Archive · 15 Sep 2026
CDSL Shares Slip as HDFC Securities Raises Target, Upgrades Buy
CDSL shares fell 4% during the session.
However, HDFC Securities became more positive about the company.
It upgraded the stock to “Buy.”
The brokerage also raised its price target from Rs 1,450 to Rs 1,620.
This target suggests a possible 23.92% gain from the cited current level.
HDFC Securities expects many more IPOs in the September quarter than in the June quarter.
It also expects more people to open investment accounts.
These changes could help CDSL increase revenue and profits.
CDSL shares fell 4% even as HDFC Securities upgraded the stock to “Buy.”
HDFC Securities raised its target price to Rs 1,620 from Rs 1,450.
The revised target implies potential upside of 23.92%.
The brokerage expects about 50 mainboard IPOs in Q2 FY27, compared with nine in Q1 FY27.
It forecasts approximately 10 million new accounts in Q2 FY27, supporting transaction, KYC, IPO and corporate-action revenue.
- Who
- CDSL and HDFC Securities.
- What
- CDSL shares declined 4%, while HDFC Securities upgraded the stock to “Buy” and raised its target price.
- When
- The assessment concerns Q2 FY27, the September quarter, compared with Q1 FY27, the June quarter.
- Where
- The article does not specify a location.
- Why
- HDFC Securities cited stronger IPO activity, recovering account additions, improving revenue prospects and normalising cost intensity.
Market Reaction
Brokerage Outlook
Near-term share performance
Market Reaction
CDSL shares fell 4%, indicating negative market movement during the reported session.
Brokerage Outlook
HDFC Securities upgraded the stock to “Buy” and raised its target price.
Growth expectations
Market Reaction
The share-price decline contrasts with the company’s expected recovery and may reflect continuing market caution.
Brokerage Outlook
The brokerage expects stronger IPO activity and account additions to revive transaction, KYC, IPO and corporate-action revenue.
Valuation
Market Reaction
CDSL is trading at about 42 times estimated FY28 earnings, according to HDFC Securities.
Brokerage Outlook
HDFC Securities said this is about a 7% discount to the historical five-year average one-year forward price-to-earnings multiple of approximately 45 times.
- Share move
- CDSL shares slipped 4%.
- Brokerage
- HDFC Securities
- Rating
- Upgraded to “Buy”
- Revised target
- Rs 1,620
- Previous target
- Rs 1,450
- Implied upside
- 23.92%
- Q2 FY27 IPO activity
- About 50 mainboard IPOs, versus nine in Q1 FY27
- Q2 FY27 account additions
- Expected at approximately 10 million, compared with 5.8 million in Q1 FY27