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BSE Ltd.
(BSE)
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Rating:67Neutral
Price Target:
₹3,751.00
▲(5.67% Upside)
Action:Downgraded
Date:08/09/26
The score is supported primarily by very strong financial performance (high margins, rapid recent growth, and an ultra-low leverage balance sheet). Offsetting this are weak technical signals (below key moving averages with negative MACD) and a demanding valuation (high P/E with minimal dividend yield).
Positive Factors
Conservative balance sheet
Near-zero leverage and steadily growing equity give BSE strong financial flexibility to fund technology, product development, or absorb market shocks without refinancing. This conservatism supports multi-month resilience and optionality to pursue strategic initiatives or buybacks.
Negative Factors
Inconsistent cash generation
Historic swings in operating and free cash flow indicate timing and working-capital sensitivity. Periodic negative OCF undermines confidence in stable cash conversion and can limit discretionary spending or dividend consistency during lower-volume periods.
Read all positive and negative factors
Positive Factors
Negative Factors
Conservative balance sheet
Near-zero leverage and steadily growing equity give BSE strong financial flexibility to fund technology, product development, or absorb market shocks without refinancing. This conservatism supports multi-month resilience and optionality to pursue strategic initiatives or buybacks.
Read all positive factors
BSE Ltd. (BSE) vs. iShares MSCI India ETF (INDA)
Market Cap
₹1.49T
Dividend Yield0.27%
Average Volume (3M)4.80M
Price to Earnings (P/E)60.0
Beta (1Y)1.46
Revenue Growth58.15%
EPS Growth87.75%
CountryIN
Employees850
SectorGeneral
Sector StrengthN/A
IndustryFinancial - Data & Stock Exchanges
Share Statistics
EPS (TTM)60.75
Shares Outstanding407,299,070
10 Day Avg. Volume6,764,087
30 Day Avg. Volume4,803,324
Financial Highlights & Ratios
PEG Ratio0.50
Price to Book (P/B)16.57
Price to Sales (P/S)21.47
P/FCF Ratio39.11
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
₹4,185.00Price Target Upside17.90% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)79.78
Revenue Forecast (FY)₹63.55B
BSE Ltd. Business Overview & Revenue Model
Company Description
BSE Limited, along with its affiliated companies, provides an extensive platform for trading various financial instruments such as equities, debt, derivatives, and mutual funds, serving both Indian and global markets. The organization delivers a r...
How the Company Makes Money
BSE primarily makes money by charging fees and earning service income across multiple market-infrastructure activities:
1) Transaction and trading-related revenue
- BSE earns fees linked to trading activity on its platforms (e.g., cash equities a...
BSE Ltd. Financial Statement Overview
Summary
Income Statement
92
Very Positive
Balance Sheet
95
Very Positive
Cash Flow
78
Positive
| Breakdown | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 51.48B | 29.57B | 13.90B | 8.16B | 7.43B |
| Gross Profit | 45.50B | 18.20B | 9.32B | 5.00B | 4.36B |
| EBITDA | 34.58B | 18.61B | 11.06B | 3.85B | 3.98B |
| Net Income | 24.97B | 13.26B | 7.78B | 2.21B | 2.54B |
Balance Sheet | |||||
| Total Assets | 134.46B | 103.42B | 94.50B | 59.94B | 61.85B |
| Cash, Cash Equivalents and Short-Term Investments | 75.18B | 28.27B | 20.14B | 12.79B | 18.93B |
| Total Debt | 200.00K | 32.60M | 200.00K | 200.00K | 200.00K |
| Total Liabilities | 54.04B | 57.66B | 59.96B | 31.65B | 33.96B |
| Stockholders Equity | 66.73B | 44.24B | 33.02B | 27.01B | 26.55B |
Cash Flow | |||||
| Free Cash Flow | 28.27B | 2.70B | 28.15B | -2.81B | 14.10B |
| Operating Cash Flow | 33.42B | 4.23B | 29.47B | -1.37B | 14.42B |
| Investing Cash Flow | -29.16B | -8.46B | -8.88B | -1.11B | -9.80B |
| Financing Cash Flow | -3.04B | -2.06B | -1.49B | -1.86B | 89.40M |
BSE Ltd. Technical Analysis
Negative
3549.70
Price Trends
3793.42
Negative
3628.39
Negative
3175.56
Positive
Market Momentum
-82.74
Positive
37.65
Neutral
18.47
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:BSE, the sentiment is Negative. The current price of 3549.7 is below the 20-day moving average (MA) of 3601.15, below the 50-day MA of 3793.42, and above the 200-day MA of 3175.56, indicating a neutral trend. The MACD of -82.74 indicates Positive momentum. The RSI at 37.65 is Neutral, neither overbought nor oversold. The STOCH value of 18.47 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:BSE.
BSE Ltd. Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
84 Outperform | ₹973.78B | 28.52 | ― | 3.75% | 28.57% | 41.59% | |
78 Outperform | ₹686.23B | 51.51 | ― | 0.28% | 100.94% | 137.60% | |
67 Neutral | ₹1.49T | 60.02 | ― | 0.28% | 58.15% | 87.75% | |
63 Neutral | ₹740.57B | 110.07 | ― | ― | 36.50% | 87.64% | |
59 Neutral | ₹1.69T | 79.89 | ― | 0.21% | 116.07% | 25.82% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% |
* General Sector Average
IN:BSE
BSE Ltd.
3,457.10
1,067.10
44.65%
IN:JIOFIN
Jio Financial Services Limited
257.40
-70.40
-21.48%
IN:MCX
Multi Commodity Exchange of India Limited
2,650.00
1,061.95
66.87%
IN:OFSS
Oracle Financial Services Software Limited
11,725.60
3,682.88
45.79%
IN:POLICYBZR
PB Fintech Limited
1,610.00
-251.05
-13.49%
IN:GROWW
Billionbrains Garage Ventures Limited
190.50
59.56
45.49%
BSE Ltd. Corporate Events
BSE Publishes Quarterly Results as Peers Detail Earnings and AGM Plans
Aug 5, 2026
BSE Limited notified the National Stock Exchange that it has published its unaudited consolidated and standalone financial results for the quarter ended June 30, 2026 in Financial Express and Navshakti, following board approval earlier in the week...
BSE Acquires Stake in India International Bullion Holding IFSC
Jul 31, 2026
BSE Limited has acquired a 3.33% equity stake in India International Bullion Holding IFSC Limited for a total consideration of ₹10.10 crore, following receipt of necessary regulatory approvals including from the Securities and Exchange Board...
BSE shareholders ratify key executive director appointments via postal ballot
Jul 24, 2026
BSE Limited said shareholders have approved, via postal ballot and e-voting, the ratification of appointments of two executive directors overseeing core operational and regulatory functions. The resolutions, relating to Saurabh Shukla as Executive...
BSE schedules virtual investor meeting with Choice Institutional Equities
Jun 8, 2026
BSE Limited has scheduled an analyst and investor meeting with Choice Institutional Equities as part of a virtual investor conference on Friday, June 12, 2026, based out of Mumbai. The company notes that the one-on-one virtual meeting schedule may...
BSE Schedules Virtual Investor Meeting with 12 Flags Global Fund
Jun 8, 2026
BSE Limited has scheduled a virtual one-to-one investor meeting with 12 Flags Global Fund on Thursday, June 11, 2026, with participation by company officials from Mumbai. The exchange has noted that the schedule may change due to exigencies involv...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.