BSE Ltd.
Banking · NSE
52-week range
₹2,022 – ₹3,994
From 52w high
-2.2%
RSI (14)
76.8
vs SMA 50 / 200
↑ 50 · ↑ 200
BSE Ltd, India's oldest stock exchange operator, reported Q4 FY26 net profit growth of 61% YoY and declared a ₹10 dividend, driving the stock to ₹3,907 — 88.3% above its price one year ago and 2.17% below its 52-week high. The trailing PE stands at 73.48 against a forward PE of 50.61, reflecting a premium that is anchored to a 5-year earnings CAGR of 170.9%. RSI is at 76.76 and the stock trades 45% above its 200-DMA of ₹2,703.
- ✓Profit margin of 50.73% and zero reported debt (D/E = 0) indicate a capital-light, high-retention business model characteristic of exchange infrastructure operators.
- ✓5-year revenue CAGR of 48.6% and earnings CAGR of 170.9% reflect a sustained period of operating leverage as transaction volumes and listing fees scaled.
- ✓FCF was positive in 3 of the available years, and the company declared a ₹10 dividend for FY26 alongside a 61% jump in Q4 net profit.
- ✓Mean analyst rating of 1.85 across 14 analysts on a 1–5 scale (lower = more constructive) indicates the coverage universe holds a constructive view of the stock.
- ✗RSI of 76.76 places the stock in overbought territory; it has gained 34.91% in 3 months and 88.3% in 12 months, trading 25% above its 50-DMA and 45% above its 200-DMA.
- ✗ROE data is unavailable and the persistence block shows ROE above 15% in only 2 of the tracked years, limiting visibility into the durability of returns on equity through different market cycles.
- ✗The sector peer group assigned (commercial banks and NBFCs) is structurally mismatched to BSE Ltd's exchange-operator business model, making all relative valuation and quality comparisons unreliable without independent recalibration.
- ✗Debt trend is flagged as rising in the persistence data despite a reported D/E of 0, a discrepancy that warrants reconciliation — either off-balance-sheet obligations or a data inconsistency may be present.
- ·BSE reported Q4 FY26 net profit up 61% YoY on a revenue surge and declared a ₹10 dividend; the stock was trading near its 52-week high following the announcement (CNBC TV18, May 7 2026).
- ·BSE completed the merger of wholly owned subsidiaries BSEINV and BASL into BTPL in April 2026, consolidating its subsidiary structure (scanx.trade, April 23 2026).
- ·Multiple outlets published price analysis around the Q4 result; news sentiment was 2 positive and 6 neutral across 8 headlines, with no negative coverage in the tracked period.
- ?Does the 170.9% five-year earnings CAGR reflect a structural expansion of BSE's market share and product mix (derivatives, SME listings, mutual fund platforms), or is a significant portion attributable to cyclical volume tailwinds from the 2020–2024 retail participation surge?
- ?How does BSE's revenue and earnings profile hold up historically during periods of sustained market downturns when transaction volumes typically contract sharply?
- ?Given the rising debt trend flagged in the persistence data alongside a reported D/E of 0, what do the off-balance-sheet obligations or subsidiary-level liabilities look like post the BSEINV-BASL-BTPL merger?
- ?At a forward PE of 50.61, what sustained earnings growth rate is required over the next 3–5 years to justify the current multiple relative to comparable global exchange operators?
PE
73.5
Forward PE
50.6
ROE
—
Profit margin
+50.7%
D/E
0.00
Dividend yield
+0.3%
Quality score
57/100
ROE 5y above 15%
2/5 yrs
FCF 5y positive
3/5 yrs
For informational purposes only. Not investment advice. VivaTrades is not a SEBI-registered Investment Adviser or Research Analyst. Market data sourced from public feeds; consult a registered adviser before any investment decision.Analysis generated 11 May 2026.