NSE:BSENSEFinancial Services
BSE Limited
📊 Financial Data & Stock Exchanges
Day ₹3,620
₹3,676 Overbought
52W ₹2,022
₹3,676 Overbought
₹3,661.50
▲ ₹35.40 (+0.98%)
Vol: 1,540,588 · Avg: 5,068,963
As of April 29, 2026 · 06:34 IST
COMPOSITE RISK SCORE
66 MODERATE
VAL:0/25 · FIN:25/25 · GRO:23/25 · TECH:18/25
📈 P/E RATIO
69.2x
Trailing
📖 P/B RATIO
23.6x
Price to Book
💰 EPS
₹52.94
TTM
🏛 MARKET CAP
₹148,704Cr
Large Cap
📊 ROE
30.0%
Return on Equity
📈 REV GROWTH
48.6%
YoY
🏢 Company Analysis · BSE Limited
💼 BUSINESS MODEL
  • BSE Limited, together with its subsidiaries, provides a platform for trading in equities, currencies, capital-raising, debt instruments, derivatives, mutual funds, and other securities in India and internationally..
  • It offers securities, data dissemination, index, repository, and depository services..
  • The company also provides clearing and settlement, IT support, training, exchange related, and investment services, as well as engages in the corporate social responsibility activities..
  • In addition, it undertakes administration and supervision of SEBI registered investment advisers; and operates a platform for trading in equities of small-and-medium enterprises, as well as offers insurance broking services; and electronic platform for agricultural commodity..
  • Operates in Financial Data & Stock Exchanges within the Financial Services sector.
  • Workforce of 771 employees.
🏰 MOAT & COMPETITION
  • Mega-cap (₹148,704 Cr) — dominant market position with significant scale advantages.
  • Profit margin of 50.7% suggests pricing power / cost moat.
  • Key competitors: Indian Energy Ex, BSE, Multi Comm. Exc..
🚀 CATALYSTS
  • Company has delivered good profit growth of 65.4% CAGR over last 5 years
  • India's NSE sets aside 13 billion rupees to settle pending regulatory cases (Reuters)
  • Revenue growing at 49% — strong top-line momentum.
  • Earnings growth of 171% signals execution on profitability.
⚖️ ASYMMETRY CHECK
  • Analyst target range: ₹904 — ₹3,800 (mean ₹3,225, 15 analysts).
  • Unfavorable asymmetry — limited upside +4% vs downside -75% (0.1x).
  • P/E of 69.2x — premium valuation, growth must sustain to avoid de-rating risk.
🔭 FUTURE OUTLOOK
  • Analyst consensus: Buy (15 analysts).
  • Latest quarter earnings grew 172% YoY — positive trajectory.
✅ PROS
  • Company is almost debt free.
  • Company is expected to give good quarter
  • Company has delivered good profit growth of 65.4% CAGR over last 5 years
  • Company has been maintaining a healthy dividend payout of 41.1%
❌ CONS
  • Stock is trading at 28.7 times its book value
VALUATION
0/25
25% WEIGHT
  • P/E at 69x
  • P/B at 23.6x
  • Analyst target: ₹3225 (-11.9%)
  • 1Y return: +65.9%
FINANCIAL HEALTH
25/25
25% WEIGHT
  • ROE: 30.0%
  • Profit margin: 50.7%
  • Revenue growth: 48.6%
  • Debt/Equity: 0%
GROWTH
23/25
25% WEIGHT
  • Revenue growth: 48.6%
  • Earnings growth: 170.9%
  • Beta: 0.06
  • Sector: Financial Services
TECHNICAL
18/25
25% WEIGHT
  • RSI, MACD, MA crossovers
  • 200 DMA & 50 EMA position
  • Volume trend analysis
  • Price momentum signals
📈 Price Movement
🕯 Candlestick Chart
🎯 Price Prediction · Analyst Target Cone Source: Yahoo Finance Analyst Targets ↗
📉 Valuation Trends (at current CMP)
P/E Ratio at current CMP
3051.2 2302.9 1554.5 806.1 57.7 '2014 '2015 '2016 '2017 '2018 '2019 '2020 '2021 '2022 '2023 '2024 '2025 TTM Mar 2014: 2525.2 Mar 2015: 2205.7 Mar 2016: 2653.3 Mar 2017: 801.2 Mar 2018: 257.5 Mar 2019: 857.5 Mar 2020: 1212.4 Mar 2021: 1022.8 Mar 2022: 584.0 Mar 2023: 674.3 Mar 2024: 191.0 Mar 2025: 112.1 TTM: 67.9 67.9
💎 Valuation & Financial Metrics
P/E RATIO
69.2x
Trailing twelve months
P/B RATIO
23.6x
Price to Book value
ROE
30.0%
Return on Equity
PROFIT MARGIN
50.7%
Net profit margin
OPM
81.7%
Operating profit margin
ANALYST TARGET
₹3,225
Range: ₹904 - ₹3,800
Yahoo Finance ↗
PEG RATIO
0.98
Price/Earnings to Growth
EV/EBITDA
41.7x
Enterprise value ratio
CURRENT RATIO
N/A
Liquidity measure
DIVIDEND YIELD
0.17%
Annual yield
ROA
19.6%
Return on Assets
GROSS MARGIN
99.6%
Gross profit margin
INDUSTRY AVERAGES — EXCHANGE AND DATA PLATFORM
P/E 68.5x (above avg)
P/B 3.0x (sector fair)
ROCE 46.6% (above avg)
ROE 18% (sector good)
OPM 30% (sector good)
Div Yield 0.21%
D/E <200 (sector comfort)
📋 Quarterly Performance Trend
QuarterRevenueQoQ %Net ProfitQoQ %Op. Cash FlowEBITDA Margin
Q2 FY25 N/A— N/A— N/A N/A
Q3 FY25 ₹768 Cr— ₹220 Cr— N/A 30.7%
Q4 FY25 ₹830 Cr+8.0% ₹494 Cr+125.1% N/A 114.7%
Q1 FY26 ₹958 Cr+15.5% ₹539 Cr+9.1% N/A 65.3%
Q2 FY26 ₹1,068 Cr+11.5% ₹558 Cr+3.5% N/A 63.7%
Q3 FY26 ₹1,244 Cr+16.4% ₹602 Cr+7.8% N/A 58.8%
📊 Year-on-Year Trend
FYRevenueYoY %Net ProfitYoY %Op. Cash FlowYoY %
FY22 ₹743 Cr— ₹254 Cr— ₹1,442 Cr—
FY23 ₹816 Cr+9.7% ₹221 Cr-13.2% ₹-137 Cr-109.5%
FY24 ₹1,371 Cr+68.1% ₹778 Cr+252.7% ₹2,643 Cr+2028.0%
FY25 ₹2,957 Cr+115.7% ₹1,326 Cr+70.3% ₹414 Cr-84.3%
📈 Revenue vs Earnings
🎯 EPS: Estimate vs Actual
💰 How BSE Limited Makes Its Money
Revenue ₹1.2K Cr Cost of Revenue ₹409 Cr Gross Profit ₹836 Cr Op. Expenses ₹148 Cr Operating Inc. ₹687 Cr Tax ₹199 Cr Net Income ₹602 Cr (48.4% margin) Dec 2025 · All values in ₹ Crores
🏦 Snapshot of BSE Limited's Balance Sheet
Total Assets ₹11.1K Cr Cash & Equiv.: ₹862 Cr (7.7%) Receivables: ₹411 Cr (3.7%) Other Current: ₹6.4K Cr (57.8%) PP&E: ₹539 Cr (4.8%) Goodwill: ₹38 Cr (0.3%) Other Non-Curr.: ₹2.8K Cr (25.2%) Liab. + Equity ₹11.1K Cr Current Liab.: ₹4.6K Cr (41.1%) Long-Term Debt: ₹0.0 Cr (0.0%) Other Liab.: ₹1.2K Cr (10.7%) Equity: ₹5.4K Cr (48.2%) As of Sep 2025 · All values in ₹ Crores
💸 Looking into BSE Limited's Cash Flow
Operating CF ₹414 Cr Capital Exp. ₹153 Cr Free Cash Flow ₹261 Cr Dividends ₹206 Cr Retained / Other ₹55 Cr FY2025 · All values in ₹ Crores
📅 Quarterly Results Source: Screener ↗
Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales +2603624265396028137688479581,0681,244
Expenses +146173280388319358533362332388512
Operating Profit114189146151282456236484625680732
OPM %44%52%34%28%47%56%31%57%65%64%59%
Other Income +43024222991308320511591108
Interest79000000000
Depreciation2123252624293030273245
Profit before tax516182143154349457288660713739795
Tax %15%35%26%30%24%24%24%25%25%25%25%
Net Profit +440118106107264346219494538557597
EPS in Rs10.892.972.662.646.538.545.4112.1713.2813.7314.78
Raw PDF
📊 Profit & Loss Statement Source: Screener ↗
Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
Sales +6766526096308419251,5683,2124,117
Expenses +4014344824294896098571,3361,595
Operating Profit2742191272023523167111,8762,522
OPM %41%34%21%32%42%34%45%58%61%
Other Income +529566219527841722519
Interest11210283739320
Depreciation45515158486095113134
Profit before tax7572231351533272979951,7542,907
Tax %7%10%11%7%25%31%22%25%
Net Profit +7021991211422452067721,3222,185
EPS in Rs14.224.273.023.586.275.4319.1732.6553.96
Dividend Payout %28%78%63%65%72%74%26%23%
🏦 Balance Sheet Source: Screener ↗
Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Sep 2025
Equity Capital1110992727272781
Reserves3,0702,9182,4162,4982,6272,6743,2754,3975,129
Borrowings +000000000
Other Liabilities +1,9181,5752,0512,1203,5313,2936,1485,9185,928
Total Liabilities4,9984,5044,4764,6276,1855,9949,45010,34211,138
Fixed Assets +207204190184161252285300416
CWIP7182241021554214
Investments2,4422,3802,1321,8441,9681,4532,3902,8453,827
Other Assets +2,3421,9022,1322,5954,0464,2866,7617,1426,682
Total Assets4,9984,5044,4764,6276,1855,9949,45010,34211,138
💰 Cash Flow Statement Source: Screener ↗
Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Cash from Operating Activity +817-239-313397-681,442-1372,643414
Cash from Investing Activity +95-236347470-189-980-111-871-758
Cash from Financing Activity +-85108-352-618-559-186-149-206
Net Cash Flow827-366-318249-313471-4341,623-550
Free Cash Flow759-301-375359-1061,410-2802,513262
CFO/OP447%-47%-124%350%-13%433%-22%396%40%
📈 Key Financial Ratios
Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Debtor Days443027425128364935
Inventory Days
Days Payable
Cash Conversion Cycle443027425128364935
Working Capital Days-1,181-791-605-889-792-1,148-846-1,107-452
ROCE %10%25%8%5%8%15%12%23%47%
🏭 Industry Peers — Exchange and Data Platform
#CompanyCMPP/EMkt CapROCEQtr ProfitScore
1Indian Energy Ex ★₹12623.8₹11,26251.8%+10.7%60
2BSE₹3,66968.5₹149,43846.6%+175.8%59
3Multi Comm. Exc.₹2,97981.1₹75,97442.9%+150.6%26
★ Indian Energy Ex ranks higher on combined P/E, ROCE, and growth metrics in Exchange and Data Platform
🏛 Shareholding Pattern
Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
FIIs16.03%16.78%18.14%16.25%17.45%19.42%
DIIs12.07%12.33%11.27%19.91%23.74%25.09%
Government0.00%0.00%0.00%0.09%0.09%0.09%
Public50.00%48.78%50.01%63.76%58.73%55.40%
Others21.90%22.11%20.58%0.00%0.00%0.00%
No. of Shareholders5,89,5526,68,1749,49,95312,91,81210,58,1449,75,435
🟢 CATALYSTS
🏆Revenue Growth 49%: Above sector norm of 15% — strong top-line momentum.
💹High ROE (30.0%): Above sector norm of 18% — efficient capital use.
🔀Healthy Margins (50.7%): Above sector norm of 30%.
🇮Low Beta (0.06): Less volatile than market — defensive play.
🇳Earnings Growth (171%): Above sector norm — strong profit expansion.
🔴 RISKS
📜High P/E (69.2x): Well above sector expensive threshold of 35x — leaves little room for error.
💰High P/B (23.6x): Well above sector expensive threshold of 5x.
🔓Below Analyst Target: CMP above mean target — limited upside consensus.
🕸 Factor Analysis · Radar
Momentum 8/10: 1M +36.4%, 6M +49.6%, RSI 73, MACD bullish, Above 200DMA Sentiment 4/10: Analyst upside -11.9%, Rec: buy Value 2/10: P/E 69.2, P/B 23.6, PEG 0.98, EV/EBITDA 41.7 Quality 7/10: Margin 50.7%, D/E 0 Low Volatility 8/10: Beta 0.06, Ann. vol 43% Momentum 8 Sentiment 4 Value 2 Quality 7 Low Vol 8
Momentum 8/10
1M +36.4%, 6M +49.6%, RSI 73, MACD bullish, Above 200DMA
Sentiment 4/10
Analyst upside -11.9%, Rec: buy
Value 2/10
P/E 69.2, P/B 23.6, PEG 0.98, EV/EBITDA 41.7
Quality 7/10
Margin 50.7%, D/E 0
Low Volatility 8/10
Beta 0.06, Ann. vol 43%
🎯 Decision Matrix
ActionIf Stock RisesIf Stock Falls
BUYBenefit from potential re-rating; strong 47% ROCE compoundsOPM of 82% provides margin buffer
HOLDRetain existing position; wait for better entry; FII stake rising (+1.97%)Miss further upside if momentum continues; 1M return of +36.4% shows momentum
SELLLock in +65.9% 1Y return; redeploy into Indian Energy Ex at lower P/EAvoid further drawdown
REASONS TO BUY
  • ROCE at 47% indicates strong capital efficiency
  • FII stake rising (+1.97%) — signals institutional confidence
  • ROE of 30.0% above sector norm of 18%
  • Revenue growing at 48.6% YoY (sector norm: 6%)
REASONS TO SELL / AVOID
  • P/E of 69.2x exceeds sector expensive threshold of 35x
  • Indian Energy Ex offers lower P/E (23.8) with ROCE of 51.8% in the same sector
  • 1Y return of +65.9% — profit booking opportunity
  • Trading above analyst target — consensus sees -11.9% downside
📰 Latest News
Exclusive-Temasek, LIC, Canadian pension fund in line-up to sell stakes in India's NSE IPO, sources say
Reuters · 2026-04-28T07:41
BSE Ltd (NSE:BSE) Q3 2026 Earnings Call Highlights: Record Revenue Growth and Strategic Milestones
GuruFocus.com · 2026-02-09T21:00
India's NSE sets aside 13 billion rupees to settle pending regulatory cases
Reuters · 2025-11-04T21:01
London Stock Exchange open to dual listing of Indian companies, says LSEG boss
Yahoo Finance UK · 2025-08-13T05:00
BSE Ltd (NSE:BSE) Q1 2026 Earnings Call Highlights: Record Revenue and Strategic Growth Amid ...
GuruFocus.com · 2025-08-08T17:01
BSE Ltd (NSE:BSE) Q4 2025 Earnings Call Highlights: Record Revenues Amidst Market Challenges
GuruFocus.com · 2025-05-07T17:01
RECOMMENDATION
HOLD
COMPOSITE SCORE
66/100
BSE Limited trades at ₹3,661.50 with a composite risk score of 66/100. The stock scores 0/25 on valuation, 25/25 on financial health, 23/25 on growth, and 18/25 on technicals. The company is currently profitable with strong return on equity.

The stock is trading near or above analyst consensus targets. Revenue growth is at 48.6% — a strong positive signal.

Within Exchange and Data Platform, Indian Energy Ex (P/E 23.8, ROCE 51.8%) ranks higher on techno-fundamental metrics and may be worth considering.

Bottom Line: Neutral for Financial Services — wait for better entry or catalyst. The current recommendation is HOLD.
PROFITABLE HIGH ROE STRONG GROWTH EXPENSIVE
RISK SCORE REPORT · NSE:BSE · GENERATED APR 29, 2026 06:34 IST · DATA VIA YAHOO FINANCE + SCREENER.IN
DISCLAIMER: THIS IS NOT FINANCIAL ADVICE. DATA MAY BE DELAYED. ALWAYS VERIFY WITH OFFICIAL SOURCES BEFORE INVESTING.