BSE
BSE NSE
BSE
Capital Markets F&ONSE: BSE Exchange
Key Fundamentals
LargecapExchangeCapital MarketsMarket Cap
1.3L Cr
Volatility
Moderate
P/E Ratio
43.8
EBITDA
₹3,470 Cr
Return on Equity
36.43%
Debt to Equity
0
Book Value
₹163.6
EPS
₹44.38
52W High
₹4,446.8
52W Low
₹2,035.1
Tapetide Score
Data-driven rating, 0–100. How it works →
Key Insights
Strengths
5- Company is almost debt free.
- Company is expected to give good quarter
- Company has delivered good profit growth of 69.4% CAGR over last 5 years
- Company has a good return on equity (ROE) track record: 3 Years ROE 36.1%
- Company has been maintaining a healthy dividend payout of 22.0%
Weaknesses
1- Stock is trading at 18.6 times its book value
Growth Rate
Revenue Growth
59.07% lower than
3Y
Net Income Growth
87.94% lower than
3Y
Cash Flow Change
649% higher than
3Y
ROE
26.58% lower than
3Y
ROCE
33.8% lower than
3Y
EBITDA Margin (Avg.)
16.73% lower than
3Y
AI Analysis — Bull vs Bear
5d ago
AI opinion · based on fundamentals
Risk high
BSE Ltd has a market capitalisation of about ₹1,29,642 crore and trades at 46x earnings and 19.46x book value. Over the last three years it grew sales at a 77% CAGR and profit at a 126% CAGR, while ROE rose to 46% last year from a 10-year average of 20%. The stock has returned a 94% CAGR over three years. The company is almost debt free and pays out 22% of profits as dividends, but its dividend yield is only 0.31%.
Bull Case 7
- Profit has compounded at 126% CAGR over 3 years and 79% on a TTM basis, far faster than sales growth of 77% and 61%. That gap points to strong operating leverage in an exchange business where costs are largely fixed.
- Last-year ROE of 46% is well above the 3-year average of 36%, 5-year average of 28% and 10-year average of 20%, so capital efficiency has improved steadily.
- Relative to growth, the 46x P/E is less stretched than it looks. Against 79% TTM profit growth it implies a PEG ratio of about 0.6.
- Over 3 years, profit grew at a 126% CAGR while the stock returned a 94% CAGR. Earnings have outpaced the share price, so the rally has not been driven only by a higher valuation multiple.
- The company is almost debt free. That removes financing risk and leaves the balance sheet free to fund technology, clearing and product expansion from internal cash.
- Growth has been consistent across periods rather than a one-year jump: sales CAGR of 52% and profit CAGR of 69% over 5 years show a long run of expansion.
- A 22% dividend payout lets the company return cash to shareholders while keeping about 78% of earnings to reinvest in growth.
Bear Case 8
- At 19.46x book value and 46x earnings, the valuation already prices in continued high growth. The implied earnings yield of about 2.2% gives little cushion if growth slows.
- Growth has sped up sharply only recently. The 10-year sales CAGR is 23% and profit CAGR is 32%, against 77% and 126% over 3 years. That suggests the current boom may be cyclical and tied to market activity rather than a permanent step up.
- Regulators have been tightening rules on retail derivatives trading, which is the main recent growth driver. Any further curbs could hit the revenue that produced 61% TTM sales growth, and the 46x P/E leaves little room for that.
- The 10-year average ROE of 20% is less than half of last year's 46%. If returns revert toward the long-term average, the 19.46x price-to-book multiple would be hard to justify.
- Exchange revenue depends heavily on trading volumes and market sentiment. A market downturn could quickly reverse the 79% TTM profit growth, as volume-linked income has little contractual protection.
- After a 94% 3-year and 87% 5-year stock CAGR, a lot of future growth may already be priced in, which raises the risk of sharp drawdowns if results disappoint.
- The dividend yield of 0.31% offers almost no income support at a ₹1,29,642 crore valuation, so returns depend almost entirely on the share price.
- The 52-week high and low were reported as 0, so recent price volatility and drawdown could not be assessed from the data provided.
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
22h ago
Neutral 1
- ₹17.45 crore large-trade signal Sep 21
A trade-scanning signal flagged about 55,453 BSE shares on NSE at ₹3,147.50 per share, worth ₹17.45 crore in total. This is not a confirmed exchange-reported block deal, and the buyer, seller and broker will not be known until the post-market disclosure.
TL;DR: The only recent news for BSE Ltd is an unconfirmed large-trade signal of about ₹17.45 crore at ₹3,147.50 per share on Sep 21. It shows some institutional-sized activity, but without the counterparties we can't tell if it is accumulation or distribution. With one neutral item there is no clear sign of fundamental strength or weakness, and we can't judge the trend. The next things to watch are the post-market bulk/block deal disclosures that name the parties, plus updates on exchange volumes, derivatives market share and SEBI rules on F&O trading.
Quarterly Results
| Particulars | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 260 | 362 | 426 | 539 | 602 | 813 | 768 | 847 | 958 | 1,068 | 1,244 | 1,564 | 1,566 |
| Expenses | 146 | 173 | 280 | 388 | 319 | 358 | 533 | 362 | 332 | 388 | 512 | 523 | 520 |
| Operating Profit | 114 | 189 | 146 | 151 | 282 | 456 | 236 | 484 | 625 | 680 | 732 | 1,041 | 1,046 |
| OPM % | 44% | 52% | 34% | 28% | 47% | 56% | 31% | 57% | 65% | 64% | 59% | 67% | 67% |
| Other Income | 430 | 24 | 22 | 29 | 91 | 30 | 83 | 205 | 115 | 91 | 108 | 78 | 160 |
| Interest | 7 | 9 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 21 | 23 | 25 | 26 | 24 | 29 | 30 | 30 | 27 | 32 | 45 | 55 | 43 |
| PBT | 516 | 182 | 143 | 154 | 349 | 457 | 288 | 660 | 713 | 739 | 795 | 1,063 | 1,164 |
| Tax % | 15% | 35% | 26% | 30% | 24% | 24% | 24% | 25% | 25% | 25% | 25% | 25% | 25% |
| Net Profit | 440 | 118 | 106 | 107 | 264 | 346 | 219 | 494 | 538 | 557 | 597 | 795 | 873 |
| EPS in Rs | 10.89 | 2.97 | 2.66 | 2.64 | 6.53 | 8.54 | 5.41 | 12.17 | 13.28 | 13.75 | 14.82 | 19.55 | 21.43 |
Profit & Loss
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 584 | 635 | 572 | 676 | 652 | 609 | 630 | 841 | 925 | 1,568 | 3,212 | 5,124 | 5,442 |
| Expenses | 293 | 392 | 381 | 401 | 434 | 482 | 429 | 489 | 609 | 857 | 1,336 | 1,644 | 1,943 |
| Operating Profit | 290 | 243 | 190 | 274 | 219 | 127 | 202 | 352 | 316 | 711 | 1,876 | 3,480 | 3,499 |
| OPM % | 50% | 38% | 33% | 41% | 34% | 21% | 32% | 42% | 34% | 45% | 58% | 68% | 64% |
| Other Income | -10 | 23 | 137 | 529 | 56 | 62 | 19 | 52 | 78 | 417 | 22 | 24 | 437 |
| Interest | 1 | 0 | 1 | 1 | 1 | 2 | 10 | 28 | 37 | 39 | 32 | 34 | 0 |
| Depreciation | 59 | 54 | 50 | 45 | 51 | 51 | 58 | 48 | 60 | 95 | 113 | 159 | 175 |
| PBT | 221 | 212 | 276 | 757 | 223 | 135 | 153 | 327 | 297 | 995 | 1,754 | 3,311 | 3,761 |
| Tax % | 20% | 17% | 4% | 7% | 10% | 11% | 7% | 25% | 31% | 22% | 25% | 25% | — |
| Net Profit | 177 | 177 | 265 | 702 | 199 | 121 | 142 | 245 | 206 | 772 | 1,322 | 2,487 | 2,822 |
| EPS in Rs | 1.66 | 1.38 | 4.57 | 14.22 | 4.27 | 3.02 | 3.58 | 6.27 | 5.43 | 19.17 | 32.65 | 61.22 | 69.55 |
| Div. Payout % | 33% | 61% | 68% | 28% | 78% | 63% | 65% | 72% | 74% | 26% | 23% | 16% | — |
Balance Sheet
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 10 | 11 | 11 | 11 | 10 | 9 | 9 | 27 | 27 | 27 | 27 | 82 |
| Reserves | 2,450 | 2,512 | 2,652 | 3,070 | 2,918 | 2,416 | 2,498 | 2,627 | 2,674 | 3,275 | 4,397 | 6,591 |
| Borrowings | 4 | 1 | 3 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Liabilities | 1,730 | 1,717 | 2,517 | 1,918 | 1,575 | 2,051 | 2,120 | 3,531 | 3,293 | 6,148 | 5,918 | 6,773 |
| Total Liabilities | 4,195 | 4,240 | 5,183 | 4,998 | 4,504 | 4,476 | 4,627 | 6,185 | 5,994 | 9,450 | 10,342 | 13,446 |
| Fixed Assets | 251 | 241 | 249 | 207 | 204 | 190 | 184 | 161 | 252 | 285 | 300 | 642 |
| CWIP | 4 | 3 | 6 | 7 | 18 | 22 | 4 | 10 | 2 | 15 | 54 | 77 |
| Investments | 2,276 | 2,115 | 1,996 | 2,442 | 2,380 | 2,132 | 1,844 | 1,968 | 1,453 | 2,390 | 2,845 | 3,837 |
| Other Assets | 1,664 | 1,882 | 2,931 | 2,342 | 1,902 | 2,132 | 2,595 | 4,046 | 4,286 | 6,761 | 7,142 | 8,890 |
| Total Assets | 4,195 | 4,240 | 5,183 | 4,998 | 4,504 | 4,476 | 4,627 | 6,185 | 5,994 | 9,450 | 10,342 | 13,446 |
Cash Flow
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating | -153 | -44 | 817 | -239 | -313 | 397 | -68 | 1,442 | -137 | 2,643 | 414 | 3,104 |
| Investing | 371 | 164 | 95 | -236 | 347 | 470 | -189 | -980 | -111 | -871 | -758 | -2,678 |
| Financing | -45 | -120 | -85 | 108 | -352 | -618 | -55 | 9 | -186 | -149 | -206 | -304 |
| Net Cash Flow | 173 | 0 | 827 | -366 | -318 | 249 | -313 | 471 | -434 | 1,623 | -550 | 122 |
| Free Cash Flow | -225 | -106 | 759 | -301 | -375 | 359 | -106 | 1,410 | -280 | 2,513 | 262 | 2,589 |
| CFO/OP | -36 | 12 | 447 | -47 | -124 | 350 | -13 | 433 | -22 | 396 | 40 | 108 |
Ratios
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 23 | 27 | 44 | 30 | 27 | 42 | 51 | 28 | 36 | 49 | 33 | 39 |
| Cash Conversion Cycle | 23 | 27 | 44 | 30 | 27 | 42 | 51 | 28 | 36 | 49 | 33 | 39 |
| Working Capital Days | -772 | -660 | -1,181 | -791 | -605 | -889 | -792 | -1,148 | -846 | -1,107 | -452 | -333 |
| ROCE % | 10% | 10% | 10% | 25% | 8% | 5% | 8% | 15% | 12% | 23% | 47% | 60% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
Log in to view BSE insights
60 extracted metrics + investor summaries across FY15–FY27.
Documents
1
Intimation Of Credit Confirmation Of Shares From Depositories With Regard To Sub-Division / Split Of Equity Shares Of The Company
11h - Equity split ₹10 to ₹5, new ISIN INE273D01027 credited, effective 03-Mar-2026. 11h - Equity split ₹10 to ₹5, new ISIN INE273D01027 credited, effective 03-Mar-2026.
2
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation
3 Mar - Group Meeting/one on one meet -Physical(Mumbai) on 9th March,2026 from 12.00 p.m onwards 3 Mar - Group Meeting/one on one meet -Physical(Mumbai) on 9th March,2026 from 12.00 p.m onwards
3
Announcement under Regulation 30 (LODR)-Resignation of Director
2 Mar - Independent Director Mr. Kandarp Trivedi resigned effective March 2, 2026; ceases committee memberships. 2 Mar - Independent Director Mr. Kandarp Trivedi resigned effective March 2, 2026; ceases committee memberships.
4
Announcement under Regulation 30 (LODR)-Resignation of Director
2 Mar - Mr. Kandarp Trivedi resigned as Independent Director effective March 2, 2026; ceased chair/member of multiple committees. 2 Mar - Mr. Kandarp Trivedi resigned as Independent Director effective March 2, 2026; ceased chair/member of multiple committees.
Frequently Asked Questions about BSE
What does BSE Ltd do?
Bombay Stock Exchange (BSE Ltd) is an Indian Stock Exchange located at Dalal Street in Mumbai. The Co. facilitates a market for trading in equity, currencies, debt instruments, derivatives, and mutual funds. [1]
Where is BSE Ltd (BSE) listed?
BSE Ltd trades as BSE on the NSE.
Which sector does BSE Ltd belong to?
BSE Ltd is classified under the Capital Markets sector, in the Exchange industry.
What is the market capitalisation of BSE Ltd?
BSE Ltd has a market capitalisation of ₹1,26,803 Cr, which places it in the Large Cap band.
What is the PE ratio of BSE Ltd?
BSE Ltd trades at a PE ratio of 43.80, on earnings per share of ₹44.38, against a book value of ₹163.6 per share.
What is the 52-week high and low of BSE Ltd?
Over the last 52 weeks BSE Ltd has traded between ₹2,035.1 and ₹4,446.8.
Does BSE Ltd pay dividends?
BSE Ltd has a dividend yield of 0.32%.
What is the Return on Equity (ROE) of BSE Ltd?
BSE Ltd reported a return on equity of 36.43%. Its debt-to-equity ratio is 0.00.
Company Information
Bombay Stock Exchange (BSE Ltd) is an Indian Stock Exchange located at Dalal Street in Mumbai. The Co. facilitates a market for trading in equity, currencies, debt instruments, derivatives, and mutual funds. [1]
CEO Mr. Sundararaman Ramamurthy
Employees 771
Listed 2017-02-03
Face Value ₹ 2
Issued Size 40,78,84,077
For AI agents and developers
Reading this as an AI agent, LLM or automated pipeline? Every page on Tapetide is also published as clean Markdown — no navigation, no scripts, just the data. Fetch https://tapetide.com/stocks/BSE.md for BSE Ltd: company profile, latest price, key fundamentals, the Tapetide Score, growth rates, quarterly and annual financial statements, shareholding pattern, technical indicators, analyst ratings and exchange filings.
Append .md to any Tapetide URL for the
same treatment. A full index of what we publish is at /llms.txt and /llms-full.txt. For live,
structured queries instead of documents, use our MCP server.