BSE Limited (BSE) Fair Value & Analysis
Financial Services · IN · Market cap ₹1.5T (≈ $16.2B) · ISIN INE118H01025
What is BSE Limited really worth?
A solid business, but trading 327% above our fair value of ₹799.27.
Strengths
Risks
For context
Fair value as of: Aug 21, 2026
From 13 valuation models · updated 15 days ago
Share price −3.5% over the past month.
What runs behind every stock
69 individual criteria per stock, every one traceable See the method →
What matters now
- A high-quality business (quality 74/100), yet the market already pays well above fair value. Quality at a full price, with little margin of safety.
- The price sits above even our optimistic bull case (₹3,177). The favourable scenario is already priced in.
- The model range is unusually wide (₹599.45 to ₹3,177). The outcome hinges heavily on assumptions, so read the point estimate with caution.
- For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 21, 2026.
How to read this chart
60‑month range ₹82.79 – ₹4,392 · fair‑value band ₹599.45 – ₹3,177 · the ₹3,410 price screens above the ₹799.27 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 21, 2026.
Analysis
BSE Limited (BSE) currently trades at ₹3,410, while our model-based Fair Value estimate is ₹799.27, implying the stock looks roughly 326.6% overvalued today. The Quality Score stands at 74/100 (solid quality), in the Financial Services sector. Bull case: the Earnings-Based group reads highest at a median of ₹2,152 per share, and 0 of the 13 models we run sit above the ₹3,410 price. Bear case: the Asset-Based group reads lowest at ₹110.09, and 13 of the 13 models stay below the price. Evidence for this calculation is high.
Over the trailing twelve months, BSE Limited generated revenue of ₹51.2B at a net margin of 48.7%. Revenue grew 105.1% year over year. It earns a return on equity of 36.0%. The balance sheet holds a net cash position of ₹51.7B. Fundamentals as of Aug 21, 2026
Our scenario range runs from ₹599.45 (bear case) to ₹3,177 (bull case); at ₹3,410, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 23% below its 52-week high and 69% above its 52-week low, currently above its 200-day average. For context, the median of 10 Financial Services peers we cover trades at −55% fair-value upside, at −77%, BSE screens richer than that median.
Fair Value models
This estimate rests on fiscal year 2026 figures, and about 5 months have passed since. In that time the company retained roughly ₹21.57 per share, which is 2.7 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.
All 13 models by family
Widest divergence: Earnings-Based (₹2,152) versus Asset-Based (₹110.09). Highest evidence: Growth DCF (72).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Aug 21, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 73 · Market factors (momentum, volatility) 68
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.
About the company
BSE Limited, together with its subsidiaries, provides a platform for trading in equities, currencies, capital-raising, debt instruments, derivatives, mutual funds, and other securities in India and internationally. It offers securities, data dissemination, index, repository, and depository services.
Full company description
BSE Limited, together with its subsidiaries, provides a platform for trading in equities, currencies, capital-raising, debt instruments, derivatives, mutual funds, and other securities in India and internationally. It offers securities, data dissemination, index, repository, and depository services. The company also provides clearing and settlement, IT support, training, exchange related, and investment services, as well as engages in the corporate social responsibility activities. In addition, it undertakes administration and supervision of SEBI registered investment advisers; and operates a platform for trading in equities of small-and-medium enterprises, as well as offers insurance broking services; and electronic platform for agricultural commodity. The company was formerly known as Bombay Stock Exchange Limited and changed its name to BSE Limited in July 2011. BSE Limited was founded in 1875 and is based in Mumbai, India.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2022 – FY2026 · reported fiscal years
BSE Limited reported revenue of ₹51.5B in FY2026 versus ₹7.4B in FY2022, a compound +62.2%/yr. Reported net income was ₹25.0B in FY2026, compounding +77.0%/yr from FY2022. FY2022 was a trough year, so the rate overstates the trend.
of which total revenue +27.6 % · buybacks/dilution −7.6 %
Annual growth per factor. These are factors, not summands: multiplied they give the EPS growth rate, added they do not quite. Start and end points are 3-year averages (details on hover).
BSE screens 327% overvalued. Compare with S&P Global Inc →
Peer Group
Financial Data & Stock Exchanges · 53 stocks
How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.
Valuation Multiples vs Financial Data & Stock Exchanges median · lower = cheaper
Strength profile in five axes (Snowflake)
Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.
VALUE 0: the price sits above our fair-value range.
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
Similar stocks
10 more Financial Data & Stock Exchanges stocks, each showing price versus our Fair Value estimate (as of Aug 21, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| S&P Global Inc SPGI | $435.39 | $196.36 | −55% |
| CME Group CME | $285.80 | $145.51 | −49% |
| Moody's Corporation MCO | $514.95 | $192.63 | −63% |
| Intercontinental Exchange, Inc ICE | $162.33 | $75.95 | −53% |
| Hong Kong Exchanges and Clearing Limited 80388 | HK$360.20 | HK$280.07 | −22% |
| Deutsche Börse AG DB1 | €291.20 | €142.42 | −51% |
| Nasdaq, Inc NDAQ | $99.35 | $41.12 | −59% |
| MSCI Inc MSCI | $570.76 | $214.91 | −62% |
| Coinbase Global, Inc COIN | $190.72 | $73.66 | −61% |
| Cboe Global Markets, Inc CBOE | $310.45 | $136.64 | −56% |
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