BSE Ltd (BSE) — share price & stock analysis

Market cap

₹1,60,643 Cr

P/E

64.6×

ROE

44.8%

vs own 10-yr valuation

79th pctile

Book value / share

₹164

EPS (TTM)

₹61.0

10-yr median P/E

32.9×

Revenue (FY26)

₹4,834 Cr

Profit after tax (FY26)

₹2,487 Cr

Weinstein stage

Stage 2 (158 weeks)

Data as of

1 July 2026

5 of the 5 things we track are currently moving the right way — nearly everything is pulling in the same direction.

Where the levels actually stand: ROCE 58% — a high-quality engine; effectively no debt; margins at an all-time high. Momentum says which way things are moving; these say where they are.

Read this number for what it is: it measures the DIRECTION of change, not the quality of the business. A mediocre business getting better scores high here; a great one having a soft quarter scores low. Profit, sales and margins count double, and a quarter of the score comes from our earnings-recovery lens (is the profit cycle turning up off its trough?).

The market has pre-paid for growth that hasn’t arrived yet

Since Jul 2017, the stock is up 3,214% while earnings per share grew 328%. The difference is re-rating — investors paying more for the same rupee of profit.pricettm_eps

That works until it doesn’t: from here, earnings have to do the lifting, because the multiple has already done its part.

Today’s P/E of 64.6× means the market is paying up — this is the expensive end of its own 10-year history (79th percentile).pe_ratio

Price is the weekly close (₹). EPS is trailing-twelve-month profit per share, anchored on Screener's own snapshots (the window starts at the first stable snapshot — earlier IPO-era share-count revisions are excluded, since they are not earnings events); between snapshots it is filled from price ÷ P/E (an exact identity), and any fill straying more than 18% from the neighbouring snapshots is dropped rather than shown. The lower panel is the P/E — what the market pays per rupee of profit; the dotted line is its long-run median (32.9×).

An uptrend that has held for 158 weeks

Every stock cycles through the same four seasons — a flat base (stage 1), an advance (2), a top (3), a decline (4). Right now this one is in Stage 2: advancing, 158 weeks in, confirmed.stage

The price sits above its rising 200-day average (₹3,139 today) — trends like this persist more often than they reverse, which is why the system rides them instead of guessing the top.dma_200

Beating NIFTY 500 for 45 weeks — relative strength is the market’s live opinion, and right now it is on this stock’s side.rs_mansfield

What would end it: two Friday closes in a row below the 200-day line. That is the house exit rule — mechanical, no debates.dma_200

Profits are at an all-time high

Over 12 years, sales went from ₹485 Cr to ₹4,834 Cr (about 21% a year), and profit from ₹160 Cr to ₹2,487 Cr.revenuenet_profit

Margins widened 13.2 points along the way — growth with improving economics.operating_profit

Sales exploded 85% last quarter — growth every single quarter for over 2 years

Mar 26 sales were ₹1,564 Cr, up 85% on the same quarter last year.revenue

That makes 11 quarters of growth in a row — this is a trend, not a blip.revenue

Margins are widening — 57% → 67% in a year

Of every ₹100 of sales, the company keeps ₹66.6 as operating profit (a year ago it kept ₹57.2).opm_pct

Zoom out and this is the page's quiet hero: annual operating margin bottomed at 32.1% in FY21 and has been rebuilt to 63.7% — that recovery, not sales alone, is what powers the profit growth elsewhere on this page.operating_profit

The gross margin barely moved (100% → 100%), so the change came from running costs — the business is getting more efficient as it scales.gpm_pctopm_pct

Profit exploded 61% — mostly from selling more

Mar 26 profit after tax was ₹795 Cr, up 61% year on year.net_profit

The profits are real — they turn into cash

Over the last 5 profitable years, the business reported ₹5,032 Cr of profit and collected ₹7,466 Cr of operating cash — about 148% conversion.operating_cash_flownet_profit

When cash tracks profit this closely, the earnings need no asterisk.

The cash cycle is stable

One rupee now takes about 42 days to go out the door as materials and come back as collected cash — up from 35 days the year before.cash_conversion_cycle

The biggest mover: customers taking longer to pay (35 → 42 days).debtor_days

The asset base keeps compounding — this company builds

The productive asset base has gone from ₹190 Cr (FY14) to ₹686 Cr, with another ₹33.0 Cr of capacity under construction right now.fixed_assetscwip

The build is self-funded: the last 3 years' investing outflow (₹4,369 Cr) fits inside the operating cash the business generated (₹6,161 Cr).investing_cash_flowoperating_cash_flow

Almost no debt — this company cannot be killed by a bad year

For every ₹100 shareholders have put in (and left in), the company has borrowed ₹0 — total borrowings have shrunk from ₹2.0 Cr to ₹0.0 Cr over the window.borrowings

Every ₹100 kept in the business now earns ₹58 — and the number is rising

Return on capital employed is 58.0% (a year ago: 47.0%). This is the single best test of business quality: what the company earns on the money it keeps.roce_pct

Rising returns on capital while growing is the rarest combination in investing — it means the new projects earn more than the old ones.roce_pct

The numbers earn a deeper study — and watch the one thing that matters

The numbers lean positive, and the price already assumes the good news continues.

Best thing in the data: cash generation rising (₹414 Cr → ₹3,104 Cr).operating_cash_flow

One dissent worth hearing: our valuation lens reads negative — “its fair-value math says the price sits about 25% above what the numbers justify”. When a lens disagrees with the committee, it is usually pointing at the thing that breaks first.

Machine-written research from Screener data — every number traces to its source column. Sector Alpha is not a SEBI-registered investment adviser; nothing here is a recommendation to buy or sell. Not investment advice.

Straight answers from the data