BSE Ltd. (BSE) AI Stock Analysis

• Market Cap: ₹1.03T
• Dividend Yield: 0.25%
• Average Volume (3M): 4.80M
• Price to Earnings (P/E): 63.1
• Beta (1Y): 1.41
• Revenue Growth: 79.37%
• EPS Growth: 166.39%
• Country: IN
• Employees: 518
• Sector: Financial
• Sector Strength: 70
• Industry: Financial - Data & Stock Exchanges
• EPS (TTM): 13.10
• Shares Outstanding: 415,584,470
• 10 Day Avg. Volume: 6,764,087
• 30 Day Avg. Volume: 4,803,324
• PEG Ratio: -1.30
• 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: ₹2,486.67
• Price Target Upside: 1.80% Upside
• Rating Consensus: Hold
• Number of Analyst Covering: 3

• Rating: 70 Outperform
• Price Target: ₹2,737.00 ▲(12.04% Upside)

BSE Ltd. scores well due to its strong financial performance, characterized by robust revenue growth and profitability. However, the high P/E ratio suggests potential overvaluation, and technical indicators point to short-term overbought conditions. The absence of earnings call data and corporate events limits additional insights.

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 also provides clearing and settlement, IT support, training, risk management, and investment services, as well as engages in the corporate social responsibility activities. In addition, it undertakes administration and supervision of SEBI registered investment advisers; operates an electronic spot platform for agricultural commodities; and operates a platform for trading in equities of small-and-medium enterprises. The company was formerly known as Bombay Stock Exchange Limited and changed its name to BSE Limited in July 2011. BSE Limited was founded in 1875 and is based in Mumbai, India.

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	35.30B	32.36B	13.90B	8.16B	7.43B	5.01B
Gross Profit	30.30B	27.75B	9.32B	5.00B	4.36B	2.40B
EBITDA	21.54B	18.82B	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	67.05B	55.96B	36.21B	18.92B	29.63B
Total Debt	0.00	200.00K	200.00K	200.00K	200.00K	300.00K
Total Liabilities	-57.08B	46.33B	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: Positive
• Last Price: 2442.80
• 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 Positive. The current price of 2442.8 is above the 20-day moving average (MA) of 2406.04, above the 50-day MA of 2284.50, and above the 200-day MA of 2194.75, indicating a bullish trend. The MACD of 60.19 indicates Positive momentum. The RSI at 60.98 is Neutral, neither overbought nor oversold. The STOCH value of 42.72 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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	―	₹605.45B	42.93	―	2.07%	19.78%	11.11%
MCX	―	₹475.79B	72.80	―	0.33%	60.95%	274.09%
ABSLAMC	―	₹248.71B	25.57	―	3.08%	10.40%	8.23%
BSE	―	₹1.03T	63.08	―	0.25%	79.37%	166.39%
Sector *	―	$18.00B	11.42	9.92%	3.81%	9.73%	1.22%
HDFCAMC	―	₹1.22T	44.45	―	1.67%	19.21%	24.12%
CDSL	―	₹334.36B	68.06	―	0.77%	18.35%	3.14%

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.

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.