We Take A Look At Whether Central Depository Services (India) Limited's (NSE:CDSL) CEO May Be Underpaid
Key Insights
- Central Depository Services (India) will host its Annual General Meeting on 14th of August
- CEO Nehal Vora's total compensation includes salary of ₹35.0m
- Total compensation is 57% below industry average
- Over the past three years, Central Depository Services (India)'s EPS grew by 17% and over the past three years, the total shareholder return was 181%
The solid performance at Central Depository Services (India) Limited (NSE:CDSL) has been impressive and shareholders will probably be pleased to know that CEO Nehal Vora has delivered. This would be kept in mind at the upcoming AGM on 14th of August which will be a chance for them to hear the board review the financial results, discuss future company strategy and vote on resolutions such as executive remuneration and other matters. We think the CEO has done a pretty decent job and probably deserves a well-earned pay rise.
View our latest analysis for Central Depository Services (India)
Comparing Central Depository Services (India) Limited's CEO Compensation With The Industry
Our data indicates that Central Depository Services (India) Limited has a market capitalization of ₹327b, and total annual CEO compensation was reported as ₹54m for the year to March 2025. Notably, that's an increase of 20% over the year before. In particular, the salary of ₹35.0m, makes up a huge portion of the total compensation being paid to the CEO.
In comparison with other companies in the Indian Capital Markets industry with market capitalizations ranging from ₹175b to ₹560b, the reported median CEO total compensation was ₹125m. Accordingly, Central Depository Services (India) pays its CEO under the industry median.
| Component | 2025 | 2024 | Proportion (2025) |
| Salary | ₹35m | ₹31m | 65% |
| Other | ₹19m | ₹13m | 35% |
| Total Compensation | ₹54m | ₹44m | 100% |
On an industry level, it's fascinating to see that all of total compensation represents salary and non-salary benefits do not factor into the equation at all. It's interesting to note that Central Depository Services (India) allocates a smaller portion of compensation to salary in comparison to the broader industry. If salary dominates total compensation, it suggests that CEO compensation is leaning less towards the variable component, which is usually linked with performance.
A Look at Central Depository Services (India) Limited's Growth Numbers
Central Depository Services (India) Limited has seen its earnings per share (EPS) increase by 17% a year over the past three years. It achieved revenue growth of 19% over the last year.
Shareholders would be glad to know that the company has improved itself over the last few years. This sort of respectable year-on-year revenue growth is often seen at a healthy, growing business. Historical performance can sometimes be a good indicator on what's coming up next but if you want to peer into the company's future you might be interested in this free visualization of analyst forecasts.
Has Central Depository Services (India) Limited Been A Good Investment?
Boasting a total shareholder return of 181% over three years, Central Depository Services (India) Limited has done well by shareholders. As a result, some may believe the CEO should be paid more than is normal for companies of similar size.
To Conclude...
Seeing that the company has put in a relatively good performance, the CEO remuneration policy may not be the focus at the AGM. Instead, investors might be more interested in discussions that would help manage their longer-term growth expectations such as company business strategies and future growth potential.
Whatever your view on compensation, you might want to check if insiders are buying or selling Central Depository Services (India) shares (free trial).
Of course, you might find a fantastic investment by looking at a different set of stocks. So take a peek at this free list of interesting companies.
Valuation is complex, but we're here to simplify it.
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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.