BSE
Mid CapBSE Limited
Financial Services
BSE Limited is India's oldest stock exchange, offering a diversified portfolio of financial services including equity, debt, and derivatives trading, mutual fund distribution (StAR MF), listing services, and index services. It also operates in international financial hubs through India INX.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Investable fundamentals, management trust is supportive, price trend is neutral, and recent execution is consistent.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Excellent · 95/100Rev +85% YoY · PAT +61% YoY · margin expansion · +26% QoQ
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,564 Cr | +84.7% | +25.7% |
| EBITDA | ₹1,041 Cr | +115.1% | +42.2% |
| Operating margin | 67.0% | +1000 bps | +800 bps |
| PAT | ₹795 Cr | +60.9% | +33.2% |
| PAT margin | 50.8% | -749 bps | +284 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
BSE reported robust FY26 consolidated results with Revenue from Operations up 63% YoY to Rs 48,340 Mn and Net Profit up 88% YoY to Rs 24,874 Mn. Q4 FY26 saw Revenue from Operations grow 26% QoQ and 85% YoY, while Net Profit increased 33% QoQ and 61% YoY.
BSE delivered strong financial performance in FY26 and Q4 FY26, primarily driven by significant growth in transaction charges from increased market activity in equity cash and derivatives. The StAR MF platform and listing services also showed positive contributions, indicating broad-based operational strength.
Consolidated Revenue by Source (FY26)
Latest issuer-disclosed distribution across 6 reported categories.
Increased Market Share
Focussed to increase market-share across all segments.
Growing Investor Base
Market is growing vastly in terms of number of registered investors and turnover.
Product Innovation
Focus on innovation and launch of unique products across segments.
StAR MF Platform Expansion
StAR MF Plus - a premium platform for distributors and advisors; supports Demat & Non-Demat transactions.
Equity Derivatives Expansion
BSE is expanding its monthly derivatives suite with the launch of derivatives on the BSE Focused IT Index on 11th May 2026.
ICCL Trade Capacity Scaling
Daily Trade capacity scaled: Equity: 2 Cr -> 10 Cr & Derivatives: 4 Cr -> 9 Cr.
BSE StAR NPS Launch
22nd April 2026 – Launch of BSE StAR NPS.
Increasing Household Incomes
Increasing disposable household incomes and preference for financial savings – an advantage.
Strong Intermediary Network
Strong network of intermediaries; Good network connectivity across country.
Regulatory Authorization for BISPL
Received authorization for Financial Benchmark Administration from RBI (for BISPL).
Competitive Landscape
Competitive landscape, stakeholders' preferences.
Regulatory Changes
New regulations and Government policies that may impact the businesses of BSE.
Market Volatility
Volatility in interest rates and in the securities market.
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Financial services companies benefit from both long-term structural growth (YoY) and short-term market momentum, utilization, and new product launches (QoQ). Both comparisons are crucial for assessing performance.
Registered Investors
248 Mn+ (FY26)
Market Capitalization of BSE Listed Companies
USD 4.5 Tn (FY26)
Equity Cash Average Daily Turnover (ADTV)
Rs. 79,500 Mn (FY26)
Equity Derivatives (EQD) Average Daily Turnover
Rs. 187 Tn (FY26)
Strategic Transition of BISPL
BISPL became a wholly owned subsidiary w.e.f 1st June 2024, leading to 100% increase in Revenue from core Index Operations.
Enhanced Risk Management
ICCL upgraded Real-Time Risk Management System for Equity & Derivatives, improving trades/second per member per client by 9x.
Pan-India Reach of StAR MF
BSE StAR Mutual Fund Platform has 83,280 distributors covering 721 cities/towns.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Equity Derivatives Average Daily Notional Turnover (ADNT) | Rs. 245 Tn (Q4 FY26) | Sustained growth in Average Daily Notional Turnover and new product adoption. |
| StAR MF Orders | 841 Mn (FY26) | Continued growth in mutual fund orders and value on the StAR MF platform. |
| Transaction Charges Revenue Growth | 114% YoY (Q4 FY26) | The growth rate of transaction charges as a proxy for market activity and BSE's market share. |
| Consolidated Net Profit Margin | 48% (FY26) | Trends in net profit margin, especially given the high operating leverage. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
60BullishSMA20 +41.9% / mo · near 52W high
Technical chart
BSEweekly · 3Y-14.9%Technical trend read
Mixed signalsSignals are conflicting — long-term trend unclear. RSI 60. Wait for confirmation.
- SMA20 rising (~29.5% over last month) — short-term momentum positive.
- RSI(14) at 60 — sideways, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 10% off 52W high · 98% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
UNDERVALUEDWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 8/9.
- Growth contributes 25/25 to the score.
- Quality contributes 20/20 to the score.
Main drags
- Fair-value margin of safety is negative at -97.6%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Balance sheet is weaker at 6/15; verify the latest quarterly trend.
Blended valuation: PE, EV/EBITDA, FCF yield, and balance-sheet checks
For this sector, IndiaPulse uses a blended lens rather than relying on a single valuation ratio.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: Claim history is still being built. It ranks around the 97th percentile of the scored universe and 99th percentile within Financial Services. No major sub-score weakness stands out.
High Trust Lite: Promoter pledge is zero. Key concern: OPM spread across recent quarters is 36%.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Financial Services: 99th pctile, median 62 · Mid: 88th pctile, median 76
65 documents indexed, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Healthy Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 0.2%.
- ▸8 years of positive FCF.
- ▸Debt/equity is 0.00.
Trust risks
- ▸OPM spread across recent quarters is 36%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 64.20
- P/B
- 23.88
- EV/EBITDA
- 49.27
- Market Cap
- 159531.00Cr
Profitability
- ROE
- 44.80%
- ROCE
- 58.00%
- ROA
- 18.50%
- Dividend Y
- 0.26%
Growth (CAGR)
- Revenue 5Y
- 50.00%
- EPS 5Y
- 68.00%
- Revenue 3Y
- 74.00%
- EPS 3Y
- 124.00%
Balance Sheet
- Debt/Equity
- 0.00
- Interest Coverage
- —
- Altman Z
- 7.98
- Book Value
- 164.00
Cash Flow
- FCF Yield
- 0.23%
- FCF Positive Y
- 8/5
- OCF
- 3104.00 Cr
- EPS TTM
- 61.31
Shareholding
- Promoter Hold
- —
- Promoter Pledge
- 0.00%
- Momentum 52W
- 78%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Financial Services — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.