BSE
BSE
Capital Markets F&OKey Fundamentals
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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 20.7 times its book value
Growth Rate
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 2d agoBSE Ltd has a market cap of ₹130,890 Cr and trades at a PE of 47.8x with a price-to-book of 20.2x. The company has delivered compounded profit growth of 69% CAGR over 5 years and 126% over 3 years, while remaining almost debt-free. Revenue growth has been strong at 61% TTM, though the valuation multiples are significantly elevated relative to book value.
- Exceptional profit growth with 5-year compounded profit CAGR of 69% and 3-year CAGR of 126%, demonstrating accelerating earnings momentum
- Almost debt-free balance sheet, providing financial flexibility and low insolvency risk in a capital markets business
- Strong return on equity track record with last year ROE at 46% and 3-year average ROE of 36%, indicating efficient capital deployment
- Revenue growth remains robust at 61% TTM and 77% CAGR over 3 years, reflecting rising market participation and transaction volumes on the exchange
- Long-term compounded sales growth of 23% over 10 years and profit growth of 32% over 10 years show sustained structural growth, not just a cyclical spike
- Stock has delivered 97% CAGR returns over 3 years and 89% over 5 years, reflecting strong market confidence in the business model
- Consistent dividend payout ratio of 22%, providing some cash return to shareholders even during a high-growth phase
- Expected to deliver a good upcoming quarter, suggesting near-term earnings visibility remains intact
- Stock trades at 20.2x book value, a very steep premium that leaves little room for execution missteps or growth slowdown
- PE ratio of 47.8x is elevated and prices in continued high growth — any deceleration in profit growth from the current 79% TTM pace could compress multiples sharply
- Dividend yield of just 0.3% is minimal, meaning investors are almost entirely dependent on capital appreciation for returns
- Revenue and profit growth rates show significant deceleration risk — sales growth went from 77% (3-year CAGR) to 52% (5-year) to 23% (10-year), and current TTM of 61% may revert toward long-term trends
- Capital markets revenue is inherently cyclical and tied to market sentiment — a prolonged bear market or reduced retail participation could materially impact transaction fee income
- 3-year stock CAGR of 97% implies a large portion of future growth may already be priced in, increasing downside risk if earnings disappoint
- ROE trajectory from 20% (10-year) to 46% (last year) partly reflects favourable market conditions that may not persist through a full cycle
- At ₹130,890 Cr market cap, the company needs to sustain exceptional growth rates to justify current valuation — the base effect makes maintaining 60-80% growth increasingly difficult
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 15d ago- Q1FY26 profit surges 63% YoY Aug 4
BSE reported 63% YoY rise in consolidated net profit to ₹8,726.6 lakh for Q1FY26, with revenue from operations jumping 64% to ₹15,660.2 lakh. The Board also approved acquiring additional stake in IIBH.
- ₹20.17 Cr block trade on NSE Aug 5
Approximately 56,789 shares changed hands at ₹3,550.90 per share in a block trade worth ₹20.17 crores, indicating institutional investor activity.
- ₹15.07 Cr block trade on NSE Aug 3
Around 41,820 shares were traded at ₹3,603.00 per share in a block deal worth ₹15.07 crores, typical of large institutional bulk orders.
TL;DR: BSE Ltd is delivering strong financial performance with Q1FY26 profit and revenue both growing over 60% YoY, signalling robust momentum in its capital markets business. No material headwinds surfaced in the recent news cycle. Institutional block trade activity around the ₹3,550-3,600 range suggests steady large-investor interest. The trend appears positive, though sustaining this growth rate in coming quarters will be key to watch.
Quarterly Results
| Particulars | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 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 | 78 | 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 | 1,063 | 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 in Rs | 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
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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 in Rs | 1.66 | 1.38 | 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
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 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
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 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/OP | -36 | 12 | 447 | -47 | -124 | 350 | -13 | 433 | -22 | 396 | 40 | 108 |
Ratios
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 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
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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Documents
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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. [1]
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