Who are Central Depository Services (India)'s main competitors?

Named competitors: National Securities Depository (NSDL) (private or unlisted). The cockpit's measured peer set (industry) also includes TP ICAP (TCAP.L), Guosheng Securities (002670.SZ), HUAXI Securities (002926.SZ), Yongan Futures (600927.SS), Tata Investment (TATAINVEST.NS), Plus500 (PLUS.L).

Is Central Depository Services (India) expensive compared with its peers?

On forward p/e it trades at 52.1× against a peer median of 13.1×, most expensive of 16 in its peer set.

How has Central Depository Services (India) stock performed?

Over six months to 6 Nov 2026 the shares returned +4.8% against -12.4% for the median peer; over one year -17.6%.

← CockpitCompetitor Analysis › CDSL.NS Central Depository Services (India)Open in the cockpit ↗

Central Depository Services (India)CDSL.NSCompetitor analysis, valuation and peers

India · INR·Financials›Investment Banks/Brokers

One of India's two securities depositories, holding shares and other securities in electronic (demat) form for investors.

≈ India's DTCC-equivalent depository, one of only two in the countryMomentum strong 68

Competitor Analysis ▸ Charts Open in the cockpit

Mkt cap

$2.95B

US dollars, full cap

Free float

85%

of shares outstanding

$/day

$15.0M

20-day average traded

Fwd P/E

52.1×

forward earnings

ROIC−WACC

n/a

WACC 17.6%

Hurdle

n/a

no reverse DCF

Next earnings

87 days

1 Feb 2027

Close · INR₹1,331

1D-0.2%

1W+5.4%

1M+4.4%

3M0.0%

6M+4.8%

YTD-7.8%

1Y-17.6%

ATR %2.7%

Beta1.56

52w lowhigh20.4% off high

What Central Depository Services (India) does

One of India's two securities depositories, holding shares and other securities in electronic (demat) form for investors.

Earns fees from issuers, whose securities are held in demat form, from transaction charges on each sale of securities, and from annual account fees collected via brokers and banks, so market activity matters. BSE, the exchange, is its main promoter-shareholder.

In one line: India's DTCC-equivalent depository, one of only two in the country.

Products and services

Demat account services
e-KYC/e-voting services
Securities settlement infrastructure

Customers

Depository participants (brokers/banks)
Retail and institutional investors (indirectly)

Where it sits in the supply chain

Financial infrastructure
Securities depository
Demat account & settlement…

What could go right

Rising retail demat account growth in India
Capital market activity/IPO volumes

What could go wrong

Regulatory fee-cap risk
Market activity-linked transaction revenue

Moat: wide (regulatory licence, network effects, switching costs). Regulated duopoly (with NSDL) in Indian securities depository infrastructure with high switching costs.

Headquarters: Mumbai, India · Founded: 1999 · Employees: 625

Named competitors

National Securities Depository (NSDL) private or unlisted

Central Depository Services (India) at a glance

Size Central Depository Services (India) (CDSL.NS) is an India Financials company (Investment Banks/Brokers) with a market value of $2.95B, the 289th largest of 1,058 India companies the cockpit tracks. Shares closed at ₹1,331 on 6 Nov 2026.

Performance Over six months the shares gained 4.8%, against -12.4% for the median peer and 0.0% for the India market (cap-weighted) — 4th highest of 20 in its peer set.

Growth Revenue grew 3.3% over the last twelve months (peer median +11.1%); the operating margin is 49.5% (peer median 27.6%).

Valuation It trades at 52.1× forward earnings against a peer median of 13.1× (most expensive of 16).

Next results Next results expected around 1 Feb 2027 (exchange calendar; dates can move).

Relative performance

Six months, rebased to 100: Central Depository Services (India) against the median of its 20 peers (local-currency closes).

Central Depository Services (India) financials

Reported figures in INR; fiscal year ends 2026-03-31. TTM = trailing twelve months.
	TTM	FY2025	FY2024	FY2023	FY2022
Revenue	₹12.4B	₹12.3B	₹11.9B	₹9.01B	₹6.13B
Revenue growth	—	+3%	+32%	+47%	—
Gross profit	₹10.1B	₹9.40B	₹9.67B	₹7.57B	₹5.20B
EBITDA	₹6.79B	₹6.97B	₹7.53B	₹5.87B	₹3.89B
Net income	₹4.56B	₹4.56B	₹5.27B	₹4.19B	₹2.76B
Free cash flow	n/a	₹3.91B	₹4.39B	₹3.48B	₹650M
Capital expenditure	n/a	₹1.21B	₹1.56B	₹735M	₹2.09B
Total debt	₹16.8M	₹22.0M	₹29.8M	₹13.6M	₹23.7M

Quarterly statements and history in the cockpit →

Central Depository Services (India) competitor charts

The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.

Performance: 6-month against 1-month return

Up and to the right = strong over both horizons. Central Depository Services (India) is the large dot.

Fundamentals: revenue growth against valuation

Further right = faster growth; higher = more expensive. The dashed lines are the peer medians. Central Depository Services (India) is the large dot.

Central Depository Services (India) competitors and peer comparison

How Central Depository Services (India) compares with its peers

Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.

Central Depository Services (India) against its 20 peers (data as of 6 Nov 2026)
Measure	CDSL.NS	Peer median	Rank in peer set
1-month return	+4.4%	-1.9%	5th highest of 21
6-month return	+4.8%	-12.4%	4th highest of 20
Distance from 52-week high	-20.4%	-27.1%	7th highest of 21
Revenue growth (TTM)	+3.3%	+11.1%	8th lowest of 21
Operating margin	49.5%	27.6%	3rd highest of 20
Forward P/E	52.1×	13.1×	most expensive of 16

Peer table

Peer set: Industry: the same industry and sector in any market, nearest in size
Company	Market	Market cap	6M return	Revenue growth	Op. margin	Forward P/E	Req g	Delivered g
Central Depository Services (India) CDSL.NS	India	$2.95B	+5%	+3%	50%	52.1×	n/a	n/a
TP ICAP TCAP.L	United Kingdom	$2.97B	-1%	+4%	11%	8.9×	n/a	n/a
Guosheng Securities 002670.SZ	China	$2.92B	-20%	-11%	11%	n/a	n/a	n/a
HUAXI Securities 002926.SZ	China	$3.01B	-12%	+10%	36%	11.4×	n/a	n/a
Yongan Futures 600927.SS	China	$2.83B	-12%	-139%	n/a	24.3×	n/a	n/a
Tata Investment TATAINVEST.NS	India	$3.06B	-22%	+18%	89%	n/a	n/a	n/a
Plus500 PLUS.L	United Kingdom	$3.12B	-26%	+3%	41%	10.4×	n/a	n/a
flatexDEGIRO FTK.DE	Germany	$2.78B	-27%	+20%	45%	11.1×	n/a	n/a
Minmetals Capital 600390.SS	China	$3.15B	-11%	-62%	60%	51.9×	n/a	n/a
Shanxi Securities 002500.SZ	China	$2.73B	-10%	-3%	28%	16.4×	n/a	n/a
Angel One ANGELONE.NS	India	$3.20B	+3%	+21%	28%	23.1×	n/a	n/a
Oshidori International 0622.HK	Hong Kong	$2.67B	+52%	+71%	47%	n/a	n/a	n/a
Lincoln International LCLN	United States	$2.65B	n/a	+35%	28%	18.3×	n/a	n/a
Aozora Bank 8304.T	Japan	$2.60B	+17%	+12%	29%	14.4×	n/a	n/a
CMC Markets CMCX.L	United Kingdom	$2.54B	+79%	+16%	27%	10.5×	n/a	n/a
Northeast Securities 000686.SZ	China	$2.52B	-17%	+1%	23%	11.1×	n/a	n/a
Miami International MIAX	United States	$3.45B	-34%	+14%	12%	18.8×	n/a	n/a
Pacific Securities 601099.SS	China	$3.47B	-8%	-11%	14%	n/a	n/a	n/a
Kiwoom 039490.KS	South Korea	$3.48B	-53%	+100%	41%	2.9×	n/a	n/a
J-Yuan Trust 600816.SS	China	$3.50B	-18%	+139%	13%	n/a	n/a	n/a
Compagnie Financiere Tradition CFT.SW	Switzerland	$2.37B	-15%	+3%	14%	13.1×	n/a	n/a

Questions

Who are Central Depository Services (India)'s main competitors?: Named competitors: National Securities Depository (NSDL) (private or unlisted). The cockpit's measured peer set (industry) also includes TP ICAP (TCAP.L), Guosheng Securities (002670.SZ), HUAXI Securities (002926.SZ), Yongan Futures (600927.SS), Tata Investment (TATAINVEST.NS), Plus500 (PLUS.L).
Is Central Depository Services (India) expensive compared with its peers?: On forward p/e it trades at 52.1× against a peer median of 13.1×, most expensive of 16 in its peer set.
How has Central Depository Services (India) stock performed?: Over six months to 6 Nov 2026 the shares returned +4.8% against -12.4% for the median peer; over one year -17.6%.