CDSL Share Price Target 2026, 2027, 2028, 2029, 2030
- Market Cap
- ₹28,006 Cr
- Book Value
- ₹93.8
- Stock P/E
- 59.4
- Dividend Yield
- 0.95%
- ROE
- 24.5%
- ROCE
- 32.0%
- PEG Ratio
- 3.32
- EV/EBITDA
- 40.2
Fundamentals from Screener.in, as of 5 Aug 2026. Live price via Yahoo Finance.
Technical snapshot
EOD ·Central Depository Services (India) Ltd closed at ₹1,329.00 on 19 August 2026, down 0.9% on the day, 0.9% below its 50-day average, 20.6% below its 52-week high, with volume at 0.57× its 20-session average.
- RSI 14
- 46.3
- vs 50-day SMA
- -0.9%
- vs 200-day SMA
- -2.0%
- From 52-week high
- -20.6%
- Relative volume
- 0.57×
- 20-day return
- -0.8%
End-of-day prices from exchange-published files (NSE/BSE bhavcopy), updated after market close. Descriptive statistics, not investment advice.
CDSL share price today
Central Depository Services (NSE: CDSL) holds India’s shares — literally. Every demat account at a discount broker almost certainly sits on CDSL rails: 15 crore+ accounts, the retail half of a duopoly whose other member (NSDL) custodies the institutional value. Revenue arrives as annuity custody fees, transaction charges on every trade, corporate-action fees on every dividend and split, and KYC/e-voting adjacencies — at a 50% operating margin, zero debt, 32% ROCE.
At 59.4× earnings, the retail-growth story already commands a substantial premium. Owning both CDSL and NSDL gives exposure to the whole depository industry, with CDSL representing the retail-growth half.
The demat flywheel
Every new Indian investor opens a demat account; discount brokers overwhelmingly choose CDSL; each account pays annuity fees for life and transaction fees when active. Demat penetration remains a fraction of the adult population, so the flywheel’s fuel — first-time investors — has years of runway. Market-cycle sensitivity is real (transaction income breathes with trading volumes) but the annuity base ratchets upward regardless: accounts open in booms and stay through busts.
Watch-items: SEBI pricing actions on depository charges (the regulated-monopoly trade-off), trading-volume cycles, unlisted-securities demat mandates (a growth option), and BSE’s 15% anchor holding.
The numbers
Financial snapshot — 5 August 2026
| Metric | Value |
|---|---|
| Market cap | ₹28,006 Cr |
| P/E (TTM) | 59.4 |
| EV/EBITDA | 40.2 |
| Operating margin | 50.0% |
| ROE / ROCE | 24.5% / 32.0% |
| Debt to equity | 0.00 |
| Sales CAGR (5y) | 27.2% |
| Profit CAGR (5y) | 17.9% |
| Promoter holding | 15.0% (BSE-anchored) |
| EPS (TTM) | ₹22.55 |
CDSL share price target 2026 to 2030
EPS base ₹22.55 (TTM). Bear: a quiet market plus fee caps — 10% growth, multiple at 34×. Base: account growth compounds through cycles — 16% growth at 46×. Bull: penetration accelerates with unlisted mandates — 22% growth at 58×.
From ₹1,340, the base case is ≈ +63% over four and a half years plus a ~1% yield; the bear is −8%. The scenario range reflects resilient infrastructure economics alongside fee and market-cycle risk.
Reasons to own CDSL (at the right price)
- The retail default in a two-member industry — discount brokers built on CDSL rails.
- Custody fees recur while accounts remain open, and each market cycle expands the installed account base.
- 50% OPM, zero debt, 32% ROCE — regulated-infrastructure economics.
- Demat penetration runway: most Indian adults still don’t have an account.
- Adjacencies (KYC, insurance demat, unlisted shares) reuse the trust rails.
The risks: the regulator can cap fees at will, transaction income swings with market mood, and 59× prices the flywheel’s continued spin.
What to weigh at the current price
CDSL’s duopoly and retail annuity deserve a premium, but at 59.4× future returns depend on account and transaction growth outrunning any fee pressure or multiple contraction.
FAQ
What is the CDSL share price target for 2030? The table above sets out bear, base and bull scenarios for each year through 2030. These are valuation sensitivities, not promised prices.
How does CDSL differ from NSDL? CDSL dominates account count (retail, discount-broker flow); NSDL custodies more value (institutional holdings). Both earn annuity-plus-transaction economics on the same duopoly structure.
What could actually hurt CDSL? Regulated pricing is the real lever. Competition cannot easily enter, while SEBI can revise regulated charges, making pricing policy the principal structural risk.
When are CDSL’s next results? Check the results calendar and confirm the announced date in the company’s exchange filing.
This article is research and education, not personalised investment advice. We are not SEBI-registered advisers. Price targets are scenario arithmetic, not promises. Do your own research and consult a registered adviser before acting.