BSE Ltd. (BSE) AI Stock Analysis

• Market Cap: ₹1.11T
• Dividend Yield: 0.22%
• Average Volume (3M): 4.80M
• Price to Earnings (P/E): 61.4
• Beta (1Y): 1.59
• Revenue Growth: 59.55%
• EPS Growth: 118.89%
• Country: IN
• Employees: 518
• Sector: Financial
• Sector Strength: 70
• Industry: Financial - Data & Stock Exchanges
• EPS (TTM): 13.70
• Shares Outstanding: 407,299,070
• 10 Day Avg. Volume: 6,764,087
• 30 Day Avg. Volume: 4,803,324
• PEG Ratio: 0.81
• Price to Book (P/B): 16.97
• Price to Sales (P/S): 23.19
• P/FCF Ratio: 278.22
• 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: ₹2,575.00
• Price Target Upside: -5.85% Downside
• Rating Consensus: Hold
• Number of Analyst Covering: 2
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 71 Outperform
• Price Target: ₹2,960.00 ▲(8.23% Upside)

BSE Ltd. scores well due to its strong financial performance, characterized by robust revenue growth and profitability. Technical analysis supports a positive trend, although caution is advised due to overbought signals. Valuation concerns, with a high P/E ratio, slightly dampen the overall score.

Positive Factors

Revenue Growth

The significant revenue growth indicates strong business expansion and increased market demand, supporting long-term growth prospects.

Profitability Margins

High profitability margins reflect efficient cost management and strong pricing power, ensuring sustainable earnings over time.

Balance Sheet Health

Minimal leverage reduces financial risk and enhances financial stability, allowing for greater flexibility in strategic investments.

Negative Factors

Decline in Free Cash Flow

A decline in free cash flow, though slight, may impact the company's ability to fund new projects or return capital to shareholders.

Valuation Concerns

A high P/E ratio suggests potential overvaluation, which may limit upside potential and attract scrutiny from value-focused investors.

Dividend Yield

A low dividend yield may not appeal to income-focused investors, potentially reducing the stock's attractiveness in a yield-seeking market.

BSE Ltd. Business Overview & Revenue Model

Company Description

BSE Ltd. (formerly known as Bombay Stock Exchange) is one of the oldest stock exchanges in Asia, headquartered in Mumbai, India. It operates in the financial services sector, primarily focusing on the trading of securities such as equities, derivatives, and debt instruments. BSE provides a platform for stockbrokers and investors to trade listed securities and facilitates various services including clearing and settlement, market data dissemination, and indices. The exchange also offers a range of products such as mutual funds and exchange-traded funds (ETFs), catering to the diverse needs of investors.

How the Company Makes Money

BSE Ltd. generates revenue through multiple streams, primarily from transaction fees charged on trades executed on its platform. This includes fees for equity and derivatives trading, as well as listing fees from companies that seek to be listed on the exchange. Additionally, BSE earns income from market data services, providing real-time data and analytics to market participants. The exchange also makes money through its depository services, where it charges fees for maintaining electronic records of securities. Significant partnerships with financial institutions and technology providers enhance its service offerings and contribute to its earnings, along with the growing demand for financial products and services in the Indian market.

BSE Ltd. Financial Statement Overview

Summary

BSE Ltd. exhibits strong financial health characterized by substantial revenue growth and high profitability margins. The balance sheet is robust with negligible 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 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	34.33B	29.57B	13.90B	8.16B	7.43B	5.01B
Gross Profit	22.75B	18.20B	9.32B	5.00B	4.36B	2.40B
EBITDA	24.32B	18.61B	11.06B	3.85B	3.98B	2.21B
Net Income	16.00B	13.26B	7.78B	2.21B	2.54B	1.45B
Balance Sheet
Total Assets	0.00	103.42B	94.50B	59.94B	61.85B	46.27B
Cash, Cash Equivalents and Short-Term Investments	43.81B	28.27B	20.14B	12.79B	18.93B	13.38B
Total Debt	0.00	32.60M	200.00K	200.00K	200.00K	300.00K
Total Liabilities	-57.08B	57.66B	59.96B	31.65B	33.96B	21.11B
Stockholders Equity	57.08B	44.24B	33.02B	27.01B	26.55B	24.92B
Cash Flow
Free Cash Flow	0.00	2.70B	28.15B	-2.81B	14.10B	-1.06B
Operating Cash Flow	0.00	4.23B	29.47B	-1.37B	14.42B	-678.70M
Investing Cash Flow	0.00	-8.46B	-8.88B	-1.11B	-9.80B	-1.89B
Financing Cash Flow	0.00	-2.06B	-1.49B	-1.86B	89.40M	-552.50M

BSE Ltd. Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 2735.00
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• 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 Neutral. The current price of 2735 is below the 20-day moving average (MA) of 2804.40, above the 50-day MA of 2616.64, and above the 200-day MA of 2332.63, indicating a neutral trend. The MACD of 12.30 indicates Positive momentum. The RSI at 45.15 is Neutral, neither overbought nor oversold. The STOCH value of 33.91 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for IN:BSE.

BSE Ltd. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
NAM.INDIA	76 Outperform	₹553.51B	41.32	―	2.19%	9.15%	0.43%
MCX	72 Outperform	₹518.43B	74.33	―	0.30%	49.22%	100.59%
BSE	71 Outperform	₹1.11T	61.36	―	0.22%	59.55%	118.89%
Sector *	68 Neutral	$18.00B	11.42	9.92%	3.81%	9.73%	1.22%
ABSLAMC	65 Neutral	₹216.96B	22.33	―	3.19%	10.40%	8.23%
HDFCAMC	62 Neutral	₹1.15T	41.67	―	0.84%	19.21%	24.12%
CDSL	61 Neutral	₹319.04B	67.45	―	0.82%	3.63%	-11.24%

BSE Ltd. Corporate Events

BSE Limited Appoints Viral Davda as Chief Information Officer

BSE Limited has announced the appointment of Mr. Viral Davda as the new Chief Information Officer, effective November 4, 2025. Mr. Davda, who has over two decades of experience in the capital markets and exchange technology domain, is expected to bring his extensive expertise in trading, clearing, settlement, and risk management systems to the role. This strategic appointment underscores BSE’s commitment to strengthening its technological leadership and operational efficiency in the competitive financial services industry.

BSE Limited Appoints New Head of Corporate Communications

BSE Limited has announced the appointment of Mr. Prahlad Salian as the Head of Corporate Communications, Key Management Personnel, and Senior Management, effective October 1, 2025. This strategic appointment is expected to enhance BSE’s communication strategies and investor outreach, leveraging Mr. Salian’s extensive experience in content, communication, and research from his previous roles in prominent financial organizations.