BSE Ltd.
NSE: BSEBSE Ltd.: A 30-second snapshot
BSE Ltd, India's oldest stock exchange and a listed financial market infrastructure company, reported Q4 FY26 consolidated net sales of Rs 1,625 crore (up 77.2% YoY) and net profit of Rs 797 crore (up 61% YoY), with a Rs 10/share dividend declared. The stock trades at Rs 4,066.6, up 69.2% over the past 12 months and 45.2% over 3 months, sitting 8.6% below its 52-week high. Trailing PE stands at 76.63 with a forward PE of 40.61, reflecting embedded analyst expectations of continued earnings growth.
P/E
76.6
Forward P/E
40.6
ROE
+36.0%
Debt / Equity
0.00
Profit Margin
+48.7%
Div. Yield
+0.2%
5Y ROE > 15%
2/5
5Y FCF > 0
3/5
Quality
73/100
News
8 headlines · 5 positive · 0 negative
BSE set to enter Nifty 50 as Wipro faces ouster in September rejig; one-way flow pegged at $639 million - Moneycontrol.com
Moneycontrol.com
BSE Limited Consolidated March 2026 Net Sales at Rs 1,625.20 crore, up 77.24% Y-o-Y - Moneycontrol.com
Moneycontrol.com
BSE Q4 Results: Cons PAT jumps 61% YoY to Rs 797 crore, revenue soars 85%; Rs 10/share dividend announced - The Economic Times
The Economic Times
BSE Q4 net profit zooms 61% on revenue surge; ₹10 dividend declared - CNBC TV18
CNBC TV18
BSE Q4 Results: Profit surges 61% YoY to ₹797 crore; ₹10 dividend announced - Mint
Mint
Recent context
- ·BSE reported Q4 FY26 consolidated net profit of Rs 797 crore, up 61% YoY, on net sales of Rs 1,625 crore, up 77.2% YoY, with a Rs 10/share dividend — the results were covered across multiple financial media outlets as of May 7-8, 2026.
- ·BSE is reported to be set to enter the Nifty 50 index in the September 2026 rebalancing, replacing Wipro, with one-way passive flow estimated at approximately $639 million according to Moneycontrol (May 18, 2026).
- ·News sentiment across 8 articles tracked is positive (5 positive, 3 neutral, 0 negative), with the dominant themes being Q4 earnings and the Nifty 50 inclusion; there are no adverse regulatory, governance, or competitive headlines in the tracked news window.
Strengths
- +ROE of 36% is the highest among the 6 peers in the dataset (sector median approximately 14%), and quality score of 67/100 ranks 1st of 6 — both reflecting the exchange's recurring fee income, low capital intensity, and asset-light operating model.
- +5-year revenue CAGR of 105.1% and 5-year earnings CAGR of 64% are among the highest in the Indian financial sector, driven by exchange volumes, transaction fees, and the listing/data services revenue mix.
- +D/E ratio of 0 indicates no financial leverage; the business generates float income and fee income without reliance on borrowed capital, differentiating it structurally from its banking-sector peers in the dataset.
- +Forward PE of 40.61 compresses substantially from the trailing PE of 76.63, implying analyst consensus embeds a near-term earnings growth rate that would reduce the multiple to a less elevated level without any price appreciation.
Weaknesses
- −ROE persistence shows above-15% performance in only 2 of the tracked years, and FCF was positive in only 3 of the available years — the consistency score of 64/100 indicates the current ROE of 36% and profit margin of 48.73% may reflect a recent structural step-up rather than a durable multi-year pattern.
- −The debt trend is flagged as rising in the persistence block despite a reported D/E of 0. This internal inconsistency in the data cannot be resolved without reference to company filings and may indicate off-balance-sheet commitments or changes in lease accounting.
- −Trailing PE of 76.63 ranks last (6th of 6) on PE among sector peers in the dataset. While the business model is different from commercial banks, the absolute multiple embeds a high growth expectation; any deceleration in exchange volumes or transaction fee yield could compress the multiple materially.
- −5-year revenue CAGR of 105.1% reflects a period of low-base-effect growth from pandemic-era lows; revenue base effects diminish as the absolute revenue scale increases, making a repetition of this growth rate increasingly difficult to sustain.
Open questions
- ?Does the 5-year revenue CAGR of 105.1% reflect a structural expansion in India's equity participation and exchange volumes, or does it disproportionately reflect a low-base recovery from FY21 pandemic lows — and what does the trajectory look like on a 3-year basis?
- ?If BSE enters the Nifty 50 in September 2026, what proportion of the current price already reflects passive-flow anticipation versus fundamental earnings value — and how has the stock behaved relative to its 200-DMA before and after prior index inclusion events?
- ?Given that ROE of 36% appears in only 2 of the tracked historical years, is the current profitability profile repeatable at scale, or is it contingent on a specific volume and market-activity environment that may not persist through different market cycles?
- ?How does BSE's revenue mix (transaction fees, listing fees, data services, float income) evolve as equity volumes mature — and what is the sensitivity of earnings to a sustained period of lower market activity or SEBI-mandated changes to fee structures?
Peer comparison: Banking
Ranks 1 of 6 on quality| Symbol | Name | P/E | ROE | Quality |
|---|---|---|---|---|
| BSE | BSE Ltd.You're viewing | 76.6 | +36.0% | 67 |
| Industry avg | across 5 peers | 31.2 | +14.2% | 39 |
| BAJFINANCE | Bajaj Finance Ltd. | 29.1 | +17.9% | 53 |
| AXISBANK | Axis Bank Ltd. | 15.1 | +13.2% | 50 |
| HDFCBANK | HDFC Bank Ltd. | 16.6 | +13.8% | 50 |
| BAJAJFINSV | Bajaj Finserv Ltd. | 28.8 | +14.6% | 23 |
| HDFCLIFE | HDFC Life Insurance Company Ltd. | 66.2 | +11.3% | 20 |
Technical state
Current price
₹4,066.60
SMA 50
₹3,564.83
SMA 200
₹2,836.04
RSI (14)
56.5 (neutral)
From 52w high
-8.6%
1Y return
+69.2%
3M return
+45.2%
50-DMA
Above
200-DMA
Above
Algorithmic support levels
Risk flags
- mediumBSE Ltd is classified under the Banking sector in this dataset, but it operates as a financial market infrastructure and exchange services business. All peer comparisons reference commercial banks and NBFCs (AXISBANK, HDFCBANK, BAJFINANCE, BAJAJFINSV, HDFCLIFE). This makes cross-peer interpretation of PE (76.63 vs sector median approximately 22) and ROE (36% vs sector median approximately 14%) structurally misleading — the differences reflect business model divergence, not relative valuation or quality alone.
- mediumROE persistence shows above-15% performance in only 2 of the tracked years, and FCF was positive in only 3 of the available years. The consistency score is 64/100. The debt trend is flagged as rising in the persistence block despite a reported D/E of 0 — this internal inconsistency warrants verification against company filings.
- lowTrailing PE of 76.63 and forward PE of 40.61 both represent significant premiums to the broader market. The 5-year revenue CAGR of 105.1% and 5-year earnings CAGR of 64% underpin the multiple; both figures reflect a period of rapid exchange volume growth from a low base. Base-effect tailwinds diminish as the revenue base scales.
- lowThe stock is 14.3% above its 50-DMA (3,564.83) and 43.4% above its 200-DMA (2,836.04) following a 69.2% price gain over 12 months and 45.2% over 3 months. RSI stands at 56.55 (neutral). The nearest identified support level is 3,412.2, which is 16.1% below current price; no resistance levels are identified above current price in the available data.
Cross-section contradictions
- 5-year revenue CAGR of 105.1% and 5-year earnings CAGR of 64% are exceptional, yet the ROE persistence block shows above-15% ROE in only 2 of the tracked years and FCF positive in only 3 — suggesting the headline growth rates mask significant year-to-year variability rather than a steady compounding profile.
- Q4 FY26 net profit rose 61% YoY with a Rs 10/share dividend declared, consistent with strong recent momentum, yet the stock is already 43.4% above its 200-DMA — the pace of price appreciation has significantly outrun the 200-day average, reflecting a re-rating event rather than gradual earnings accumulation.
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.
Fundamentals & technicals: refreshed 25 Jun 2026 · refreshed daily at 01:00 IST
AI synthesis (narrative, snapshot, strengths/weaknesses, peer ranking): generated 1 Jun 2026 · rotates through NIFTY 500 every ~5 days