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BSE Ltd: Intrinsic Value & Share Price Analysis

Fair Value

₹2,374.38Overvalued by 31.10%vs CMP ₹3,446.00

P/E (64.3) × ROE (36.0%) × BV (₹128.00) × DY (0.17%)

₹1,181.33Overvalued by 65.72%vs CMP ₹3,446.00
MoS: -191.7% (Negative)Confidence: 63/100 (Moderate)Models: 1 Fair, 8 Over
ModelCategoryValueWeightSignal
PE-ROEEarnings₹3,651.8423%Fair (+6%)
Graham NumberEarnings₹394.2117%Over (-88.6%)
Earnings PowerEarnings₹157.4111%Over (-95.4%)
DCFCash Flow₹1,316.1711%Over (-61.8%)
Net Asset ValueAssets₹127.927%Over (-96.3%)
EV/EBITDAEnterprise₹390.679%Over (-88.7%)
Earnings YieldEarnings₹539.607%Over (-84.3%)
ROCE CapitalReturns₹46.377%Over (-98.7%)
Revenue MultipleRevenue₹118.296%Over (-96.6%)
Consensus (9 models)₹1,181.33100%Overvalued
Key Drivers: EPS CAGR 53.8% lifts DCF — verify sustainability. | Wide model spread (₹46–₹3,652) — high uncertainty.

PE-ROE · Graham · EPV · DCF · NAV · EV/EBITDA · DDM · Earnings Yield · ROCE Capital · Revenue Multiple | CoE: 12% · Terminal: 4% · EPS CAGR: 53.8%

*Investments are subject to market risks

Analyst Summary

BSE Ltd operates in the Exchanges segment, NSE: Code | BSE: Code, current market price is ₹3,446.00, market cap is 1,40,355 Cr.. At a glance, stock P/E is 64.3, ROE is 36.0 %, ROCE is 46.6 %, book value is 128, dividend yield is 0.17 %. The latest intrinsic value estimate is ₹1,181.33, around 65.7% below the current price, so expectations may already be running ahead of this modelled fair value. On operating trend, latest reported sales are about ₹3,212 Cr versus the prior period change of 104.8%, while latest net profit is about ₹1,322 Cr with a prior-period change of 71.2%. The 52-week range shown on this page is 3,570/2,022, which helps frame where the current quote sits within its recent trading band. Business context: About the Company - Qualitative AnalysisBSE 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 L67120MH2005P…

This summary is generated from the stock page data available for BSE Ltd: Intrinsic Value & Share Price Analysis and is refreshed automatically when the underlying metrics change.

Investment Snapshot

80
BSE Ltd scores 80/100 (Strong)
Based on 5 dimensions: health, institutional flow, earnings quality, momentum, and peer comparison
Stock Health92/100 · Strong
ROCE 46.6% ExcellentROE 36.0% ExcellentD/E 0.00 Low debtInterest Coverage 0.0x RiskyProfitable 5/5 years Consistent
Smart Money75/100 · Strong
FII holding up 0.67% (6mo) Slight increaseDII holding up 11.41% MF buying
Earnings Quality65/100 · Strong
OPM expanding (40% → 52%) Improving
Quarterly Momentum100/100 · Strong
Revenue (4Q): +55% YoY AcceleratingProfit (4Q): +120% YoY StrongOPM: 64.0% (up 8.0% YoY) Margin expansion
Industry Rank60/100 · Moderate
P/E 64.3 vs industry 43.8 In-lineROCE 46.6% vs industry 49.2% Average3Y sales CAGR: 56% High growth

Weights: Health 30% · Earnings Quality 25% · Momentum 20% · Industry Rank 15% · Smart Money 10%. Scores are computed from reported financials and recalculated daily. Not investment advice.

Share Price and Basic Stock Data

Last Updated: April 25, 2026, 10:28 pm

Market Cap 1,40,355 Cr.
Current Price 3,446
Intrinsic Value₹1,181.33
High / Low 3,570/2,022
Stock P/E64.3
Book Value 128
Dividend Yield0.17 %
ROCE46.6 %
ROE36.0 %
Face Value 2.00
PEG Ratio1.20

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

View Share Price Target for BSE Ltd

Competitors

Stock Name ⇩Market Cap ⇩Current Price ⇩High / Low ⇩Stock P/E ⇩Book Value ⇩Dividend Yield ⇩ROCE ⇩ROE ⇩Face Value ⇩
BSE Ltd 1,40,355 Cr. 3,446 3,570/2,02264.3 1280.17 %46.6 %36.0 % 2.00
Indian Energy Exchange Ltd (IEX) 10,988 Cr. 123 215/11423.2 14.62.84 %51.8 %39.4 % 1.00
Industry Average75,671.50 Cr1,784.5043.7571.301.51%49.20%37.70%1.50

All Competitor Stocks of BSE Ltd

Quarterly Result

MetricSep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025
Sales 2342392592603624265396028138258479581,068
Expenses 184165132146173280388319358533362332388
Operating Profit 5074127114189146151282456293484625680
OPM % 21%31%49%44%52%34%28%47%56%35%57%65%64%
Other Income 21202243024222991302620511591
Interest 7667900000000
Depreciation 12172121232526242930302732
Profit before tax 5171122516182143154349457288660713739
Tax % 42%33%27%15%35%26%30%24%24%24%25%25%25%
Net Profit 294889440118106107264346219494538557
EPS in Rs 0.831.272.2410.892.972.662.646.538.545.4112.1713.2813.73

Last Updated: January 2, 2026, 4:29 am

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: March 25, 2026, 3:30 am

MetricMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
Sales 4855846355726766526096308419251,5683,2124,117
Expenses 2402933923814014344824294895728571,3361,595
Operating Profit 2452902431902742191272023523527111,8762,522
OPM % 51%50%38%33%41%34%21%32%42%38%45%58%61%
Other Income -18-1023137529566219524241722519
Interest 010111210283739320
Depreciation 3259545045515158486095113134
Profit before tax 1942212122767572231351533272979951,7542,907
Tax % 18%20%17%4%7%10%11%7%25%31%22%25%
Net Profit 1601771772657021991211422452067721,3222,185
EPS in Rs 1.451.661.384.5714.224.273.023.586.275.4319.1732.6553.96
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: April 13, 2026, 5:30 am

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Sep 2025
Equity Capital 101011111110992727272781
Reserves 2,3662,4502,5122,6523,0702,9182,4162,4982,6272,6743,2754,3975,129
Borrowings 2413-0-0-0-000000
Other Liabilities 1,6881,7301,7172,5171,9181,5752,0512,1203,5313,2936,1485,9185,928
Total Liabilities 4,0664,1954,2405,1834,9984,5044,4764,6276,1855,9949,45010,34211,138
Fixed Assets 190251241249207204190184161252285300416
CWIP 344367182241021554214
Investments 2,1862,2762,1151,9962,4422,3802,1321,8441,9681,4532,3902,8453,827
Other Assets 1,6561,6641,8822,9312,3421,9022,1322,5954,0464,2866,7617,1426,682
Total Assets 4,0664,1954,2405,1834,9984,5044,4764,6276,1855,9949,45010,34211,138

Reserves and Borrowings Chart

Cash Flow

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Cash from Operating Activity + 151-153-44817-239-313397-681,442-1372,643414
Cash from Investing Activity + -2137116495-236347470-189-980-111-871-758
Cash from Financing Activity + -303-45-120-85108-352-618-559-186-149-206
Net Cash Flow -172173-0827-366-318249-313471-4341,623-550
Free Cash Flow 107-225-106759-301-375359-1061,410-2802,513262
CFO/OP 84%-36%12%447%-47%-124%350%-13%433%-22%396%40%

Free Cash Flow

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Free Cash Flow243.00286.00242.00187.00274.00219.00127.00202.00352.00352.00711.001.00

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 Days 262327443027425128364935
Inventory Days
Days Payable
Cash Conversion Cycle 262327443027425128364935
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

MonthMar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
FIIs 7.60%8.77%7.90%12.03%13.04%11.12%13.01%16.03%16.78%18.14%16.25%17.45%
DIIs 0.65%0.54%8.09%11.27%12.69%11.60%11.68%12.07%12.33%11.27%19.91%23.74%
Government 0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.09%0.09%
Public 65.88%64.83%58.90%53.56%51.91%54.52%52.40%50.00%48.78%50.01%63.76%58.73%
Others 25.86%25.85%25.10%23.14%22.36%22.75%22.90%21.90%22.11%20.58%0.00%0.00%
No. of Shareholders 4,74,0804,58,4104,05,7224,42,1144,40,0585,49,7585,43,8125,89,5526,68,1749,49,95312,91,81210,58,144

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
Nippon India Growth Mid Cap Fund 5,100,000 3.42 1426.47N/AN/AN/A
Motilal Oswal Midcap Fund 3,524,730 2.86 985.873,124,4022026-02-23 07:13:5612.81%
Kotak Midcap Fund 3,357,415 1.59 939.072,057,4152026-02-23 07:11:3963.19%
Kotak Flexicap Fund 2,800,000 1.39 783.162,600,0002026-02-23 02:12:397.69%
Kotak Large & Midcap Fund 1,900,000 1.77 531.431,700,0002026-02-22 08:54:4911.76%
SBI Midcap Fund 1,800,000 2.25 503.46N/AN/AN/A
Invesco India Large & Mid Cap Fund 1,580,775 4.94 442.14N/AN/AN/A
Invesco India Midcap Fund 1,519,233 4.22 424.93N/AN/AN/A
ICICI Prudential Multicap Fund 1,393,998 2.46 389.91,320,7242026-01-26 03:36:285.55%
HSBC Midcap Fund 1,226,457 2.82 343.04N/AN/AN/A

ROCE Trend

EPS Trend

Key Financial Ratios

MonthMar 25Mar 24Mar 23Mar 22Mar 21
FaceValue 2.002.002.002.002.00
Basic EPS (Rs.) 96.5556.6616.0618.5130.94
Diluted EPS (Rs.) 96.5556.6616.0618.5130.94
Cash EPS (Rs.) 99.9458.7616.0016.9334.76
Book Value[Excl.RevalReserv]/Share (Rs.) 326.84255.24208.86206.26559.09
Book Value[Incl.RevalReserv]/Share (Rs.) 326.84255.24208.86206.26559.09
Revenue From Operations / Share (Rs.) 237.31117.6668.2854.95111.42
PBDIT / Share (Rs.) 138.0646.3724.8024.6642.69
PBIT / Share (Rs.) 129.7239.3120.3421.0929.83
PBT / Share (Rs.) 123.0668.2518.3119.4524.32
Net Profit / Share (Rs.) 91.5951.7111.5513.3621.90
NP After MI And SOA / Share (Rs.) 97.9657.5116.2918.8032.20
PBDIT Margin (%) 58.1739.4036.3144.8738.31
PBIT Margin (%) 54.6633.4129.7938.3826.77
PBT Margin (%) 51.8558.0026.8135.4021.82
Net Profit Margin (%) 38.5943.9416.9124.3219.65
NP After MI And SOA Margin (%) 41.2748.8723.8634.2228.90
Return on Networth / Equity (%) 29.9723.578.169.585.81
Return on Capital Employeed (%) 30.6512.037.658.294.35
Return On Assets (%) 12.828.233.684.113.13
Asset Turnover Ratio (%) 0.320.200.150.150.11
Current Ratio (X) 1.591.191.611.802.04
Quick Ratio (X) 1.591.191.611.802.04
Dividend Payout Ratio (NP) (%) 15.5321.1884.0637.8249.24
Dividend Payout Ratio (CP) (%) 14.3118.8766.0131.7835.18
Earning Retention Ratio (%) 84.4778.8215.9462.1850.76
Cash Earning Retention Ratio (%) 85.6981.1333.9968.2264.82
Interest Coverage Ratio (X) 62289.6741.7012.2215.0618.65
Interest Coverage Ratio (Post Tax) (X) 44150.0020.486.699.1611.98
Enterprise Value (Cr.) 69137.2029742.232915.499391.13666.59
EV / Net Operating Revenue (X) 21.5218.683.1512.641.33
EV / EBITDA (X) 37.0047.398.6828.163.47
MarketCap / Net Operating Revenue (X) 23.0921.386.3117.185.13
Retention Ratios (%) 84.4678.8115.9362.1750.75
Price / BV (X) 16.7710.312.164.811.03
Price / Net Operating Revenue (X) 23.0921.386.3117.185.13
EarningsYield 0.010.020.030.010.05

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

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 400001Contact not found
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 and is it undervalued?

As of 29 April 2026, BSE Ltd's intrinsic value is ₹1181.33, which is 65.72% lower than the current market price of ₹3,446.00, suggesting the stock is overvalued. This is calculated using the PE ratio method factoring in ROE (36.0 %), book value (₹128), dividend yield (0.17 %), and 5-year EPS CAGR.

What is the current share price and 52-week range of BSE Ltd?

BSE Ltd is trading at ₹3,446.00 as of 29 April 2026, with a FY2026-2027 high of ₹3,570 and low of ₹2,022. The stock is currently near its 52-week high. Market cap stands at ₹1,40,355 Cr..

How does BSE Ltd's P/E ratio compare to its industry?

BSE Ltd has a P/E ratio of 64.3, which is above the industry average of 43.75. The premium over industry average may reflect growth expectations or speculative interest.

Is BSE Ltd financially healthy?

Key indicators for BSE Ltd: ROCE of 46.6 % indicates efficient capital utilization; ROE of 36.0 % shows strong shareholder returns. Dividend yield is 0.17 %.

Is BSE Ltd profitable and how is the profit trend?

BSE Ltd reported a net profit of ₹1,322 Cr in Mar 2025 on revenue of ₹3,212 Cr. Compared to ₹245 Cr in Mar 2022, the net profit shows an improving trend.

Does BSE Ltd pay dividends?

BSE Ltd has a dividend yield of 0.17 % at the current price of ₹3,446.00. The company pays dividends, though the yield is modest.

Last Updated: April 25, 2026, 10:28 pm
Author: Getaka|Social: XLinkedIn
Stock Ticker - BSE: | NSE:
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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