BSE Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2017 • Stock Exchange Activity: 75.2% • Depository Activity: 24.8%
AI Sector View
AI GENERATEDFinancial Services
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.
PROS
- Company has delivered good profit growth of 77.2% 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 37.5%
- Company has a good return on equity (ROE) track record: 3 Years ROE 27.8%
- Company has consistently been profitable over the last 5 years
- Latest quarter profit grew 62.2% YoY, showing strong momentum
CONS
- Valuation is stretched - P/E of 48.7 is well above its own 5-year median (18.6)
- Stock is trading at 13.8x its book value
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| BSE | 3384.00 | 48.75 | 138027.97 | 0.30 | 872.66 | 62.15 | 1566.02 | 63.40 | 49.47 | 68.04 |
| MFSL | 1478.50 | 464.33 | 51025.22 | 0.00 | 118.29 | 36.83 | 14969.51 | 7840.54 | 4.32 | 1.11 |
| ANANDRATHI | 2210.40 | 78.92 | 36701.76 | 0.29 | 1630.08 | 1635.79 | 3219.85 | 1075.04 | 64.48 | 33.74 |
| PRUDENT | 3401.10 | 57.47 | 14082.83 | 0.10 | 74.76 | 44.38 | 347.63 | 18.34 | 39.05 | 25.62 |
| CENTRUM | 22.48 | 7.99 | 1094.39 | 0.00 | -148.80 | -39.11 | 911.98 | 17.53 | 9.28 | 26.49 |
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
| 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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 216 | 315 | 372 | 484 | 602 | 741 | 768 | 847 | 958 | 1,068 | 1,244 | 1,564 | 15,660 | |
| 152 | 181 | 280 | 388 | 319 | 353 | 533 | 253 | 332 | 388 | 512 | 523 | 5,626 | |
| Operating Profit | 64 | 133 | 92 | 96 | 282 | 388 | 236 | 594 | 626 | 680 | 732 | 1,041 | 10,034 |
| OPM % | 29.49% | 42.34% | 24.73% | 19.77% | 46.92% | 52.40% | 30.67% | 70.11% | 65.31% | 63.67% | 58.85% | 66.56% | 64.07% |
| 462 | 52 | 60 | 59 | 66 | 72 | 61 | 80 | 86 | 71 | 90 | 67 | 1,407 | |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 21 | 23 | 25 | 26 | 24 | 29 | 30 | 30 | 27 | 32 | 45 | 55 | 426 |
| Profit before Tax | 504 | 163 | 127 | 129 | 325 | 431 | 267 | 643 | 685 | 719 | 777 | 1,053 | 11,637 |
| Tax % | 15.10% | 39.00% | 29.25% | 36.46% | 26.16% | 25.72% | 26.02% | 25.81% | 25.57% | 25.31% | 25.57% | 25.46% | 25.01% |
| Net Profit | 0 | 0 | 0 | 0 | 264 | 346 | 219 | 494 | 538 | 557 | 597 | 795 | 8,727 |
| 32.21 | 8.77 | 7.88 | 7.74 | 6.39 | 8.42 | 5.30 | 11.99 | 12.80 | 13.56 | 14.61 | 19.35 | 21.22 |
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 759 | 676 | 652 | 609 | 630 | 841 | 925 | 1,568 | 3,212 | 5,124 | 5,442 | |
| 429 | 401 | 447 | 500 | 463 | 525 | 610 | 950 | 1,429 | 1,721 | 1,986 | |
| Operating Profit | 330 | 275 | 206 | 109 | 168 | 316 | 315 | 619 | 1,783 | 3,403 | 3,456 |
| OPM % | 43.48% | 40.67% | 31.54% | 17.90% | 26.63% | 37.58% | 34.06% | 39.45% | 55.52% | 66.41% | 63.51% |
| 26 | 22 | 34 | 53 | 10 | 24 | 30 | 435 | 27 | 24 | 368 | |
| Interest | 1 | 1 | 1 | 2 | 10 | 28 | 37 | 39 | 32 | 34 | 0 |
| Depreciation | 50 | 45 | 51 | 51 | 58 | 48 | 60 | 95 | 113 | 159 | 175 |
| Profit before Tax | 305 | 270 | 218 | 109 | 153 | 327 | 297 | 992 | 1,748 | 3,299 | 3,712 |
| Tax % | 13.34% | 20.52% | 10.73% | 13.67% | 7.12% | 25.16% | 30.82% | 22.53% | 24.66% | 24.97% | 25.31% |
| Net Profit | 264 | 215 | 194 | 94 | 142 | 245 | 206 | 769 | 1,317 | 2,475 | 2,773 |
| EPS | 0.00 | 126.27 | 37.75 | 0.00 | 10.54 | 18.51 | 16.06 | 57.51 | 97.96 | 61.22 | — |
| Dividend Payout % | 68.30% | 27.83% | 77.98% | 62.57% | 65.22% | 71.79% | 73.66% | 26.08% | 23.48% | 16.34% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 23%
- 5 Years:
- 52%
- 3 Years:
- 77%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 34%
- 5 Years:
- 77%
- 3 Years:
- 125%
STOCK PRICE CAGR
- 10 Years:
- —
- 5 Years:
- 90%
- 3 Years:
- 98%
- 1 Year:
- 56%
RETURN ON EQUITY
- 10 Years:
- 13%
- 5 Years:
- 19%
- 3 Years:
- 28%
- Last Year:
- 37%
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| 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 |
| Minority Interest | 291 | 0 | 0 | 19 | 24 | 135 | 128 | 152 | 152 | 122 |
| 2,856 | 3,428 | 3,320 | 2,851 | 3,023 | 3,268 | 3,432 | 4,230 | 5,529 | 7,838 | |
| 7 | 7 | 10 | 9 | 10 | 8 | 11 | 11 | 17 | 28 | |
| Trade Payables | 56 | 63 | 42 | 76 | 98 | 73 | 80 | 191 | 114 | 131 |
| 1,943 | 1,401 | 1,020 | 1,385 | 1,319 | 2,554 | 2,231 | 4,780 | 4,483 | 5,221 | |
| Total Liabilities | 5,164 | 4,910 | 4,401 | 4,348 | 4,482 | 6,066 | 5,909 | 9,391 | 10,322 | 13,422 |
| 249 | 203 | 200 | 187 | 180 | 158 | 252 | 285 | 299 | 642 | |
| Capital Work in Progress | 4 | 2 | 9 | 8 | 0 | 2 | 0 | 11 | 41 | 33 |
| 1,996 | 2,442 | 2,380 | 2,136 | 1,844 | 1,968 | 1,453 | 2,390 | 2,845 | 3,837 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 211 | 288 | 553 | |
| Cash & Bank | 2,403 | 1,983 | 1,548 | 1,609 | 1,927 | 3,512 | 3,050 | 4,463 | 5,184 | 5,173 |
| 511 | 280 | 265 | 409 | 530 | 426 | 1,155 | 2,032 | 1,665 | 3,185 | |
| Total Assets | 5,164 | 4,910 | 4,401 | 4,348 | 4,482 | 6,066 | 5,909 | 9,391 | 10,322 | 13,422 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 820 | -129 | -278 | 446 | -26 | 1,524 | -71 | 2,644 | 410 | 3,104 | |
| Cash from Investing | 95 | -236 | 347 | 470 | -190 | -980 | -111 | -871 | -758 | -2,678 |
| Cash from Financing | -85 | 108 | -347 | -618 | -55 | 9 | -186 | -149 | -206 | -304 |
| 827 | -366 | -318 | 249 | -312 | 471 | -434 | 1,623 | -550 | 122 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-11 - BSE Limited has informed the Exchange about Schedule of meet
2026-09-11 - BSE Limited has informed the Exchange regarding 'SEBI approval on re-appointment of Shri Jagannath Mukkavilli, Non-Independent Director'.
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 - BSE Limited has informed the Exchange about Schedule of meet
2026-09-01 - BSE Limited has informed the Exchange about ESG Rating
2026-08-26 - BSE Limited has informed the Exchange about Schedule of meet
2026-08-26 - BSE Limited has informed the Exchange about Schedule of meet
2026-08-24 - BSE Limited has informed the Exchange about Reschedule of Analyst/ Institutional Investor Meeting
2026-08-19 - BSE Limited has informed the Exchange about Schedule of meet
News
Recent coverage and analyst commentary for BSE
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