BSE Ltd
Bombay Stock Exchange (BSE Ltd) is an Indian Stock Exchange located at Dalal Street in Mumbai. The Co. facilitates a market for trading in equity, currencies, debt instruments, derivatives, and mutual funds. [1]
- Market Cap ₹ 1,07,889 Cr.
- Current Price ₹ 2,649
- High / Low ₹ 3,030 / 1,227
- Stock P/E 60.0
- Book Value ₹ 128
- Dividend Yield 0.23 %
- ROCE 46.6 %
- ROE 36.0 %
- Face Value ₹ 2.00
Pros
- Company is almost debt free.
- Company is expected to give good quarter
- Company has delivered good profit growth of 65.4% CAGR over last 5 years
- Company has been maintaining a healthy dividend payout of 41.1%
Cons
- Stock is trading at 20.7 times its book value
* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 485 | 584 | 635 | 572 | 676 | 652 | 609 | 630 | 841 | 925 | 1,568 | 3,212 | 3,698 | |
| 240 | 293 | 392 | 381 | 401 | 434 | 482 | 429 | 489 | 609 | 857 | 1,336 | 1,616 | |
| Operating Profit | 245 | 290 | 243 | 190 | 274 | 219 | 127 | 202 | 352 | 316 | 711 | 1,876 | 2,083 |
| OPM % | 51% | 50% | 38% | 33% | 41% | 34% | 21% | 32% | 42% | 34% | 45% | 58% | 56% |
| -18 | -10 | 23 | 137 | 529 | 56 | 62 | 19 | 52 | 78 | 417 | 22 | 437 | |
| Interest | 0 | 1 | 0 | 1 | 1 | 1 | 2 | 10 | 28 | 37 | 39 | 32 | 0 |
| Depreciation | 32 | 59 | 54 | 50 | 45 | 51 | 51 | 58 | 48 | 60 | 95 | 113 | 119 |
| Profit before tax | 194 | 221 | 212 | 276 | 757 | 223 | 135 | 153 | 327 | 297 | 995 | 1,754 | 2,400 |
| Tax % | 18% | 20% | 17% | 4% | 7% | 10% | 11% | 7% | 25% | 31% | 22% | 25% | |
| 160 | 177 | 177 | 265 | 702 | 199 | 121 | 142 | 245 | 206 | 772 | 1,322 | 1,807 | |
| EPS in Rs | 1.45 | 1.66 | 1.38 | 4.57 | 14.22 | 4.27 | 3.02 | 3.58 | 6.27 | 5.43 | 19.17 | 32.65 | 44.59 |
| Dividend Payout % | 31% | 33% | 61% | 68% | 28% | 78% | 63% | 65% | 72% | 74% | 26% | 23% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | 19% |
| 5 Years: | 39% |
| 3 Years: | 56% |
| TTM: | 55% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | 22% |
| 5 Years: | 65% |
| 3 Years: | 70% |
| TTM: | 118% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | 107% |
| 3 Years: | 138% |
| 1 Year: | 41% |
| Return on Equity | |
|---|---|
| 10 Years: | 14% |
| 5 Years: | 18% |
| 3 Years: | 23% |
| Last Year: | 36% |
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 10 | 10 | 11 | 11 | 11 | 10 | 9 | 9 | 27 | 27 | 27 | 27 | 81 |
| Reserves | 2,366 | 2,450 | 2,512 | 2,652 | 3,070 | 2,918 | 2,416 | 2,498 | 2,627 | 2,674 | 3,275 | 4,397 | 5,129 |
| 2 | 4 | 1 | 3 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| 1,688 | 1,730 | 1,717 | 2,517 | 1,918 | 1,575 | 2,051 | 2,120 | 3,531 | 3,293 | 6,148 | 5,918 | 5,928 | |
| Total Liabilities | 4,066 | 4,195 | 4,240 | 5,183 | 4,998 | 4,504 | 4,476 | 4,627 | 6,185 | 5,994 | 9,450 | 10,342 | 11,138 |
| 190 | 251 | 241 | 249 | 207 | 204 | 190 | 184 | 161 | 252 | 285 | 300 | 416 | |
| CWIP | 34 | 4 | 3 | 6 | 7 | 18 | 22 | 4 | 10 | 2 | 15 | 54 | 214 |
| Investments | 2,186 | 2,276 | 2,115 | 1,996 | 2,442 | 2,380 | 2,132 | 1,844 | 1,968 | 1,453 | 2,390 | 2,845 | 3,827 |
| 1,656 | 1,664 | 1,882 | 2,931 | 2,342 | 1,902 | 2,132 | 2,595 | 4,046 | 4,286 | 6,761 | 7,142 | 6,682 | |
| Total Assets | 4,066 | 4,195 | 4,240 | 5,183 | 4,998 | 4,504 | 4,476 | 4,627 | 6,185 | 5,994 | 9,450 | 10,342 | 11,138 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 151 | -153 | -44 | 817 | -239 | -313 | 397 | -68 | 1,442 | -137 | 2,643 | 414 | |
| -21 | 371 | 164 | 95 | -236 | 347 | 470 | -190 | -980 | -111 | -871 | -758 | |
| -303 | -45 | -120 | -85 | 108 | -352 | -618 | -55 | 9 | -186 | -149 | -206 | |
| Net Cash Flow | -172 | 173 | -0 | 827 | -366 | -318 | 249 | -312 | 471 | -434 | 1,623 | -550 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 26 | 23 | 27 | 44 | 30 | 27 | 42 | 51 | 28 | 36 | 49 | 35 |
| Inventory Days | ||||||||||||
| Days Payable | ||||||||||||
| Cash Conversion Cycle | 26 | 23 | 27 | 44 | 30 | 27 | 42 | 51 | 28 | 36 | 49 | 35 |
| Working Capital Days | -1,002 | -772 | -660 | -1,181 | -791 | -605 | -889 | -792 | -1,148 | -846 | -1,107 | -452 |
| ROCE % | 10% | 10% | 10% | 10% | 25% | 8% | 5% | 8% | 15% | 12% | 23% | 47% |
Documents
Announcements
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Analysts/Institutional Investor Meet/Con. Call Updates
10 December 2025 - Analyst/investor meeting with Citi on Dec 16, 2025 (physical, Mumbai).
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General Updates
9 December 2025 - NSE Sustainability assigned BSE an ESG rating of 71 for FY2025 on Dec 9, 2025.
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Updates
9 December 2025 - BTPL divested entire stake in Ebix Insuretech via Share Purchase Agreement dated Dec 9, 2025.
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Analysts/Institutional Investor Meet/Con. Call Updates
9 December 2025 - One-on-one investor meeting with Janchor Partners on December 12, 2025 (physical, Mumbai).
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Analysts/Institutional Investor Meet/Con. Call Updates
26 November 2025 - BSE to attend Elara Capital investor conference, physical meeting in Singapore on December 2, 2025.
Annual reports
Concalls
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Nov 2025Transcript PPT REC
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Nov 2025TranscriptAI SummaryPPT
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Aug 2025Transcript PPT REC
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May 2025Transcript PPT REC
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Feb 2025Transcript PPT REC
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Nov 2024Transcript PPT REC
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Aug 2024Transcript PPT REC
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May 2024Transcript PPT
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Feb 2024Transcript PPT REC
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Nov 2023TranscriptPPT
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Nov 2023Transcript PPT REC
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Aug 2023Transcript PPT REC
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May 2023Transcript PPT
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May 2023TranscriptAI SummaryPPT
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Feb 2023TranscriptPPT
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Feb 2023Transcript PPT
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Nov 2022Transcript PPT
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Nov 2022TranscriptAI SummaryPPT
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Aug 2022Transcript PPT
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Aug 2022TranscriptAI SummaryPPT
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May 2022Transcript PPT
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May 2022TranscriptAI SummaryPPT
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Feb 2022Transcript PPT
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Feb 2022TranscriptAI SummaryPPT
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Nov 2021Transcript PPT
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Nov 2021TranscriptAI SummaryPPT
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Aug 2021TranscriptAI SummaryPPT
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Aug 2021TranscriptAI SummaryPPT
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Aug 2021TranscriptAI SummaryPPT
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Aug 2021TranscriptAI SummaryPPT
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May 2021TranscriptAI SummaryPPT
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Feb 2021TranscriptAI SummaryPPT
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Nov 2020TranscriptAI SummaryPPT
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Aug 2020TranscriptAI SummaryPPT
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May 2020TranscriptAI SummaryPPT
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Feb 2020TranscriptAI SummaryPPT
History
BSE, the first-ever stock exchange in Asia, was established in 1875. It is also the first in the country to be granted permanent recognition under the Securities Contract Regulation Act, 1956. It is the Fastest Stock Exchange in the world with a speed of 6 microseconds and is one of India's leading exchange groups. In 1986, the Co-developed the S&P BSE SENSEX index, giving the Co. a means to measure the overall performance of the exchange. In 2017, it became the first listed stock exchange in India. [1]