from 1,333 today
We maintain REDUCE for CDSL with a revised target price of INR 1,140, factoring in an FY26-28E revenue/EBITDA/PAT CAGR of ~18-20% each and continuous investments through costs leading to a contraction in margins.
Ratings and target prices as published by each firm. Each summary condenses that firm's stated view in its own note and is attributed to it; no report text is reproduced.
