BSE Ltd. (IN:BSE)
:BSE
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BSE Ltd.
(BSE)
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Rating:79Outperform
Price Target:
₹4,474.00
▲(49.88% Upside)
Action:Reiterated
Date:05/09/26
The score is driven primarily by very strong financial performance—rapid FY2026 growth, exceptional margins, and a near debt-free balance sheet. Technicals support the trend but overbought indicators add near-term risk. A high P/E and very low dividend yield reduce the valuation component and cap the overall score.
Positive Factors
High margins & operating leverage
BSE's very high gross (~88%) and net (~48.5%) margins reflect strong pricing power and a low marginal cost platform. As a market infrastructure provider, fixed-cost leverage makes incremental revenue very profitable, supporting durable cash generation if volumes persist.
Negative Factors
Inconsistent cash generation
Despite strong recent free cash flow coverage, historical swings—including negative operating cash flow years—indicate timing and working-capital sensitivity. This inconsistency raises risk that reported profits may not reliably convert to cash in weaker market periods.
Read all positive and negative factors
Positive Factors
Negative Factors
High margins & operating leverage
BSE's very high gross (~88%) and net (~48.5%) margins reflect strong pricing power and a low marginal cost platform. As a market infrastructure provider, fixed-cost leverage makes incremental revenue very profitable, supporting durable cash generation if volumes persist.
Read all positive factors
BSE Ltd. (BSE) vs. iShares MSCI India ETF (INDA)
Market Cap
₹1.72T
Dividend Yield0.22%
Average Volume (3M)4.80M
Price to Earnings (P/E)44.3
Beta (1Y)1.35
Revenue Growth58.15%
EPS Growth87.14%
CountryIN
Employees518
SectorFinancial
Sector Strength70
IndustryFinancial - Data & Stock Exchanges
Share Statistics
EPS (TTM)43.96
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
₹3,620.00Price Target Upside21.27% Upside
Rating ConsensusHold
Number of Analyst Covering1
EPS Forecast (FY)81.12
Revenue Forecast (FY)₹65.13B
BSE Ltd. Business Overview & Revenue Model
Company Description
BSE Limited, together with its subsidiaries, provides a platform for trading in equity, debt instruments, derivatives, and mutual funds in India and internationally. It offers securities, data dissemination, and depository services. The company al...
How the Company Makes Money
BSE makes money primarily by charging fees to market participants and issuers for using its market infrastructure and related services. Key revenue streams typically include: (1) Transaction-based revenues: fees linked to trading activity on its p...
BSE Ltd. Financial Statement Overview
Summary
Income Statement
92
Very Positive
Balance Sheet
95
Very Positive
Cash Flow
78
Positive
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 36.88B | 51.48B | 29.57B | 13.90B | 8.16B | 7.43B |
| Gross Profit | 25.13B | 45.50B | 18.20B | 9.32B | 5.00B | 4.36B |
| EBITDA | 26.12B | 34.58B | 18.61B | 11.06B | 3.85B | 3.98B |
| Net Income | 18.12B | 24.97B | 13.26B | 7.78B | 2.21B | 2.54B |
Balance Sheet | ||||||
| Total Assets | 111.38B | 134.46B | 103.42B | 94.50B | 59.94B | 61.85B |
| Cash, Cash Equivalents and Short-Term Investments | 71.14B | 75.18B | 28.27B | 20.14B | 12.79B | 18.93B |
| Total Debt | 200.00K | 200.00K | 32.60M | 200.00K | 200.00K | 200.00K |
| Total Liabilities | 57.74B | 54.04B | 57.66B | 59.96B | 31.65B | 33.96B |
| Stockholders Equity | 52.11B | 66.73B | 44.24B | 33.02B | 27.01B | 26.55B |
Cash Flow | ||||||
| Free Cash Flow | 7.41B | 28.27B | 2.70B | 28.15B | -2.81B | 14.10B |
| Operating Cash Flow | 10.54B | 33.42B | 4.23B | 29.47B | -1.37B | 14.42B |
| Investing Cash Flow | -14.33B | -29.16B | -8.46B | -8.88B | -1.11B | -9.80B |
| Financing Cash Flow | -3.16B | -3.04B | -2.06B | -1.49B | -1.86B | 89.40M |
BSE Ltd. Technical Analysis
Positive
2985.10
Price Trends
3293.77
Positive
3034.31
Positive
2748.23
Positive
Market Momentum
229.61
Negative
78.59
Negative
84.03
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:BSE, the sentiment is Positive. The current price of 2985.1 is below the 20-day moving average (MA) of 3776.49, below the 50-day MA of 3293.77, and above the 200-day MA of 2748.23, indicating a bullish trend. The MACD of 229.61 indicates Negative momentum. The RSI at 78.59 is Negative, neither overbought nor oversold. The STOCH value of 84.03 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for IN:BSE.
BSE Ltd. Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
84 Outperform | ₹1.15T | 38.11 | ― | 0.83% | 13.84% | 15.97% | |
81 Outperform | ₹295.12B | 33.89 | ― | 3.09% | 3.71% | 4.64% | |
79 Outperform | ₹1.72T | 44.27 | ― | 0.22% | 58.15% | 87.14% | |
78 Outperform | ₹876.90B | 45.76 | ― | 0.28% | 100.94% | 137.60% | |
77 Outperform | ₹704.03B | 33.18 | ― | 2.14% | 16.36% | 18.30% | |
68 Neutral | ₹255.94B | 51.30 | ― | 0.82% | 3.27% | -13.38% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% |
* Financial Sector Average
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BSE Ltd. Corporate Events
BSE Restructures Senior Management, Reclassifies Two Key Executives
Apr 2, 2026
BSE Limited has announced that, following an internal reorganisation, executives Shri Vivek Garg and Shri Prahlad Salian will cease to be classified as key management personnel and senior management of the company, effective April 1, 2026. The cha...
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.