Operates as India's stock exchange and capital markets platform, earning revenue primarily from trading transaction fees on its derivatives and cash segments, listing fees for new IPOs and SME issues, co-location services for trading members, and its mutual fund distribution platform. In FY26 it ranked #1 globally for IPO listings with 255 issues raising Rs 1.8 lakh crore, while Sensex index options premium turnover reached Rs 19,523 crore/day (up 118% YoY), placing it among the most actively traded index option contracts globally. Co-location revenue surged to Rs 171 crore from Rs 74 crore under a revised Throttle Charges Framework, with co-location racks expanded from 300 to 500. The BSE StAR MF mutual fund distribution platform processed 84 crore transactions in FY26, generating Rs 285 crore revenue with a peak of 8.2 crore monthly transactions in March 2026; the BSE Index Services arm added 50 new indices with Rs 2.7 lakh crore AUM. The platform serves over 25 crore investor accounts, 587 trading members (up from 446), and 520 FPIs (up from 100), with technology infrastructure at clearing arm ICCL handling 27,000 trades/sec/member versus 3,000 earlier. Costs are dominated by other operating expenses at 30.2% of revenue and employee costs at 6.2%, while depreciation runs at 3.3% and capex at 10.7% of revenue. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Derivatives trading fees, Cash equity trading fees, Listing and IPO fees, Co-location services, BSE StAR MF platform, Index services and market data. Asset-light exchange and data platform with high operating margins (~70% EBITDA) and no materials input
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 743 | 816 | 1,390 | 2,957 | 4,834 |
| EBITDA (ex other income) | 213 | 197 | 806 | 1,500 | 3,079 |
| margin % | 28.7 | 24.2 | 58.0 | 50.7 | 63.7 |
| Owners' profit | 254 | 221 | 778 | 1,326 | 2,497 |
| EPS, as reported (₹) | 18.51 | 16.06 | 29.91 | 96.55 | 60.61 |
| ROE % · ROCE % | — · — | 7.3 · 7.7 | 22.3 · 21.2 | 28.9 · 29.0 | 36.6 · 40.0 |
| Debt / equity (x) | — | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash from operations | 1,442 | (137) | 2,842 | 410 | 3,104 |
| Capex | (32) | (143) | (131) | (153) | (515) |
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 746 | 774 | 847 | 958 | 1,068 | 1,244 | 1,564 | 1,566 |
| Profit before tax | 432 | 268 | 643 | 685 | 719 | 777 | 1,053 | 1,144 |
| Net profit | 346 | 219 | 494 | 538 | 557 | 597 | 795 | 873 |
| EPS (₹) | 25.25 | 16.00 | 36.00 | 13.09 | 13.56 | 14.61 | 19.35 | 21.22 |
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| BSE LIMITED ◆ | 1,38,033 | 49.2 | 20.31 | 40.2 | 36.6 | 40.0 | 57.3 | 75.8 |
| MULTI COMMODITY EXCHANGE | 83,538 | 28.5 | 29.33 | 46.8 | 46.8 | 39.0 | 42.6 | 78.9 |
| INDIAN ENERGY EXC LTD | 10,146 | 20.0 | 7.43 | 15.5 | 36.1 | 44.2 | 14.1 | 111.4 |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 11 Sept 2026 · BSE schedules investor meeting with Abakkus Asset Manager | board shareholder meetings | low | — | — |
| 11 Sept 2026 · SEBI approves re-appointment of Jagannath Mukkavilli as Non-Independent Director | management changes | medium | — | — |
| 10 Sept 2026 · BSE acquires additional 2.21% stake in IIBH for Rs 9.28 cr via rights issue | strategic transactions | medium | — | — |
| 3 Sept 2026 · BSE to meet Polar Capital LLP on September 7, 2026 | board shareholder meetings | low | — | — |
| 1 Sept 2026 · BSE gets ESG rating of 69 from CRISIL for FY26 | business updates | medium | — | — |
| 26 Aug 2026 · BSE Limited schedules investor meeting with Tiger Pacific Capital on August 31 | board shareholder meetings | low | — | — |
| 26 Aug 2026 · BSE to attend Elara India Dialogue 2026 investor conference on Sept 2 | board shareholder meetings | low | — | — |
| 24 Aug 2026 · Reschedule of analyst/institutional investor meeting with Macquarie | board shareholder meetings | low | — | — |
| 19 Aug 2026 · BSE Limited schedules investor meetings with Macquarie and Shreya Capital | board shareholder meetings | low | — | — |
| 19 Aug 2026 · BSE shareholders approve FY2026 accounts, dividend and director reappointment | compliance | minimal | — | — |
| Where a broker report shows | This document shows | Why |
|---|---|---|
| Metric | Company | Group median | Rank | Better than |
|---|
| P/E (TTM) | 49.2 | 20.3 | 55 of 62 | 12% |
| P/B | 20.3 | 3.0 | 61 of 65 | 6% |
| ROCE | 40.0 | 16.0 | 4 of 33 | 91% |
| ROE | 36.6 | 11.4 | 4 of 65 | 95% |
| Debt / Equity | 0.0 | 0.0 | 1 of 65 | 33% |
| EBITDA margin | 75.8 | 45.7 | 12 of 64 | 83% |
| Revenue growth | 63.4 | 23.1 | 9 of 58 | 86% |
| Profit growth | 62.1 | 17.6 | 18 of 61 | 72% |
| Market cap | 138033 | 990 | 2 of 69 | 99% |
| A rating (BUY / ADD / REDUCE / SELL) |
| A state: the latest filed quarter and the measured reactions |
| an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.
