BSE Ltd.

NSE: BSE · Exchange and Data Platform

52W Range₹2,022 ₹4,447

Snapshot

Unlock BSE Ltd.'s vital signs

Growth · Profitability · Valuation · Strength · Conviction

Company Overview

Business

BSE Limited operates a comprehensive financial market infrastructure, providing platforms for trading in equities, debt, derivatives, and mutual funds. It also offers clearing, settlement, depository, and data dissemination services, alongside the supervision of investment advisers.

Business Model

The company generates revenue through transaction charges, listing fees, data subscription services, and depository operations. It further monetises its infrastructure by providing IT support, risk management services, and operating specialised platforms for SMEs and agricultural commodities.

Growth Outlook

Growth is driven by increasing retail participation in Indian capital markets, the expansion of mutual fund distribution platforms, and the scaling of its SME and commodity trading segments.

Key Risks

  • Regulatory Risk. Changes in SEBI regulations regarding transaction fees or market structure could significantly impact profitability.
  • Competitive Pressure. Intense competition from the National Stock Exchange (NSE) and other emerging financial platforms may lead to pricing pressure.
  • Technology and Cyber Risk. As a critical financial infrastructure provider, the company faces significant risks from system outages, cyberattacks, or data breaches.
  • Market Volatility. Trading volumes are highly sensitive to macroeconomic conditions and investor sentiment, which can lead to revenue fluctuations.

Price

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Key Metrics

REVENUE

₹4,834 Cr

TTM · consolidated

+62.5%YoY

NET PROFIT

₹2,487 Cr

TTM · consolidated

+88.1%YoY

EPS

₹60.32

TTM · consolidated

-37.5%YoY

RETURN ON EQUITY

49.9%

TTM · consolidated

+13.0 ppYoY

RETURN ON CAPITAL EMPLOYED

51.1%

TTM · consolidated

+16.0 ppYoY

P/E

61.1x

Q4 FY26 · consolidated

61.1 vs 87.0x5Y avg

EV/EBITDA

43.7x

Q4 FY26 · consolidated

43.7 vs 210.1x5Y avg

EBITDA MARGIN

70.2%

TTM · consolidated

+10.2 ppYoY

NET PROFIT MARGIN

50.9%

Q4 FY26 · consolidated

-7.4 ppYoY

DEBT TO EQUITY

0.0x

Q4 FY26 · consolidated

+0.00xYoY

Peers · Exchange and Data Platform

CompanyMkt Cap (Cr)P/EEV/EBITDARev Gr YoYEBITDA MgnROEROCE1Y Return
BSE Ltd.BSE
1,13,87261.0943.7562.5%70.2%49.9%51.1%+45.7%
Multi Commodity Exchange of India Ltd.MCX
60,85624.4740.02106.9%76.9%62.7%51.9%-66.4%
Indian Energy Exchange Ltd.IEX
10,62822.5216.9714.6%105.8%41.3%50.4%-40.1%

As of Q4 FY26

Financials