Mumbai, 24 February 2026: The shares of Central Depository Services (India) Limited (CDSL), an important market infrastructure company in the Indian capital market, are showing stable to positive sentiment this morning. The company primarily provides demat account management, electronic shareholding, and settlement services. CDSL’s share on NSE and BSE closed at ₹1,334.30 (NSE) on 23 February 2026, showing a 1.05% (₹13.90) rise from the previous day’s ₹1,320.40.
Status up to 11 AM on 24 February 2026 (pre-open/opening range):
- NSE: Open ₹1,330 to ₹1,333.70, day’s high ₹1,338.80, low ₹1,320.10. Volume around 9.01 lakh shares.
- BSE: Similar to NSE, it’s around ₹1,334 to ₹1,335 (the price is almost the same on both exchanges).
- Market cap: ₹27,887 crore.
- 52-week high: ₹1,828.90 (June 2025), low: ₹1,047.45 (March 2025).
- P/E ratio: 58.6 (high valuation, as a growth stock).
The company’s VWAP stayed around ₹1,330.67. With a beta of 1.75, it goes along with market ups and downs.
Impact of the US trade deal and the US Supreme Court decision on CDSL
In February 2026, the US-India bilateral interim trade agreement was announced. Under this, the US reduced import duties on Indian goods (textiles, leather, chemicals, machinery, etc.) from 25% to 18%, which boosted Indian exports. However, on 21-22 February 2026, the US Supreme Court ruled 6-3 that President Donald Trump’s ‘reciprocal tariffs’ decision was illegal. The Court stated that the President does not have the authority to impose such broad duties without clear approval from Congress.
This decision has pushed the US-India trade talks forward for a while. The Indian government has started examining its effects. Still, this news was positive for the Indian market as it reduced the uncertainty created by Trump’s protectionist policies. It was expected that Indian equities would open at higher levels in global markets.
Impact on CDSL:
No direct impact, because CDSL is a company entirely dependent on the Indian market (FII/DII trading, IPO, mutual fund units). However, there could be an indirect positive effect:
- Trade deals make the Indian economy stronger, exports rise – easier capital raising for corporates – more IPOs and secondary market volume.
- The number of demat accounts will increase as market sentiment improves (CDSL’s main business).
- In the December 2025 quarter, the company’s sales jumped 9.44% to ₹304.36 crore.
- Overall, US events might cause short-term volatility, but they will be beneficial for CDSL in the mid-to-long term.
Total return given to investors by CDSL
CDSL has given excellent returns to investors over the past few years. Thanks to the demat revolution, increased stock market participation and digitalisation, the company’s business has grown rapidly
- 1-year return (1 year): About 10% (According to some sources, 6-8.77%).
- 3-year return: 169.45% (unprecedented growth).
- 5 years or long term: After listing (after the 2017 IPO), a total of 1000%+ return (proved to be a multi-bagger stock for many investors).
- YTD 2026: Around 28%+ (until 2025).
- With a dividend yield of 0.94% and a book value of ₹83.38, it’s attractive for long-term investors.
What target price have Dalal Street analysts set for CDSL shares for 2026?
Dalal Street (Indian brokerage firms) keeps CDSL in the ‘Outperform’ category. According to the average of 14 analysts:
- Average target price: ₹1,417.57 (upside of +7.36% from the current price).
- Highest target: ₹1,660 (some brokerages expect long-term growth).
- Minimum: ₹1,345
Recommended by specific Dalal Street analysts (2025-26):
- Motilal Oswal (Motilal Oswal: February 2026): Neutral, Target ₹1,410.
- ICICI Securities (November 2025): Hold, Target ₹1,500.
- Others (J.P. Morgan, Jefferies, etc.): Hold/Outperform, around an average of ₹1,420.
Analysts believe that in FY26, EPS growth, an over 10% rise in demat accounts and increased market volume will help the company perform well. But the high P/E makes valuation a concern.
Conclusion
Since CDSL is a ‘market infrastructure’ company, it benefits directly from the growth of the Indian stock market. Although there is short-term uncertainty due to the US trade deal and the Supreme Court ruling, the Indian economy will benefit in the long run. Investors could consider buying near the 52-week low of ₹1,047. The stock will remain attractive for the long term (2-3 years).
Disclaimer: This article is for information purposes only. Investing in the stock market carries risks. Do your own research or take advice from a SEBI-registered advisor. Prices can change.
