Central Depository Services - Public Comps and Valuation Multiples

Central Depository Services Overview

About Central Depository Services

Central Depository Services (India) Ltd is a securities depository in India. It offers dematerialization for a wide range of securities, including equity shares, preference shares, mutual fund units, debt instruments, and government securities. In addition, it is involved in centralized record keeping of KYC documents of investors, and providing repository services to policyholders to store their receipts and policies in electronic form. The group operates in three segments: Depository, Data Entry, and Storage and Repository. A majority of its revenue is generated from the Depository segment, which provides various services to investors, including dematerialization, rematerialization, holding, transfer, and pledge of securities in electronic form, as well as e-voting services to companies.

Founded

1997

HQ

Employees

403

Website

cdslindia.com

Sectors

Investment Brokerage

Financials

LTM Revenue $130M

Last FY EBITDA $83.9M

EV

$3.7B

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Central Depository Services Financials

As of September 2025, Central Depository Services reported last 12-month revenue of $130M.

In the same period, Central Depository Services achieved $59.3M in LTM net income.

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Central Depository Services P&L

In the most recent fiscal year, Central Depository Services reported revenue of $122M and EBITDA of $83.9M.

Central Depository Services expects next 12-month revenue of XXX and NTM EBITDA of XXX

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	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue	$130M	XXX	$122M	XXX	XXX	XXX
Gross Profit	n/a	XXX	$92.7M	XXX	XXX	XXX
Gross Margin	n/a	XXX	76%	XXX	XXX	XXX
EBITDA	n/a	XXX	$83.9M	XXX	XXX	XXX
EBITDA Margin	n/a	XXX	69%	XXX	XXX	XXX
EBIT	$71.7M	XXX	$64.9M	XXX	XXX	XXX
EBIT Margin	55%	XXX	53%	XXX	XXX	XXX
Net Profit	$59.3M	XXX	$59.4M	XXX	XXX	XXX
Net Margin	46%	XXX	49%	XXX	XXX	XXX
Net Debt	XXX	XXX	n/a	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

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Financial performance metrics for Central Depository Services including revenue, profitability, and margin analysis across different time periods. The company reported last twelve months revenue of $130M. In the most recent fiscal year, Central Depository Services achieved $122M in revenue and $83.9M in EBITDA.
Financial Metric	Last Twelve Months (LTM)	Next Twelve Months (NTM)	Most Recent Fiscal Year	Current Fiscal Year (2025)	Next Fiscal Year (2026)	Two Years Forward (2027)
Total Revenue	$130M	Analyst estimates available to subscribers	$122M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	n/a	Analyst estimates available to subscribers	$92.7M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit Margin	n/a	Analyst estimates available to subscribers	75.9% gross profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA (Earnings Before Interest, Taxes, Depreciation, Amortization)	n/a	Analyst estimates available to subscribers	$83.9M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	n/a	Analyst estimates available to subscribers	68.7% EBITDA margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT (Earnings Before Interest and Taxes)	$71.7M	Analyst estimates available to subscribers	$64.9M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	55.1% EBIT margin	Analyst estimates available to subscribers	53.2% EBIT margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	$59.3M	Analyst estimates available to subscribers	$59.4M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	45.5% net profit margin	Analyst estimates available to subscribers	48.7% net profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Debt Position	Detailed debt information available to subscribers	Detailed debt information available to subscribers	n/a	Detailed debt information available to subscribers	Detailed debt information available to subscribers	Detailed debt information available to subscribers

Financial Performance Summary for Central Depository Services

This financial data table provides comprehensive performance metrics for Central Depository Services, a company based in India. The metrics include revenue, profitability measures, and operational efficiency indicators across multiple time periods.

Recent Performance Highlights

Central Depository Services generated $130M in revenue over the last twelve months.
Net income over the last twelve months reached $59.3M.

Fiscal Year Performance

In the most recent fiscal year, Central Depository Services reported $122M in total revenue.
Fiscal year EBITDA was $83.9M.
The company maintained a gross profit margin of 75.9% in the most recent fiscal year.
EBITDA margin for the fiscal year was 68.7%.
Net profit margin reached 48.7% in the most recent fiscal year.

This financial data is sourced from Morningstar, Inc. and represents the most recent available information for Central Depository Services. Forward-looking estimates and detailed financial projections are available through our premium subscription service.

Central Depository Services Stock Performance

Central Depository Services has current market cap of INR 339B (or $3.8B), and EV of INR 329B (or $3.7B).

Market Cap Evolution

Central Depository Services Stock Data

As of October 17, 2025, Central Depository Services's stock price is INR 1620 (or $18).

See Central Depository Services trading valuation data

EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$3.7B	$3.8B	XXX	XXX	XXX	XXX	$0.28

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Central Depository Services Valuation Multiples

Central Depository Services's trades at 32.4x EV/Revenue multiple, and 46.8x EV/EBITDA.

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Central Depository Services Financial Valuation Multiples

As of October 17, 2025, Central Depository Services has market cap of $3.8B and EV of $3.7B.

Equity research analysts estimate Central Depository Services's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

Central Depository Services has a P/E ratio of 64.4x.

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Market cap (current)	$3.8B	XXX	$3.8B	XXX	XXX	XXX
EV (current)	$3.7B	XXX	$3.7B	XXX	XXX	XXX
EV/Revenue	28.5x	XXX	32.4x	XXX	XXX	XXX
EV/EBITDA	n/a	XXX	46.8x	XXX	XXX	XXX
EV/EBIT	51.8x	XXX	59.9x	XXX	XXX	XXX
EV/Gross Profit	n/a	XXX	n/a	XXX	XXX	XXX
P/E	64.4x	XXX	67.8x	XXX	XXX	XXX
EV/FCF	n/a	XXX	89.3x	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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Central Depository Services Margins & Growth Rates

Central Depository Services's last 12 month revenue growth is 15%

Central Depository Services's revenue per employee in the last FY averaged $0.3M, while opex per employee averaged $0.1M for the same period.

Central Depository Services's rule of 40 is 85% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Central Depository Services's rule of X is unknown (created by Bessemer, rule of X is another metric relevant for SaaS companies only, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

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Central Depository Services Operational Valuation Multiples

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue Growth	15%	XXX	16%	XXX	XXX	XXX
EBITDA Margin	n/a	XXX	69%	XXX	XXX	XXX
EBITDA Growth	n/a	XXX	n/a	XXX	XXX	XXX
Rule of 40	85%	XXX	85%	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	n/a	XXX	XXX	XXX
Revenue per Employee	XXX	XXX	$0.3M	XXX	XXX	XXX
Opex per Employee	XXX	XXX	$0.1M	XXX	XXX	XXX
S&M Expenses to Revenue	XXX	XXX	1%	XXX	XXX	XXX
G&A Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
R&D Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
Opex to Revenue	XXX	XXX	23%	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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