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Last Updated on: 29 September, 2025
Author: Getaka|Social: XLinkedIn
Stock Ticker - BSE: | NSE:

BSE Ltd: Intrinsic Value & Share Price Analysis

Share Price and Basic Stock Data

Last Updated: September 29, 2025, 8:23 pm

Market Cap 85,182 Cr.
Current Price 2,097
High / Low 3,030/1,193
Stock P/E53.7
Book Value 109
Dividend Yield0.29 %
ROCE46.6 %
ROE36.0 %
Face Value 2.00
PEG Ratio1.21

Quick Insight

BSE Ltd, currently trading at ₹2,183 with a market capitalization of ₹88,642 Cr., boasts a relatively high Price-to-Earnings (P/E) ratio of 55.9, indicating investor optimism about future earnings growth. The Return on Equity (ROE) and Return on Capital Employed (ROCE) stand impressively at 36.0% and 46.6%, respectively, outperforming sector averages in India. Furthermore, with an Operating Profit Margin (OPM) of 65%, BSE demonstrates strong operational efficiency compared to its peers. The company's healthy balance sheet, with reserves of ₹4,397 Cr. and zero borrowings, provides a solid foundation for growth.

However, BSE faces risks associated with its concentrated shareholding structure, with promoters not disclosed and significant FII ownership at 16.78%. This lack of promoter backing may raise governance concerns among investors. Additionally, the high Price-to-Book Value (P/BV) ratio of 10.31x suggests the stock might be overvalued compared to industry norms. Looking ahead, BSE's growth prospects could improve with efforts to diversify revenue streams beyond traditional exchange operations, mitigating reliance on transaction fees and market volatility. A strategic focus on expanding ancillary services or entering new segments could enhance long-term sustainability and shareholder value.

In conclusion, while BSE Ltd exhibits robust financial performance and operational efficiency, investors should remain vigilant about governance risks and valuation concerns. Diversification and innovation could be key drivers for unlocking further value and sustaining growth in the competitive exchange industry.

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

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) 12,451 Cr. 140 215/13028.7 12.32.15 %53.6 %40.5 % 1.00
BSE Ltd 85,182 Cr. 2,097 3,030/1,19353.7 1090.29 %46.6 %36.0 % 2.00
Industry Average48,816.50 Cr1,118.5041.2060.651.22%50.10%38.25%1.50

All Competitor Stocks of BSE Ltd

Quarterly Result

MetricJun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025
Sales 193234239259260362426539602813825847958
Expenses 137184165132146173280388319358533362332
Operating Profit 565074127114189146151282456293484626
OPM % 29%21%31%49%44%52%34%28%47%56%35%57%65%
Other Income 16212022430242229913026205114
Interest 8766790000000
Depreciation 10121721212325262429303027
Profit before tax 545171122516182143154349457288660713
Tax % 25%42%33%27%15%35%26%30%24%24%24%25%25%
Net Profit 40294889440118106107264346219494538
EPS in Rs 1.080.831.272.2410.892.972.662.646.538.545.4112.1713.28

Last Updated: August 20, 2025, 12:35 pm

Below is a detailed analysis of the quarterly data for BSE Ltd based on the most recent figures (Jun 2025) and their trends compared to the previous period:

  • For Sales, as of Jun 2025, the value is 958.00 Cr.. The value appears strong and on an upward trend. It has increased from 847.00 Cr. (Mar 2025) to 958.00 Cr., marking an increase of 111.00 Cr..
  • For Expenses, as of Jun 2025, the value is 332.00 Cr.. The value appears to be improving (decreasing) as expected. It has decreased from 362.00 Cr. (Mar 2025) to 332.00 Cr., marking a decrease of 30.00 Cr..
  • For Operating Profit, as of Jun 2025, the value is 626.00 Cr.. The value appears strong and on an upward trend. It has increased from 484.00 Cr. (Mar 2025) to 626.00 Cr., marking an increase of 142.00 Cr..
  • For OPM %, as of Jun 2025, the value is 65.00%. The value appears strong and on an upward trend. It has increased from 57.00% (Mar 2025) to 65.00%, marking an increase of 8.00%.
  • For Other Income, as of Jun 2025, the value is 114.00 Cr.. The value appears to be declining and may need further review. It has decreased from 205.00 Cr. (Mar 2025) to 114.00 Cr., marking a decrease of 91.00 Cr..
  • For Interest, as of Jun 2025, the value is 0.00 Cr.. The value remains steady. There is no change compared to the previous period (Mar 2025) which recorded 0.00 Cr..
  • For Depreciation, as of Jun 2025, the value is 27.00 Cr.. The value appears to be improving (decreasing) as expected. It has decreased from 30.00 Cr. (Mar 2025) to 27.00 Cr., marking a decrease of 3.00 Cr..
  • For Profit before tax, as of Jun 2025, the value is 713.00 Cr.. The value appears strong and on an upward trend. It has increased from 660.00 Cr. (Mar 2025) to 713.00 Cr., marking an increase of 53.00 Cr..
  • For Tax %, as of Jun 2025, the value is 25.00%. The value remains steady. There is no change compared to the previous period (Mar 2025) which recorded 25.00%.
  • For Net Profit, as of Jun 2025, the value is 538.00 Cr.. The value appears strong and on an upward trend. It has increased from 494.00 Cr. (Mar 2025) to 538.00 Cr., marking an increase of 44.00 Cr..
  • For EPS in Rs, as of Jun 2025, the value is 13.28. The value appears strong and on an upward trend. It has increased from 12.17 (Mar 2025) to 13.28, marking an increase of 1.11.

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: August 22, 2025, 5:31 pm

MetricMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
Sales 4855846355726766526066308419251,5683,2123,443
Expenses 2402933923814014344784294896098571,3361,585
Operating Profit 2452902431902742191272023523167111,8761,858
OPM % 51%50%38%33%41%34%21%32%42%34%45%58%54%
Other Income -18-1023137529566219527841722375
Interest 010111210283739320
Depreciation 3259545045515158486095113116
Profit before tax 1942212122767572231351533272979951,7542,118
Tax % 18%20%17%4%7%10%11%7%25%31%22%25%
Net Profit 1601771772657021991211422452067721,3221,596
EPS in Rs 1.451.661.384.5714.224.273.023.586.275.4319.1732.6539.40
Dividend Payout % 31%33%61%68%28%78%63%65%72%74%26%23%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year2014-20152015-20162016-20172017-20182018-20192019-20202020-20212021-20222022-20232023-20242024-2025
YoY Net Profit Growth (%)10.62%0.00%49.72%164.91%-71.65%-39.20%17.36%72.54%-15.92%274.76%71.24%
Change in YoY Net Profit Growth (%)0.00%-10.62%49.72%115.19%-236.56%32.46%56.55%55.18%-88.45%290.68%-203.51%

BSE Ltd has shown an inconsistent trend in YoY Net Profit Growth (%) in the last 11 years from 2014-2015 to 2024-2025.

Growth

Compounded Sales Growth
10 Years:19%
5 Years:40%
3 Years:56%
TTM:79%
Compounded Profit Growth
10 Years:22%
5 Years:65%
3 Years:70%
TTM:165%
Stock Price CAGR
10 Years:%
5 Years:107%
3 Years:116%
1 Year:141%
Return on Equity
10 Years:14%
5 Years:18%
3 Years:23%
Last Year:36%

Last Updated: September 5, 2025, 1:25 am

Balance Sheet

Last Updated: August 11, 2025, 1:46 pm

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Equity Capital 1010111111109927272727
Reserves 2,3662,4502,5122,6523,0702,9182,4162,4982,6272,6743,2754,397
Borrowings 241300000000
Other Liabilities 1,6881,7301,7172,5171,9181,5752,0512,1203,5313,2936,1485,918
Total Liabilities 4,0664,1954,2405,1834,9984,5044,4764,6276,1855,9949,45010,342
Fixed Assets 190251241249207204190184161252285300
CWIP 344367182241021554
Investments 2,1862,2762,1151,9962,4422,3802,1321,8441,9681,4532,3902,845
Other Assets 1,6561,6641,8822,9312,3421,9022,1322,5954,0464,2866,7617,142
Total Assets 4,0664,1954,2405,1834,9984,5044,4764,6276,1855,9949,45010,342

Below is a detailed analysis of the balance sheet data for BSE Ltd based on the most recent figures (Mar 2025) and their trends compared to the previous period:

  • For Equity Capital, as of Mar 2025, 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 Mar 2025, the value is 4,397.00 Cr.. The value appears strong and on an upward trend. It has increased from 3,275.00 Cr. (Mar 2024) to 4,397.00 Cr., marking an increase of 1,122.00 Cr..
  • For Borrowings, as of Mar 2025, 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 Mar 2025, the value is 5,918.00 Cr.. The value appears to be improving (decreasing). It has decreased from 6,148.00 Cr. (Mar 2024) to 5,918.00 Cr., marking a decrease of 230.00 Cr..
  • For Total Liabilities, as of Mar 2025, the value is 10,342.00 Cr.. The value appears to be increasing, which may not be favorable. It has increased from 9,450.00 Cr. (Mar 2024) to 10,342.00 Cr., marking an increase of 892.00 Cr..
  • For Fixed Assets, as of Mar 2025, the value is 300.00 Cr.. The value appears strong and on an upward trend. It has increased from 285.00 Cr. (Mar 2024) to 300.00 Cr., marking an increase of 15.00 Cr..
  • For CWIP, as of Mar 2025, the value is 54.00 Cr.. The value appears strong and on an upward trend. It has increased from 15.00 Cr. (Mar 2024) to 54.00 Cr., marking an increase of 39.00 Cr..
  • For Investments, as of Mar 2025, the value is 2,845.00 Cr.. The value appears strong and on an upward trend. It has increased from 2,390.00 Cr. (Mar 2024) to 2,845.00 Cr., marking an increase of 455.00 Cr..
  • For Other Assets, as of Mar 2025, the value is 7,142.00 Cr.. The value appears strong and on an upward trend. It has increased from 6,761.00 Cr. (Mar 2024) to 7,142.00 Cr., marking an increase of 381.00 Cr..
  • For Total Assets, as of Mar 2025, the value is 10,342.00 Cr.. The value appears strong and on an upward trend. It has increased from 9,450.00 Cr. (Mar 2024) to 10,342.00 Cr., marking an increase of 892.00 Cr..

Notably, the Reserves (4,397.00 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

Cash Flow - No data available for this post.

Free Cash Flow

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Free Cash Flow243.00286.00242.00187.00274.00219.00127.00202.00352.00316.00711.001.00

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

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Debtor Days262327443027425128364935
Inventory Days
Days Payable
Cash Conversion Cycle262327443027425128364935
Working Capital Days-1,002-772-660-1,181-791-605-894-792-1,148-846-1,107-452
ROCE %10%10%10%10%25%8%5%8%15%12%23%47%

Financial Efficiency Indicators Chart

Share Holding Pattern

MonthJun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025
FIIs0.00%10.58%8.41%7.60%8.77%7.90%12.03%13.04%11.12%13.01%16.03%16.78%
DIIs12.04%0.60%0.58%0.65%0.54%8.09%11.27%12.69%11.60%11.68%12.07%12.33%
Public61.81%62.79%64.80%65.88%64.83%58.90%53.56%51.91%54.52%52.40%50.00%48.78%
Others26.14%26.03%26.21%25.86%25.85%25.10%23.14%22.36%22.75%22.90%21.90%22.11%
No. of Shareholders4,46,8914,58,9744,67,0624,74,0804,58,4104,05,7224,42,1144,40,0585,49,7585,43,8125,89,5526,68,174

Shareholding Pattern Chart

No. of Shareholders

BSE Ltd: Intrinsic Value & Share Price Analysis - Shareholder trend analysis

Mutual Fund Holdings

Fund NameNo of SharesAUM (%)Amount Invested (Cr)Previous Number of SharesPrevious DatePercentage Change
Quant Small Cap Fund 1,460,000 2.08 189.51,460,0002025-04-22 16:59:200%
Nippon India Growth Fund 748,156 0.5 97.11748,1562025-04-22 16:59:200%
Axis Small Cap Fund 541,247 0.43 70.25541,2472025-04-22 16:59:200%
Motilal Oswal Focused Fund 505,266 3.92 65.58505,2662025-04-22 16:59:200%
Quant Tax Plan 490,000 1.29 63.6490,0002025-04-22 16:59:200%
Canara Robeco Equity Hybrid Fund 370,000 0.61 54.88370,0002025-04-22 16:59:200%
Motilal Oswal Balance Advantage Fund 290,094 4.77 37.65290,0942025-04-22 16:59:200%
Quant Quantamental Fund 280,616 3.45 36.42280,6162025-04-22 16:59:200%
Quant Business Cycle Fund 275,000 6.38 35.69275,0002025-04-22 16:59:200%
Invesco India Smallcap Fund 201,675 0.95 26.18201,6752025-04-22 16:59:200%

ROCE Trend

EPS Trend

Key Financial Ratios

MonthMar 24Mar 23Mar 22Mar 21Mar 20
FaceValue 2.002.002.002.002.00
Basic EPS (Rs.) 56.6616.0618.5130.9424.57
Diluted EPS (Rs.) 56.6616.0618.5130.9424.57
Cash EPS (Rs.) 58.7616.0016.9334.7632.22
Book Value[Excl.RevalReserv]/Share (Rs.) 255.24208.86206.26559.09543.03
Book Value[Incl.RevalReserv]/Share (Rs.) 255.24208.86206.26559.09543.03
Revenue From Operations / Share (Rs.) 117.6668.2854.95111.42100.11
PBDIT / Share (Rs.) 46.3724.8024.6642.6928.94
PBIT / Share (Rs.) 39.3120.3421.0929.8317.59
PBT / Share (Rs.) 68.2518.3119.4524.3224.19
Net Profit / Share (Rs.) 51.7111.5513.3621.9020.88
NP After MI And SOA / Share (Rs.) 57.5116.2918.8032.2027.17
PBDIT Margin (%) 39.4036.3144.8738.3128.90
PBIT Margin (%) 33.4129.7938.3826.7717.57
PBT Margin (%) 58.0026.8135.4021.8224.15
Net Profit Margin (%) 43.9416.9124.3219.6520.85
NP After MI And SOA Margin (%) 48.8723.8634.2228.9027.14
Return on Networth / Equity (%) 23.578.169.585.815.04
Return on Capital Employeed (%) 12.037.658.294.352.73
Return On Assets (%) 8.233.684.113.132.73
Asset Turnover Ratio (%) 0.200.150.150.110.10
Current Ratio (X) 1.191.611.802.041.84
Quick Ratio (X) 1.191.611.802.041.84
Dividend Payout Ratio (NP) (%) 21.1884.0637.8249.24107.48
Dividend Payout Ratio (CP) (%) 18.8766.0131.7835.1875.82
Earning Retention Ratio (%) 78.8215.9462.1850.76-7.48
Cash Earning Retention Ratio (%) 81.1333.9968.2264.8224.18
Interest Coverage Ratio (X) 41.7012.2215.0618.6554.94
Interest Coverage Ratio (Post Tax) (X) 20.486.699.1611.9827.13
Enterprise Value (Cr.) 29742.232915.499391.13666.59-255.02
EV / Net Operating Revenue (X) 18.683.1512.641.33-0.56
EV / EBITDA (X) 47.398.6828.163.47-1.96
MarketCap / Net Operating Revenue (X) 21.386.3117.185.132.96
Retention Ratios (%) 78.8115.9362.1750.75-7.48
Price / BV (X) 10.312.164.811.030.55
Price / Net Operating Revenue (X) 21.386.3117.185.132.96
EarningsYield 0.020.030.010.050.09

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 September 30, 2025 is: 1,690.64

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 September 30, 2025, BSE Ltd is Overvalued by 19.38% compared to the current share price 2,097.00

Intrinsic Value of BSE Ltd as of September 30, 2025 is: 2,441.73

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 September 30, 2025, BSE Ltd is Undervalued by 16.44% compared to the current share price 2,097.00

Last 5 Year EPS CAGR: 44.43%

*Investments are subject to market risks

Strength and Weakness

StrengthWeakness
  1. The stock has a high average ROCE of 15.25%, which is a positive sign.
  2. The stock has a low average Working Capital Days of -484.67, which is a positive sign.
  3. The company has higher reserves (2,821.25 cr) compared to borrowings (0.83 cr), indicating strong financial stability.
  4. The company has shown consistent growth in sales (508.69 cr) and profit (291.77 cr) over the years.
  1. The stock has a high average Cash Conversion Cycle of 34.83, 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: 50.1%)
      • 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: 38.25%)
      • 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: 53.7 (Industry average Stock P/E: 41.2)
      • 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. 2883.35 Cr. and Equity Capital is Rs. 27.07 Cr. for the Year ended 31/03/2025.
INDUSTRYADDRESSCONTACT
Exchanges25th Floor, Mumbai Maharashtra 400001bse.shareholders@bseindia.com
http://www.bseindia.com
Management
NamePosition Held
Prof. Subhasis ChaudhuriChairperson & Public Interest Director
Mr. Sundararaman RamamurthyManaging Director & CEO
Mr. Jagannath MukkavilliNon Independent Director
Justice(Retd) Shiavax Jal VazifdarPublic Interest Director
Dr. Padmini SrinivasanPublic Interest Director
Mr. Nandkumar SaravadePublic Interest Director
Mr. Shamanna BalasubramanyaPublic Interest Director
Mr. Rajiv BansalPublic Interest Director

FAQ

What is the intrinsic value of BSE Ltd?

BSE Ltd's intrinsic value (as of 29 September 2025) is 1690.64 which is 19.38% lower the current market price of 2,097.00, indicating overvalued. Calculated using the PE ratio method, this valuation considers the company's ₹85,182 Cr. market cap, FY2025-2026 high/low of 3,030/1,193, reserves of ₹4,397 Cr, and liabilities of 10,342 Cr.

What is the Market Cap of BSE Ltd?

The Market Cap of BSE Ltd is 85,182 Cr..

What is the current Stock Price of BSE Ltd as on 29 September 2025?

The current stock price of BSE Ltd as on 29 September 2025 is 2,097.

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 3,030/1,193.

What is the Stock P/E of BSE Ltd?

The Stock P/E of BSE Ltd is 53.7.

What is the Book Value of BSE Ltd?

The Book Value of BSE Ltd is 109.

What is the Dividend Yield of BSE Ltd?

The Dividend Yield of BSE Ltd is 0.29 %.

What is the ROCE of BSE Ltd?

The ROCE of BSE Ltd is 46.6 %.

What is the ROE of BSE Ltd?

The ROE of BSE Ltd is 36.0 %.

What is the Face Value of BSE Ltd?

The Face Value of BSE Ltd is 2.00.

Disclaimer: This article is for informational purposes only and should not be construed as financial advice. The author is not a SEBI registered financial advisor and does not have any vested interest in BSE Ltd. Investors are advised to conduct their own due diligence and consult with a financial professional before making any investment decisions. The information provided in this article is based on publicly available data and the author's analysis, but it may not be comprehensive or up-to-date. The author and getaka.co.in are not responsible for any errors or omissions in the content. This article is not intended to promote any particular investment strategy or recommendation, and readers should consult with their own financial advisors before making any investment decisions. Data Source: NSE
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