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Central Dep. Service Overview

Central Depository Services Ltd operates as a securities depository in India. The Company offers service for various customers, consisting of depository individuals and other capital market intermediaries, corporate, capital marketplace intermediaries, coverage organizations and others. The Company gives dematerialization for a number of securities, along with equity shares, preference stocks, mutual fund units, debt instrument, government securities. As a securities depository, the Company enables holding of securities in digital form and allo...Read More

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Central Dep. Service Key Financials

Market Cap ₹29279 Cr.

Stock P/E 55.6

P/B 15.6

Current Price ₹1400.9

Book Value ₹ 89.8

Face Value 10

52W High ₹1828.9

Dividend Yield 0.89%

52W Low ₹ 1047.5

Central Dep. Service Share Price

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Volume
Price

Central Dep. Service Quarterly Price

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Central Dep. Service Peer Comparison

Central Dep. Service Quarterly Results

#(Fig in Cr.) Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025
Net Sales 207 214 241 257 322 278 224 259 319 304
Other Income 23 21 27 30 36 20 31 36 22 29
Total Income 230 236 267 287 359 298 256 295 341 334
Total Expenditure 78 83 93 103 122 117 115 128 141 143
Operating Profit 152 153 174 184 236 181 141 167 200 190
Interest 0 0 0 0 0 0 0 0 0 0
Depreciation 6 7 8 10 12 13 14 15 16 17
Exceptional Income / Expenses 0 0 0 0 0 0 0 0 0 0
Profit Before Tax 146 146 166 174 224 168 126 152 184 173
Provision for Tax 36 38 39 40 63 39 27 49 43 39
Profit After Tax 110 108 127 134 161 129 100 103 141 134
Adjustments -1 -1 2 1 1 1 1 -0 -1 -1
Profit After Adjustments 109 107 129 134 162 130 100 102 140 133
Adjusted Earnings Per Share 5.2 5.1 6.2 6.4 7.8 6.2 4.8 4.9 6.7 6.4

Central Dep. Service Profit & Loss

#(Fig in Cr.) Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 TTM
Net Sales 105 123 146 188 196 225 344 551 555 812 1082 1106
Other Income 22 38 41 38 49 59 57 55 66 95 117 118
Total Income 127 161 187 226 245 284 401 606 621 907 1199 1226
Total Expenditure 60 59 67 77 87 136 132 184 232 323 458 527
Operating Profit 67 102 120 148 158 148 269 421 389 584 741 698
Interest 0 0 0 0 0 0 0 0 0 0 0 0
Depreciation 6 4 4 7 10 12 9 11 19 27 49 62
Exceptional Income / Expenses 2 33 0 0 0 0 0 0 0 0 0 0
Profit Before Tax 63 131 117 141 148 136 260 409 365 556 695 635
Provision for Tax 19 40 30 38 33 30 58 97 89 136 169 158
Profit After Tax 43 91 87 104 115 107 201 312 276 420 526 478
Adjustments 0 -0 -1 -0 -1 -1 -1 -1 -0 -0 0 -1
Profit After Adjustments 44 91 86 103 114 106 200 311 276 419 527 475
Adjusted Earnings Per Share 2.1 4.4 4.1 4.9 5.4 5.1 9.6 14.9 13.2 20.1 25.2 22.8

Growth Rates

# 1 Year 3 Year 5 Year 10 Year
Sales CAGR 33% 25% 37% 26%
Operating Profit CAGR 27% 21% 38% 27%
PAT CAGR 25% 19% 38% 28%
# 1 Year 3 Year 5 Year 10 Year
Share Price CAGR 8% 41% 40% NA%
ROE Average 33% 29% 29% 22%
ROCE Average 43% 39% 38% 30%

Central Dep. Service Balance Sheet

#(Fig in Cr.) Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Shareholder's Funds 369 479 533 599 668 724 877 1093 1214 1463 1760
Minority's Interest 14 15 15 16 41 42 43 43 43 44 44
Borrowings 0 0 0 0 0 0 0 0 0 0 0
Other Non-Current Liabilities 96 89 82 -1 -2 5 204 286 352 238 185
Total Current Liabilities 111 115 150 75 73 92 284 273 290 368 623
Total Liabilities 591 698 781 688 780 862 1408 1695 1899 2114 2611
Fixed Assets 7 4 5 76 75 74 73 106 125 342 446
Other Non-Current Assets 303 326 379 385 497 304 514 583 1013 846 756
Total Current Assets 281 369 397 228 209 484 820 1006 762 927 1409
Total Assets 591 698 781 688 780 862 1408 1695 1899 2114 2611

Central Dep. Service Cash Flow

#(Fig in Cr.) Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Opening Cash & Cash Equivalents 1 1 2 31 6 5 4 42 86 50 18
Cash Flow from Operating Activities 43 28 43 79 86 82 193 283 249 386 543
Cash Flow from Investing Activities -19 0 18 -67 -67 -33 -107 -146 -126 -249 -298
Cash Flow from Financing Activities -23 -28 -31 -38 -20 -51 -47 -94 -158 -169 -231
Net Cash Inflow / Outflow 0 1 29 -26 -1 -1 38 44 -35 -32 14
Closing Cash & Cash Equivalent 1 2 31 6 5 4 42 86 50 18 32

Central Dep. Service Ratios

# Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Earnings Per Share (Rs) 2.09 4.35 4.1 4.94 5.43 5.08 9.59 14.89 13.2 20.05 25.2
CEPS(Rs) 2.38 4.56 4.32 5.29 5.97 5.67 10.07 15.47 14.14 21.38 27.53
DPS(Rs) 1.1 1.25 1.5 1.75 2 2.25 4.5 7.5 8 11 12.5
Book NAV/Share(Rs) 17.67 22.93 25.52 28.65 31.97 34.64 41.97 52.29 58.07 70.02 84.23
Core EBITDA Margin(%) 42.89 52.03 54.4 58.81 55.5 39.57 61.63 66.54 58.25 60.25 57.69
EBIT Margin(%) 59.41 106.89 79.84 75.35 75.52 60.63 75.51 74.1 65.81 68.47 64.22
Pre Tax Margin(%) 59.41 106.89 79.84 75.35 75.52 60.62 75.5 74.1 65.78 68.45 64.21
PAT Margin (%) 41.19 74.17 59.31 55.22 58.51 47.41 58.56 56.56 49.71 51.65 48.63
Cash Profit Margin (%) 47.11 77.59 61.84 58.92 63.56 52.62 61.23 58.63 53.22 55.01 53.16
ROA(%) 8.34 14.14 11.71 14.11 15.63 12.99 17.73 20.1 15.36 20.91 22.28
ROE(%) 12.01 21.47 17.1 18.31 18.13 15.33 25.14 31.65 23.93 31.34 32.65
ROCE(%) 17.33 30.94 23.02 24.98 23.4 19.61 32.42 41.47 31.67 41.55 43.12
Receivable days 22.68 29.59 32.85 31.24 35.33 36.61 33.72 27.58 27.45 23.48 20.18
Inventory Days 0 0 0 0 0 0 0 0 0 0 0
Payable days 0 0 0 0 0 0 0 0 0 0 0
PER(x) 0 0 0 28.63 22.33 21.11 34.22 49.71 34.42 42.69 48.42
Price/Book(x) 0 0 0 4.93 3.79 3.09 7.82 14.15 7.82 12.23 14.49
Dividend Yield(%) 0 0 0 1.24 1.65 2.1 1.37 1.01 1.76 1.29 1.02
EV/Net Sales(x) 0.37 0.52 0.38 15.51 12.63 9.71 19.34 27.69 16.98 21.96 23.4
EV/Core EBITDA(x) 0.58 0.63 0.47 19.63 15.68 14.75 24.74 36.22 24.22 30.52 34.16
Net Sales Growth(%) 18.53 16.54 18.84 28.55 4.56 14.7 52.69 60.4 0.68 46.33 33.23
EBIT Growth(%) 0.21 109.69 -11.23 21.32 4.8 -7.91 90.18 57.41 -10.59 52.24 24.97
PAT Growth(%) -12.37 109.87 -4.98 19.69 10.8 -7.06 88.6 54.92 -11.5 52.03 25.45
EPS Growth(%) -11.54 108.43 -5.73 20.28 10.02 -6.48 88.72 55.33 -11.33 51.88 25.66
Debt/Equity(x) 0 0 0 0 0 0 0 0 0 0 0
Current Ratio(x) 2.53 3.2 2.65 3.05 2.84 5.28 2.89 3.68 2.62 2.52 2.26
Quick Ratio(x) 2.53 3.2 2.65 3.05 2.84 5.28 2.89 3.68 2.62 2.52 2.26
Interest Cover(x) 0 0 0 0 0 4642.08 0 0 2736.24 5051.06 6929.24
Total Debt/Mcap(x) 0 0 0 0 0 0 0 0 0 0 0

Central Dep. Service Shareholding Pattern

# Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025
Promoter 15 15 15 15 15 15 15 15 15 15
FII 8.08 10.98 11.38 14 13.7 17 11.32 12.9 11.54 12.4
DII 28.98 28.5 23.15 24.91 21.63 19.26 15.43 14.23 14.18 15.11
Public 47.95 45.51 50.47 46.09 49.66 48.74 58.25 57.87 59.28 57.49
Others 0 0 0 0 0 0 0 0 0 0
Total 100 100 100 100 100 100 100 100 100 100

Central Dep. Service News

Central Dep. Service Pros & Cons

Pros

  • Company has delivered good profit growth of 37% CAGR over last 5 years
  • Company has a good return on equity (ROE) track record: 3 Years ROE 29%
  • Company is almost debt free.

Cons

  • Promoter holding is low: 15%.
  • Stock is trading at 15.6 times its book value.
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