Vantage Depository
Vantage Depository Services Limited
- CIN
- U67190MH1998PLC115621
- ISIN
- INE0VAN01013
- Incorporated
- 2 Jun 1998
- Registered state
- Maharashtra
Prices shown are indicative, dealer-quoted and updated periodically — they are not exchange-traded prices and may differ from the price at which a transaction is finally executed.
Business overview
Vantage Depository Services Limited maintains electronic securities accounts and settlement records for retail and institutional investors, serving 268 depository participants with processing hubs in Mumbai and Hyderabad, holding roughly 11.4 crore active beneficiary accounts. Account-maintenance and corporate-action fees are annuity-like and largely insulated from market turnover, so earnings hold up in weak markets in a way exchange revenue does not. The company is currently in the pre-IPO stage, with a listing under active consideration, and shares change hands only through negotiated off-market transfers.
Key highlights
- Annuity revenue share above 55% of the total
- Demat account additions averaging 18 lakh per quarter
- KYC registration subsidiary added a second fee stream in FY2025
- Dividend payout ratio maintained near 40%
Financial snapshot
FY2026 · Audited · Source: Audited annual report
- Revenue FY2026
- ₹1,480.00 Cr
- EBITDA
- ₹892.00 Cr
- PAT
- ₹618.00 Cr
- Net worth
- ₹2,740.00 Cr
- Total debt
- ₹0.00 Cr
- Cash & equivalents
- ₹1,420.00 Cr
- Operating cash flow
- ₹704.00 Cr
- EPS
- ₹30.90
Management & board
- NDSince 2016
Nilesh Deshpande
Managing Director & CEO
Has led Vantage Depository since 2016 and previously held senior operating roles in the same sector.
- DPSince 2010
Deepa Pillai
Chief Financial Officer
- RDSince 2023
Rohit Deshpande
Executive Director — Operations
- ASSince 2023
Aditya Saxena
Company Secretary & Compliance Officer
Reported financials · FY2024–FY2026
Figures in ₹ crore unless stated. Every column carries its own source and audit status.
| Particulars | FY2026Audited | FY2025Audited | FY2024Audited | YoY |
|---|---|---|---|---|
| Profit & loss | ||||
| Revenue | ₹1,480 Cr | ₹1,210 Cr | ₹982 Cr | +22.3% |
| EBITDA | ₹892 Cr | ₹706 Cr | ₹548 Cr | +26.3% |
| Profit after tax | ₹618 Cr | ₹486 Cr | ₹372 Cr | +27.2% |
| Earnings per share | ₹30.90 | ₹24.30 | ₹18.60 | — |
| Balance sheet | ||||
| Net worth | ₹2,740 Cr | ₹2,180 Cr | ₹1,740 Cr | +25.7% |
| Total debt | ₹0 Cr | ₹0 Cr | ₹0 Cr | — |
| Cash & equivalents | ₹1,420 Cr | ₹1,080 Cr | ₹842 Cr | — |
| Total assets | ₹3,610 Cr | ₹2,920 Cr | ₹2,310 Cr | — |
| Book value per share | ₹137 | ₹109 | ₹87.00 | — |
| Cash flow | ||||
| Operating cash flow | ₹704 Cr | ₹561 Cr | ₹428 Cr | — |
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- FY2026 · Audited annual report · period ended 31 Mar 2026 · last updated in the back office 18 Sep 2026
- FY2025 · Audited annual report · period ended 31 Mar 2025
- FY2024 · Audited annual report · period ended 31 Mar 2024
Revenue, EBITDA and PAT
₹ crore. A year with no reported figure is left out rather than drawn as zero.
- Revenue
- EBITDA
- PAT
Every ratio on this tab is derived from the reported figures in the Financials tab and the indicative price in the header — nothing here is a stored value. A ratio that cannot be justified is shown as — with the reason, rather than as a negative or a zero. Ratios move when the indicative price moves.
Size
Balance-sheet items as at FY2026
- Market cap
- ₹29,600 Cr
- Enterprise value
- ₹28,180 Cr
- Indicative price
- ₹1,480
- Shares outstanding
- 20,00,00,000
Indicative price × shares outstanding
Market cap + debt − cash
Valuation multiples
- P/E
- 47.9x
- P/B
- 10.8x
- EV / EBITDA
- 31.6x
- EPS
- ₹30.90
- Book value / share
- ₹137
- Debt / equity
- 0.0x
On FY2026 PAT
Returns & margins
- ROE
- 22.6%
- ROCE (EBITDA basis)
- 32.5%
- EBITDA margin
- 60.3%
- PAT margin
- 41.8%
- Revenue growth
- 22.3%
- Cash / market cap
- 4.8%
EBITDA ÷ (net worth + debt)
Indicative price snapshots
Each point is a dated dealer-quote average. There is no continuous trading behind these numbers, so no daily series is drawn.
Prices shown are indicative, dealer-quoted and updated periodically — they are not exchange-traded prices and may differ from the price at which a transaction is finally executed.
Snapshot log
| Date | Indicative price | Change | Source |
|---|---|---|---|
| 20 Sep 2026 | ₹1,480 | +0.34% | Dealer desk average, 5 quotes |
| 20 Aug 2026 | ₹1,475 | +4.89% | Dealer desk average |
| 20 Jul 2026 | ₹1,406 | +1.66% | Dealer desk average |
| 20 Jun 2026 | ₹1,383 | +0.96% | Dealer desk average |
| 20 May 2026 | ₹1,370 | +0.31% | Dealer desk average |
| 20 Apr 2026 | ₹1,366 | +3.64% | Dealer desk average |
| 20 Mar 2026 | ₹1,318 | +2.90% | Dealer desk average |
| 20 Feb 2026 | ₹1,281 | +1.29% | Dealer desk average |
| 20 Jan 2026 | ₹1,264 | +3.30% | Dealer desk average |
| 20 Dec 2025 | ₹1,224 | -0.04% | Dealer desk average |
| 20 Nov 2025 | ₹1,224 | +1.83% | Dealer desk average |
| 20 Oct 2025 | ₹1,202 | +3.31% | Dealer desk average |
| 20 Sep 2025 | ₹1,164 | — | Dealer desk average |
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Change is measured against the previous snapshot, not against a calendar period, because snapshots are not collected on a fixed schedule. The header percentages use fixed windows and may not tie exactly to this column.
Corporate actions & events
Dated events sourced from company filings and registrar records.
- Board10 Oct 2026
Appointment of an independent director
Board strengthened with an additional independent director following a nomination-committee review.
Company filing / RoC
- Dividend23 Jun 2026
Final dividend declared
Dividend recommended by the board, subject to shareholder approval at the AGM.
Company filing / RoC
- Filing12 May 2026
Annual return filed with the registrar
Statutory filing completed within the prescribed timeline.
Company filing / RoC
- Buyback10 Mar 2025
Buyback of equity shares from employees
Liquidity window offered to option holders at a board-determined price.
Company filing / RoC
- Rights1 Jun 2024
Rights issue to existing shareholders
Rights entitlement offered to shareholders on record in the stated ratio.
Company filing / RoC
IPO / listing status
- Current stage
- Pre-IPO
- DRHP filed
- —
- RHP filed
- —
- Expected window
- Not announced — under evaluation
- Registrar
- —
- Book-running managers
- —
Listing timelines are indicative and subject to regulatory approval and market conditions. A filing is not a guarantee of listing.
Lock-in applies after listing
Shares acquired before a public issue are typically subject to a statutory lock-in of six months from the date of listing. Confirm the applicable period before transacting.
Read the lock-in explainerResearch
1 published on this company
Documents
Public documents open directly. Private documents are released to verified clients on request.
| Document | Type | FY / date | Source | Access |
|---|---|---|---|---|
| Annual Report FY20264.2 MB | Annual report | FY2026 | Company | Download |
| Annual Report FY20253.8 MB | Annual report | FY2025 | Company | Download |
| Audited financial statements — three-year summary620 KB | Financials | FY2024–FY2026 | Statutory filings | Download |
| Investor presentation9.1 MB | Presentation | 2026-07-15 | Company | On request |
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Risk assessment
Our own reading of the disclosed information. Treat the levels as judgement, not as fact.
Fee regulation
MediumDepository charges are subject to periodic regulatory review.
Competitive duopoly
LowMarket structure limits new entrants but also caps share gains.
Risks common to every unlisted holding. You may not find a buyer when you want one, at any price. A listing may be delayed indefinitely or may never happen, and shares can list below the price at which they changed hands in the unlisted market. Disclosure by unlisted companies is thinner than by listed ones, and the indicative price is based on infrequent dealer quotes rather than continuous trading.