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Model Note · BSE LIMITED · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
BSE LIMITED Discounted cash flow · base FY26
BSE LIMITED
Value per share, this model₹2,381
CMP 2026-09-10₹3,384.00
Difference(29.6)%
Growth the CMP implies40.5%/yr
This note states the assumptions and the arithmetic of one model of BSE LIMITED, built on its filed FY26 consolidated statements. The value is the outcome of the assumptions below and nothing else; it is not a fair value, a target or a recommendation.
Assumptions
Input
This model
Filed reference
Revenue growth, 5 years
30% a year
FY26 63.5% · 5-yr CAGR 57.3%
EBITDA margin
63.7%
FY26 63.7% · 5-yr average 45.1%
Depreciation · capex, % of revenue
3.3% · 10.7%, fading to 1.2× depreciation
FY26 3.3% · 10.7%
Working capital, % of added revenue · tax
8.7% · 25.5%
32 working-capital days · effective 25.5%
Discount rate
11.00%
1-yr beta 1.44
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(1,672) · ₹0 · ₹0 cr
FY26 net debt ₹(1,672) cr
Shares
40.79 crore
40.79 crore today
Source: SEBI results XBRL as filed with BSE/NSE, exchange prices; the reader's assumptions.
Projected cash flow to the firm
₹ crore
FY26
FY27
FY28
FY29
FY30
FY31
Revenue
4,834
6,284
8,169
10,620
13,806
17,948
growth %
63.5
30.0
30.0
30.0
30.0
30.0
EBITDA
3,079
4,003
5,204
6,765
8,795
11,433
Depreciation
(159)
(207)
(270)
(350)
(456)
(592)
NOPAT
2,175
2,828
3,676
4,779
6,213
8,076
less capex
(515)
(672)
(736)
(778)
(779)
(711)
less working-capital build
—
(126)
(164)
(213)
(277)
(360)
Free cash flow to firm
—
2,237
3,045
4,138
5,612
7,597
Present value
2,123
2,604
3,187
3,895
4,750
Source: the model; base year as filed.
Every figure is the reader's model over filed numbers · No rating, target or fair value is expressedmarketping.in
Model Note · BSE LIMITED · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
16,559
PV of the terminal value (83% of EV)
78,903
Enterprise value
95,462
less net debt
1,672
less non-controlling interest
0
add non-operating investments
0
Equity value
97,134
÷ 40.79 crore shares
₹2,381
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
2,462
2,655
2,886
3,169
3,523
10.5%
2,261
2,421
2,611
2,838
3,115
11.0%
2,089
2,224
2,381
2,567
2,790
11.5%
1,940
2,055
2,188
2,342
2,525
12.0%
1,811
1,909
2,022
2,152
2,304
Source: the model; n/a where terminal growth reaches the discount rate.
Statement
This note is the reader's own model over publicly filed information: SEBI results XBRL filed with BSE and NSE and exchange price data, assembled by MarketPing software; every assumption above is the reader's. It contains no research recommendation, no price target and no opinion by MarketPing 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). Historical per-share figures are on the current share count. Where a figure is unavailable the table shows a dash rather than an estimate. Nothing here constitutes investment advice, an offer or a solicitation.
Every figure is the reader's model over filed numbers · No rating, target or fair value is expressedmarketping.in
