# Bse (BSE.NSE)

Canonical: https://gigainvestors.com/s/BSE.NSE

Analysis as of: 2026-10-16T07:33:23.213Z. Financial observations: FY2015–FY2026.

Listing currency: INR. Reporting currency: INR.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: INR 3,428.00 per share; close as of 2026-10-15.

Estimated value: low INR 716.65 per share, central INR 947.47 per share, high INR 1,065.05 per share. Buy at or below the central value INR 947.47 per share. Valuation as of 2026-10-16T07:33:23.213Z; scenarios are not confidence intervals.

Expected annual return: 5.2% at the stated quote. About 5.2% a year at today's price (required return 11.4%). required return 11.4% a year (IN 10-year bond 7.4% + 4 points).

## Checklist

### understandable: fail

- 3 revenue declines in the last 10 years (informational)

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 3

- Years with a net loss: 0

- Operating margin variation: 0.43×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.24×

- FY2018: 0.34×

- FY2019: 0.26×

- FY2020: 0.12×

- FY2021: 0.23×

- FY2022: 0.36×

- FY2023: 0.28×

- FY2024: 0.39×

- FY2025: 0.55×

- FY2026: 0.65×

### moat: fail

- The return floor includes all equity, debt and leases without deducting cash or goodwill. Only a floor above the hurdle establishes a pass.

- Years with nonpositive invested capital use equity plus debt and leases; positive earnings with no positive capital are shown above 100%.

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 14.6%

- ROIC, second-lowest year: 8.6%

- Conservative return floor, median: 6.7%

- Conservative return floor, second lowest: 5.0%

- Years with nonpositive capital: 4

- Capital spending / revenue: 8.8%

- ROIC including acquisitions, ten-year median: 44.9%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2022: 8.6%

- FY2023: 6.5%

- FY2024: 14.6%

- FY2025: 29.9%

- FY2026: >100%

### economics: pass

- Owner earnings / net income, 5-yr: 0.99×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: INR 50B

- Net income, five-year total: INR 51B

- Working capital / revenue, final three-year average: 5.0%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2022: 1.06×

- FY2023: 0.73×

- FY2024: 1.00×

- FY2025: 1.00×

- FY2026: 0.99×

### management: pass

- Historical market-dollar context (not the management verdict): 2017 to 2026 (9 years)

- buybacks unrelated to price (informational)

- Per-share earnings: 4.57 to 32.18 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -8.1%

- Ordinary dilution, 5-year annual growth: 0.8%

- Market cap gain: INR 1.05T

- Cumulative retained earnings: INR 46B

- Diluted shares, 10-year annual growth: -8.1%

- Diluted shares, 5-year annual growth: 0.8%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2026

- Per-share value growth: 27.6%

- Per-share value change: INR 27.61

- Per-share value, starting three-year median: INR 4.57

- Per-share value, ending three-year median: INR 32.18

- Buybacks concentrated in cheaper years (correlation): -0.40

- Average buyback yield: 6.3%

- Buyback history: 4 years

- Debt-funded buybacks: No

- Cumulative net income, 10 years: INR 65B

- ROIC, last three-year median: 29.9%

Chart: Earnings per share; fiscal year observations.

- FY2017: INR 4.57

- FY2018: INR 14.49

- FY2019: INR 4.19

- FY2020: INR 2.73

- FY2021: INR 3.67

- FY2022: INR 6.17

- FY2023: INR 5.35

- FY2024: INR 18.89

- FY2025: INR 32.18

- FY2026: INR 60.61

### accounting: pass

- Sloan accruals: -4.5%

- Receivables to sales index (DSRI): 1.20×

- Restructuring years, last five: 1

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.24×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.01×

Chart: Sloan accruals; fiscal year observations.

- FY2017: -11.5%

- FY2018: 18.6%

- FY2019: 11.4%

- FY2020: -6.1%

- FY2021: 4.6%

- FY2022: -19.2%

- FY2023: 6.0%

- FY2024: -19.7%

- FY2025: 8.8%

- FY2026: -4.5%

## Holders

## Price story

Price needs cash profits to grow 24.9% a year for ten years · sales +59.5%

Story as of 2026-10-16T09:59:55.877Z; price observation 2026-10-15.

Price needs cash profits to grow 24.9% a year for ten years

### Sales · FY2025–2026

sales +59.5%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: INR 5.7B 

- FY2018: INR 6.8B 

- FY2019: INR 6.5B 

- FY2020: INR 6.1B 

- FY2021: INR 6.3B 

- FY2022: INR 8.4B 

- FY2023: INR 9.3B 

- FY2024: INR 16B 

- FY2025: INR 32B 

- FY2026: INR 51B 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in exchange and data platform; annual sales are INR 51.2 billion.

- Source: https://www.screener.in/company/BSE/consolidated/ (filed 2026-10-16T07:33:23.213Z); FY2026: revenue 51240000000; operatingIncome 33210000000; margin = operatingIncome / revenue.

### Why customers stay

Margins ranged from 39.3% to 64.8% during 2024–26; it earns 14.6% on its capital.

- Source: https://www.screener.in/company/BSE/consolidated/ (filed 2026-10-16T07:33:23.213Z); FY2024: operatingIncome / revenue = 39.3%.

- Source: https://www.screener.in/company/BSE/consolidated/ (filed 2026-10-16T07:33:23.213Z); FY2025: operatingIncome / revenue = 54.9%.

- Source: https://www.screener.in/company/BSE/consolidated/ (filed 2026-10-16T07:33:23.213Z); FY2026: operatingIncome / revenue = 64.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:23.213Z); 10-year return on capital observations [[2022,0.08590806330067823],[2023,0.0653980007404665],[2024,0.14551181102362204],[2025,0.29888110307414106],[2026,1.7038225274650103]]; median 0.14551181102362204. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Reinvests 13.4% of cash earnings; paid dividends in 10 of 10 years.

- Source: https://www.screener.in/company/BSE/consolidated/ (filed 2026-10-16T07:33:23.213Z); FY2017: growth capex 0; upkeep 590000000; owner earnings 2120000000. Growth capex / owner earnings = 0.

- Source: https://www.screener.in/company/BSE/consolidated/ (filed 2026-10-16T07:33:23.213Z); FY2018: growth capex 180000000; upkeep 450000000; owner earnings 6890000000. Growth capex / owner earnings = 0.026124818577648767.

- Source: https://www.screener.in/company/BSE/consolidated/ (filed 2026-10-16T07:33:23.213Z); FY2019: growth capex 0; upkeep 620000000; owner earnings 1880000000. Growth capex / owner earnings = 0.

- Source: https://www.screener.in/company/BSE/consolidated/ (filed 2026-10-16T07:33:23.213Z); FY2020: growth capex 0; upkeep 380000000; owner earnings 1350000000. Growth capex / owner earnings = 0.

- Source: https://www.screener.in/company/BSE/consolidated/ (filed 2026-10-16T07:33:23.213Z); FY2021: growth capex 0; upkeep 380000000; owner earnings 1650000000. Growth capex / owner earnings = 0.

- Source: https://www.screener.in/company/BSE/consolidated/ (filed 2026-10-16T07:33:23.213Z); FY2022: growth capex 0; upkeep 320000000; cash acquisitions 0; owner earnings 2700000000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://www.screener.in/company/BSE/consolidated/ (filed 2026-10-16T07:33:23.213Z); FY2023: growth capex 231975237.84400225; upkeep 1198024762.1559978; cash acquisitions 0; owner earnings 1611975237.8440022. Growth capex plus acquisitions / owner earnings = 0.1439074449768015.

- Source: https://www.screener.in/company/BSE/consolidated/ (filed 2026-10-16T07:33:23.213Z); FY2024: growth capex 360000000; upkeep 950000000; cash acquisitions 0; owner earnings 7780000000. Growth capex plus acquisitions / owner earnings = 0.04627249357326478.

- Source: https://www.screener.in/company/BSE/consolidated/ (filed 2026-10-16T07:33:23.213Z); FY2025: growth capex 400000000; upkeep 1130000000; cash acquisitions 0; owner earnings 13260000000. Growth capex plus acquisitions / owner earnings = 0.030165912518853696.

- Source: https://www.screener.in/company/BSE/consolidated/ (filed 2026-10-16T07:33:23.213Z); FY2026: growth capex 3305174558.6938906; upkeep 1844825441.3061094; cash acquisitions 0; owner earnings 24715174558.69389. Growth capex plus acquisitions / owner earnings = 0.1337305771741455.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:23.213Z); Dividend observations: [[2017,540000000],[2018,1840000000],[2019,2280000000],[2020,1580000000],[2021,780000000],[2022,960000000],[2023,1860000000],[2024,1650000000],[2025,2060000000],[2026,3160000000]]. Zero only counted when supported by a complete cash-flow statement.

### What the price says

The price assumes cash profits grow 24.9% yearly over ten years; actual growth was 45.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:23.213Z); Ten-year compound average after fade. Initial solved rate 0.35153270275038817. Price 3428; FX 1; discount 0.11391000000000001; same standard ten-year fade to terminal 0.03. FY2016 owner earnings/share 1.38 → FY2026 59.99145895083847. Closing-price date 2026-10-15.

## Monthly share-price history (INR per share)

- 2017-03: INR 108.63 per share

- 2017-04: INR 111.61 per share

- 2017-05: INR 121.49 per share

- 2017-06: INR 119.28 per share

- 2017-07: INR 120.41 per share

- 2017-08: INR 108.14 per share

- 2017-09: INR 108.48 per share

- 2017-10: INR 110.05 per share

- 2017-11: INR 103.12 per share

- 2017-12: INR 101.05 per share

- 2018-01: INR 99.17 per share

- 2018-02: INR 88.74 per share

- 2018-03: INR 84.02 per share

- 2018-04: INR 91.56 per share

- 2018-05: INR 92.13 per share

- 2018-06: INR 93.31 per share

- 2018-07: INR 88.13 per share

- 2018-08: INR 82.20 per share

- 2018-09: INR 75.90 per share

- 2018-10: INR 66.69 per share

- 2018-11: INR 67.25 per share

- 2018-12: INR 66.49 per share

- 2019-01: INR 65.49 per share

- 2019-02: INR 63.21 per share

- 2019-03: INR 67.91 per share

- 2019-04: INR 68.97 per share

- 2019-05: INR 68.80 per share

- 2019-06: INR 68.12 per share

- 2019-07: INR 56.47 per share

- 2019-08: INR 59.08 per share

- 2019-09: INR 62.69 per share

- 2019-10: INR 61.63 per share

- 2019-11: INR 56.13 per share

- 2019-12: INR 55.72 per share

- 2020-01: INR 59.27 per share

- 2020-02: INR 50.33 per share

- 2020-03: INR 32.98 per share

- 2020-04: INR 43.42 per share

- 2020-05: INR 41.99 per share

- 2020-06: INR 49.31 per share

- 2020-07: INR 57.22 per share

- 2020-08: INR 55.36 per share

- 2020-09: INR 60.64 per share

- 2020-10: INR 54.82 per share

- 2020-11: INR 61.49 per share

- 2020-12: INR 68.80 per share

- 2021-01: INR 65.35 per share

- 2021-02: INR 64.61 per share

- 2021-03: INR 63.46 per share

- 2021-04: INR 66.74 per share

- 2021-05: INR 106.91 per share

- 2021-06: INR 100.06 per share

- 2021-07: INR 138.76 per share

- 2021-08: INR 133.16 per share

- 2021-09: INR 136.81 per share

- 2021-10: INR 147.13 per share

- 2021-11: INR 173.32 per share

- 2021-12: INR 213.17 per share

- 2022-01: INR 217.02 per share

- 2022-02: INR 218.16 per share

- 2022-03: INR 314.67 per share

- 2022-04: INR 299.85 per share

- 2022-05: INR 251.95 per share

- 2022-06: INR 198.97 per share

- 2022-07: INR 226.17 per share

- 2022-08: INR 217.10 per share

- 2022-09: INR 201.97 per share

- 2022-10: INR 196.70 per share

- 2022-11: INR 192.40 per share

- 2022-12: INR 181.63 per share

- 2023-01: INR 171.15 per share

- 2023-02: INR 146.92 per share

- 2023-03: INR 143.65 per share

- 2023-04: INR 174.30 per share

- 2023-05: INR 185.90 per share

- 2023-06: INR 202.85 per share

- 2023-07: INR 269.75 per share

- 2023-08: INR 354.25 per share

- 2023-09: INR 432.65 per share

- 2023-10: INR 621.00 per share

- 2023-11: INR 825.65 per share

- 2023-12: INR 740.40 per share

- 2024-01: INR 774.53 per share

- 2024-02: INR 788.95 per share

- 2024-03: INR 838.63 per share

- 2024-04: INR 930.05 per share

- 2024-05: INR 897.95 per share

- 2024-06: INR 860.85 per share

- 2024-07: INR 852.15 per share

- 2024-08: INR 944.22 per share

- 2024-09: INR 1,228.22 per share

- 2024-10: INR 1,488.53 per share

- 2024-11: INR 1,556.92 per share

- 2024-12: INR 1,775.13 per share

- 2025-01: INR 1,768.65 per share

- 2025-02: INR 1,544.57 per share

- 2025-03: INR 1,826.60 per share

- 2025-04: INR 2,119.67 per share

- 2025-05: INR 2,674.00 per share

- 2025-06: INR 2,770.10 per share

- 2025-07: INR 2,427.40 per share

- 2025-08: INR 2,096.20 per share

- 2025-09: INR 2,040.20 per share

- 2025-10: INR 2,479.00 per share

- 2025-11: INR 2,902.40 per share

- 2025-12: INR 2,632.20 per share

- 2026-01: INR 2,797.00 per share

- 2026-02: INR 2,707.10 per share

- 2026-03: INR 2,683.50 per share

- 2026-04: INR 3,640.50 per share

- 2026-05: INR 4,146.10 per share

- 2026-06: INR 3,865.60 per share

- 2026-07: INR 3,646.20 per share

- 2026-08: INR 3,282.00 per share

- 2026-09: INR 3,092.00 per share

- 2026-10: INR 3,428.00 per share

## Annual estimated value (INR per share)

- FY2019: low INR 69.46 per share, central INR 73.72 per share, high INR 79.11 per share

- FY2020: low INR 72.53 per share, central INR 76.75 per share, high INR 82.10 per share

- FY2021: low INR 91.43 per share, central INR 96.36 per share, high INR 102.61 per share

- FY2022: low INR 140.07 per share, central INR 146.39 per share, high INR 154.41 per share

- FY2023: low INR 128.39 per share, central INR 134.69 per share, high INR 142.68 per share

- FY2024: low INR 200.94 per share, central INR 211.64 per share, high INR 225.22 per share

- FY2025: low INR 413.60 per share, central INR 526.11 per share, high INR 583.42 per share

- FY2026: low INR 716.65 per share, central INR 947.47 per share, high INR 1,065.05 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.