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BSEBSE.NSCompetitor analysis, valuation and peers

India · INR·Financials›Investment Banks/Brokers

Asia's oldest stock exchange, running India's cash equity, derivatives and mutual-fund distribution platforms.

≈ India's Nasdaq / CboeMomentum strong 78
Competitor Analysis ▸ ChartsOpen in the cockpit
Mkt cap
$16.4B
US dollars, full cap
Free float
97%
of shares outstanding
$/day
$141M
20-day average traded
Fwd P/E
47.0×
forward earnings
ROIC−WACC
n/a
WACC 16.1%
Hurdle
n/a
no reverse DCF
Next earnings
95 days
9 Feb 2027
Close · INR₹3,800
1D+0.3%
1W+8.2%
1M+13.2%
3M+10.6%
6M-4.1%
YTD+44.4%
1Y+55.6%
ATR %3.0%
Beta1.36
52w lowhigh14.6% off high

What BSE does

Asia's oldest stock exchange, running India's cash equity, derivatives and mutual-fund distribution platforms.

Earns small fees per trade, which since 2023 come mostly from index options (contracts on the Sensex index) as retail participation surged, plus fees for mutual-fund order processing, listings and index licensing. Rules on weekly contract expiries can swing its volumes sharply, and rival NSE holds the bulk of derivatives trading.

In one line: India's Nasdaq / Cboe.

Products and services

  • Equity cash & derivatives trading
  • Listing fees
  • Market data & index licensing (Sensex)
  • StAR MF (mutual fund distribution)
  • Clearing & depository stakes

Customers

  • Retail & institutional stock traders
  • Listed companies
  • Mutual fund distributors
  • Data/index licensees

Where it sits in the supply chain

  • Financial market infrastructure
  • Exchange listing, trading & clearing
  • Equity/derivatives trading, listing…

What could go right

  • Rising Indian retail equity/derivatives participation
  • Mutual-fund distribution platform growth

What could go wrong

  • Derivatives-market-share competition with NSE
  • Regulatory changes to trading/expiry rules

Moat: wide (network effects, regulatory licence, brand). 150-year-old exchange licence and liquidity network effects are near-impossible for new entrants to replicate.

Headquarters: Mumbai, India · Founded: 1875 · Employees: 1,625

Named competitors

BSE at a glance

Size BSE (BSE.NS) is an India Financials company (Investment Banks/Brokers) with a market value of $16.4B, the 61st largest of 1,058 India companies the cockpit tracks. Shares closed at ₹3,800 on 6 Nov 2026.

Performance Over six months the shares fell 4.1%, against -3.6% for the median peer and 0.0% for the India market (cap-weighted) — 11th highest of 21 in its peer set.

Growth Revenue grew 57.7% over the last twelve months (peer median +19.6%); the operating margin is 64.6% (peer median 38.6%).

Valuation It trades at 47.0× forward earnings against a peer median of 11.1× (2nd most expensive of 21).

Next results Next results expected around 9 Feb 2027 (exchange calendar; dates can move).

Relative performance

8010011 May 202611 Aug 20266 Nov 2026Peer median 98BSE.NS 97
Six months, rebased to 100: BSE against the median of its 20 peers (local-currency closes).

BSE financials

Reported figures in INR; fiscal year ends 2026-03-31. TTM = trailing twelve months.
TTMFY2025FY2024FY2023FY2022
Revenue₹62.2B₹51.1B₹32.3B₹19.9B₹9.48B
Revenue growth—+58%+62%+110%—
Gross profit₹57.0B₹46.4B₹27.4B₹17.3B₹8.25B
EBITDA₹42.1B₹34.8B₹18.8B₹11.2B₹3.48B
Net income₹30.8B₹25.0B₹13.3B₹7.78B₹2.21B
Free cash flown/a₹28.3B₹3.45B₹26.3B-₹2.15B
Capital expendituren/a₹5.15B₹1.53B₹1.31B₹1.43B
Total debt₹200,000₹200,000₹200,000₹200,000₹200,000

Quarterly statements and history in the cockpit →

BSE competitor charts

The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.

Performance: 6-month against 1-month return

-20%0%+20%-10%0%+10%601881138040S68000166ENX8601FUTU869717763908X6886LPLAFRHCEVRJEFHLI39582885MCXBSE.NS6-month return →1-month return →
Up and to the right = strong over both horizons. BSE is the large dot.

Fundamentals: revenue growth against valuation

0%+50%+100%20×40×601881138040S68000166ENX8601FUTU869717763908X6886FRHCEVRHLI39582885MCXBSE.NSRevenue growth (TTM) →Forward P/E →
Further right = faster growth; higher = more expensive. The dashed lines are the peer medians. BSE is the large dot.

BSE competitors and peer comparison

Head to head with its named competitors (BSE.NS vs MCX.NS vs NDAQ vs CBOE)
CompanyMarket cap6M returnRevenue growthOp. marginForward P/EReq g
BSE BSE.NS$16.4B-4%+58%65%47.0×n/a
Multi Commodity Exchange of India MCX.NS$9.51B+16%+122%79%50.8×n/a
Nasdaq NDAQ$59.4B+21%+12%31%23.4×n/a
Cboe Global Markets CBOE$36.9B+2%+14%36%23.4×n/a

How BSE compares with its peers

Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.

BSE against its 20 peers (data as of 6 Nov 2026)
MeasureBSE.NSPeer medianRank in peer set
1-month return+13.2%+0.1%3rd highest of 21
6-month return-4.1%-3.6%11th highest of 21
Distance from 52-week high-14.6%-21.4%9th highest of 21
Revenue growth (TTM)+57.7%+19.6%4th highest of 21
Operating margin64.6%38.6%4th highest of 21
Forward P/E47.0×11.1×2nd most expensive of 21

Peer table

Peer set: Industry: the same industry and sector in any market, nearest in size
CompanyMarketMarket cap6M returnRevenue growthOp. marginForward P/EReq gDelivered g
BSE BSE.NSIndia$16.4B-4%+58%65%47.0×n/an/a
China Galaxy Securities 601881.SSChina$16.1B-8%-20%37%9.5×n/an/a
Meritz Financial 138040.KSSouth Korea$15.7B+18%+31%49%8.6×n/an/a
Singapore Exchange S68.SISingapore$17.2B-2%+14%57%27.0×n/an/a
Shenwan Hongyuan 000166.SZChina$15.5B-8%-26%31%10.9×n/an/a
Euronext ENX.PAFrance$18.8B+21%+14%52%19.7×n/an/a
Daiwa Securities 8601.TJapan$14.0B+11%+18%17%10.8×n/an/a
Futu Holdings Ltd. Sponsored ADR FUTUUnited States$13.7B-32%+44%69%6.8×n/an/a
Japan Exchange 8697.TJapan$13.4B+11%+40%61%19.7×n/an/a
GF Securities 1776.HKHong Kong$20.5B-8%+18%75%5.6×n/an/a
China International Capital 3908.HKHong Kong$21.3B-15%-16%55%5.6×n/an/a
TMX X.TOCanada$12.1B+10%+4%28%22.8×n/an/a
Huatai Securities 6886.HKHong Kong$22.5B-12%+123%30%5.8×n/an/a
LPL Financial LPLAUnited States$23.0B-3%+31%13%10.5×n/an/a
Freedom FRHCUnited States$11.4B+28%+8%29%39.7×n/an/a
Evercore EVRUnited States$10.9B-17%+37%22%14.2×n/an/a
Jefferies Financial JEFUnited States$10.9B-11%+26%41%11.3×n/an/a
Houlihan Lokey HLIUnited States$10.1B-5%0%20%18.0×n/an/a
Orient Securities 3958.HKHong Kong$10.1B-13%+21%40%5.9×n/an/a
Yuanta Financial Holding Co. Lt 2885.TWTaiwan$28.1B+28%+78%28%14.2×n/an/a
Multi Commodity Exchange of India MCX.NSIndia$9.51B+16%+122%79%50.8×n/an/a

Questions

Who are BSE's main competitors?
Named competitors: National Stock Exchange of India (private or unlisted), Multi Commodity Exchange of India (MCX.NS), Nasdaq Inc. (NDAQ), Cboe Global Markets (CBOE). The cockpit's measured peer set (industry) also includes China Galaxy Securities (601881.SS), Meritz Financial (138040.KS), Singapore Exchange (S68.SI), Shenwan Hongyuan (000166.SZ), Euronext (ENX.PA), Daiwa Securities (8601.T).
Is BSE expensive compared with its peers?
On forward p/e it trades at 47.0× against a peer median of 11.1×, 2nd most expensive of 21 in its peer set.
How has BSE stock performed?
Over six months to 6 Nov 2026 the shares returned -4.1% against -3.6% for the median peer; over one year +55.6%.

How these numbers are made. Returns are close-to-close in local currency. Revenue growth and margins are trailing twelve months. Req g is the revenue growth that today's enterprise value requires for seven years at the company's own cost of capital; Delivered g is what it actually grew; the gap is the hurdle (honest precision about ±8 points, so read the ranking more than the decimal). No fair values, price targets or analyst ratings are shown, by design. Method and validation.