CDSL Share Price: 19.6% CAGR in 3 Years as This Depository Takes On KFin Technologies, CAMS and Angel One

CDSL previous close Rs 1,334. 3-year CAGR 19.6%. Up 1.7x since 3 Nov 2023. ROE 25.46%. Market cap Rs 27,881 crore.

The CDSL share price shows how a utility-like business can compound steadily as retail investing grows. Central Depository Services (India), which listed in 2017, holds the demat accounts of a large share of Indian investors and earns fees as those accounts and transactions grow.

We measure its run against KFin Technologies, CAMS and Angel One, three other capital market names. The article calculates three-year CAGR for all four and places the results beside market cap, valuation, return on equity and debt, using prices adjusted for corporate actions.

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How Much Has the CDSL Share Price Returned in 3 Years?

The CDSL stock closed at Rs 780.25 on 3 November 2023 and at Rs 1,334.00 on 5 November 2026. Rs 1 lakh invested three years ago would have grown to about Rs 1.71 lakh, which is a CAGR of 19.6%. This is a price return and leaves out dividends.

CAGR condenses a bumpy three-year ride into one yearly number, which is why it is the fairest way to compare companies of different sizes. A stock such as CDSL can look spectacular on a chart and still have earned a modest yearly return, so the compounded figure keeps the comparison honest.

The CDSL share price has moved with the rise in demat account openings and trading activity, since a depository earns on accounts, transactions and issuer services.

CDSL vs KFin Technologies, CAMS and Angel One: 3-Year CAGR Compared

The table ranks the companies by three-year CAGR. Prices on 3 November 2023 are adjusted for splits and bonuses, and the latest figures are the previous close on 5 November 2026.

The CDSL stock ranks second of the four at 19.6%. It sits ahead of CAMS (14.4%) and Angel One (5.2%). The company ahead is KFin Technologies (25.4%). KFin posted the highest return in the group, with CDSL second, followed by CAMS and Angel One. The four earn money differently, so the table compares stock returns rather than identical businesses.

Look at the CDSL share price alongside the peers as a snapshot of the last three years. It describes what happened, and valuation and earnings will decide what happens next.

Valuation and Quality Compared

By market cap, Angel One is the largest of the group at Rs 29,787 crore, while the CDSL stock stands at Rs 27,881 crore, about 94% of that size. On earnings, CDSL shares trade at a P/E of 55.35 against an industry P/E of 41.95, a premium of about 32%, which signals that the market expects faster earnings growth. Peer multiples are KFin Technologies at 45.86, CAMS at 35.05 and Angel One at 25.79.

Return on equity is 25.46% for the CDSL stock, which ranks second among the four, and debt to equity stands at 0.00. Trailing EPS is Rs 24.10. Depositories have almost no debt and high returns on equity, which usually supports a premium multiple, so P/E should be read alongside ROE.

What Is Driving the CDSL Stock?

Central Depository Services (India) is one of the two depositories in the country. It keeps investors’ securities in electronic form and earns from account maintenance, transaction charges, issuer charges and fees for services such as e-voting and KYC.

The business is asset light and scales with the number of accounts and the level of market activity. Because most costs are fixed, extra revenue can flow through to profit, which supports high margins.

Followers of the CDSL share price usually track new demat account additions, transaction volumes, the growth in non-transaction income and any change in regulatory charges.

How the Established Players Stack Up

KFin Technologies is a registrar and transfer agent for mutual funds and corporates, with a growing international business. It compounded at 25.4% a year, on a market cap of Rs 15,994 crore and an ROE of 21.47%.

CAMS is the largest registrar and transfer agent for mutual funds in India. It compounded at 14.4% a year, on a market cap of Rs 17,794 crore and an ROE of 35.48%.

Angel One is a retail broking and distribution platform with a large client base. It compounded at 5.2% a year, on a market cap of Rs 29,787 crore and an ROE of 17.33%.

What Should Investors Track Next?

Three things are worth watching on the CDSL share price. First, the pace of new demat account openings. Second, the growth of income outside transaction charges. Third, any regulatory changes to depository fees.

At a P/E of 55, the stock trades above the industry multiple of 42, so growth must continue. A three-year CAGR describes the past, so size any position with that in mind.

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How to Compare Capital Market Stocks Yourself

You can repeat this exercise for any pair of stocks, including the CDSL stock against its peers. Note the adjusted closing price on the base date, take the latest close, divide one by the other, raise the result to the power of one third and subtract one. Then place the CAGR next to market cap, P/E against the industry P/E, ROE and debt to equity. Benchmark the result against the Nifty 50 as well, so you know whether the stock beat the broader market.

A stock that scores well on growth but weakly on quality, or the reverse, deserves closer study before it enters a portfolio. When tracking the CDSL share price, the same four checks give a more complete picture than price alone.

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A Debt Free Depository With a High Return on Equity

The CDSL share price compounded at 19.6% a year over three years, behind KFin at 25.4% but ahead of CAMS at 14.4% and Angel One at 5.2%. Its ROE of 25.46% comes with no debt on the books.

CAMS earns a higher ROE, KFin has delivered the higher return, and Angel One offers a broking play at a lower multiple. The choice depends on how much market cycle exposure you are comfortable with.

Frequently Asked Questions

What is the CDSL share price today?

Ans. Central Depository Services closed at Rs 1,334 on 5 November 2026, according to NSE data. It has a market cap of Rs 27,881 crore and a P/E of 55.35. Check live quotes before acting, as prices change every trading day.

What is the 3-year CAGR of the CDSL stock?

Ans. Central Depository Services delivered a price CAGR of 19.6% over three years, moving from Rs 780.25 on 3 November 2023 to Rs 1,334.00 on 5 November 2026. The figure excludes dividends and uses adjusted closing prices.

Is CDSL better than KFin Technologies?

Ans. The KFin stock delivered a higher three-year CAGR at 25.4% than CDSL at 19.6%. CDSL earns a higher ROE of 25.46% against 21.47% and is larger by market cap, while KFin trades at a lower P/E of 45.86 compared with 55.35.

What does Central Depository Services do?

Ans. Central Depository Services (India) is one of the two depositories in India. It holds securities in electronic form for investors and earns from account and transaction charges.

Is the CDSL stock debt free?

Ans. The debt to equity ratio of the CDSL stock is 0.00 and its return on equity is 25.46%. Always check the latest balance sheet for current figures, as debt levels change with expansion plans.

Is CDSL expensive compared with the industry?

Ans. CDSL trades at a P/E of 55.35 against an industry P/E of 41.95. A higher multiple reflects expectations of faster growth, which the company must deliver through earnings.

Which capital market stock gave the highest return in 3 years?

Ans. Among the companies compared here, KFin Technologies delivered the highest three-year CAGR at 25.4%, followed by Central Depository Services at 19.6%. Past returns do not guarantee future performance.

How do I calculate CAGR for a stock?

Ans. Divide the latest price by the starting price, raise the result to the power of one divided by the number of years, and subtract one. Multiply by 100 for a percentage. Use split and bonus adjusted prices for accurate results.