Central Depository Services (India) Limited

NSEI:CDSL Stock Report

Market Cap: ₹318.1b

Central Depository Services (India) Valuation

Is CDSL undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

0/6

Valuation Score 0/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of CDSL when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: CDSL (₹1521.8) is trading above our estimate of fair value (₹436.44)

Significantly Below Fair Value: CDSL is trading above our estimate of fair value.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for CDSL?

Other financial metrics that can be useful for relative valuation.

CDSL key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue27.1x
Enterprise Value/EBITDA42.7x
PEG Ratio4.1x

Price to Earnings Ratio vs Peers

How does CDSL's PE Ratio compare to its peers?

The above table shows the PE ratio for CDSL vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average48.6x
501301 Tata Investment
91.7xn/a₹337.9b
360ONE 360 One Wam
43.6x14.6%₹402.4b
NAM-INDIA Nippon Life India Asset Management
33.7x11.2%₹445.3b
ABSLAMC Aditya Birla Sun Life AMC
25.4x10.1%₹227.7b
CDSL Central Depository Services (India)
59.7x14.7%₹318.1b

Price-To-Earnings vs Peers: CDSL is expensive based on its Price-To-Earnings Ratio (59.7x) compared to the peer average (48.6x).

Price to Earnings Ratio vs Industry

How does CDSL's PE Ratio compare vs other companies in the IN Capital Markets Industry?

0 CompaniesPrice / EarningsEstimated GrowthMarket Cap
Industry Avg.n/a14.3%
 n/an/an/a
No. of CompaniesPE048121620

Fetching data

0 CompaniesPrice / EarningsEstimated GrowthMarket Cap
Industry Avg.n/a14.3%
 n/an/an/a
No more companies

Price-To-Earnings vs Industry: CDSL is expensive based on its Price-To-Earnings Ratio (59.7x) compared to the Indian Capital Markets industry average (25.1x).

Price to Earnings Ratio vs Fair Ratio

What is CDSL's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

CDSL PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio59.7x
Fair PE Ratio21.9x

Price-To-Earnings vs Fair Ratio: CDSL is expensive based on its Price-To-Earnings Ratio (59.7x) compared to the estimated Fair Price-To-Earnings Ratio (21.9x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst CDSL forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current₹1,521.80
₹1,448.22
-4.8%
7.4%₹1,650.00₹1,300.00n/a9
Oct ’25₹1,436.65
₹1,139.72
-20.7%
12.0%₹1,325.00₹925.00n/a9
Sep ’25₹1,434.90
₹1,148.33
-20.0%
11.5%₹1,325.00₹925.00n/a9
Aug ’25₹1,218.90
₹1,085.67
-10.9%
9.3%₹1,270.00₹900.00n/a9
Jul ’25₹1,219.00
₹1,059.50
-13.1%
10.1%₹1,185.00₹840.00n/a9
Jun ’25₹1,039.85
₹1,055.61
+1.5%
9.8%₹1,185.00₹840.00n/a9
May ’25₹1,054.35
₹957.67
-9.2%
11.5%₹1,180.00₹820.00n/a9
Apr ’25₹918.85
₹938.72
+2.2%
9.8%₹1,085.00₹810.00n/a9
Mar ’25₹959.28
₹938.72
-2.1%
9.8%₹1,085.00₹810.00n/a9
Feb ’25₹905.48
₹772.69
-14.7%
13.4%₹1,010.00₹675.50n/a8
Jan ’25₹909.18
₹762.06
-16.2%
13.9%₹1,010.00₹675.50n/a8
Dec ’24₹949.13
₹762.06
-19.7%
13.9%₹1,010.00₹675.50n/a8
Nov ’24₹750.88
₹646.25
-13.9%
15.6%₹835.00₹520.00₹1,558.008
Oct ’24₹679.90
₹609.36
-10.4%
11.9%₹700.00₹520.00₹1,436.657
Sep ’24₹570.73
₹594.25
+4.1%
11.4%₹687.50₹520.00₹1,434.906
Aug ’24₹622.25
₹545.33
-12.4%
11.3%₹625.00₹436.00₹1,218.906
Jul ’24₹555.38
₹545.33
-1.8%
11.3%₹625.00₹436.00₹1,219.006
Jun ’24₹534.45
₹542.83
+1.6%
10.8%₹610.00₹436.00₹1,039.856
May ’24₹502.80
₹570.67
+13.5%
10.5%₹637.50₹453.50₹1,054.356
Apr ’24₹454.38
₹570.67
+25.6%
10.5%₹637.50₹453.50₹918.856
Mar ’24₹496.43
₹574.80
+15.8%
11.3%₹637.50₹453.50₹959.285
Feb ’24₹510.85
₹623.75
+22.1%
1.9%₹643.00₹614.50₹905.484
Jan ’24₹557.65
₹623.75
+11.9%
1.9%₹643.00₹614.50₹909.184
Dec ’23₹621.73
₹623.75
+0.3%
1.9%₹643.00₹614.50₹949.134
Nov ’23₹618.73
₹623.75
+0.8%
1.9%₹643.00₹614.50₹750.884

Analyst Forecast: Target price is lower than the current share price.

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