BSE Ltd: Intrinsic Value & Share Price Analysis

Share Price and Basic Stock Data

Last Updated: April 10, 2025, 12:40 pm

Market Cap	75,112 Cr.
Current Price	5,548
High / Low	6,133/2,115
Stock P/E	80.3
Book Value	274
Dividend Yield	0.27 %
ROCE	20.0 %
ROE	15.2 %
Face Value	2.00
PEG Ratio	1.78

Stock P/E, Current Price, and Intrinsic Value Over Time

Stock P/E Current Price Intrinsic Value

View Share Price Target for BSE Ltd

Competitors of BSE Ltd

Stock Name ⇩	Market Cap ⇩	Current Price ⇩	High / Low ⇩	Stock P/E ⇩	Book Value ⇩	Dividend Yield ⇩	ROCE ⇩	ROE ⇩	Face Value ⇩
Indian Energy Exchange Ltd (IEX)	15,819 Cr.	177	244/134	39.8	11.4	1.41 %	50.0 %	37.7 %	1.00
BSE Ltd	75,112 Cr.	5,548	6,133/2,115	80.3	274	0.27 %	20.0 %	15.2 %	2.00
Industry Average	45,465.50 Cr	2,862.50		60.05	142.70	0.84%	35.00%	26.45%	1.50

All Competitor Stocks of BSE Ltd

Quarterly Result

Metric	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024
Sales	213	228	193	234	239	259	260	362	426	545	671	813	832
Expenses	135	144	137	184	165	132	146	173	280	392	324	358	537
Operating Profit	78	85	56	50	74	127	114	189	146	152	347	456	295
OPM %	37%	37%	29%	21%	31%	49%	44%	52%	34%	28%	52%	56%	35%
Other Income	22	21	16	21	20	22	430	24	22	28	26	30	24
Interest	5	8	8	7	6	6	7	9	0	0	0	0	0
Depreciation	12	13	10	12	17	21	21	23	25	26	24	29	30
Profit before tax	83	85	54	51	71	122	516	182	143	154	349	457	288
Tax %	29%	16%	25%	42%	33%	27%	15%	35%	26%	31%	24%	24%	24%
Net Profit	59	72	40	29	48	89	440	118	106	107	264	346	219
EPS in Rs	4.53	5.51	3.25	2.50	3.81	6.73	32.68	8.90	7.99	7.91	19.58	25.61	16.23

Last Updated: March 3, 2025, 5:08 pm

Below is a detailed analysis of the quarterly data for BSE Ltd based on the most recent figures (Dec 2024) and their trends compared to the previous period:

For Sales, as of Dec 2024, the value is 832.00 Cr.. The value appears strong and on an upward trend. It has increased from 813.00 Cr. (Sep 2024) to 832.00 Cr., marking an increase of 19.00 Cr..
For Expenses, as of Dec 2024, the value is 537.00 Cr.. The value appears to be increasing, which may not be favorable. It has increased from 358.00 Cr. (Sep 2024) to 537.00 Cr., marking an increase of 179.00 Cr..
For Operating Profit, as of Dec 2024, the value is 295.00 Cr.. The value appears to be declining and may need further review. It has decreased from 456.00 Cr. (Sep 2024) to 295.00 Cr., marking a decrease of 161.00 Cr..
For OPM %, as of Dec 2024, the value is 35.00%. The value appears to be declining and may need further review. It has decreased from 56.00% (Sep 2024) to 35.00%, marking a decrease of 21.00%.
For Other Income, as of Dec 2024, the value is 24.00 Cr.. The value appears to be declining and may need further review. It has decreased from 30.00 Cr. (Sep 2024) to 24.00 Cr., marking a decrease of 6.00 Cr..
For Interest, as of Dec 2024, the value is 0.00 Cr.. The value remains steady. There is no change compared to the previous period (Sep 2024) which recorded 0.00 Cr..
For Depreciation, as of Dec 2024, the value is 30.00 Cr.. The value appears to be increasing, which may not be favorable. It has increased from 29.00 Cr. (Sep 2024) to 30.00 Cr., marking an increase of 1.00 Cr..
For Profit before tax, as of Dec 2024, the value is 288.00 Cr.. The value appears to be declining and may need further review. It has decreased from 457.00 Cr. (Sep 2024) to 288.00 Cr., marking a decrease of 169.00 Cr..
For Tax %, as of Dec 2024, the value is 24.00%. The value remains steady. There is no change compared to the previous period (Sep 2024) which recorded 24.00%.
For Net Profit, as of Dec 2024, the value is 219.00 Cr.. The value appears to be declining and may need further review. It has decreased from 346.00 Cr. (Sep 2024) to 219.00 Cr., marking a decrease of 127.00 Cr..
For EPS in Rs, as of Dec 2024, the value is 16.23. The value appears to be declining and may need further review. It has decreased from 25.61 (Sep 2024) to 16.23, marking a decrease of 9.38.

Overall, while many items appear to show a positive trend, any significant downward movement warrant further investigation.

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: March 6, 2025, 4:39 pm

Metric	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	TTM
Sales	506	485	584	635	572	676	652	606	630	841	925	1,592	2,860
Expenses	238	240	293	392	381	401	434	478	429	489	609	967	1,611
Operating Profit	267	245	290	243	190	274	219	127	202	352	316	626	1,250
OPM %	53%	51%	50%	38%	33%	41%	34%	21%	32%	42%	34%	39%	44%
Other Income	-66	-18	-10	23	137	529	56	62	19	52	78	504	108
Interest	2	0	1	0	1	1	1	2	10	28	37	39	0
Depreciation	28	32	59	54	50	45	51	51	58	48	60	95	110
Profit before tax	171	194	221	212	276	757	223	135	153	327	297	996	1,248
Tax %	22%	18%	20%	17%	4%	7%	10%	11%	7%	25%	31%	22%
Net Profit	133	160	177	177	265	702	199	121	142	245	206	772	936
EPS in Rs	3.49	4.34	4.99	4.13	13.70	42.67	12.82	9.05	10.73	18.80	16.29	57.50	69.33
Dividend Payout %	38%	31%	33%	61%	68%	28%	78%	63%	65%	72%	74%	26%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year	2013-2014	2014-2015	2015-2016	2016-2017	2017-2018	2018-2019	2019-2020	2020-2021	2021-2022	2022-2023	2023-2024
YoY Net Profit Growth (%)	20.30%	10.62%	0.00%	49.72%	164.91%	-71.65%	-39.20%	17.36%	72.54%	-15.92%	274.76%
Change in YoY Net Profit Growth (%)	0.00%	-9.68%	-10.62%	49.72%	115.19%	-236.56%	32.46%	56.55%	55.18%	-88.45%	290.68%

BSE Ltd has shown an inconsistent trend in YoY Net Profit Growth (%) in the last 11 years from 2013-2014 to 2023-2024.

Growth

Compounded Sales Growth
10 Years:	13%
5 Years:	20%
3 Years:	36%
TTM:	119%

Compounded Profit Growth
10 Years:	10%
5 Years:	17%
3 Years:	36%
TTM:	130%

Stock Price CAGR
10 Years:	%
5 Years:	119%
3 Years:	83%
1 Year:	94%

Return on Equity
10 Years:	10%
5 Years:	9%
3 Years:	11%
Last Year:	15%

Last Updated: Unknown

Balance Sheet

Last Updated: November 15, 2024, 1:33 am

Month	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Sep 2024
Equity Capital	10	10	10	11	11	11	10	9	9	27	27	27	27
Reserves	2,279	2,366	2,450	2,512	2,652	3,070	2,918	2,416	2,498	2,627	2,674	3,275	3,681
Borrowings	1	2	4	1	3	0	0	0	0	0	0	0	0
Other Liabilities	1,649	1,688	1,730	1,717	2,517	1,918	1,575	2,051	2,120	3,531	3,293	6,148	7,042
Total Liabilities	3,939	4,066	4,195	4,240	5,183	4,998	4,504	4,476	4,627	6,185	5,994	9,450	10,750
Fixed Assets	194	190	251	241	249	207	204	190	184	161	252	285	326
CWIP	20	34	4	3	6	7	18	22	4	10	2	15	9
Investments	1,354	2,186	2,276	2,115	1,996	2,442	2,380	2,132	1,844	1,968	1,453	2,390	2,799
Other Assets	2,372	1,656	1,664	1,882	2,931	2,342	1,902	2,132	2,595	4,046	4,286	6,761	7,616
Total Assets	3,939	4,066	4,195	4,240	5,183	4,998	4,504	4,476	4,627	6,185	5,994	9,450	10,750

Below is a detailed analysis of the balance sheet data for BSE Ltd based on the most recent figures (Sep 2024) and their trends compared to the previous period:

For Equity Capital, as of Sep 2024, the value is ₹27.00 Cr.. The value remains steady. There is no change compared to the previous period (Mar 2024) which recorded 27.00 Cr..
For Reserves, as of Sep 2024, the value is ₹3,681.00 Cr.. The value appears strong and on an upward trend. It has increased from 3,275.00 Cr. (Mar 2024) to ₹3,681.00 Cr., marking an increase of 406.00 Cr..
For Borrowings, as of Sep 2024, the value is ₹0.00 Cr.. The value remains steady. Additionally, since Reserves exceed Borrowings, this is considered a positive sign. There is no change compared to the previous period (Mar 2024) which recorded 0.00 Cr..
For Other Liabilities, as of Sep 2024, the value is ₹7,042.00 Cr.. The value appears to be increasing, which may not be favorable. It has increased from 6,148.00 Cr. (Mar 2024) to ₹7,042.00 Cr., marking an increase of 894.00 Cr..
For Total Liabilities, as of Sep 2024, the value is ₹10,750.00 Cr.. The value appears to be increasing, which may not be favorable. It has increased from 9,450.00 Cr. (Mar 2024) to ₹10,750.00 Cr., marking an increase of 1,300.00 Cr..
For Fixed Assets, as of Sep 2024, the value is ₹326.00 Cr.. The value appears strong and on an upward trend. It has increased from 285.00 Cr. (Mar 2024) to ₹326.00 Cr., marking an increase of 41.00 Cr..
For CWIP, as of Sep 2024, the value is ₹9.00 Cr.. The value appears to be declining and may need further review. It has decreased from 15.00 Cr. (Mar 2024) to ₹9.00 Cr., marking a decrease of 6.00 Cr..
For Investments, as of Sep 2024, the value is ₹2,799.00 Cr.. The value appears strong and on an upward trend. It has increased from 2,390.00 Cr. (Mar 2024) to ₹2,799.00 Cr., marking an increase of 409.00 Cr..
For Other Assets, as of Sep 2024, the value is ₹7,616.00 Cr.. The value appears strong and on an upward trend. It has increased from 6,761.00 Cr. (Mar 2024) to ₹7,616.00 Cr., marking an increase of 855.00 Cr..
For Total Assets, as of Sep 2024, the value is ₹10,750.00 Cr.. The value appears strong and on an upward trend. It has increased from 9,450.00 Cr. (Mar 2024) to ₹10,750.00 Cr., marking an increase of 1,300.00 Cr..

Notably, the Reserves (3,681.00 Cr.) exceed the Borrowings (0.00 Cr.), indicating a solid financial buffer.

Overall, while many items appear to show a positive trend, any significant downward movement or items where Borrowings exceed Reserves warrant further investigation.

Reserves and Borrowings Chart

No data available for this post.

Free Cash Flow

Month	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Free Cash Flow	266.00	243.00	286.00	242.00	187.00	274.00	219.00	127.00	202.00	352.00	316.00	626.00

Free Cash Flow = Income Generated from Operational Activities - Borrowings - Capital Work in Progress (CWIP)

Consistent positive free cash flow is crucial for businesses as it indicates their ability to generate cash from their core operations. It provides financial flexibility, allowing companies to invest in growth opportunities, pay dividends to shareholders, reduce debt, and weather economic downturns more effectively.

Free Cash Flow Chart

Financial Efficiency Indicators

Month	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Debtor Days	25	26	23	27	44	30	27	42	51	28	36	48
Inventory Days
Days Payable
Cash Conversion Cycle	25	26	23	27	44	30	27	42	51	28	36	48
Working Capital Days	-675	-1,002	-772	-660	-1,181	-791	-605	-894	-792	-1,148	-846	-1,090
ROCE %	10%	10%	10%	10%	10%	25%	8%	5%	8%	15%	12%	20%

Financial Efficiency Indicators Chart

Share Holding Pattern

Month	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024
FIIs	0.00%	0.00%	10.58%	8.41%	7.60%	8.77%	7.90%	12.03%	13.04%	11.12%	13.01%	16.03%
DIIs	13.79%	12.04%	0.60%	0.58%	0.65%	0.54%	8.09%	11.27%	12.69%	11.60%	11.68%	12.07%
Public	59.73%	61.81%	62.79%	64.80%	65.88%	64.83%	58.90%	53.56%	51.91%	54.52%	52.40%	50.00%
Others	26.49%	26.14%	26.03%	26.21%	25.86%	25.85%	25.10%	23.14%	22.36%	22.75%	22.90%	21.90%
No. of Shareholders	3,78,655	4,46,891	4,58,974	4,67,062	4,74,080	4,58,410	4,05,722	4,42,114	4,40,058	5,49,758	5,43,812	5,89,552

Shareholding Pattern Chart

No. of Shareholders

Mutual Fund Holdings

Fund Name	No of Shares	AUM (%)	Amount Invested (Cr)	Previous Number of Shares	Previous Date	Percentage Change
Quant Small Cap Fund	1,460,000	2.08	189.5	N/A	N/A	N/A
Nippon India Growth Fund	748,156	0.5	97.11	N/A	N/A	N/A
Axis Small Cap Fund	541,247	0.43	70.25	N/A	N/A	N/A
Motilal Oswal Focused Fund	505,266	3.92	65.58	N/A	N/A	N/A
Quant Tax Plan	490,000	1.29	63.6	N/A	N/A	N/A
Canara Robeco Equity Hybrid Fund	370,000	0.61	54.88	N/A	N/A	N/A
Motilal Oswal Balance Advantage Fund	290,094	4.77	37.65	N/A	N/A	N/A
Quant Quantamental Fund	280,616	3.45	36.42	N/A	N/A	N/A
Quant Business Cycle Fund	275,000	6.38	35.69	N/A	N/A	N/A
Invesco India Smallcap Fund	201,675	0.95	26.18	N/A	N/A	N/A

ROCE Trend

EPS Trend

Key Financial Ratios

Month	Mar 24	Mar 23	Mar 22	Mar 21	Mar 20
FaceValue	2.00	2.00	2.00	2.00	2.00
Basic EPS (Rs.)	56.66	16.06	18.51	30.94	24.57
Diluted EPS (Rs.)	56.66	16.06	18.51	30.94	24.57
Cash EPS (Rs.)	58.76	16.00	16.93	34.76	32.22
Book Value[Excl.RevalReserv]/Share (Rs.)	255.24	208.86	206.26	559.09	543.03
Book Value[Incl.RevalReserv]/Share (Rs.)	255.24	208.86	206.26	559.09	543.03
Revenue From Operations / Share (Rs.)	117.66	68.28	54.95	111.42	100.11
PBDIT / Share (Rs.)	46.37	24.80	24.66	42.69	28.94
PBIT / Share (Rs.)	39.31	20.34	21.09	29.83	17.59
PBT / Share (Rs.)	68.25	18.31	19.45	24.32	24.19
Net Profit / Share (Rs.)	51.71	11.55	13.36	21.90	20.88
NP After MI And SOA / Share (Rs.)	57.51	16.29	18.80	32.20	27.17
PBDIT Margin (%)	39.40	36.31	44.87	38.31	28.90
PBIT Margin (%)	33.41	29.79	38.38	26.77	17.57
PBT Margin (%)	58.00	26.81	35.40	21.82	24.15
Net Profit Margin (%)	43.94	16.91	24.32	19.65	20.85
NP After MI And SOA Margin (%)	48.87	23.86	34.22	28.90	27.14
Return on Networth / Equity (%)	23.57	8.16	9.58	5.81	5.04
Return on Capital Employeed (%)	12.03	7.65	8.29	4.35	2.73
Return On Assets (%)	8.23	3.68	4.11	3.13	2.73
Asset Turnover Ratio (%)	0.20	0.15	0.15	0.11	0.10
Current Ratio (X)	1.19	1.61	1.80	2.04	1.84
Quick Ratio (X)	1.19	1.61	1.80	2.04	1.84
Dividend Payout Ratio (NP) (%)	21.18	84.06	37.82	49.24	107.48
Dividend Payout Ratio (CP) (%)	18.87	66.01	31.78	35.18	75.82
Earning Retention Ratio (%)	78.82	15.94	62.18	50.76	-7.48
Cash Earning Retention Ratio (%)	81.13	33.99	68.22	64.82	24.18
Interest Coverage Ratio (X)	41.70	12.22	15.06	18.65	54.94
Interest Coverage Ratio (Post Tax) (X)	20.48	6.69	9.16	11.98	27.13
Enterprise Value (Cr.)	29742.23	2915.49	9391.13	666.59	-255.02
EV / Net Operating Revenue (X)	18.68	3.15	12.64	1.33	-0.56
EV / EBITDA (X)	47.39	8.68	28.16	3.47	-1.96
MarketCap / Net Operating Revenue (X)	21.38	6.31	17.18	5.13	2.96
Retention Ratios (%)	78.81	15.93	62.17	50.75	-7.48
Price / BV (X)	10.31	2.16	4.81	1.03	0.55
Price / Net Operating Revenue (X)	21.38	6.31	17.18	5.13	2.96
EarningsYield	0.02	0.03	0.01	0.05	0.09

After reviewing the key financial ratios for BSE Ltd, here is a detailed analysis based on the latest available data and recent trends:

For FaceValue, as of Mar 24, the value is 2.00. This value is within the healthy range. There is no change compared to the previous period (Mar 23) which recorded 2.00.
For Basic EPS (Rs.), as of Mar 24, the value is 56.66. This value is within the healthy range. It has increased from 16.06 (Mar 23) to 56.66, marking an increase of 40.60.
For Diluted EPS (Rs.), as of Mar 24, the value is 56.66. This value is within the healthy range. It has increased from 16.06 (Mar 23) to 56.66, marking an increase of 40.60.
For Cash EPS (Rs.), as of Mar 24, the value is 58.76. This value is within the healthy range. It has increased from 16.00 (Mar 23) to 58.76, marking an increase of 42.76.
For Book Value[Excl.RevalReserv]/Share (Rs.), as of Mar 24, the value is 255.24. It has increased from 208.86 (Mar 23) to 255.24, marking an increase of 46.38.
For Book Value[Incl.RevalReserv]/Share (Rs.), as of Mar 24, the value is 255.24. It has increased from 208.86 (Mar 23) to 255.24, marking an increase of 46.38.
For Revenue From Operations / Share (Rs.), as of Mar 24, the value is 117.66. It has increased from 68.28 (Mar 23) to 117.66, marking an increase of 49.38.
For PBDIT / Share (Rs.), as of Mar 24, the value is 46.37. This value is within the healthy range. It has increased from 24.80 (Mar 23) to 46.37, marking an increase of 21.57.
For PBIT / Share (Rs.), as of Mar 24, the value is 39.31. This value is within the healthy range. It has increased from 20.34 (Mar 23) to 39.31, marking an increase of 18.97.
For PBT / Share (Rs.), as of Mar 24, the value is 68.25. This value is within the healthy range. It has increased from 18.31 (Mar 23) to 68.25, marking an increase of 49.94.
For Net Profit / Share (Rs.), as of Mar 24, the value is 51.71. This value is within the healthy range. It has increased from 11.55 (Mar 23) to 51.71, marking an increase of 40.16.
For NP After MI And SOA / Share (Rs.), as of Mar 24, the value is 57.51. This value is within the healthy range. It has increased from 16.29 (Mar 23) to 57.51, marking an increase of 41.22.
For PBDIT Margin (%), as of Mar 24, the value is 39.40. This value is within the healthy range. It has increased from 36.31 (Mar 23) to 39.40, marking an increase of 3.09.
For PBIT Margin (%), as of Mar 24, the value is 33.41. This value exceeds the healthy maximum of 20. It has increased from 29.79 (Mar 23) to 33.41, marking an increase of 3.62.
For PBT Margin (%), as of Mar 24, the value is 58.00. This value is within the healthy range. It has increased from 26.81 (Mar 23) to 58.00, marking an increase of 31.19.
For Net Profit Margin (%), as of Mar 24, the value is 43.94. This value exceeds the healthy maximum of 10. It has increased from 16.91 (Mar 23) to 43.94, marking an increase of 27.03.
For NP After MI And SOA Margin (%), as of Mar 24, the value is 48.87. This value exceeds the healthy maximum of 20. It has increased from 23.86 (Mar 23) to 48.87, marking an increase of 25.01.
For Return on Networth / Equity (%), as of Mar 24, the value is 23.57. This value is within the healthy range. It has increased from 8.16 (Mar 23) to 23.57, marking an increase of 15.41.
For Return on Capital Employeed (%), as of Mar 24, the value is 12.03. This value is within the healthy range. It has increased from 7.65 (Mar 23) to 12.03, marking an increase of 4.38.
For Return On Assets (%), as of Mar 24, the value is 8.23. This value is within the healthy range. It has increased from 3.68 (Mar 23) to 8.23, marking an increase of 4.55.
For Asset Turnover Ratio (%), as of Mar 24, the value is 0.20. It has increased from 0.15 (Mar 23) to 0.20, marking an increase of 0.05.
For Current Ratio (X), as of Mar 24, the value is 1.19. This value is below the healthy minimum of 1.5. It has decreased from 1.61 (Mar 23) to 1.19, marking a decrease of 0.42.
For Quick Ratio (X), as of Mar 24, the value is 1.19. This value is within the healthy range. It has decreased from 1.61 (Mar 23) to 1.19, marking a decrease of 0.42.
For Dividend Payout Ratio (NP) (%), as of Mar 24, the value is 21.18. This value is within the healthy range. It has decreased from 84.06 (Mar 23) to 21.18, marking a decrease of 62.88.
For Dividend Payout Ratio (CP) (%), as of Mar 24, the value is 18.87. This value is below the healthy minimum of 20. It has decreased from 66.01 (Mar 23) to 18.87, marking a decrease of 47.14.
For Earning Retention Ratio (%), as of Mar 24, the value is 78.82. This value exceeds the healthy maximum of 70. It has increased from 15.94 (Mar 23) to 78.82, marking an increase of 62.88.
For Cash Earning Retention Ratio (%), as of Mar 24, the value is 81.13. This value exceeds the healthy maximum of 70. It has increased from 33.99 (Mar 23) to 81.13, marking an increase of 47.14.
For Interest Coverage Ratio (X), as of Mar 24, the value is 41.70. This value is within the healthy range. It has increased from 12.22 (Mar 23) to 41.70, marking an increase of 29.48.
For Interest Coverage Ratio (Post Tax) (X), as of Mar 24, the value is 20.48. This value is within the healthy range. It has increased from 6.69 (Mar 23) to 20.48, marking an increase of 13.79.
For Enterprise Value (Cr.), as of Mar 24, the value is 29,742.23. It has increased from 2,915.49 (Mar 23) to 29,742.23, marking an increase of 26,826.74.
For EV / Net Operating Revenue (X), as of Mar 24, the value is 18.68. This value exceeds the healthy maximum of 3. It has increased from 3.15 (Mar 23) to 18.68, marking an increase of 15.53.
For EV / EBITDA (X), as of Mar 24, the value is 47.39. This value exceeds the healthy maximum of 15. It has increased from 8.68 (Mar 23) to 47.39, marking an increase of 38.71.
For MarketCap / Net Operating Revenue (X), as of Mar 24, the value is 21.38. This value exceeds the healthy maximum of 3. It has increased from 6.31 (Mar 23) to 21.38, marking an increase of 15.07.
For Retention Ratios (%), as of Mar 24, the value is 78.81. This value exceeds the healthy maximum of 70. It has increased from 15.93 (Mar 23) to 78.81, marking an increase of 62.88.
For Price / BV (X), as of Mar 24, the value is 10.31. This value exceeds the healthy maximum of 3. It has increased from 2.16 (Mar 23) to 10.31, marking an increase of 8.15.
For Price / Net Operating Revenue (X), as of Mar 24, the value is 21.38. This value exceeds the healthy maximum of 3. It has increased from 6.31 (Mar 23) to 21.38, marking an increase of 15.07.
For EarningsYield, as of Mar 24, the value is 0.02. This value is below the healthy minimum of 5. It has decreased from 0.03 (Mar 23) to 0.02, marking a decrease of 0.01.

Overall, while many metrics show healthy performance, any figures highlighted in red or significant downward trends warrant further investigation.

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

Fair Value

Fair Value of BSE Ltd as of April 12, 2025 is: 2,682.69

Calculation basis:

Fair value = P/E Ratio * (Return on Equity / 100) * Book Value * (1 + Dividend Yield / 100)
P/E Ratio (Price-to-Earnings Ratio): Represents the price of the stock relative to its earnings per share. A higher P/E ratio indicates that investors are willing to pay a higher price for the stock.
Return on Equity (ROE): Measures a company's profitability relative to its shareholder equity. It showcases the company's ability to generate profits using the investment made by its shareholders, offering valuable insight into its operational efficiency and financial performance.
Book Value: Represents the net asset value of the company per share. It is calculated as the total assets minus intangible assets and liabilities, divided by the number of outstanding shares.
Dividend Yield: The ratio of the annual dividend per share to the current market price per share. It offers valuable insights into the profitability of an investment through dividends.

This formula allows us to gauge the fair value of the stock by analyzing its fundamental indicators.

As of April 12, 2025, BSE Ltd is Overvalued by 51.65% compared to the current share price 5,548.00

Intrinsic Value of BSE Ltd as of April 12, 2025 is: 3,896.14

Calculation basis:

Intrinsic value = P/E Ratio * (Return on Equity / 100) * Book Value * (1 + Dividend Yield / 100) * (1 + EPS CAGR for Last 5 Years)
P/E Ratio (Price-to-Earnings Ratio): Represents the price of the stock relative to its earnings per share. A higher P/E ratio indicates that investors are willing to pay a higher price for the stock.
Return on Equity (ROE): Measures a company's profitability relative to its shareholder equity. It showcases the company's ability to generate profits using the investment made by its shareholders, offering valuable insight into its operational efficiency and financial performance.
Book Value: Represents the net asset value of the company per share. It is calculated as the total assets minus intangible assets and liabilities, divided by the number of outstanding shares.
Dividend Yield: The ratio of the annual dividend per share to the current market price per share. It offers valuable insights into the profitability of an investment through dividends.
EPS CAGR (Compound Annual Growth Rate): Represents the geometric mean growth rate of earnings per share over the last 5 years. It provides insight into the historical growth trajectory of the company's earnings.

This formula allows us to gauge the intrinsic value of the stock by analyzing its fundamental indicators along with EPS growth.

As of April 12, 2025, BSE Ltd is Overvalued by 29.77% compared to the current share price 5,548.00

Last 5 Year EPS CAGR: 45.23%

*Investments are subject to market risks

Strength and Weakness

Strength	Weakness
The stock has a low average Working Capital Days of -503.25, which is a positive sign. The company has higher reserves (2,724.46 cr) compared to borrowings (0.85 cr), indicating strong financial stability. The company has shown consistent growth in sales (547.31 cr) and profit (304.85 cr) over the years.	The stock has a low average ROCE of 11.92%, which may not be favorable. The stock has a high average Cash Conversion Cycle of 33.92, which may not be favorable.

Stock Analysis

Considering all of the following key financial indicators, prospective investors are encouraged to conduct thorough research and seek professional guidance before considering any investment in BSE Ltd:
1. Net Profit Margin: 43.94%
  - Net Profit Margin: This metric indicates the percentage of profit a company makes from its total revenue. A higher net profit margin is generally desirable as it reflects better profitability.
2. ROCE: 12.03% (Industry Average ROCE: 35%)
  - ROCE (Return on Capital Employed): ROCE measures a company's profitability and the efficiency with which its capital is employed. A higher ROCE indicates efficient use of capital.
3. ROE%: 23.57% (Industry Average ROE: 26.45%)
  - ROE (Return on Equity): ROE measures a company's profitability relative to shareholders' equity. A higher ROE indicates efficient use of shareholders' funds.
4. Interest Coverage Ratio (Post Tax): 20.48
  - Interest Coverage Ratio: The interest coverage ratio measures a company's ability to cover its interest payments on outstanding debt. A ratio greater than 2 is generally considered healthy as it indicates the company can meet its interest obligations comfortably.
5. Quick Ratio: 1.19
  - Quick Ratio: The quick ratio assesses a company's ability to cover its short-term liabilities with its most liquid assets. A ratio higher than 1 suggests the company can meet its short-term obligations without relying heavily on inventory.
6. Stock P/E: 80.3 (Industry average Stock P/E: 60.05)
  - Stock P/E (Price-to-Earnings) Ratio: The P/E ratio compares a company's current share price to its earnings per share. A lower P/E ratio relative to industry peers or historical values may indicate that the stock is undervalued.
7. Total Debt / Equity: 0
  - Total Debt / Equity: This ratio measures a company's financial leverage by comparing its total debt to its total equity. A lower ratio indicates lower financial risk and greater financial stability.
The current analysis is available for review. It's important to conduct thorough research and consider consulting with financial professionals before making any investment decisions.
Stock Rating:

About the Company - Qualitative Analysis

BSE Ltd. is a Public Limited Listed company incorporated on 08/08/2005 and has its registered office in the State of Maharashtra, India. Company's Corporate Identification Number(CIN) is L67120MH2005PLC155188 and registration number is 155188. Currently Company is involved in the business activities of Administration of financial markets. Company's Total Operating Revenue is Rs. 1020.98 Cr. and Equity Capital is Rs. 27.07 Cr. for the Year ended 31/03/2024.

INDUSTRY	ADDRESS	CONTACT
Exchanges	25th Floor, Mumbai Maharashtra 400001	bse.shareholders@bseindia.com http://www.bseindia.com

Management
Name	Position Held
Mr. Pramod Agrawal	Chairman & Public Interest Director
Mr. Sundararaman Ramamurthy	Managing Director & CEO
Justice Shiavax Jal Vazifdar	Public Interest Director
Mr. Umakant Jayaram	Public Interest Director
Prof. Subhasis Chaudhuri	Public Interest Director
Dr. Padmini Srinivasan	Public Interest Director
Ms. Sushri Jayshree Vyas	Public Interest Director
Mr. Nandkumar Saravade	Public Interest Director
Mr. Jagannath Mukkavilli	Non Independent Director

FAQ

What is the intrinsic value of BSE Ltd?

BSE Ltd's intrinsic value (as of 10 April 2025) is ₹2682.69 — 51.65% lower the current market price of 5,548.00, indicating overvalued. Calculated using the PE ratio method, this valuation considers the company's 75,112 Cr. market cap, FY2025-2026 high/low of ₹6,133/2,115, reserves of 3,681 Cr, and liabilities of 10,750 Cr.

What is the Market Cap of BSE Ltd?

The Market Cap of BSE Ltd is 75,112 Cr..

What is the current Stock Price of BSE Ltd as on 10 April 2025?

The current stock price of BSE Ltd as on 10 April 2025 is 5,548.

What is the High / Low of BSE Ltd stocks in FY 2025-2026?

In FY 2025-2026, the High / Low of BSE Ltd stocks is ₹6,133/2,115.

What is the Stock P/E of BSE Ltd?

The Stock P/E of BSE Ltd is 80.3.

What is the Book Value of BSE Ltd?

The Book Value of BSE Ltd is 274.

What is the Dividend Yield of BSE Ltd?

The Dividend Yield of BSE Ltd is 0.27 %.

What is the ROCE of BSE Ltd?

The ROCE of BSE Ltd is 20.0 %.

What is the ROE of BSE Ltd?

The ROE of BSE Ltd is 15.2 %.

What is the Face Value of BSE Ltd?

The Face Value of BSE Ltd is 2.00.