BSE Ltd.

•

bseindia.comBSE: -NSE: BSE

Market Cap₹ 1,34,186 Cr.

Current Price

High / Low₹ 4,447 / 2,022

Stock P/E50.3

Book Value₹ 161

Price to Book18.98

Dividend Yield0.30 %

ROCE64.9 %

ROE49.1 %

Face Value₹ 2

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ABOUT

KEY POINTS

Revenue Breakup Mar 2015 • Operation: 59.2% • Related Activity (Treasury): 40.8%

AI Sector View

AI GENERATED

Financial Services

Buy

Financials remain one of the clearest macro beneficiaries. Loan growth was 18.3% (Aug/26) versus deposit growth 14.7% (Aug/26), SCB credit growth was 17.5% YoY (2026-07), UPI transactions rose 22.0% YoY (2026-07), and M3 money supply grew 15.0% YoY (2026-07). Sector flows have also turned meaningfully supportive, with INR 13171 crore net FPI inflow over 3 months to 2026-08-31 after INR -114652 crore in the prior 3 months.

Confidence

84%

View full sector analysis →

PROS

Company has delivered good profit growth of 88.8% CAGR over last 5 years
Solid return on assets for a lender - ROA of 37.4%
Company has a healthy return on capital (ROCE) of 48.5%
Company has a good return on equity (ROE) track record: 3 Years ROE 37.4%
Latest quarter profit grew 71.0% YoY, showing strong momentum
Company has delivered good sales growth of 54.9% CAGR over last 5 years

CONS

Valuation is stretched - P/E of 50.3 is well above its own 5-year median (22.2)
Stock is trading at 19.0x its book value
Recurring exceptional / one-off items are inflating headline profit

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

Financial ServicesFinanceFinance - Others

Part ofNIFTYM150MOMNTM50 NIFTY ALPHA 50 NIFTY500MOMENTM50 NIFTYLARGEMIDCAP250 NIFTYMIDCAP150

S.No.	Name
1.	BSE	3289.80	47.39	134185.70	0.30	872.66	62.15	1566.02	63.40	49.47	68.04
2.	MFSL	1461.10	458.87	50424.72	0.00	118.29	36.83	14969.51	7840.54	4.32	1.11
3.	ANANDRATHI	2180.50	77.86	36205.30	0.30	1630.08	1635.79	3219.85	1075.04	64.48	33.74
4.	PRUDENT	3300.40	55.77	13665.86	0.11	74.76	44.38	347.63	18.34	39.05	25.62
5.	CENTRUM	22.53	8.01	1096.83	0.00	-148.80	-39.11	911.98	17.53	9.28	26.49

Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	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
	157	207	278	379	496	659	688	763	874	975	1,153	1,468	14,740
	118	145	173	367	301	357	367	323	316	371	455	487	5,283
Operating Profit	38	62	106	13	195	302	322	440	557	604	698	981	9,457
OPM %	24.43%	30.01%	37.99%	3.33%	39.32%	45.88%	46.74%	57.69%	63.79%	61.93%	60.55%	66.81%	64.16%
	552	70	48	105	56	96	51	104	91	99	77	115	1,274
Interest	0	0	0	0	0	0	0	0	0	0	0	0	0
Depreciation	17	18	20	21	19	23	24	24	22	27	39	47	359
Profit before Tax	573	115	134	97	232	375	349	520	626	676	736	1,049	10,731
Tax %	11.55%	37.27%	28.91%	18.15%	25.20%	24.81%	25.36%	23.64%	25.18%	23.88%	24.97%	23.85%	25.34%
Net Profit	507	72	95	79	173	282	260	397	468	514	552	799	8,012
	36.91	5.24	6.93	5.76	4.21	6.84	6.31	9.64	11.37	12.49	13.41	19.40	19.45

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	522	628	576	518	537	698	709	1,258	2,883	4,801	5,070
	304	315	354	415	383	425	457	803	1,348	1,633	1,842
Operating Profit	218	314	221	103	154	273	252	454	1,536	3,167	3,229
OPM %	41.77%	49.93%	38.42%	19.87%	28.71%	39.10%	35.57%	36.12%	53.26%	65.98%	63.68%
	33	340	41	116	13	29	34	539	30	55	419
Interest	0	0	0	0	0	0	0	0	0	0	0
Depreciation	48	39	44	44	51	41	49	75	90	135	149
Profit before Tax	203	614	218	175	116	261	238	919	1,475	3,087	3,534
Tax %	2.27%	8.16%	7.99%	0.88%	16.15%	25.27%	29.75%	17.99%	24.59%	24.39%	24.54%
Net Profit	199	564	201	174	97	195	167	753	1,112	2,334	2,667
EPS	0.00	0.00	0.00	0.00	7.08	14.20	12.15	55.66	82.19	57.22	—
Dividend Payout %	75.84%	33.99%	77.29%	44.05%	97.16%	93.58%	97.38%	26.95%	27.98%	17.48%	—

COMPOUNDED SALES GROWTH

10 Years:: 25%
5 Years:: 55%
3 Years:: 89%

COMPOUNDED PROFIT GROWTH

10 Years:: 33%
5 Years:: 89%
3 Years:: 141%

STOCK PRICE CAGR

10 Years:: —
5 Years:: 89%
3 Years:: 93%
1 Year:: 46%

RETURN ON EQUITY

10 Years:: 18%
5 Years:: 26%
3 Years:: 37%
Last Year:: 49%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	11	11	10	9	9	27	27	27	27	82
	2,419	2,764	2,616	2,156	2,178	2,260	2,242	2,817	3,721	5,685
	6	7	9	8	9	7	10	10	16	26
Trade Payables	49	58	36	68	90	53	59	158	75	96
	683	478	445	474	595	707	709	1,171	1,113	1,630
Total Liabilities	3,167	3,317	3,116	2,714	2,881	3,053	3,047	4,183	4,951	7,519
	128	133	133	118	118	95	163	194	205	524
Capital Work in Progress	4	2	9	8	0	2	0	11	41	32
	2,118	2,640	2,566	2,160	1,978	1,960	1,573	2,423	2,665	3,772
	0	0	0	0	0	0	0	119	212	504
Cash & Bank	640	339	239	204	508	760	951	991	1,231	1,270
	277	203	168	223	277	237	360	445	597	1,416
Total Assets	3,167	3,317	3,116	2,714	2,881	3,053	3,047	4,183	4,951	7,519

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	148	-8	35	101	100	262	145	492	516	2,652
Cash from Investing	-61	338	328	580	98	-216	96	-283	-329	-2,283
Cash from Financing	-76	-218	-348	-635	-78	-96	-186	-179	-206	-316
	20	8	-11	12	86	-110	-2	30	-19	53

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026

Shareholding Pattern

Numbers in percentages

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Promoters	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	11.09	12.98	15.99	16.78	18.14	16.26	17.45	19.42	21.32
	11.56	11.65	12.04	12.31	11.25	19.89	23.72	25.06	24.12
	0.00	0.00	0.00	0.00	0.00	0.09	0.09	0.09	0.09
	54.56	52.43	50.03	48.80	50.03	63.78	58.75	55.42	54.47

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-09-10

Updates

2026-09-10 - BSE Limited has informed the Exchange regarding 'further acquisition of equity stake in India International Bullion Holding IFSC Limited.'.

2026-09-03

Analysts/Institutional Investor Meet/Con. Call Updates

2026-09-03 - BSE Limited has informed the Exchange about Schedule of meet

2026-09-01

General Updates

2026-09-01 - BSE Limited has informed the Exchange about ESG Rating

2026-08-26

Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-26 - BSE Limited has informed the Exchange about Schedule of meet

2026-08-26

Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-26 - BSE Limited has informed the Exchange about Schedule of meet

2026-08-24

Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-24 - BSE Limited has informed the Exchange about Reschedule of Analyst/ Institutional Investor Meeting

2026-08-19

Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-19 - BSE Limited has informed the Exchange about Schedule of meet

2026-08-19

Shareholders meeting

2026-08-19 - BSE Limited has submitted the Exchange a copy Srutinizers report of Annual General Meeting held on August 19, 2026. Further, the company has informed the Exchange regarding voting results.

2026-08-19

Shareholders meeting

2026-08-19 - BSE Limited has informed the Exchange regarding Proceedings of Annual General Meeting held on August 19, 2026

News

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