BSE Ltd

Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.

BSE Ltd trades at ₹3,582, in a confirmed uptrend and 160 weeks into that stage. That is +11.6% against its own 200-day average. It sits at 72% of a 52-week range of ₹2,043 to ₹4,194. On relative strength it is currently behind the NIFTY 500 on a trailing-13-week view (4 weeks and counting).

Today the stock is in a confirmed uptrend — week 160 of stage 2, confirmed. At ₹3,582 it trades +11.6% versus its 200-day average and sits at 72% of its 52-week range (₹2,043–₹4,194).

Against the market, two honest reads. Cumulative: over the last 9.5 years the stock moved +2,915% while the NIFTY 500 moved +206% — ahead of the index over the full window. Recent form: on a trailing-13-week view the stock is currently behind (4 weeks and counting; last ahead the week of 2026-06-25) — the ribbon below is that same metric, week by week.

What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.

→ The trend is one thing; the bill is another. Are you paying up for it? Next: the P/E sits at the 71st percentile of its own range.

Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.

BSE Ltd trades at 58.2× P/E, at the pricey end of its own range (71st percentile). Its long-run median P/E is 31.7×, measured across 9.5 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.

Today's P/E of 58.2× is at the pricey end of its own range (71st percentile), against a long-run median of 31.7× measured over 9.5 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

Why the multiple sits where it does: over the past year annual EPS moved +87.8% against a +46.3% price move — earnings outran the price, pushing the multiple DOWN its own range.

The price move, decomposed: over 5y, of the +93.4%/yr price move, ~+73.1%/yr came from earnings growth and ~+20.3 pp from the multiple (expanding). The split is the honest approximate (price return minus earnings growth); it makes the rally itself visible instead of hiding it behind the percentile.

Put together: the multiple is full against its own past, so the story rests on the earnings line underneath it, not the multiple.

The PEG ratio and its quarterly curve, which only the second data source carries, are not drawn on this page: its two data sources disagree by up to 39% on reported income across 14 comparable periods. A figure two sources cannot agree on is not drawn — the gap is a decision, not missing data.

→ Cheap or dear rides on the earnings. Are they actually growing? Next: the fundamental stage — where the business sits in its arc, and how growth has compounded.

Stage: Mixed Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).

BSE Ltd reads as mixed on its fundamental arc. Mixed — growth is normalizing off a hyper-growth base: revenue growth has eased from +108.3% at its peak to +59.5% but is still expanding, ROCE lifting at 58.0%. The read is built from 8 quarters across 4 curves, on partial evidence.

Why it matters: when the curves disagree, the per-curve reads above matter more than any single verdict.

Return readings here are annual, not quarterly — read as level and direction only; they can confirm the growth curves but never drive the stage on their own.

A partial read: at least one curve is short, or the returns curve is not the computed quarterly series — hold the stage word a little more loosely.

→ The stage names the trajectory. Next: the revenue line that produces it, quarter by quarter.

4-Factor Sector Score

78.9/100 — rank 1 of 3 in Exchanges · 76% evidence confidence

BSE Ltd scores 78.9 out of 100 against the 3 companies it is compared with in Exchanges, ranking 1. Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence.

The four contributions add to the total exactly: 32.1 + 22.5 + 8.1 + 16.2 = 78.9. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.

What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.

Revenue Revenue is the top line: everything the company billed its customers in the period.

BSE Ltd reported ₹1,564 Cr of revenue in the Mar 26 quarter, +84.7% year on year. That is the 11th straight quarter of year-on-year growth. Over 10 years it has compounded at 22.5% a year. The last full year, FY26, came in at ₹4,834 Cr. The last four reported quarters add to ₹4,834 Cr.

BSE Ltd reported ₹1,564 Cr of revenue in the Mar 26 quarter, +84.7% year on year. That is the 11th straight quarter of year-on-year growth. Over 10 years it has compounded at 22.5% a year. The last full year, FY26, came in at ₹4,834 Cr. The last four reported quarters add to ₹4,834 Cr.

FY26 revenue came in at ₹4,834 Cr (+50.5% on the year), capping 10 years at 22.5% compound. The latest quarter (Mar 26) printed ₹1,564 Cr, +84.7% year on year — the 11th consecutive quarter of year-over-year growth.

Pace check: the last four quarters averaged +59.3% growth against the decade's 22.5% — the current year is running faster than its own long-run rate.

Acceleration check: trailing-twelve-month revenue grew +59.5% over the last 4 quarters against +74.5%/yr over the last 8 — rolling over; TTM profit +88.0% vs +79.6%/yr — accelerating.

→ Revenue grew — did margins hold as it scaled? Next: 67.0% this quarter (+10.0 pp YoY).

Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.

BSE Ltd's operating margin is 67.0% in the Mar 26 quarter, +10.0 percentage points against the same quarter a year ago. That is the widest this company has ever printed on a full-year basis. Across 13 fiscal years the operating margin has ranged 21.0% to 64.0%. The current quarter is running above every full year in that window.

BSE Ltd's operating margin is 67.0% in the Mar 26 quarter, +10.0 percentage points against the same quarter a year ago. That is the widest this company has ever printed on a full-year basis. Across 13 fiscal years the operating margin has ranged 21.0% to 64.0%. The current quarter is running above every full year in that window.

The latest quarter's operating margin is 67.0%, +10.0 pp against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged 21.0%–64.0%, and FY26's 64.0% is the top of that band — a record year.

Why the margin moved: operating margin went +9.4 pp year on year while gross margin went +0.0 pp — the gain came mostly below the gross line: operating leverage, with costs spread over a bigger revenue base.

Worth repeating from the valuation section: cheap against its own history on record margins is not the same thing as cheap — a record margin flatters every ratio built on top of it.

→ Margins held — did that reach the bottom line? Next: profit +60.9% in the latest quarter.

Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.

BSE Ltd earned ₹795 Cr of net profit in the Mar 26 quarter, +60.9% year on year. It is the 7th consecutive quarter of growth. Full-year FY26 profit was ₹2,487 Cr. The 10-year compound rate is 30.2%. That is 50.8% of the quarter's revenue. The same quarter a year earlier earned ₹494 Cr.

BSE Ltd earned ₹795 Cr of net profit in the Mar 26 quarter, +60.9% year on year. It is the 7th consecutive quarter of growth. Full-year FY26 profit was ₹2,487 Cr. The 10-year compound rate is 30.2%. That is 50.8% of the quarter's revenue. The same quarter a year earlier earned ₹494 Cr.

Mar 26 profit was ₹795 Cr, +60.9% year on year — the 7th consecutive quarter of growth. On the full year, FY26 printed ₹2,487 Cr (+88.1%), and the 10-year compound rate is 30.2%.

Why profit moved: revenue contributed +84.7% and the margin +10.0 pp — the quarter was margin-led: most of the profit growth came from keeping more of each sale.

Pace comparison, last four quarters: profit +99.6% vs revenue +59.3%. Profit is growing faster than sales — fixed costs are being spread over a bigger base, and each extra rupee of revenue drops more to the bottom line.

→ Profit rose — but did the cash follow? Next: 134% of the last 3 years' profit arrived as cash.

Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.

Over the last 3 fiscal years 134% of BSE Ltd's reported profit arrived as operating cash — the cash follows the profit. In FY26 that was ₹3,104 Cr of operating cash against ₹2,487 Cr of profit. After ₹524 Cr of capital spending, ₹2,580 Cr was left as free cash.

FY26: operating cash of ₹3,104 Cr against reported profit of ₹2,487 Cr, leaving free cash of ₹2,580 Cr after ₹524 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 134% of profit.

Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.

Why conversion sits at 134%: the cash cycle held roughly steady between FY21 and FY26 — so conversion tracks profitability rather than the cycle.

Router verdict: the bigger cash user is investment — capital spending ran 2.3× depreciation over three years, so the next section's job is to check what that build-out is buying.

→ So follow the cash to where it goes. Next: ₹832 Cr of building over 3 years.

Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).

BSE Ltd's cash conversion cycle runs 42 days in FY26, down from 51 days in FY21. Capital spending ran ₹832 Cr over the last 3 years. At FY26 sales of ₹4,834 Cr each day of that cycle holds about ₹13.2 Cr, so roughly ₹556 Cr sits inside the business at any moment.

FY26: debtors at 42 days (an asset-light business — no inventory to speak of) — for a full cycle of 42 days, tighter than FY21's 51.

In money terms: at FY26 sales of ₹4,834 Cr, each day of the cycle holds about ₹13.2 Cr — so the 42-day loop keeps roughly ₹556 Cr sitting inside the business at any moment.

On the investment side: capital spending of ₹832 Cr over the last 3 fiscal years against ₹367 Cr of depreciation — the company is building well ahead of wear-and-tear. Capital work-in-progress stands at ₹33.0 Cr (FY26) — capacity paid for but not yet earning.

The synthesis: the cash is going into capacity, not disappearing into the cycle — the question becomes whether the new capacity earns.

→ Does all this activity actually earn its cost of capital? Next: ROCE is 58%.

Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.

BSE Ltd earns a ROCE of 58% in FY26. That is up from a trough of 5% in FY20. A return-on-invested-capital spread against the cost of capital is not computable from what is held here. The wiring behind it is 51.4% net margin on 0.36× asset turns.

FY26 ROCE is 58%, recovered from a FY20 trough of 5% — the full ladder below shows the fall and the climb, undoctored.

Why the return is what it is — the wiring (FY26): 51.4% net margin × 0.36× asset turns × 2.01× balance-sheet leverage ≈ 37.2% on equity. Margin is doing the heavy lifting; leverage is a meaningful part of the equation.

The quarterly return curves and the return-on-invested-capital overlay, which only the second data source carries, are not drawn on this page: its two data sources disagree by up to 39% on reported income across 14 comparable periods. A figure two sources cannot agree on is not drawn — the gap is a decision, not missing data.

→ Returns like these — is the balance sheet borrowing to make them? Next: debt-to-equity is 0.00.

Debt Debt-to-equity says how much of the business is funded by borrowings; interest cover says how many times operating profit pays the interest bill. Low and high, respectively, is the safe corner.

BSE Ltd carries ₹0.0 Cr of borrowings against ₹6,673 Cr of equity in FY26, a debt-to-equity of 0.00. Over 5 years borrowings went from ₹0.0 Cr to ₹0.0 Cr. Capital spending ran ₹832 Cr across the last 3 of those years.

FY26: borrowings of ₹0.0 Cr against equity of ₹6,673 Cr — a debt-to-equity of 0.00. Over 5 years borrowings went from ₹0.0 Cr to ₹0.0 Cr while capital spending ran ₹832 Cr in just the last 3 — the build-out is being paid for out of cash, not debt.

The total-debt and debt-to-equity series, which only the second data source carries, are not drawn on this page: its two data sources disagree by up to 39% on reported income across 14 comparable periods. A figure two sources cannot agree on is not drawn — the gap is a decision, not missing data.

→ Who owns this, and are they adding or leaving? Next: Domestic institutions added 12.5 points over 8 quarters.

Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.

Domestic institutions added 12.5 points of BSE Ltd over 8 quarters, the biggest move on the register. That takes domestic institutions to 24.1% of the company. Foreign institutions moved +10.2 points over the same window, to 21.3%. The register is read on the four disclosed classes only; nothing is inferred between filings.

The register over the last two years — Domestic institutions: +12.5 points over 8 quarters to 24.1%; Foreign institutions: +10.2 points over 8 quarters to 21.3%.

Why the register moved: domestic institutions drove it (+12.5 points), alongside foreign institutions (+10.2 points) — steady accumulation by institutions reading the same numbers this page reads.

→ One last check: does the safety math agree? Next: the balance-sheet safety line.

Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.

BSE Ltd: the Z-score is withheld — it comes from the second data source this page could not reconcile, and a solvency score is not worth printing on a number two sources dispute. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure.

The safety line in one sentence: the Z-score is withheld — it comes from the second data source this page could not reconcile, and a solvency score is not worth printing on a number two sources dispute.

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