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BSE

BSE NSE
₹3,601.50 −64.20 (−1.75%)
P/E
51.78
View as Markdown
MCP
Close 4 Nov 2026 ₹3,601.50 +1,146.00 +46.7% 1Y
Start ₹2,455.50

Key Fundamentals

LargecapCapital MarketsFinancial Services

Price-based figures as of · EPS basis: Consolidated · TTM

ROCE
60.00%
Debt to Equity
0.00
EPS (TTM)
₹69.55
Book Value
₹163.60
Market Cap
—
P/E (TTM)
51.78
P/B
22.01
ROE
46.00%
Dividend Yield
0.27%
EBITDA
₹3,470 Cr
52W High
₹4,446.80
52W Low
₹2,377.40
Day Range
₹3,576.80 – ₹3,665.70
Volume
42,15,321

Tapetide Score

Data-driven rating, 0–100, as of . How it works →

Overall score

58 Good

Data confidence 97/100

Category scores

Quality
85
Strong
Returns, margins, earnings quality 22% weight
Valuation
29
Poor
Cheap vs sector & own history 24% weight
Growth
99
Strong
Sales & profit trajectory 9% weight
Financial Health
73
Strong
Solvency, leverage, coverage 9% weight
Momentum
43
Weak
Trend strength, vol-adjusted 12% weight
Ownership
49
Average
FII/DII/promoter flows 24% weight

The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.

Key Insights

Strengths

5
  • Company is almost debt free.
  • Company is expected to give good quarter
  • Company has delivered good profit growth of 69.4% CAGR over last 5 years
  • Company has a good return on equity (ROE) track record: 3 Years ROE 36.1%
  • Company has been maintaining a healthy dividend payout of 22.0%

Weaknesses

1
  • Stock is trading at 19.8 times its book value

Technical Indicators

Technical signals: verdict and indicator counts
GroupSignalBearishNeutralBullish
OverallStrong Bullish2512
OscillatorsNeutral252
Moving AveragesStrong Bullish0010

Key readings

RSI (14)
62.77
Neutral
MACD (12,26,9)
74.57
Bullish
SMA (50)
3,317.74
Bullish
SMA (200)
3,380.32
Bullish

As of

Analyst Rating

Based on 19 analysts
BUY47%

9 of 19 analysts rate Buy, 6 Hold, 4 Sell.

As of

BUY
9
47%
HOLD
6
32%
SELL
4
21%

Growth Rate

From the financial statements below. 10Y, 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Jun 2026 against Jun 2025.

Revenue

Revenue growth by window
10Y+23.22%
5Y+52.07%
3Y+76.94%
1Y+59.53%
TTM+60.72%

Net profit

Net profit growth by window
10Y+30.25%
5Y+77.29%
3Y+129.40%
1Y+88.12%
TTM+76.71%

Operating cash flow

Operating cash flow growth by window
10YTurned positive
5YTurned positive
3YTurned positive
1Y+649.76%
TTM—

TTM: Reported once a year, so there is no trailing-twelve-month figure.

Operating margin· change in pp

Operating margin growth by window
10Y+29.65 pp
5Y+35.86 pp
3Y+33.76 pp
1Y+9.51 pp
TTM+11.11 pp

Revenue by year

Revenue by year, ₹ crore
Mar 2017₹572 Cr
Mar 2018₹676 Cr
Mar 2019₹652 Cr
Mar 2020₹609 Cr
Mar 2021₹630 Cr
Mar 2022₹841 Cr
Mar 2023₹925 Cr
Mar 2024₹1,568 Cr
Mar 2025₹3,212 Cr
Mar 2026₹5,124 Cr

Net profit by year

Net profit by year, ₹ crore
Mar 2017₹265 Cr
Mar 2018₹702 Cr
Mar 2019₹199 Cr
Mar 2020₹121 Cr
Mar 2021₹142 Cr
Mar 2022₹245 Cr
Mar 2023₹206 Cr
Mar 2024₹772 Cr
Mar 2025₹1,322 Cr
Mar 2026₹2,487 Cr

Analyst Forecasts

Forecast For
Sep 26 consensus · EBITDA
₹906 Cr −24.9% vs Jun 26
Reported High Mean Low

AI Analysis — Bull vs Bear

Figures as of 3 Nov 2026
AI opinion · based on fundamentals
Risk high

BSE Ltd trades at ₹3,665.7 as of 2026-11-03 with a market cap of ₹1,44,509 crore, commanding a PE of 52.71x and a price-to-book of 22.41x. The company is debt-free with an ROE of 36.43% and has delivered 69% compounded profit CAGR over five years, though its valuation multiples are elevated relative to book value and earnings.

Bull Case 8
  • BSE is entirely debt-free with a debt-to-equity ratio of 0, giving it a clean balance sheet and full financial flexibility to invest in growth initiatives.
  • Five-year compounded profit growth of 69% CAGR significantly outpaces most listed companies, reflecting strong operating leverage in the capital markets business.
  • Three-year ROE of 36% and last-year ROE of 46% demonstrate exceptional capital efficiency, well above the 15-20% range typical for financial infrastructure firms.
  • TTM revenue growth of 61% and TTM profit growth of 79% indicate the business is still accelerating, not merely sustaining historical momentum.
  • Ten-year compounded sales growth of 23% and profit growth of 32% show the platform's secular growth runway extends well beyond a single market cycle.
  • ROCE of 40.85% reflects highly productive use of total capital employed, reinforcing the asset-light exchange model's structural advantage.
  • The stock has delivered a 1-year price CAGR of 31% and a 5-year CAGR of 84%, indicating sustained investor confidence and compounding returns over multiple time frames.
  • The company maintains a consistent dividend payout ratio of 22%, providing shareholders a regular income stream alongside capital appreciation.
Bear Case 6
  • The dividend yield of just 0.29% offers negligible income support at the current price, providing little cushion during potential market corrections.
  • The stock trades roughly 17.6% below its 52-week high of ₹4,446.8, suggesting recent selling pressure or profit-booking at elevated levels.
  • BSE's revenue is structurally tied to market trading volumes and derivatives activity; any regulatory tightening on derivatives or a prolonged bear market could sharply compress the 61% TTM revenue growth rate.
  • Three-year compounded profit growth of 126% CAGR sets an extraordinarily high base, making year-on-year comparisons progressively harder and increasing the risk of earnings disappointments.
  • As a capital markets infrastructure company, BSE operates in a duopoly where competitive dynamics and regulatory fee structures are largely outside management's control, creating policy risk around transaction charges.
  • Despite a 5-year stock CAGR of 84%, the gap between the 52-week low of ₹2,377.4 and the current price of ₹3,665.7 — a 54% range — highlights significant intra-year volatility that investors must be prepared to withstand.

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

9h ago

TL;DR: No material positive or negative catalysts emerged for BSE Ltd this cycle. Two large block-trade signals totalling ~₹86 crore were flagged on Oct 6, but with no disclosed counterparties or known intent, they carry no directional signal. The wide price gap between the two trades (₹3,288 vs ₹1,744) suggests different trade types or time windows. Until fresh fundamental or regulatory news surfaces, the stock lacks a clear near-term catalyst.

Quarterly Results

₹ Cr
BSE quarterly results, ₹ crore
Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
260
362
426
539
602
813
768
847
958
1,068
1,244
1,564
1,566
Expenses
146
173
280
388
319
358
533
362
332
388
512
523
520
Operating Profit
114
189
146
151
282
456
236
484
625
680
732
1,041
1,046
OPM %
44%
52%
34%
28%
47%
56%
31%
57%
65%
64%
59%
67%
67%
Other Income
430
24
22
29
91
30
83
205
115
91
108
66.66
160
Interest
7
9
0
0
0
0
0
0
0
0
0
0
0
Depreciation
21
23
25
26
24
29
30
30
27
32
45
55
43
PBT
516
182
143
154
349
457
288
660
713
739
795
1,053
1,164
Tax %
15%
35%
26%
30%
24%
24%
24%
25%
25%
25%
25%
25%
25%
Net Profit
440
118
106
107
264
346
219
494
538
557
597
795
873
EPS (₹)
10.89
2.97
2.66
2.64
6.53
8.54
5.41
12.17
13.28
13.75
14.82
19.55
21.43

Profit & Loss

₹ Cr
BSE profit and loss, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
584
635
572
676
652
609
630
841
925
1,568
3,212
5,124
5,442
Expenses
293
392
381
401
434
482
429
489
609
857
1,336
1,644
1,943
Operating Profit
290
243
190
274
219
127
202
352
316
711
1,876
3,480
3,499
OPM %
50%
38%
33%
41%
34%
21%
32%
42%
34%
45%
58%
68%
64%
Other Income
−10
23
137
529
56
62
19
52
78
417
22
24
437
Interest
1
0
1
1
1
2
10
28
37
39
32
34
0
Depreciation
59
54
50
45
51
51
58
48
60
95
113
159
175
PBT
221
212
276
757
223
135
153
327
297
995
1,754
3,311
3,761
Tax %
20%
17%
4%
7%
10%
11%
7%
25%
31%
22%
25%
25%
—
Net Profit
177
177
265
702
199
121
142
245
206
772
1,322
2,487
2,822
EPS (₹)
3.33
2.75
4.57
14.22
4.27
3.02
3.58
6.27
5.43
19.17
32.65
61.22
69.55
Div. Payout %
33%
61%
68%
28%
78%
63%
65%
72%
74%
26%
23%
16%
—

Balance Sheet

₹ Cr
BSE balance sheet, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
10
11
11
11
10
9
9
27
27
27
27
82
Reserves
2,450
2,512
2,652
3,070
2,918
2,416
2,498
2,627
2,674
3,275
4,397
6,591
Borrowings
4
1
3
0
0
0
0
0
0
0
0
0
Other Liabilities
1,730
1,717
2,517
1,918
1,575
2,051
2,120
3,531
3,293
6,148
5,918
6,773
Total Liabilities
4,195
4,240
5,183
4,998
4,504
4,476
4,627
6,185
5,994
9,450
10,342
13,446
Fixed Assets
251
241
249
207
204
190
184
161
252
285
300
642
CWIP
4
3
6
7
18
22
4
10
2
15
54
77
Investments
2,276
2,115
1,996
2,442
2,380
2,132
1,844
1,968
1,453
2,390
2,845
3,837
Other Assets
1,664
1,882
2,931
2,342
1,902
2,132
2,595
4,046
4,286
6,761
7,142
8,890
Total Assets
4,195
4,240
5,183
4,998
4,504
4,476
4,627
6,185
5,994
9,450
10,342
13,446

Cash Flow

₹ Cr
BSE cash flow, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
−153
−44
817
−239
−313
397
−68
1,442
−137
2,643
414
3,104
Investing
371
164
95
−236
347
470
−189
−980
−111
−871
−758
−2,678
Financing
−45
−120
−85
108
−352
−618
−55
9
−186
−149
−206
−304
Net Cash Flow
173
0
827
−366
−318
249
−313
471
−434
1,623
−550
122
Free Cash Flow
−225
−106
759
−301
−375
359
−106
1,410
−280
2,513
262
2,589
CFO/EBITDA
−36
12
447
−47
−124
350
−13
433
−22
396
40
108

Ratios

BSE financial ratios, annual
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
23
27
44
30
27
42
51
28
36
49
33
39
Cash Conversion Cycle
23
27
44
30
27
42
51
28
36
49
33
39
Working Capital Days
−772
−660
−1,181
−791
−605
−889
−792
−1,148
−846
−1,107
−452
−333
ROCE %
10%
10%
10%
25%
8%
5%
8%
15%
12%
23%
47%
60%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

Log in to view BSE insights

54 extracted metrics across FY15–FY27.

Shareholding Pattern

As of Sep 2026

  • Public 40.45%
  • DIIs 25.89%
  • FIIs 17.10%
  • Others 16.25%
  • Government 0.32%

No promoter shares pledged as of 14 Oct 2026

Change vs previous quarter

Not shown for some quarters: FIIs and Others. Not available separately for this quarter: the holding is recorded inside Others, so both are left blank rather than shown at a wrong split.

Documents

Frequently Asked Questions about BSE

What does BSE Ltd do?
Bombay Stock Exchange (BSE Ltd) is an Indian Stock Exchange located at Dalal Street in Mumbai. The Co. facilitates a market for trading in equity, currencies, debt instruments, derivatives, and mutual funds.
Where is BSE Ltd (BSE) listed?
BSE Ltd trades as BSE on the NSE.
Which sector does BSE Ltd belong to?
BSE Ltd is classified under the Capital Markets sector, in the Exchange industry.
What is the PE ratio of BSE Ltd?
BSE Ltd trades at a PE ratio of 51.78 as of 4 Nov 2026, on earnings per share of ₹69.55, against a book value of ₹163.6 per share.
What is the 52-week high and low of BSE Ltd?
Over the last 52 weeks BSE Ltd has traded between ₹2,377.4 and ₹4,446.8 as of 4 Nov 2026.
Does BSE Ltd pay dividends?
BSE Ltd has a dividend yield of 0.27%.
What is the Return on Equity (ROE) of BSE Ltd?
BSE Ltd reported a return on equity of 46.00%. Its debt-to-equity ratio is 0.00.

Company Information

Bombay Stock Exchange (BSE Ltd) is an Indian Stock Exchange located at Dalal Street in Mumbai. The Co. facilitates a market for trading in equity, currencies, debt instruments, derivatives, and mutual funds.

CEO Mr. Sundararaman Ramamurthy
Employees 771
Listed 3 Feb 2017
Face Value ₹2

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