BSE Limited (BSE.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+151.7%

₹9,210.63

vs ₹3,660.00 price

Levered DCF

₹10,892.09

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

—

Rating

C+

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	44.27×	56.83×	47.82×	26.85×	51×	18.08×	3.97×	5.44×
P/B	16.57×	16.97×	3.76×	0.73×	1.63×	0.35×	0.2×	0.37×
P/S	21.47×	25.38×	8.93×	2.42×	5.82×	1.74×	1.08×	2.41×
EV / EBITDA	30.47×	40.32×	11.17×	5.09×	10.67×	3.29×	2.34×	3.67×
Gross margin	88.4%	61.5%	67.0%	61.3%	58.6%	47.8%	41.0%	45.7%
Operating margin	63.1%	48.1%	23.6%	18.2%	23.1%	-6.8%	-20.4%	-4.0%
Net margin	48.5%	44.8%	56.0%	27.1%	34.2%	28.9%	27.1%	44.3%
Current ratio	1.5×	1.59×	1.19×	1.61×	1.81×	2.02×	1.84×	2.4×
Debt / equity	0×	0×	0×	0×	0×	0×	0.01×	0×
Interest coverage	0×	47,429×	21.8×	5.41×	7.75×	-3.31×	-38.7×	-20.72×
Dividend yield	0.3%	0.3%	1.3%	9.4%	2.2%	8.9%	32.6%	21.0%
Payout ratio	12.6%	15.5%	21.2%	84.1%	37.8%	53.7%	129.6%	114.5%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	37.4%	30.0%	23.6%	8.2%	9.6%	5.8%	5.0%	6.8%
Return on invested capital	30.2%	18.7%	5.7%	2.9%	3.7%	-1.0%	-2.8%	-0.5%
Return on assets	18.6%	12.8%	8.2%	3.7%	4.1%	3.1%	2.7%	4.4%
Free cash flow yield	2.6%	0.4%	22.7%	-14.2%	32.6%	-12.2%	73.9%	-35.0%
Earnings yield	2.3%	1.8%	6.3%	11.2%	5.9%	16.6%	25.2%	18.4%
Enterprise value	₹1.1T	₹750.4B	₹123.5B	₹19.6B	₹42.4B	₹7.3B	₹4.4B	₹9.9B
Net debt / EBITDA	-1.5×	-0.01×	-0.05×	-0.04×	-0.2×	-0.66×	-0.23×	-0.35×
Cash conversion cycle (days)	-41	15	-77	-26	-34	-23	-41	-5