BSE Limited

BSE.NS

Financial - Data & Stock Exchanges · Financial Services

Price

₹3549.70

-29.30 (-0.82%)

Market Cap

₹1.45T

Exchange

National Stock Exchange of India

Winston Score

Winston is happy

A high-quality business with solid fundamentals.

Data as of Jul 25, 2026 · filings through Mar 31, 2026

Share count rising — dilution

+199.8% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 137.4M (2022) → 412.0M (2026)

BSE Limited, along with its affiliated companies, provides an extensive platform for trading various financial instruments such as equities, debt, derivatives, and mutual funds, serving both Indian and global markets. The organization delivers a range of services including securities administration, data dissemination, and depository functions. Additionally, it offers clearing and settlement, IT support, training, risk management, and investment services, coupled with active participation in corporate social responsibility. Its operations further extend to the supervision and administration of SEBI-registered investment advisers, the management of an electronic spot platform for agricultural commodities, and the facilitation of equity trading for small and medium-sized enterprises. Founded in Mumbai, India, in 1875, the entity was formerly known as Bombay Stock Exchange Limited until its rebranding to BSE Limited in July 2011.

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+96.5% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+61.5% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$0/ year

0.0% of revenue

Below sector average (7%)

Research and development spending

Cash Position

Cash flow positive

$119.4B cash & investments

Company generates more cash than it spends — no dilution risk from fundraising

Revenue accelerating

BSE Limited grew revenue 96% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Gross Margin

87.9%

Premium pricing power — 87.9% gross margin

Operating Margin

64.6%

Excellent — 64.6% operating margin

ROCE

15.8%

Strong — 15.8% return on capital

ROIC between 15% and 25%. Every dollar invested in the business earns 15 to 25 cents back per year.

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Growth

Sales YoY

+62.2%

Fast-growing sales (62.2% YoY)

EPS YoY

+88.9%

Earnings growing fast (88.9% YoY)

Earnings growing 25%+ a year. The compounder zone.

EPS Consistency

8/8 quarters

Every recent quarter grew earnings vs last year

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Cash Flow

Cash Conversion

42%

Weak — only 42% of profit becomes cash

FCF Margin

14.8%

Converts sales into free cash efficiently (14.8%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

Debt / Equity

N/A

Data not available

Interest Cover

100.00x

—

Comfortably covers interest (100.0x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

P/E Ratio (TTM)

58.4x

Expensive — P/E 58.4

P/E over 35. The market is pricing in heavy, sustained growth.

P/E vs Forward

+21.9

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (58.4 → 36.5)

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Dividends

Dividend Yield

0.28%

Small dividend — 0.28% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend Growth

-2.0%

Dividend cut (-2.0% YoY) — warning sign

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