BSE Ltd. (BSE) AI Stock Analysis

• Market Cap: ₹914.78B
• Dividend Yield: 0.27%
• Average Volume (3M): 4.85M
• Price to Earnings (P/E): 55.9
• Beta (1Y): 1.31
• Revenue Growth: 79.37%
• EPS Growth: 166.39%
• Country: IN
• Employees: 518
• Sector: Financial
• Sector Strength: 71
• Industry: Financial - Data & Stock Exchanges
• EPS (TTM): 13.10
• Shares Outstanding: 415,584,470
• 10 Day Avg. Volume: 5,139,429
• 30 Day Avg. Volume: 4,852,829
• PEG Ratio: N/A
• Price to Book (P/B): N/A
• Price to Sales (P/S): N/A
• P/FCF Ratio: N/A
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: ₹2,521.20
• Price Target Upside: 14.54% Upside
• Rating Consensus: Hold
• Number of Analyst Covering: 5

• Rating: 64 Neutral
• Price Target: ₹2,483.00 ▲(12.80% Upside)

BSE Ltd.'s strong financial performance is the primary driver of its stock score, supported by robust revenue growth and profitability. However, technical indicators suggest bearish momentum, and the high P/E ratio indicates potential overvaluation, which tempers the overall score.

Positive Factors

Revenue Growth

The significant revenue growth indicates strong business expansion and increased market demand, enhancing BSE's competitive position and long-term sustainability.

Profitability Margins

High profitability margins reflect efficient cost management and strong pricing power, ensuring sustained profitability and competitive advantage in the market.

Balance Sheet Health

Minimal leverage and a strong equity base provide financial stability and flexibility, allowing BSE to invest in growth opportunities without significant financial risk.

Negative Factors

Decline in Free Cash Flow

A decline in free cash flow, although slight, may limit BSE's ability to reinvest in growth initiatives or return capital to shareholders, impacting long-term financial strategies.

High Valuation Concerns

A high P/E ratio suggests potential overvaluation, which could limit stock appreciation potential and investor interest, impacting long-term investment attractiveness.

Bearish Technical Indicators

Persistent bearish technical indicators may reflect underlying market concerns, potentially affecting investor confidence and long-term stock performance.

BSE Ltd. Business Overview & Revenue Model

Company Description

BSE Ltd. (BSE), formerly known as the Bombay Stock Exchange, is one of Asia's oldest stock exchanges, headquartered in Mumbai, India. It provides a platform for trading in equities, derivatives, debt instruments, mutual funds, and currencies. BSE also offers services such as risk management, clearing, settlement, market data, and investor education. It plays a crucial role in the Indian financial market ecosystem by facilitating capital raising for businesses and providing a venue for buying and selling of securities.

How the Company Makes Money

BSE Ltd. generates revenue through various streams, primarily by charging transaction fees on trades executed on its platform. This includes fees from equity trading, derivatives, and other financial instruments. Additionally, BSE earns income from listing fees paid by companies to list their securities on the exchange. They also collect data fees by providing market data and information to financial institutions, traders, and investors. Another source of income is the subscription fees from members and participants for use of their infrastructure and technology services. BSE's strategic alliances and partnerships with global exchanges and financial institutions further enhance its revenue potential by expanding its service offerings and market reach.

BSE Ltd. Financial Statement Overview

Summary

BSE Ltd. exhibits strong financial health with robust revenue growth and high profitability margins. The balance sheet is solid with minimal leverage and efficient equity use. Cash flow is positive, supporting operational sustainability, despite a slight decline in free cash flow.

Income Statement

BSE Ltd. demonstrates robust revenue growth, with a 131% increase from the previous year, reflecting strong business expansion. The gross profit margin stands at an impressive 86.41%, indicating high efficiency in managing costs relative to revenue. The net profit margin is equally solid at 41.28%, showcasing profitability. EBIT and EBITDA margins further underline operational efficiency, at 71.56% and 70.96% respectively.

Balance Sheet

The company's balance sheet is strong with a low debt-to-equity ratio of 0.0000036, highlighting minimal leverage and low financial risk. The return on equity is high at 23.85%, reflecting efficient use of equity to generate profits. The equity ratio is 53.73%, suggesting a stable capital structure with a significant proportion of assets financed by equity.

Cash Flow

BSE Ltd. has a positive free cash flow, although it decreased slightly by 4.16% from the previous year. The operating cash flow to net income ratio is strong at 0.32, indicating efficient conversion of income into cash. The free cash flow to net income ratio is 0.20, showing the company can generate cash flow relative to its net income.

Breakdown	TTM	Dec 2025	Dec 2023	Dec 2023	Dec 2021	Dec 2020
Income Statement
Total Revenue	32.33B	32.36B	8.16B	13.90B	7.43B	5.01B
Gross Profit	27.75B	27.75B	5.00B	9.32B	4.36B	2.40B
EBITDA	18.68B	22.79B	3.85B	11.06B	3.98B	2.21B
Net Income	13.26B	13.26B	2.21B	7.78B	2.54B	1.45B
Balance Sheet
Total Assets	103.42B	103.42B	59.94B	94.50B	61.85B	46.27B
Cash, Cash Equivalents and Short-Term Investments	67.05B	67.05B	36.21B	41.07B	18.92B	13.47B
Total Debt	200.00K	200.00K	200.00K	200.00K	200.00K	300.00K
Total Liabilities	46.33B	46.33B	31.65B	59.96B	33.96B	21.11B
Stockholders Equity	44.24B	44.24B	27.01B	33.02B	26.55B	24.92B
Cash Flow
Free Cash Flow	0.00	2.70B	-2.81B	28.15B	14.10B	-1.06B
Operating Cash Flow	0.00	4.23B	-1.37B	29.47B	14.42B	-678.70M
Investing Cash Flow	0.00	-8.46B	-1.11B	-10.71B	-9.80B	-1.89B
Financing Cash Flow	0.00	-2.06B	-1.86B	-1.49B	89.40M	-552.50M

BSE Ltd. Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 2201.20
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

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 2201.2 is below the 20-day moving average (MA) of 2294.75, below the 50-day MA of 2409.69, and above the 200-day MA of 2102.92, indicating a neutral trend. The MACD of -55.12 indicates Negative momentum. The RSI at 41.30 is Neutral, neither overbought nor oversold. The STOCH value of 33.88 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:BSE.

BSE Ltd. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
HDFCAMC	75 Outperform	₹1.24T	47.59		1.55%	27.61%	25.70%
ABSLAMC	73 Outperform	₹244.71B	25.16		2.83%	19.42%	16.76%
NAM.INDIA	73 Outperform	₹526.69B	38.87		2.17%	19.78%	11.11%
Sector *	68 Neutral	$18.02B	11.58	9.93%	3.76%	9.73%	1.31%
CDSL	66 Neutral	₹323.07B	65.29		0.81%	18.35%	3.14%
MCX	66 Neutral	₹394.50B	60.36		0.39%	60.95%	274.09%
BSE	64 Neutral	₹914.78B	55.86		0.27%	79.37%	166.39%

BSE Ltd. Corporate Events

BSE Limited Holds 20th Annual General Meeting, Welcomes New Directors

BSE Limited held its 20th Annual General Meeting on August 20, 2025, via video conferencing, in compliance with regulatory guidelines. The meeting was chaired by Prof. Subhasis Chaudhuri, and included the introduction of two new Public Interest Directors, Shri Shamanna Balasubramanya and Shri Rajiv Bansal. The AGM also acknowledged the contributions of outgoing directors and was attended by key management personnel, highlighting the company’s commitment to governance and stakeholder engagement.