In Week of Mar 28, 2026, BSE Ltd (Exchanges) is outperforming Nifty 500 with +16.5% relative strength. Fundamentals: Average.
Weekly presence in the outperformers list. Green = beating Nifty 500 by 10%+ that week.
Based on Q3 FY26 earnings • Updated Mar 14, 2026
What: Transition to Thursday expiry cycle driving 30% sequential revenue growth
Impact: +₹686 Cr revenue
“We have observed a pronounced expansion in open interest, deeper market participation and the broadening of the contracts liquidity profile.”
What: Real-time risk management system upgrade enabling 9x higher trade capacity
“This is enabled by major tech upgrades including re-engineering of our realtime risk management system and scaling trades per second per member from 3,000 to 27,000.”
What: Expansion into fixed income market with two new debt indices
“Additionally, the company has obtained RBI approval for two debt indices, expanding our product suite beyond equities.”
Earnings deceleration risks from management commentary
Trigger: STT increase
Management view: I think you are primarily referring to the ST increase. The other part of it is of course with regard to the buyback the capital gains tax.
Monitor: STT policy changes
Trigger: Increased competition
Management view: We are very confident that wisdom will prevail and the market will be ready to embrace competitiveness with open mind so that the market participants get the benefit of best price execution and become exchange agnostic.
Monitor: Market share metrics
Key quotes from recent conference calls
“Transaction charges comprising revenues from the equity cash, equity derivatives, mutual fund and clearing of segments have registered a substantial increase of 86%, rising to rupees 953 crores from rupees 511 crores reflecting robust growth in core trading and settlement related activities. — Management”
“The operating bit app including contribution to core SGF has more than tripled to rupees 732 crores as compared to rupees 236 crores with margin expanding to 59% from 39%. — Management”
“It will be deepening and broadening market, enhancing customer delight and in the process help in the capital formation for the economy. All our product introductions will be keeping in mind these broad strategic objectives. — Management”
“We are very confident I'm sure when we pursue these objectives profit is a natural corollary that will be happening. — Management”
Forward-looking targets from management for 2-4 quarters
Key Milestones
• Debt indices rollout
• Technology infrastructure scaling
• Market share expansion
Revenue, profit and margin growth rates
| Metric | YoY | 3Y CAGR | Trend |
|---|---|---|---|
| Revenue | +62% | +56% | Stable |
| PAT (Net Profit) | +173% | +75% | Stable |
| OPM | 59.0% | +2800 bps | Volatile |
The above analysis is parsed from publicly available earnings call transcripts. This is educational research only — not investment advice. Last updated Mar 14, 2026.
Based on publicly available financial data. This is educational research, not investment advice.
BSE Ltd's latest quarterly results (Dec 2025) show
BSE Ltd's profit is growing with an stable trend.
BSE Ltd's revenue growth trend is stable.
BSE Ltd's operating margin is volatile.
BSE Ltd's long-term compounding rates
BSE Ltd's earnings growth is stable with positive momentum on a sequential basis.
BSE Ltd's trailing twelve month (TTM) performance
BSE Ltd appears significantly undervalued based on our fair value analysis.
BSE Ltd's current PE ratio is 51.9x.
BSE Ltd's current PE is 51.9x.
BSE Ltd's price-to-book ratio is 21.7x.
BSE Ltd is rated Average with a fundamental score of 57.44/100. This score is calculated from objective financial metrics
BSE Ltd has a debt-to-equity ratio of N/A.
BSE Ltd's return ratios over recent years
BSE Ltd's operating cash flow is positive (FY2025).
BSE Ltd's current dividend yield is 0.22%.
BSE Ltd's shareholding pattern (Dec 2025)
BSE Ltd's promoter holding is 0.0%.
BSE Ltd has been outperforming Nifty 500 for 3 consecutive weeks, indicating early-stage outperformance.
BSE Ltd is a re-entry — it briefly dropped off the outperformance list but has now returned. Re-entries can signal renewed strength.
BSE Ltd has 3 key growth catalysts identified from recent earnings analysis
BSE Ltd has 2 key risks worth monitoring
In Q3 FY26, BSE Ltd's management highlighted
BSE Ltd's management has provided the following forward guidance for 2-4 quarters
Based on quantitative research signals, here is why BSE Ltd may be worth studying
BSE Ltd investment thesis summary:
BSE Ltd's forward outlook based on current data signals
The above FAQs are generated from publicly available earnings data and conference call transcripts. This is educational research only. Sector Alpha is not SEBI registered and does not provide investment advice.
