CDSL

Central Depository Services (India) Limited is one of India’s two depository institutions (along with National Securities Depository Limited). It acts like a digital locker for shares, where investors hold securities in demat form. Main revenue sources: Annual maintenance charges from demat accounts Transaction charges KYC registration services IPO / corporate action services e-Voting and data services This is a duopoly business model, which gives the company strong pricing power. Fundamental Analysis Key Financial Metrics Market Cap: ₹25,000 Cr PE Ratio: 53 ROE: 29% ROCE: 37% Dividend Yield: 1% Long-Term Trend Stock delivered 310% return in 5 years Structural long-term uptrend Medium-Term Trend Last 6–9 months correction 20–30%