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BSE Ltd
NSE: BSE Financial Services Cap Markets 🔎 Screen
NIFTY 200 NIFTY 500 Midcap 50 Midcap 100 Midcap 150 Fin. Services +1 more
₹166,247 Cr
Market Cap
25.22
P/B
58.0%
ROCE
44.8%
ROE
0.00
D/E
44.8%
Fin. Margin
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📈 Price History
Ratio Health
Excellent
Good
Average
Poor
By Category
Shareholding
About

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.

✓ Strengths 5
  • Company is almost debt free.
  • Company is expected to give good quarter
  • Company has delivered good profit growth of 68.4% CAGR over last 5 years
  • Company has a good return on equity (ROE) track record: 3 Years ROE 35.5%
  • Company has been maintaining a healthy dividend payout of 22.0%
! Concerns

No concerns data yet.

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Strong beat: Revenue surged 85% YoY and transaction charges more than doubled on equity derivatives boom, but net margin contracted and listing/investment income slipped. quarter Investor Presentation One-Pager Mar 2026
Revenue
₹1,564 Cr
+85% YoY
EBITDA Margin (excl. core SGF)
68%
+1,100 bps YoY
PAT
₹796 Cr
+61% YoY
Equity Derivatives AD Premium T/O
₹28,921 Cr
+49% QoQ
What Went Right
  • Revenue from operations grew 85% YoY to ₹1,564 Cr, driven by record equity derivatives volumes.
  • Transaction charges jumped 114% YoY to ₹1,311 Cr, reflecting market share gains in derivatives.
  • Equity derivatives average daily premium turnover hit ₹28,921 Cr, up 49% sequentially.
  • Operating EBITDA margin (excl. core SGF) improved by 1,100 bps YoY to 68% despite higher regulatory costs.
  • Consolidated EPS for FY26 was ₹60.61, more than doubling from ₹27.00 in FY25.
What to Watch
  • Listing services revenue declined 5% YoY to ₹118.8 Cr in Q4, indicating slower new listings.
  • Treasury income on clearing & settlement funds fell 9% YoY to ₹40.3 Cr due to lower interest rates.
  • Investment income dropped 12% YoY to ₹61.7 Cr as market yields compressed.
  • Net profit margin (continuing ops) contracted 4pp YoY to 49%, as expenses (esp. regulatory contributions +91% YoY) grew faster than total income.
  • Contribution to core settlement guarantee fund turned positive (₹20.7 Cr) from a negative base a year ago, creating a cash outflow that pressured reported margins.
Investor Lens
BSE delivered exceptional top-line growth, powered by a relentless rally in equity derivatives trading – a clear validation of its post-relaunch strategy. However, the net margin dip reminds us that regulatory levies (up 91% YoY) and non-trading income softness can crimp flow-through. The new BSE Focused IT derivatives index (launching May 2026) could extend the momentum, but SEBI's recent tightening on derivative contract sizes and investor safeguards poses a volume headwind. Valuation at ~44x FY26 P/E leaves little room for error. Key watch items: sustainability of AD premium turnover above ₹25,000 Cr, market share vs NSE, and any further regulatory changes. Thesis remains intact near-term, but the risk-reward has narrowed.
From investor presentation · AI-generated analysis · Not investment advice
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📈 STRONG Revenue surges 85% YoY, profit up 61% – strong quarter.
Revenue
Revenue reached ₹1,564 Cr, surging 84.7% year-on-year and 25.7% sequentially. The growth was driven by higher trading volumes and listing fees on the exchange.
Profitability
Net profit for the quarter stood at ₹795 Cr, a 60.9% increase YoY. EPS rose to ₹19.58 from ₹12.17. Profitability was boosted by strong revenue growth and margin expansion.
Margins
Operating profit margin improved to 67% from 57% a year ago, a 10 percentage point gain. This was driven by operating leverage as revenue grew faster than costs.
Cash Flow
The quarterly report did not provide cash flow data. Therefore, cash flow quality cannot be assessed from the given numbers.
Balance Sheet
The company has zero borrowings and a debt-to-equity ratio of 0. Reserves stand at ₹6,591 Cr, indicating a robust equity base. Total assets are ₹13,446 Cr.
Key Risks
The stock trades at a high PE of 68x, making it vulnerable to earnings disappointments. Revenue is highly dependent on stock market activity and regulatory environment. Any slowdown in trading volumes could impact results.
Outlook
The company is likely to benefit from continued market activity and new listings. However, the high valuation leaves little margin for error.
Generated by AI · Mar 2026 results · Not investment advice
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Investment Risk:
Investing in securities, including equities and mutual funds, involves inherent risks, including the potential loss of principal. All investments are subject to market fluctuations, regulatory changes, and other risks that may affect their value. Past performance is not indicative of future results. This report is provided for informational and educational purposes only and should not be construed as investment advice under any circumstances.

No Investment Recommendation:
This report does not constitute, nor should it be interpreted as, an offer, solicitation, or recommendation to buy, sell, or hold any securities or financial products. Investors are strongly advised to conduct their own independent research and due diligence and to consult with a SEBI-registered investment adviser or other qualified financial professional before making any investment decisions, taking into account their individual financial situation, risk tolerance, and investment objectives.

Conflict of Interest Disclosure:
The author and/or analyst may currently hold or have previously held positions in the securities or financial instruments discussed in this report. Any such positions, if material, are disclosed to the best of the author's knowledge and are not intended to influence the objectivity or independence of the analysis. This research is produced independently and is not sponsored, endorsed, or commissioned by any company, institution, or third party.

Information Sources:
The analysis and opinions expressed herein are based on publicly available information, including but not limited to company filings with the BSE/NSE, annual reports, management commentary, investor presentations, data from the Reserve Bank of India (RBI), SEBI, industry publications, and other reliable financial data sources. Information is believed to be accurate as of the date of publication but may be subject to change without notice. Readers are encouraged to independently verify all information before acting upon it.

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