Investor presentationAug 2026
Aug 2026 · PPT
Source: Nse
BSE Limited (BSE)
Mid CapFinancial Services stocks · Mid cap · NSE
BSE Limited is India's oldest stock exchange, offering a diversified portfolio of financial services including equity, debt, and derivatives trading, mutual fund distribution (StAR MF), listing services, and index services. It also operates in international financial hubs through India INX.
Data qualityFresh enough for analysisQuote updated 21 Oct, 04:45 am ISTDetails
Quote21 Oct, 04:45 am IST
Base fundamentals16 Oct 2026 · screener
Latest result16 Aug, 12:59 am IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags04 Oct 2026
Coverage12/14 · 86%
Valuation2026-07-20 · Rf 6.8% · Financial Services P/E 17.0 (n=243)
Technical timing lens
Trend score and candlestick chart
45NeutralSMA20 -1.7% / mo · MACD +
Stock trend: 46
Sector RS: 44
Sector 3M: -5.8% vs Nifty 500 -5.6%
Financial Services FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
BSED candles · FIT view-3.2%Latest close ₹3336.00 on 2026-10-19
Bar
-0.8%
RSI
52
MACD hist
22.05
52W pos
48%
2026-10-19O ₹3363.00H ₹3396.40L ₹3330.00C ₹3336.00Vol 17.0L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
BSENifty Financial ServicesNifty 500
- BSE
- -8.6%
- Nifty 500
- -5.6%
- Nifty Financial Services
- -6.0%
- Vs Nifty 500
- -3.0 pp
Chart stats
19 Oct 2026- From 52W high
- -25.0%
- 52W range position
- 48%
- ATR (14)
- 3.2%
- Volume vs 20D
- 0.28x
- Avg traded value
- ₹1,931 Cr
- 20D price channel
- ₹3,000 - ₹3,455
₹4,446.8
₹2,326.1 - ₹4,446.8
₹107.4
Latest completed session
20-session average
38.6% annualized volatility
Research snapshot
What the evidence says now
Investable fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend is neutral, and recent execution is consistent.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · UNDERVALUED60
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Excellent85
Revenue +63.5% · PAT +62.3% YoY
Technical
Neutral45
Price trend and sector-relative-strength timing.
Valuation
Legacy model-88.1%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence84
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Excellent · 85/100Rev +63% YoY · PAT +62% YoY · margin expansion
Filed 30 Jun 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,566 Cr | +63.5% | +0.1% |
| EBITDA | ₹1,046 Cr | +67.4% | +0.5% |
| Operating margin | 67.0% | +200 bps | +0 bps |
| PAT | ₹873 Cr | +62.3% | +9.8% |
| PAT margin | 55.8% | -41 bps | +492 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 49.40
- P/B
- 20.90
- EV/EBITDA
- 38.06
- Market Cap
- 139823.00Cr
Profitability
- ROE
- 46.00%
- ROCE
- 60.00%
- ROA
- 20.99%
- Dividend Y
- 0.29%
Growth (CAGR)
- Revenue 5Y
- 52.00%
- EPS 5Y
- 69.00%
- Revenue 3Y
- 77.00%
- EPS 3Y
- 126.00%
Balance Sheet
- Debt/Equity
- 0.00
- Interest Coverage
- —
- Altman Z
- 8.13
- Book Value
- 164.00
Cash Flow
- FCF Yield
- 0.30%
- FCF Positive Y
- 8/5
- OCF
- 3104.00 Cr
- EPS TTM
- 69.55
Shareholding
- Promoter Hold
- —
- Promoter Pledge
- 0.00%
- Momentum 52W
- 52%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 5,124+59.5% vs prev
Net Profit
₹ CrLatest: 2,487+88.1% vs prev
Return on Equity
%Latest: 37.3+24.7% vs prev
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Bearish setupTrend is weak — long-term trend down. RSI 52.
- Price below SMA200 (long-term downtrend) — short-term bounces likely countertrend.
- Recent death cross (SMA50 crossed below SMA200).
- SMA20 falling (~1.7% over last month) — short-term momentum negative.
- RSI(14) at 52 — sideways, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 25% off 52W high · 43% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
84
RS percentile
Stage 1 Base / Transition
1M return
+2.1%
3M return
-8.6%
6M return
-4.7%
1Y return
+37.9%
RS 1D
+3
RS 20D
+3
Sector rank
#9
Industry rank
-
Stage evidence
- Price is within 6.0% of the 30-week proxy.
- The 30-week proxy changed +1.8% over 20 sessions.
- The moving-average structure does not confirm Stage 2 or Stage 4.
50-DMA
price above
200-DMA
price below
Sector
neutral
Industry
unranked
Relative-strength line vs Nifty 500 (base 100)
262 observations
19 Oct 2026Value 168.25+0.23%
RS vs Nifty 500168
Valuation & peers
U-Score 60 · legacy U-Score band UNDERVALUED · valuation evidence and comparable companies
Valuation & peers
U-Score 60 · legacy U-Score band UNDERVALUED · valuation evidence and comparable companies
Premium Compounder
Fundamental score breakdown
U band · UNDERVALUEDValuation0/30
Growth25/25
Quality20/20
Balance Sheet6/15
Cash Flow4/10
Piotroski
8/9 (+5)
Penalties
0
Raw sum
60
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
60/100 · legacy band UNDERVALUED
Positive drivers
- Piotroski is strong at 8/9.
- Growth contributes 25/25 to the score.
- Quality contributes 20/20 to the score.
Main drags
- Fair-value margin of safety is negative at -88.1%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Balance sheet is weaker at 6/15; verify the latest quarterly trend.
Sector valuation model
Blended valuation: PE, EV/EBITDA, FCF yield, and balance-sheet checks
For this sector, IndiaPulse uses a blended lens rather than relying on a single valuation ratio.
Primary lens
PE, EV/EBITDA, margin of safety, and FCF yield together.
Secondary checks
ROE/ROCE, growth, cash conversion, leverage, promoter risk.
Main risk check
One cheap metric is not enough if quality or cash flow is weak.
PE
49.4
PB
20.9
EV/EBITDA
38.1
ROE
46.0%
ROCE
60.0%
FCF Yield
0.3%
Debt/Equity
0.0
MoS
-88.1%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
60
Previous: 60
Legacy U-Score band
UNDERVALUED
Previous: UNDERVALUED
Margin of safety
-88.1%
Previous: -88.1%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
60
60
60
60
60
60
60
60
60
60
60
60
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹506.6
-558.5% MoS
Growth-justified P/E
25.5
Growth-justified Value
₹1,773.53
-88.1% MoS
PEG
0.54
Comparable companies
Peers
Business-comparable peers in Financial Services — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
MCX
Mid
Multi Commodity Exchange of India Limited
Stock Exchange
match 62
62
53.2
56.3%
-107%
UNDERVALUED
ICICIAMC
Mid
ICICI Prudential Asset Management Company Limited
Asset Management
match 24
61
39.3
85.8%
-52%
UNDERVALUED
ABCAPITAL
Mid
Aditya Birla Capital Limited
NBFC
match 18
24
26.0
12.0%
+3%
OVERVALUED
BAJAJHLDNG
Large
Bajaj Holdings & Investment Limited
Holding Company
match 16
56
13.7
11.9%
+44%
FAIR VALUE
PFC
Large
Power Finance Corporation Limited
NBFC
match 16
60
4.4
20.7%
+83%
UNDERVALUED
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-06-03T19:09:39.191Z
Management commentary snapshot
BSE reported robust FY26 consolidated results with Revenue from Operations up 63% YoY to Rs 48,340 Mn and Net Profit up 88% YoY to Rs 24,874 Mn. Q4 FY26 saw Revenue from Operations grow 26% QoQ and 85% YoY, while Net Profit increased 33% QoQ and 61% YoY.
BSE delivered strong financial performance in FY26 and Q4 FY26, primarily driven by significant growth in transaction charges from increased market activity in equity cash and derivatives. The StAR MF platform and listing services also showed positive contributions, indicating broad-based operational strength.
Current business mix
Consolidated Revenue by Source (FY26)
Latest issuer-disclosed distribution across 6 reported categories.
Transaction Charges73.7%
Listing Services10.1%
Treasury Income on Clearing and Settlement Funds3.3%
Other Operating Income6.8%
Investment Income5.6%
Other Income0.5%
Growth engines
Increased Market Share
Focussed to increase market-share across all segments.
Growing Investor Base
Market is growing vastly in terms of number of registered investors and turnover.
Product Innovation
Focus on innovation and launch of unique products across segments.
StAR MF Platform Expansion
StAR MF Plus - a premium platform for distributors and advisors; supports Demat & Non-Demat transactions.
Capacity and execution
Equity Derivatives Expansion
BSE is expanding its monthly derivatives suite with the launch of derivatives on the BSE Focused IT Index on 11th May 2026.
ICCL Trade Capacity Scaling
Daily Trade capacity scaled: Equity: 2 Cr -> 10 Cr & Derivatives: 4 Cr -> 9 Cr.
BSE StAR NPS Launch
22nd April 2026 – Launch of BSE StAR NPS.
Tailwinds
Increasing Household Incomes
Increasing disposable household incomes and preference for financial savings – an advantage.
Strong Intermediary Network
Strong network of intermediaries; Good network connectivity across country.
Regulatory Authorization for BISPL
Received authorization for Financial Benchmark Administration from RBI (for BISPL).
Risk radar
Competitive Landscape
Competitive landscape, stakeholders' preferences.
Regulatory Changes
New regulations and Government policies that may impact the businesses of BSE.
Market Volatility
Volatility in interest rates and in the securities market.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare BOTH
Financial services companies benefit from both long-term structural growth (YoY) and short-term market momentum, utilization, and new product launches (QoQ). Both comparisons are crucial for assessing performance.
Sector KPIs management disclosed
Registered Investors
248 Mn+ (FY26)
Market Capitalization of BSE Listed Companies
USD 4.5 Tn (FY26)
Equity Cash Average Daily Turnover (ADTV)
Rs. 79,500 Mn (FY26)
Equity Derivatives (EQD) Average Daily Turnover
Rs. 187 Tn (FY26)
Management forward view
Strategic Transition of BISPL
BISPL became a wholly owned subsidiary w.e.f 1st June 2024, leading to 100% increase in Revenue from core Index Operations.
Enhanced Risk Management
ICCL upgraded Real-Time Risk Management System for Equity & Derivatives, improving trades/second per member per client by 9x.
Pan-India Reach of StAR MF
BSE StAR Mutual Fund Platform has 83,280 distributors covering 721 cities/towns.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Equity Derivatives Average Daily Notional Turnover (ADNT) | Rs. 245 Tn (Q4 FY26) | Sustained growth in Average Daily Notional Turnover and new product adoption. |
| StAR MF Orders | 841 Mn (FY26) | Continued growth in mutual fund orders and value on the StAR MF platform. |
| Transaction Charges Revenue Growth | 114% YoY (Q4 FY26) | The growth rate of transaction charges as a proxy for market activity and BSE's market share. |
| Consolidated Net Profit Margin | 48% (FY26) | Trends in net profit margin, especially given the high operating leverage. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
84Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 97th percentile of the scored universe and 98th percentile within Financial Services. No major sub-score weakness stands out.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 21 Oct 2026
management-trust-v1
46 docs text-extracted · 19 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
97th percentile
overall median 67 · Financial Services: 98th pctile, median 62 · Mid: 86th pctile, median 76
Evidence depth
Financial-only
46 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Can support position sizing if valuation and trend also agree.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
78
strong · holding, pledge, alignment
Cash flow
77
strong · profit to cash conversion
Balance sheet
88
strong · leverage and solvency
Discipline
98
strong · capital discipline
Results
77
strong · quarterly consistency
Trust positives
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 0.3%.
- ▸8 years of positive FCF.
- ▸Debt/equity is 0.00.
Trust risks
- ▸OPM spread across recent quarters is 36%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching BSE Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Annual reportJul 2026
Jul 2026 · Shareholders meeting 23 July 2026 - BSE issued FY2025-26 annual report; AGM on August 19, 2026, with ₹10 final dividend proposed.
Source: Nse
Investor presentationMay 2026
May 2026 · PPT
Source: Nse
Annual reportMar 2026
Mar 2026 · Annual Report 2026
Source: Nse
Investor presentationFeb 2026
Feb 2026 · PPT
Source: Nse
Investor presentationMay 2025
May 2025 · PPT
Source: Nse
Annual reportMar 2025
Mar 2025 · Annual Report 2025
Source: Nse
Investor presentationNov 2024
Nov 2024 · PPT
Source: Bse
Concall transcriptNov 2024
Nov 2024 · Transcript
Source: Nse
Investor presentationNov 2024
Nov 2024 · PPT
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.