal Period: März | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 1,947 | 2,251 | 3,437 | 5,513 | 5,551 | 7,782 | 9,244 | 10,589 |
| EBITDA 1 | 1,089 | 890.2 | 2,118 | 3,669 | 3,233 | 4,702 | 5,724 | 6,694 |
| EBIT 1 | 990.1 | 878.5 | 2,026 | 3,554 | 3,039 | 4,494 | 5,372 | 6,208 |
| Operating Margin | 50.87% | 39.03% | 58.95% | 64.46% | 54.74% | 57.75% | 58.12% | 58.62% |
| Earnings before Tax (EBT) 1 | 1,482 | 1,364 | 2,595 | 4,100 | 3,696 | 5,274 | 6,355 | 7,380 |
| Net income 1 | 1,135 | 1,062 | 2,003 | 3,112 | 2,759 | 3,970 | 4,693 | 5,403 |
| Net margin | 58.32% | 47.17% | 58.29% | 56.44% | 49.71% | 51.02% | 50.77% | 51.03% |
| EPS 2 | 10.86 | 10.16 | 19.17 | 29.78 | 26.41 | 37.71 | 44.26 | 51.49 |
| Free Cash Flow 1 | 740.9 | 720.8 | 1,745 | 2,575 | - | 3,758 | 4,801 | 5,488 |
| FCF margin | 38.06% | 32.03% | 50.78% | 46.7% | - | 48.29% | 51.94% | 51.82% |
| FCF Conversion (EBITDA) | 68.02% | 80.97% | 82.4% | 70.18% | - | 79.93% | 83.89% | 81.98% |
| FCF Conversion (Net income) | 65.27% | 67.9% | 87.12% | 82.74% | - | 94.66% | 102.3% | 101.56% |
| Dividend per Share 2 | 4.000 | 4.500 | 9.000 | 15.00 | 16.00 | 20.95 | 22.50 | 28.43 |
| Announcement Date | 5/3/19 | 5/16/20 | 5/1/21 | 4/29/22 | 4/29/23 | - | - | - |
1INR in Million2INR
Estimates
Income Statement Evolution (Quarterly data)
| Fiscal Period: März | 2021 Q4 | 2022 Q1 | 2022 Q2 | 2022 Q3 | 2022 Q4 | 2023 Q1 | 2023 Q2 | 2023 Q3 | 2024 Q1 | 2024 Q2 | 2024 Q3 | 2024 Q4 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 1,103 | 1,173 | 1,460 | 1,515 | 1,366 | 1,402 | 1,489 | 1,412 | 1,497 | 1,880 | 2,100 | 2,221 |
| EBITDA | 712.2 | 737.3 | 992 | 1,032 | 907 | - | 930.4 | 852.1 | - | 1,000 | 1,500 | 1,400 |
| EBIT | - | - | - | - | - | - | - | - | - | - | - | 1,334 |
| Operating Margin | - | - | - | - | - | - | - | - | - | - | - | 60.08% |
| Earnings before Tax (EBT) | - | 846 | 1,148 | 1,110 | 985.5 | 765.9 | 1,074 | 993.3 | - | 1,200 | 1,500 | 1,500 |
| Net income 1 | - | 638.7 | 859.2 | 837.3 | 776.5 | 577.8 | 804.1 | 746.4 | 735.7 | 929 | 1,096 | 1,142 |
| Net margin | - | 54.46% | 58.86% | 55.26% | 56.87% | 41.22% | 53.99% | 52.87% | 49.15% | 49.43% | 52.19% | 51.41% |
| EPS | - | - | - | - | - | - | - | - | - | - | - | 11.00 |
| Dividend per Share | - | - | - | - | - | - | - | - | - | - | - | - |
| Announcement Date | 5/1/21 | 7/31/21 | 10/30/21 | 2/5/22 | 4/29/22 | 7/30/22 | 10/22/22 | 2/1/23 | 8/5/23 | - | - | - |
1INR in Million
Estimates
Balance Sheet Analysis
| Fiscal Period: März | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net Debt | - | - | - | - | - | - | - | - |
| Net Cash position | - | - | - | - | - | - | - | - |
| Leverage (Debt/EBITDA) | - | - | - | - | - | - | - | - |
| Free Cash Flow 1 | 741 | 721 | 1,745 | 2,575 | - | 3,758 | 4,801 | 5,488 |
| ROE (net income / shareholders' equity) | 17.9% | 15.3% | 25% | 31.6% | 23.9% | 29.6% | 30.1% | 30.8% |
| ROA (Net income/ Total Assets) | - | - | 20.6% | 25.8% | 19.8% | 24.8% | 25.7% | 26.8% |
| Assets 1 | - | - | 9,737 | 12,048 | 13,914 | 16,042 | 18,262 | 20,199 |
| Book Value Per Share 2 | 63.90 | 69.30 | 83.90 | 105.0 | 116.0 | 136.0 | 159.0 | 180.0 |
| Cash Flow per Share | - | - | - | - | - | - | - | - |
| Capex 1 | 113 | 101 | 180 | 250 | - | 507 | 529 | 434 |
| Capex / Sales | 5.83% | 4.47% | 5.24% | 4.54% | - | 6.51% | 5.72% | 4.1% |
| Announcement Date | 5/3/19 | 5/16/20 | 5/1/21 | 4/29/22 | 4/29/23 | - | - | - |
1INR in Million2INR
Estimates
EPS & Dividend
Year-on-year evolution of the PER
Year-on-year evolution of the Yield
Change in Enterprise Value/EBITDA
Trading Rating
Investor Rating
ESG Refinitiv
C
Sell
Buy
Mean consensus
HOLD
Number of Analysts
9
Last Close Price
2,120
INR
Average target price
1,915
INR
Spread / Average Target
-9.63%
EPS Revisions
Quarterly revenue - Rate of surprise
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- Financials Central Depository Services (India) Limited
