A deep dive into CDSL (CDSL) — examining the financials, valuation picture, and who owns the stock.
CDSL Revenue Trend
CDSL's top line grew 46.1% to ₹907 Cr in FY2024, compared to ₹621 Cr in FY2023.
The long-term growth story is impressive: a 26.1% CAGR over 10 years, from ₹88.9 Cr to ₹907 Cr. That's well above what most listed companies manage.
A ₹907 Cr revenue base makes CDSL a smaller name in the Indian finance sector.
CDSL has posted revenue growth for 10 consecutive years — that's a sustained trend, not a one-off.
| Year | Revenue | YoY % |
|---|---|---|
| FY2024 | ₹907 Cr | +46.1% |
| FY2023 | ₹621 Cr | +2.5% |
| FY2022 | ₹606 Cr | +76.3% |
| FY2021 | ₹344 Cr | +52.7% |
| FY2020 | ₹225 Cr | — |
View CDSL's full 10-year revenue trend with CAGR analysis →
CDSL Profitability
A 52.0% improvement in net profit took CDSL's bottom line to ₹420 Cr in FY2024.
Net margin expanded to 46.2% in FY2024, up from 44.4% a year prior.
On an EPS basis, the company earned ₹20.06 (diluted) in FY2024 versus ₹13.21 in FY2023.
Is CDSL Undervalued
Using the P/E Ratio methodology, the calculated intrinsic value comes to ₹1,280.
CDSL shares are currently trading at ₹1,218.20.
Craytheon also calculates intrinsic value using the EPS Growth and DCF models. The full breakdown with assumptions is available in the detailed analysis.
| Model | Est. Fair Value | vs. Current Price |
|---|---|---|
| P/E Ratio | ₹1,280 | 5.1% upside to fair value |
| EPS Growth | Upgrade | Upgrade |
| DCF | Upgrade | Upgrade |
See all valuation models for CDSL with detailed assumptions →
CDSL Shareholding Pattern
Promoters haven't moved — their 15.0% holding has been unchanged for 4 quarters.
Foreign institutions moved their stake down to 11.4% from 12.9% over the past year.
Domestic institutions moved their stake up to 14.4% from 14.2% over the past year.
| Quarter | Promoter | FII | DII | Public |
|---|---|---|---|---|
| Mar 2026 | 15.0% | 11.4% | 14.4% | 59.2% |
| Dec 2025 | 15.0% | 12.4% | 15.1% | 57.5% |
| Sep 2025 | 15.0% | 11.5% | 14.2% | 59.3% |
| Jun 2025 | 15.0% | 12.9% | 14.2% | 57.9% |
Track quarterly shareholding changes for CDSL →
CDSL Balance Sheet
Proportional view as of 3 Jun 2026. Hover blocks for details.
Assets
Liabilities & Equity
FY2024 total assets: ₹17.82B (up 22.3% YoY from ₹14.57B).
Top categories: Cash & ST Investments (34.1%), Investments (33.3%), Property, Plant & Equipment (17.5%).
Of the ₹17.82B in liabilities and equity, 84.6% is shareholder equity, 0.1% is interest-bearing debt, and 15.3% is operating liabilities. Over the year, debt is down 42.8% and equity is up 19.9%.
Balance sheet composition — FY 2024
| Category | Value |
|---|---|
| Cash & ST Investments | 6.08B |
| Receivables | 668.28M |
| Property, Plant & Equipment | 3.12B |
| Investments | 5.94B |
| Intangibles & Goodwill | 318.47M |
| Other Assets | 1.69B |
| Category | Value |
|---|---|
| Equity | 15.07B |
| Short-term Debt | 5.33M |
| Long-term Debt | 8.23M |
| Trade Payables | 280.43M |
| Other Liabilities | 2.45B |
CDSL Stock Analysis
What should investors take away from CDSL's (CDSL) latest numbers? Here's the summary.
Revenue of ₹907 Cr in FY2024, up 46.1% year-over-year.
Long-term revenue has been compounding at 26.1% annually over 10 years.
The company is profitable, with a net margin of 46.2% and net income of ₹420 Cr.
The P/E Ratio model implies 5.1% upside to fair value from the current price. The remaining two models are worth cross-checking before drawing a conclusion — sign up to see the full analysis.
Unlock Full Analysis
See the full picture — Craytheon tracks 10 years of financial data with interactive charts, growth trends, and three valuation models for CDSL.