BSE Limited

Financial Services — Financial Data & Stock Exchanges · NSE

₹3,363.00−₹65.00 (−1.90%)

DalalBaazaar Score

76 / 100

🟢 Good

Verdict

REASONABLE

Risk

Low

No individual risk factor stands out on this snapshot.

In simple words: Strong business and financial position, with both sales and profits growing well. Valuation is currently the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 7:00 pm

Understanding the Business

Company site ↗

The 60-second version of BSE Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

BSE Limited, together with its subsidiaries, provides a platform for the listing and trading of equity, debt instruments, currencies, commodities, derivatives, mutual funds, and small and medium enterprise securities in India and internationally.

IndustryFinancial Data & Stock Exchanges

SectorFinancial Services

Employees850

Annual revenue₹4,485 Cr

How does it make money?

Turns over ₹4,485 Cr a year. Of every ₹100 of sales, about ₹56 reaches shareholders as profit, with ₹75 left at the operating level before interest, tax and depreciation. Each of its 850 employees supports ₹5.28 Cr of revenue a year, the signature of a capital- or asset-led business.

Revenue / employee₹5.28 Cr

Who are its competitors?

The closest listed comparisons in its industry are BAJAJ FINANCE LIMITED, HDFC BANK LTD, ICICI BANK LTD., STATE BANK OF INDIA. These are the companies its valuation and returns are measured against elsewhere in this report.

Compared side by side in Peers ↓

What is its competitive advantage?Not assessable from these ratios

For a lender, returns on capital are shaped by leverage and funding cost rather than by pricing power, so the usual financial signature of an advantage does not apply. Judge this one on deposit franchise, cost of funds and asset quality — none of which are in this data.

Peer median ROE16.5%

What is the outlook?

18 analysts covering the stock expect revenue to grow about 14.6% and earnings to grow about 15.1% in the year to 2028. These are estimates by people who follow the company, not a forecast for the wider industry.

Est. revenue growth+14.6%

Est. earnings growth+15.1%

Analysts18

What has been driving growth?

Growth has come mainly from selling more, rather than from keeping more of each sale. Over 3 years revenue moved +450% while net margin moved +106% relative to itself. What this cannot tell you is which products, customers or geographies did the work — that lives in the segment disclosures of the annual report.

Revenue effect+450%

Margin effect+106%

DalalBaazaar Score

76/ 100

Good

Weighted across six categories. Every point is explained below.

✗ P/E of 48.9x is demanding — it needs sustained high growth to justify
✓ P/E is 48% below its own historical median of 94.0x — cheap by its own standards
✗ P/B of 17.32x is a steep premium to book

Quality vs. Valuation

Company Quality

84/ 100

Excellent

How good the business is, ignoring the share price entirely.

Valuation

49/ 100

Fair

What you are being asked to pay, ignoring how good the business is.

A reasonable business at a reasonable price — neither the quality nor the valuation stands out in either direction.

Historical Valuation

Current P/E

48.9x

3Y Median

94.0x

40 monthly readings · mean 104.0x · range 50.0x–173.7x

Sector Median

17.0x

median of 4 sector peers

🟢Current valuation is approximately 48% below its 3y median of 94.0x. Cheaper than its own history, which is worth a reason too: the market may be pricing in something the backward-looking numbers do not show.

⚠️Against its sector it trades 188% above the peer median of 17.0x.

vs. its own history

Cheap

94.0x median over 40 months · -48%

vs. sector peers

Expensive

17.0x median of 4 peers · +188%

vs. generic bands

Expensive

Above 35x

EV/EBITDA

40.5x

PEG

0.39

What's Good / What's Bad

🟢 What's Going Well4

Margins are improving
EBITDA margin is up from 44.4% to 75.1% over 3 years.
Return on equity is rising
ROE has improved from 8.2% to 37.4%.
Return on capital is rising
ROCE has improved from 9.0% to 40.9%.
Consistently profitable
Profitable in every one of the last 4 reported years.

🔴 What Needs Attention1

Receivables growing faster than sales
Receivables are up 509% against revenue growth of 450% — customers are taking longer to pay.

Red Flags

1 item require attention · 1 watch

🟡Low reported insider holdingOwnership
Reported insider holding is 0.0%. For Indian companies this field is an unreliable proxy — check the official promoter shareholding in the exchange filing.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Margin expansion has further to run
EBITDA margin has risen from 44.4% to 75.1%. If that holds, profit compounds faster than sales and today's multiple looks cheaper in hindsight than it does now.
Priced below its own history
The stock trades 48% below its own median multiple. If the business performs as it has and simply re-rates back to normal, that gap is return on its own.
Earnings have proved durable
Profitable in every one of the last 4 reported years. Consistency lowers the risk that any single bad year is structural rather than cyclical.

🔴 Bear CaseWhat could go wrong?

A premium to the sector to defend
It trades 188% above the peer median. That premium needs a reason that persists, or it closes.
Earnings are hard to forecast
Profit has swung sharply from year to year, so any single year — good or bad — is a weak guide to the next. Cyclical earnings deserve lower multiples for that reason.

🟡 Key Things to WatchMeasurable tripwires, set against where this company stands today

1Revenue growth stays above 57% a year✓ 76.5% CAGR
Latest reported year was 64.0%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
2EBITDA margin holds above 73%✓ 75.1%
Two points below today's level — enough room for noise, tight enough to catch real compression.
3Return on equity stays above 35%✓ 37.4%
For a lender this is the cleanest single read on whether the book is being grown profitably.
4Valuation vs its own median of 94.0x✓ 48.9x today
A re-rating above its own history needs a reason; without one it is just a higher price.

Investment Checklist

10 / 12 checks passed

✓ Strong return on equity (ROE ≥ 15%)
✓ Strong return on capital employed (ROCE ≥ 15%)
✓ Healthy net margin (≥ 10%)
✓ Generates positive free cash flow
✓ Manageable leverage (Debt/Equity < 1.0)
✓ Adequate short-term liquidity (Current Ratio ≥ 1.0)
✓ Revenue growing year-over-year
✓ Profit growing year-over-year
✗ Not trading at an extreme valuation (P/E < 40x)
✓ Not buying right at the 52-week high
✓ Analyst consensus isn't majority-sell
✗ Short-term technical trend isn't bearish

Price history

Quick Metrics

8 good · 1 neutral · 2 weak

Market Cap

₹1.37 L Cr

Large Cap

Large, widely-covered business — typically the steadiest of the bands

P/E (Trailing)

48.9x

Expensive

Expensive — verify against sector peers

P/B Ratio

17.32x

Rich

Steep premium to book — needs high, durable returns to justify

EPS (TTM)

₹68.74

Profitable

Profitable on a per-share basis

ROE

37.4%

Strong

Strong capital efficiency

ROCE

40.9%

Strong

Earns comfortably above its likely cost of capital

Debt/Equity

0.00x

Low

Conservative leverage

Revenue Growth (YoY)

64.0%

Healthy

Healthy top-line growth

Profit Growth (YoY)

62.1%

Healthy

Profits growing at a healthy clip

Dividend Yield

0.30%

Modest

Small cash return — most of the return has to come from the price

Free Cash Flow

₹2,589 Cr

Cash generative

Generates cash even after funding its capex

More Metrics

P/E (Forward)

38.0x

Improving

Below the trailing multiple — the street expects earnings to grow into the price

Operating Margin

80.1%

Good

Healthy core-business profitability

Net Margin

48.9%

Good

Strong bottom-line conversion

Current Ratio

1.53

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

0.45

Defensive

Steadier than the market

52W Range Position

49%

Mid-range

Technical Snapshot

SMA 20 / SMA 50

3252.1 / 3316.9

Bearish alignment (short < long)

Price vs SMA 200

Above

Long-term uptrend

RSI (14)

58.5

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹816 Cr	₹1,371 Cr	₹2,738 Cr	₹4,485 Cr	+76.5%
EBITDA	₹362 Cr	₹649 Cr	₹1,789 Cr	₹3,369 Cr	+110.3%
EBITDA Margin	44.4%	47.4%	65.4%	75.1%	—
PAT (Net Profit)	₹221 Cr	₹778 Cr	₹1,326 Cr	₹2,497 Cr	+124.5%
EPS	₹5.35	₹18.89	₹32.18	₹60.61	+124.5%
ROE	8.2%	23.6%	30.0%	37.4%	—
ROCE	9.0%	22.8%	30.5%	40.9%	—
Total Debt	₹0 Cr	₹0 Cr	₹3 Cr	₹3 Cr	+421.1%
Free Cash Flow	-₹281 Cr	₹2,513 Cr	₹257 Cr	₹2,589 Cr	—

🟢 Revenue has grown at 76.5% a year over 3 years.

🟢 EBITDA has grown at 110.3% a year over 3 years.

🟢 EBITDA Margin has risen from 44.4% to 75.1% over 3 years (+30.7 pts).

🟢 PAT (Net Profit) has grown at 124.5% a year over 3 years.

🟢 EPS has grown at 124.5% a year over 3 years.

🟢 ROE has risen from 8.2% to 37.4% over 3 years (+29.2 pts).

🟢 ROCE has risen from 9.0% to 40.9% over 3 years (+31.8 pts).

🔴 Total Debt has grown at 421.1% a year over 3 years.

🟢 Free Cash Flow has turned positive, from -₹281 Cr to ₹2,589 Cr.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹13,446 Cr

Total Liabilities

₹6,651 Cr

Cash & Equivalents

₹113 Cr

Operating Cash Flow

₹3,104 Cr

Capex

-₹515 Cr

Shareholding (proxy)

Institutional Holding

27.0%

Insider Holding

0.0%

Corporate Actions

Dividend Rate

₹10

Ex-Dividend Date

10 Jul 2026

Analyst Consensus

Recommendations

10 Buy · 5 Hold · 4 Sell

Target Price (Mean)

₹3,698.47

+10.0% vs CMP

Target Range

₹2,820 – ₹4,711

Peer Comparison

Company	P/E	ROE
BAJAJ FINANCE LIMITED	30.2x	17.8%
HDFC BANK LTD	15.9x	13.8%
ICICI BANK LTD.	18.1x	16.5%
STATE BANK OF INDIA	10.3x	15.2%

Recent News

3 mixed3 general

BSE Share Price - Live NSE: BSE Stock Price & Chart

Upstox, 16 Oct

BSE (NSEI:BSE) Stock Forecast & Analyst Predictions

Simply Wall Street, 15 OctAnalyst view

🟡Mixed / dependsBroker commentary — an opinion about the price rather than new information about the business.

BSE, Angel One Fall Over 3% On SEBI CAS Changes; MCX, Groww, NSE Also Decline

NDTV Profit, 16 Oct

BSE Share Price Rises 2.30% Amid Valuation Context

Univest, 15 OctPrice move

🟡Mixed / dependsA price move, which is not by itself a change in the business. Worth finding the cause before reading it as either good or bad.

BSE Share Price Up 2.8% Today: What the SEBI Panel’s View on CAS Means for Expiry Day Traders

NiftyTrader, 15 OctPrice move

🟡Mixed / dependsA price move, which is not by itself a change in the business. Worth finding the cause before reading it as either good or bad.

Mutual funds’ portfolio shifts: Aditya Infotech, BSE stand out among top 10 stocks by holding value changes in September

Livemint, 18 Oct

Watch Items

This is a financial-sector business: borrowing is its raw material, not leverage in the usual sense. Debt/Equity and ROCE here aren't comparable to a manufacturer's — read them alongside NIM, GNPA and capital adequacy from the company's own disclosures.
Cross-check against the company's latest quarterly filing / investor presentation before acting.
Reported insider holding is low — cross-check the official promoter shareholding % in the company's exchange filing.

DalalBaazaar Thesis

StrongBusiness Quality · Financial Health · Growth · Profitability · Risk

WeakValuation

Points for each in the Score ↑

Good business at a fair price

A sound business at a reasonable valuation. Suitable for a long-term holding, with the valuation and the direction of margins worth watching rather than the business itself.

All 4 tripwires holding · see Key things to watch ↑