ICICI Securities has trimmed its target price on Central Depository Services (CDSL) to ₹1,180 from ₹1,500, while maintaining a ‘Hold’ rating. The target implies 2.4 per cent downside from the stock’s previous close. The brokerage cited margin pressure from rising costs and slower growth prospects for its know your client (KYC) subsidiary after rate cuts. ICICI Securities said that depositories remain a structural play on India’s capital markets—supported by rising retail participation and a mix of annuity-like and transaction-linked revenue. However, operating leverage has been limited as continuous investments and higher costs have led to a decline in margins, making earnings growth increasingly dependent on broader market momentum.