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BSE Ltd.
(BSE)
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Rating:67Neutral
Price Target:
₹3,305.00
▲(0.06% 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
Strong revenue and margin growth
Accelerating revenue alongside exceptionally high margins indicates strong operating leverage and effective monetization of BSE’s market infrastructure. If sustained, this combination can support reinvestment, strengthen competitive positioning, and create substantial earnings capacity over the next several quarters.
Negative Factors
Historically inconsistent cash generation
Recent cash generation is strong, but prior negative operating and free cash flow creates uncertainty about how consistently accounting earnings convert into cash. Such variability can reflect working-capital or timing effects and makes the durability of current cash performance less certain across reporting periods.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong revenue and margin growth
Accelerating revenue alongside exceptionally high margins indicates strong operating leverage and effective monetization of BSE’s market infrastructure. If sustained, this combination can support reinvestment, strengthen competitive positioning, and create substantial earnings capacity over the next several quarters.
Read all positive factors
BSE Ltd. (BSE) vs. iShares MSCI India ETF (INDA)
Market Cap
₹1.34T
Dividend Yield0.3%
Average Volume (3M)5.22M
Price to Earnings (P/E)47.7
Beta (1Y)1.62
Revenue Growth60.28%
EPS Growth76.23%
CountryIN
Employees850
SectorGeneral
Sector StrengthN/A
IndustryFinancial - Data & Stock Exchanges
Share Statistics
EPS (TTM)68.88
Shares Outstanding407,299,070
10 Day Avg. Volume7,451,680
30 Day Avg. Volume5,217,562
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
₹3,465.00Price Target Upside4.90% Upside
Rating ConsensusModerate Sell
Number of Analyst Covering2
EPS Forecast (FY)78.83
Revenue Forecast (FY)₹62.11B
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 | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 55.99B | 51.48B | 29.57B | 13.90B | 8.16B | 7.43B |
| Gross Profit | 44.78B | 45.50B | 18.20B | 9.32B | 5.00B | 4.36B |
| EBITDA | 36.85B | 34.58B | 18.61B | 11.06B | 3.85B | 3.98B |
| Net Income | 28.32B | 24.97B | 13.26B | 7.78B | 2.21B | 2.54B |
Balance Sheet | ||||||
| Total Assets | 0.00 | 134.46B | 103.42B | 94.50B | 59.94B | 61.85B |
| Cash, Cash Equivalents and Short-Term Investments | 55.03B | 75.18B | 28.27B | 20.14B | 12.79B | 18.93B |
| Total Debt | 0.00 | 200.00K | 32.60M | 200.00K | 200.00K | 200.00K |
| Total Liabilities | -80.42B | 54.04B | 57.66B | 59.96B | 31.65B | 33.96B |
| Stockholders Equity | 80.42B | 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
Neutral
3303.00
Price Trends
3338.32
Negative
3614.45
Negative
3312.62
Negative
Market Momentum
-20.91
Negative
50.93
Neutral
85.15
Negative
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 3303 is above the 20-day moving average (MA) of 3235.27, below the 50-day MA of 3338.32, and below the 200-day MA of 3312.62, indicating a neutral trend. The MACD of -20.91 indicates Negative momentum. The RSI at 50.93 is Neutral, neither overbought nor oversold. The STOCH value of 85.15 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral 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 | ₹912.40B | 26.80 | ― | 3.82% | 28.57% | 41.59% | |
69 Neutral | ₹846.57B | 54.84 | ― | 0.24% | 103.82% | 136.36% | |
67 Neutral | ₹1.34T | 47.72 | ― | 0.30% | 60.28% | 76.23% | |
64 Neutral | ₹1.21T | 49.20 | ― | ― | 36.62% | 36.88% | |
60 Neutral | ₹467.87B | 62.35 | ― | ― | 38.00% | 96.70% | |
59 Neutral | ₹1.42T | 66.86 | ― | 0.28% | 116.07% | 25.76% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% |
* General Sector Average
IN:BSE
BSE Ltd.
3,287.20
817.71
33.11%
IN:JIOFIN
Jio Financial Services Limited
214.80
-92.88
-30.19%
IN:MCX
Multi Commodity Exchange of India Limited
3,320.00
1,536.97
86.20%
IN:OFSS
Oracle Financial Services Software Limited
10,475.10
1,669.27
18.96%
IN:POLICYBZR
PB Fintech Limited
1,011.05
-707.35
-41.16%
IN:GROWW
Billionbrains Garage Ventures Limited
192.35
61.41
46.90%
BSE Ltd. Corporate Events
BSE Plans Virtual One-on-One Meetings With Key Investors
Sep 17, 2026
BSE Limited has scheduled a series of analyst and investor meetings, reflecting its ongoing engagement with key institutional stakeholders. The meetings, to be held virtually from Mumbai on September 22, 2026, include one-on-one sessions with Scho...
BSE Receives Independent ESG Rating from CRISIL for FY 2025-26
Sep 1, 2026
BSE Limited disclosed that CRISIL ESG Rating Analytics has independently assigned the exchange an ESG score of 69 and a Core ESG score of 72 for the financial year 2025-26, reflecting its performance on environmental, social and governance parame...
BSE Plans Analyst and Investor Conference in Singapore
Aug 18, 2026
BSE Limited, a major Indian stock exchange headquartered in Mumbai, offers trading, listing and market infrastructure services to a broad base of institutional and individual investors. The company is a core component of India’s capital mark...
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...
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.