BSE Limited (BSE) fair value: what the stock is really worth
As of Nov 5, 2026: fair value (intrinsic value) of BSE Limited stock ₹1,471, price ₹3,790, that is 61.2% below the price, quality 74 out of 100. Rating: strongly overvalued. Calculated from audited financials with 13 of our 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 5, 2026.
How to read this chart
60‑month range ₹115.22 – ₹4,392 · fair‑value band ₹599.45 – ₹2,411 · the ₹3,790 price screens above the ₹1,471 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 5, 2026.
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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.
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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.
Stock analysis
BSE Limited (BSE) currently trades at ₹3,790, while our model-based Fair Value estimate is ₹1,471, 61% below the price, so the stock looks overvalued today.
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Valuation
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 ₹3,790 price.
Bear case: the Multiples group reads lowest at ₹225.77, and 13 of the 13 models stay below the price. Data coverage for this calculation is high.
Scenario range: ₹599.45 (bear) to ₹2,411 (bull), the price of ₹3,790 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 74/100 (solid quality), in the Financial Services sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
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.
Key figures
Market cap ₹1.6T (≈ $16.5B) Large · P/E ratio 55.1 · P/S ratio 27.0 · EPS (TTM) ₹68.74 · Dividend yield 0.3% · Net margin 48.9% · Return on equity 36.0% · Return on assets (EBIT) 9.3%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 93 out of 100 (medium confidence).
What moves the price
The share trades about 14% below its 52-week high and 55% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Financial Services peers we cover trades at −30% fair-value upside, at −61%, BSE screens richer than that median.
Fair Value models
The price assumes far more growth than our models allow for, so the models scatter widely (₹31.96 to ₹2,916). Read the Fair Value as a cautious anchor, not a price target; the Growth Forecast section shows what the price assumes.
Bear₹599.45Fair Value ₹1,471Bull₹2,411
Price ₹3,790 · Downside -61.2%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2026 figures (about 7 months old). Earnings retained since then (₹35.40 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.100/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+74.1%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+84.8%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+59.3%
Start year 2021 (pandemic). Over 10 years: +28.3% a year
Revenue growth 14 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+22.1%
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What shareholders gained per year (last 5 years), in INR (mathematically smoothed) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Smoothed = median of all growth paths between the years of the window (trend line on the logarithm of earnings per share): a single extreme year cannot distort the rate. The reported figure stays in the tooltip. Measured in INR: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
+41.9%
Earnings growth per share plus dividend.
Earnings per share, growth per year+41.6%
Dividend (yield on the price)0.3%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.41.9% vs 22.3%, picking up
Profit margin 2021 to 2026 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.−7% → 63%
2026 sits 88% above its own trend. The rate follows the median trend of the last 5 years, not that single year.
Pace: the 5-year rate starts in 2021 (pandemic)
Growth Forecast
A lot of optimism in the price
The price assumes less growth than the company has delivered so far and more than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+29.9%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+14.3%
Yearly sales growth analysts expect, extended to five years.
After inflation (India: IMF forecast 4.1% a year to 2030, 4.7% from 2016 to 2025) that is about +24.8% a year for the price and +9.8% for the forecasts.
News mood ⓘNews mood, the average tone of recent news (13 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation.Very negative
AI conclusion: High margins and exchange position support a moderate moat as main strength, while duopoly competition with NSE and limited innovation constrain durability.
Main risk: Stricter SEBI rules on equity derivatives such as shifts toward longer-dated contracts or tighter collateral requirements could reduce high-frequency trading volumes and BSE's transaction fee income.
Bull case: BSE could develop longer-dated or institutional-focused products and benefit from any cash-market gains tied to the NSE listing to offset volume pressures from regulation.
Bear case: Persistent SEBI tightening on derivatives could materially shrink BSE's core transaction revenues if retail and high-frequency activity migrates or declines sharply.
BSE's derivatives turnover has rebounded sharply in October after earlier pressure from the closing auction session changes. The partial reversal of those rules from December offers a clear regulatory tailwind, alongside any cash-market lift from the NSE listing. Will the exchange capture lasting volume gains from these shifts, or will regulatory and competitive pressures keep results more volatile than the current setup suggests?
Price, fair value, quality and upside side by side.
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Peer Groupⓘ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.Financial Data & Stock Exchanges · 49 stocks
Beats the industry median on 6/13 measures
A mixed picture versus its industry peers.
Valuation
Quality Score74 · Above median
Fair Value upside−61.2% · Bottom 25%
Profitability
Return on equity (12 months)36.0% · Top 25%
Return on assets18.6% · Top 25%
Net margin (12 months)48.9% · Top 25%
Operating margin (12 months)80.1% · Top 25%
Growth and dividend
Revenue growth (quarter YoY)64.0% · Top 25%
Dividend yield (12 months)0.3% · Bottom 25%
Valuation Multiplesvs Financial Data & Stock Exchanges median · lower = cheaper
P/E (12 months)55.1× · Priciest 25%
P/B23.40× · Priciest 25%
P/S (12 months)26.97× · Priciest 25%
Price / free cash flow55.2× · Priciest 25%
EV/EBITDA32.3× · Priciest 25%
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 0
FUTURE (revenue growth)100· sector 71
PAST (return on equity)100· sector 81
HEALTH (low debt)100· sector 94
DIVIDEND (yield)5· sector 34
VALUE 0: the price sits above our fair-value range.
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "BSE Limited Fair Value". https://www.fairvalue-calculator.com/stock/BSE
Frequently asked questions
Is BSE Limited (BSE) overvalued or undervalued?
As of Nov 5, 2026, our model estimates a fair value of ₹1,471 versus a price of ₹3,790, about 61% lower (overvalued).
What is the fair value of BSE?
Our model-based fair value for BSE Limited is ₹1,471 (as of Nov 5, 2026), built from audited fundamentals. The current price: ₹3,790.
What is the quality score of BSE?
BSE Limited has a Quality Score of 74/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for BSE Limited (BSE)?
Our model-based price target is the fair value of ₹1,471 (as of Nov 5, 2026) from 13 valuation models. Cautious scenario ₹599.45, optimistic scenario ₹2,411. It is a calculation from audited fundamentals, not an analyst target.
What is the BSE Limited stock forecast for 2026?
Our models put fair value at ₹1,471, about 61% lower versus a price of ₹3,790 (overvalued). Cautious scenario ₹599.45, optimistic scenario ₹2,411. The calculation is refreshed regularly with new filings.
What is the revenue of BSE Limited (BSE)?
BSE Limited reported trailing-twelve-month revenue of about ₹57.9B (latest available figure, as of Nov 5, 2026).
Does BSE Limited pay a dividend?
BSE Limited currently shows a dividend yield of 0.26% relative to its recent price (as of Nov 5, 2026).
What growth is priced into BSE Limited (BSE)?
For today's price to be fair in a discounted-cash-flow model, BSE Limited would have to grow free cash flow by +29.9 % per year for five years (discount rate 10.4 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +59.3 % per year. As of Nov 5, 2026.
What discount rate (WACC) does the fair value of BSE use?
Our models discount BSE Limited at 10.4 %: a base by market capitalisation (large), damped by beta 0.45, country premium for India. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For BSE Limited that is +29.9 % per year a year over ten years, using the same discount rate (10.4 %) and the same formula as our fair value.
How much growth has BSE Limited (BSE) delivered so far?
Over the past 5 years revenue at BSE Limited grew +59.3 % a year. The price currently implies +29.9 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of BSE Limited (BSE) growing?
The median revenue growth in the sector is +9.4 % a year. That is the yardstick for the growth priced into BSE Limited (+29.9 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of BSE Limited (BSE)?
The free-cash-flow yield on the price is 1.81 %: that much free cash flow BSE Limited produces per unit of market value. When it exceeds the discount rate of our models (10.4 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of BSE Limited (BSE)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For BSE Limited it is ₹1,471 per share (as of Nov 5, 2026), against a price of ₹3,790. It is the blended result of 13 valuation models (cash flow, earnings, asset, dividend).
Is BSE Limited stock overvalued or undervalued in 2026?
As of Nov 5, 2026, BSE trades above its calculated fair value: price ₹3,790, fair value ₹1,471, a gap of about −61% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of BSE?
No. The price is what the market pays today (₹3,790); the fair value is what the company's own numbers justify (₹1,471). For BSE Limited the two are ₹2,319 per share apart. That gap is exactly why we show both numbers side by side.
How much is BSE Limited worth?
The market values BSE Limited at about ₹1.6T (market capitalisation, as of Nov 5, 2026). Per share that is ₹3,790; our models calculate a fair value of ₹1,471 per share.
What do the bullish and bearish scenarios say about BSE?
Our models span a range for BSE Limited: cautious scenario ₹599.45, base ₹1,471, optimistic ₹2,411 per share (as of Nov 5, 2026, price ₹3,790). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of BSE?
BSE Limited trades at a price-to-earnings ratio of 55.1 (as of Nov 5, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of ₹1,471 is built from several models across several years. Other multiples: P/B 23.4, P/S 27.0, EV/EBITDA 32.3.
How solid is the balance sheet of BSE Limited (BSE)?
Balance-sheet figures for BSE Limited (as of Nov 5, 2026): return on equity 36.0%. They feed the Quality Score of 74/100, which measures business quality independently of the share price.
How far is BSE from its 52-week high?
BSE Limited trades at ₹3,790, about 14% below its 52-week high of ₹4,392 and 55% above the low of ₹2,449 (as of Nov 5, 2026). Distance from the high says nothing about value: that is what the fair value of ₹1,471 is for.
Which stocks are comparable to BSE Limited?
From the same area (Financial Services) we also value S&P Global Inc, CME Group, Intercontinental Exchange, Inc, Moody's Corporation, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is BSE Limited stock attractive at the current price?
The data as of Nov 5, 2026: price ₹3,790, calculated fair value ₹1,471 (−61%), Quality Score 74/100, from 13 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of BSE calculated?
We run BSE Limited through 13 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of ₹1,471, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 15.5% above its aggregate fair value. BSE Limited itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of BSE Limited (BSE)?
The closing price on Nov 5, 2026 was ₹3,790. Our model-based fair value is ₹1,471, about 61% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with BSE Limited right now?
The price sits above even our optimistic bull case (₹2,411). The favourable scenario is already priced in. The model range is unusually wide (₹599.45 to ₹2,411). The outcome hinges heavily on assumptions, so read the point estimate with caution. Solid but not exceptional quality (74/100) and above fair value, neither a clear bargain nor a standout compounder. For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
Where does the earnings growth of BSE Limited (BSE) come from?
Earnings per share at BSE Limited grew +19.2 % a year from 2016 to 2026. Broken into its drivers: revenue per share +17.9 %, EBIT margin −2.4 %, tax rate −1.8 %, residual (interest, one-offs) +5.4 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of BSE Limited
How large is the market capitalisation of BSE Limited (BSE)?
The market capitalisation of BSE Limited is ₹1.6T (≈ $16.5B). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of BSE Limited (BSE)?
The price-to-sales ratio of BSE Limited is 27.0 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of BSE Limited (BSE)?
Earnings per share at BSE Limited are ₹68.74 (price ÷ EPS = P/E 55.1). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of BSE Limited (BSE)?
The dividend yield of BSE Limited is 0.3% (payout 14.5%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of BSE Limited (BSE)?
The net margin of BSE Limited is 48.9% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of BSE Limited (BSE)?
The return on equity (ROE) of BSE Limited is 36.0% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of BSE Limited (BSE)?
On an EBIT basis the return on assets of BSE Limited is 9.3% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of BSE Limited (BSE)?
The operating margin of BSE Limited is 80.1% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at BSE Limited (BSE)?
Revenue at BSE Limited is growing +64.0% versus a year earlier (3y avg +84.8%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at BSE Limited (BSE)?
Earnings per share at BSE Limited are growing +62.1% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does BSE Limited (BSE) hold?
BSE Limited holds more cash than debt, ₹51.7B net (fiscal year 2026). The company holds more cash than debt, a safety cushion.
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Broad data
Nov 5, 2026